Seadet-i Ebediyye - Endless Bliss Fifth Fascicle

cause separation and grudge among people, dampen the
enthusiasm of working people, and impair their services. The
business section will droop, and unemployment and anarchism will
be on the increase. Social justice will merely be paid lip-service.
Economic and moral values will decline.
It is an obvious fact that an Islamic bank, which will never
interact on interest, which will establish business and profit
partnerships with its clients by way of mudâraba and muzâra’a, [1]
which will lend to people who need money in (a manner of lending
called) qardh-i-hasan and will not charge them any extra payment
in the name of discount or interest, and which will charge them
only for its service and expenditure, will be very useful to people.
For, it is permissible for the borrower to foot the expenses of the
promissory notes written and the revenue stamps bought. [Please
review the initial part of the thirty-eighth chapter!] An Islamic
bank will demand a kefîl (surety) as it lends money. It will
determine a date of payment as it makes an agreement with the
person who stands surety. In case the debtor fails to repay the debt
at the determined time of payment, it will charge the surety to pay
the debt. Since the people with investments in a bank of that sort
will be shareholders in the profits made and the losses suffered
throughout the business wherein their money is being used, they
will share also the excitements experienced by the people who
work in the business. They will support them. Such institutions will
enjoy general popularity. The country will improve both
financially and spiritually.
An Islamic bank will not lend money with an interest to people
who engage in an art, in a trade, in housemaking, or to people in
need. Instead, an agreement will be made with such people:
Accordingly, the bank will sell them what they need on credit to be
repaid in instalments. These people apply to the bank with a
detailed knowledge of their need, what they need, whether it is
something movable or a real estate, its genus, its amount, and its
properties. The bank will buy the thing needed and entrust it to the
applicant for safekeeping. Next, determining a certain amount of
profit, it will make an agreement of sale on credit with the
applicant, who will repay his debt to the bank in instalments stated
in the agreement. If the bank makes the agreement with the
applicant before it gets possession of the item needed, the bey’
[1] Kinds of business partnership will be dealt with in the forty-fifth
chapter.
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