Muslim Money with Dr Imran Lum
The Muslim Money podcast, hosted by Dr Imran Lum, talks about anything and everything related to Muslims and money. The idea behind this podcast series is to increase Islamic financial literacy on all things related to Muslims and Money. Leveraging the host's academic studies and work in the Islamic finance industry, the series covers some of the prohibitions namely ribā or what many interpret as interest, Islamic economics, Islamic finance structures, and also what it's like to work in the Islamic finance industry. The host talks to experts, business leaders, investors, and academics who are shaping the Islamic finance industry and it will also cover money and relationships. About the host: Imran is the Head of an award-winning Islamic Finance business at a major Australian bank and is the author of 'A Comparative Study of Islamic Finance in Australia and the UK' (Routledge, UK, 2022). Prior to this he served on the Board of the Australia-ASEAN Council, Department of Foreign Affairs and Trade, and was an Honorary Research Fellow at the Institute for Religion, Politics and Society at the Australian Catholic University. Imran was ranked in the top 500 who make the Islamic Economy by ISLAMICA 500 (2017-2019) and he was the 2019 Corporate Winner for the 40 Under 40 Most Influential Asian-Australians. Imran has an undergraduate degree from the University of Adelaide, a Masters in Islamic Studies from the University of New England and a PhD in Islamic Studies from the Melbourne Law School and the Asia Institute at the University of Melbourne.
Muslim Money with Dr Imran Lum
Episode 4: Islamic Trends that Influence the Debate on Interest
In the nineteenth and twentieth centuries, various Islamic trends influenced Islamic law and thought. The debate on interest and conventional banking did not escape these intellectual trends. It is largely accepted that the primary sources of Islamic law are the Qur’ān and the Sunna. Although there are differences as to what parts of the Sunna are deemed authentic, there is little debate among the various schools of thought that the Qur’ān and Sunna formulate the scriptural basis of the religion. Where Muslims differ, however, is on the reading of the texts and this explains the diverse Islamic trends that interact with and make references to the texts. The status of the texts, the role of reason and literal versus contextual interpretations are just some of the factors that facilitate plural readings of the same texts. In this episode, we provide a bit of background to the Islamic trends that are important in the discourse on interpreting ribā and their approaches to banking and finance.
Check out:
Book: A Comparative Study of Islamic Finance in Australia and the UK (Routledge, UK, 2022)
