Debt redemption: Actual value or potential value

Abstract

Debt has significant role in Islam due to its necessity in the life of people; individuals and societies, as it is also means of solving financial problems. Moreover, debt and related issues have evaluated and still developing and taking various forms to facilitate and have great impact in nowadays life socially and economically. Because of all those mentioned factors Islam has paid vital attention to the issue of debt, as it is means of cooperation. Islam has also urged debtors to pay the debt taken back to creditors. This paper aims at answering question of paying debt back in case the exchanging rate or value of the money is changed; must it be paid in the value of the money in day of taking debt or it should be paid in the value of the money at the day of paying and returning the debt? The paper is studying this issue under light of Qur’anic and prophetic tradition guidance, as well as views and stands of Muslim jurists. The researcher has followed inductive approach and analytical method to highlight Muslim scholars and jurists point of view in a comprehensive way. Among the findings of the paper is that the debt should be paid in a value of the money in the day of taking debt not in the value of the money at the day of paying and returning the deb, this is the view of mass majority of Muslims scholars and jurists and it is the most credited view to the view of the researcher.