An Analysis of Imposed Charity (Iltizām-e-Taṣadduq) in Islamic Banking

اسلامی بینکاری میں التزامِ تصدق(مالی جرمانہ) کا تجزیاتی مطالعہ

  • Dr. Atif Aslam Rao Assistant Professor, Department of Islamic Learning, University of Karachi, Pakistan
  • Muhammad Umar Rafeeq Visiting Lecturer Department of Islamic Learning, University of Karachi, Pakistan
Keywords : Islamic Banks, Inter Based Transactions, Imposed Charity, Iltizām-e-Taṣadduq

Abstract

There are many new alternatives adopted by Islamic banks for the interest-based transactions of conventional banks. One of them is Imposed Charity (Iltizām-e-Taadduq) for the monetary penalty on late payment. But it is argued by the Sharia’h scholars that it is nothing but a forbidden monetary penalty. This thesis describes the need and mechanism of the imposed charity and puts forward  the arguments of the scholars on it with the answers from Banking practitioners. This will help us to weigh different stances on the subject.

Published
2019-06-24
How to Cite
RAO, Dr. Atif Aslam; RAFEEQ, Muhammad Umar. An Analysis of Imposed Charity (Iltizām-e-Taṣadduq) in Islamic Banking. Journal of Religious Studies, [S.l.], v. 2, n. 3, p. 1-15, june 2019. ISSN 2663-0206. Available at: <https://jrs.uoch.edu.pk/index.php/journal3/article/view/98>. Date accessed: 22 sep. 2019. doi: https://doi.org/10.33195/uochjrs-v2iIII982018.