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Abstract
Introduction
Monetary creation is one of the major weak points of the in-depth analysis of economic life. The literature on Islamic economics, Islamic finance, and the jurisprudence of contemporary financial transactions is no exception to this rule. The reason is that money is reduced to its functionalist dimensions as a simple means of exchange, and considered a secondary issue with regard to the prohibition of ribāʿ.
Objectives
This research proposes a new theoretical framework that conceptualizes money creation as a ḥabs in debt market. This conceptual framework makes it possible to avoid subjecting economic life to the system of monetary creation withholded, in debt and to nourish the illusion of economic growth boosted by debt.
Method
The study is based on genealogical method, which strives to trace the origins of things, and fundamentally takes its source from ancient literature on ansāb (lineage), al-awāʿil (things done for the first time), and long history, starting from the question: Where does it come from? It is a question of linking the phenomenon of ḥabs to its source, which is the building of the Kaʿaba by Ādam as the original ḥabs on earth.
Results
The first significant result is that ḥabs is a general phenomenon that applies to a range of things. The waqf is only one of a number of possible forms. The second result is that reading the meaning of the word ḥabs allows us to link the various forms of withhold to the origin of life on earth when God ordered Adam to live on earth, then to build the Kaʿaba. The third result is the proposal of a new analytical framework for economic life which considers monetary creation as a ḥabs in debt market.
Implications
This study shows that ḥabs is an original conceptual tool which must be fully integrated into the analysis of economic life to broaden perspectives, promote understanding, and open new paths to action, in terms of social and economic policy, to build more resilient societies, while improving quality of life.
Originality/Novelty
This result provides a conceptualization of monetary creation on an unprecedented approach of ḥabs in debt market, and constitutes a basis for the development of policies, that move away from false economic growth boosted by debt, towards modes of existence based on voluntary cooperation, participative administration in community affairs, and the primacy of social purpose over capital.
Keywords
Article Details
Copyright (c) 2024 Abderrazak Belabes
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References
Abu Zahra, M. (1972). Muhāḍarāt fī al-Awqāf [Lectures in awqāf]. Dar al-Fikr al-Arabi.
Al-Azraqī, M. (2012). Akhbār Makkah wa-mā jāʿa fīhā min al-āthār [News of Mecca and its relics] (Vol. 1). Maktabat al-Amidi.
Al-Bahūtī, M. (1996). Al-Rawdh al-murbiʿ: Sharh Zād al-mustaqniʿ [The beautiful orchard where we settle in spring: Explanation of the book Provision for who is satisfied with the little]. Al-Muayid–al-Risalah.
Al-Balādhurī, A. (1987). Futūh al-buldān [The conquest of the lands]. Muasasat al-Marif.
Al-Balādhurī, A. (1996). Jumal min ansāb al-ashrāf [Genealogies of the nobles]. Dar al-Fikr.
Al-Bukhārī, M. (2002). Ṣaḥīḥ al-Bukhārī. Dar Ibn Kathir.
Al-Dimashqī, J. (1999). Al-ishārah ila maḥāsin al-tijārah [A guide to the virtues of trade]. Dar Sadar.
Al-Dinawarī, A. (1960). Al-Akhbār al-tiwāl [The long narratives]. Wazarat al-Thaqafa wa al-Irshad al-Qawmi.
Al-Ghazālī, M. (2016). Iḥyāʿ ʿulūm al-dīn [The revival of the religious knowledge]. Dar al-Arqam Ibn Abi al-Arqam.
Al-Harānī, al-Ḥusayn. (2003). Kitāb al-awāʿil [Things done for the first time]. Dar Ibn Hazm.
Al-Jahshiyarī, M. (1938). Al-Wuzarāʿ wa al-kutāb [Ministers and writers]. Matbaat al-Halabi.
Allais, M. (1967). Les conditions de l’expansion dans la stabilité sur le plan national. Revue d’économie Politique, 77(1), 5–31. https://www.jstor.org/stable/24693136
Al-Maqrīzī, T. al-Dīn. (1999). Tārīkh al-majaʿāt fī Masr: Ighāthat al-umah bi-kashf al-ghumah [History of the famines in Egypt: Helping the community by examining the causes of its distress]. Maktabat al-Usrah.
Al-Qalshaqandī, A. (1980). Nihāyat al-arab fi maʿrifat ansāb al-ʿArab [The ultimate aim to know the lineage of Arabs]. Dar al-Kitab al-Lubnani.
Al-Shanqītī, M. al-Amīn. (2005). Adhwāʿ al-bayān [The lights of eloquence] (Vol. 5). Dar Alam al-Fawaid.
Al-Tabarānī, S. (1983). Kitāb al-awāʿil [Things done for the first time]. Dar al-Furqan and Muasasat al-Risala.
Al-Tabarī, M. (2007a). Sahīh wa dhaʿīf Tarīkh al-Tabarī [True and weak in the History of al-Tabarī] (Vol. 1). Dar Ibn Kathir.
Al-Tabarī, M. (2007b). Sahīh wa dhaʿīf Tarīkh al-Tabarī [True and weak in the History of al-Tabarī] (Vol. 6). Dar Ibn Kathir.
