A Critical Approach to Debt Financing in a Muslim Society: The Case of Qatar

Authors : Mehmet Ali Basak, Saqib Khateeb

Pages : 1-28

Doi:10.15182/diclesosbed.1388030

View : 188 | Download : 146

Publication Date : 2025-07-07

Article Type : Research Paper

Abstract :A debt-based society continuously encourages people to go into debt, even through legal means, and this leads to a series of problems.. Though Shariah scholars emphasize the Islamic legacy of lending a helping hand, they overlook society\\\'s excessive dependence on debt and its consequences. This paper discusses the harms of debt in Muslim societies based on content analysis of four fatwas issued for Islamic finance institutions. First, the types of debt in Islamic Banking are explained. Then, four fatwas are analyzed regarding mortgage and credit card debt.The paper argues these fatwas also overlook global capitalism, which worsens debt burdens on disadvantaged populations. It is followed by highlighting environmental issues and consumerism. Next, the necessity of preventing excessive debt dependence in Muslim communities is discussed with the example of Qatari society. The research concludes that the examined fatwas fail to consider debt’s societal impact, including its negative effect on mental health and contribution to a consumerist culture.
Keywords : Borç Finansmanı, Katar, İcara, Mudarabe, Müşareke, Murabaha, Murabaha

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