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the theory of limits 195but if it be a transaction which you carry out on the spot among yourselves,there is no blame on you if you reduce it not to writing. Buttake witness whenever you make a commercial contract, and let neitherscribe nor witness suffer harm. If you do (such harm) it would bewickedness in you. So fear God; for it is God that teaches you. AndGod is well acquainted with all things. ( Al-Baqara 2:282)If you are on a journey, and cannot find a scribe, a pledge with possession(may serve the purpose). And if one of you deposits a thing ontrust with another let the trustee (faithfully) discharge his trust, and lethim fear his Lord. Conceal not evidence; for whoever conceals it, hisheart is tainted with sin. And God knows all that you do. ( Al-Baqara2:283)In verses 282–83 of al-Baqara, Allah stipulated the lowest limit forwhat can be accepted as a valid contract. Since no upper limit hasbeen set further regulations might be added that reflect the changingnature of financial contracts and the ever evolving rules of society’scommercial markets. 15 Note that the minimal requirement of ‘oneman or two women’ only refers to an oral contract (‘so that if oneof them errs, the other can remind her…’). If two women mustappear in person to witness the ‘signing’ (or sealing) of a contract, itis because the contract is only expressed orally, and not in writing.However, if such contract is produced in written form, the testimonyof two females is no longer necessary. In this case, the minimum of‘one man or one woman’ is all that is required. We reject all sexistinterpretations that explain double female testimony as proof ofwomen’s inferiority and an indication of their incompetence in commercialaffairs.15According to \anafÊ law there are several regulations that govern the handlingof debts and loans in Muslim societies. The most significant regulations are as follows:a) the transaction (of a loan) must be contracted in writing; b) it is compulsoryto have the testimony of two men or, in the absence of two men, the testimony ofone man and two women; c) the time of the repayment and its potential deferralmust be specified; d) the repayment must not be delayed (if possible); e) the repaymentshould not be made earlier than the specified date. This seems to follow quiteclosely the injunctions of 2:282–83 and is—according to MS—the lower limit in suchfinancial transactions. However, MS interprets 2:282 as referring to verbally finalizedcontracts which is against the fuqah§"s understanding of a reference to writtencontracts. According to MS, if the contract is written down, the minimum requirementis the testimony of one man and one woman, not one man and two women.