Al-Thaʿālibī, A. M. (2008). Fiqh al-lughah [A deep understanding of Arabic language]. Al-Mukhtar.
Alumrani, A. (2023). Tamwīl al-awqāf: Dirāsah fiqhiyah [The financing of awqāf: A jurisprudential study]. Waqf Journal, 7, 15–49.
Al-ʿAskarī, al-Ḥasan. (1987). Kitāb al-awāʿil [Things done for the first time]. Dar al-Bashir.
Belabes, A. (2019). Ma‘ālim manhajiyyah li-ḍabṭi istikhdām mafhūm al-waqf fī at-tamwīl wa al-istithmār [Ma‘ālim Manhajiyyah li-Ḍabṭi Istikhdām Mafhūm al-Waqf fī at-Tamwīl wa al-Istithmār]. In H. Hamza (Ed.), At-tamwīl wa al-istithmār fī al-awqāf [Financing and investment in awqaf] (pp. 1–44). The Scientific Publishing Center, King Abdulaziz University.
Belabes, A. (2020). Le waqf comme héritage commun de l’humanité. Awqaf, 20(39), 16–29. https://search.emarefa.net/detail/BIM-1423621
Belabes, A. (2021). Investigation into the genesis of the cash waqf. Awqaf Journal, 41, 13–40.
Belabes, A. (2022). A new foundation of the phenomenon of money through a systemic approach to zakatable assets. AZKA International Journal of Zakat & Social Finance, 3(2), 1–34. https://doi.org/10.51377/azjaf.vol3no2.112
Belabes, A. (2024). Iʿjāz of the Qurʿān for using the words gold, silver and not money. QiST: Journal of Quran and Tafseer Studies, 3(3), 327–338. https://doi.org/10.23917/qist.v3i3.5131
Belabes, A. (2025). The economic life beyond economists. Routledge.
Çizakça, M. (1998). Awqaf in history and its implications for modern Islamic economies. Islamic Economic Studies, 6(1), 43–70. http://iesjournal.org/english/Docs/124.pdf
Clavel, E. (1895). Droit musulman. Du statut personnel et des successions d’après les différents rites et plus particulìerement d’après le rite hanafite. Larose.
Couppey-Soubeyran, J., & Delandre, P. (2021). La transition monétaire. Pour une monnaie au service du bien commun. Institut Velblen en partenariat avec. https://www.veblen-institute.org/La-transition-monetaire-Pour-une-monnaie-au-service-du-bien-commun.html
Couppey-Soubeyran, J., Delandre, P., & Sersiron, A. (2024). Le pouvoir de la monnaie. Transformons la monnaie pour transformer la société. Les liens qui libèrent. https://www.veblen-institute.org/La-transition-monetaire-Pour-une-monnaie-au-service-du-bien-commun.html
Cousin, A. (1905). Le Maroc. University of Michigan Library.
de Larosière, J. (2022). Putting an end to the reign of financial illusion: For real growth. Odile Jacob.
Dufrêne, N. (2023). La Dette au XXIe siècle. Comment s’en libérer. Odile Jacob.
Eusepi, G., & Wagner, R. E. (2017). Public debt: An illusion of democratic political economy. Edward Elgar Publishing.
Fisher, I. (1936). 100% money;: Designed to keep checking banks 100% liquid; to prevent inflation and deflation; largely to cure or prevent depressions; and to wipe out much of the national debt. Adelphi Company.
Friedman, M. (1959). A program for monetary stability. Fordham University Press.
Giraud, G. (2014). Illusion financière. Les Editions de l’Atelier.
Grothendieck, A. (1986). Récoltes et semailles. Université des Sciences et Techniques du Languedoc and Centre National de la Recherche Scientifique.
Heudebert, L. (1898). Les habous ou wakfs en Tunisie. Revue de l’Islam, 29, 49–50.
Ibn Abī ʿĀsim, A. (1985). Kitāb al-awāʿil [Things done for the first time]. Dar al-Khulafa li-al-Kitab al-Islami.
Ibn al-Jawzī, A. R. (1995). Al-Muntazam fī tārīkh al-mulūk wa al-umam [The regular in the history of kings and nations]. Dar al-Kutub al-Ilmiya.
Ibn Ḥazm, A. (2007a). Rasāʿil Ibn Ḥazm al-Andalusī [Letters of the Andalusian Ibn Ḥazm] (Vol. 2). al-Muasasa al-Arabiya li-al-Dirasat wa-al-Nashr.
Ibn Ḥazm, A. (2007b). Rasāʿil Ibn Ḥazm al-Andalusī [Letters of the Andalusian Ibn Ḥazm] (Vol. 1). al-Muasasa al-Arabiya li-al-Dirasat wa-al-Nashr.
Ibn Ja’far, Q. (1981). Al-Kharāj wa sināʿat al-kitābah [Land tax and the art of secretariat]. Dar al-Rashid.
Ibn Kathīr, I. (1986). Al-Bidāya wa al-nihāya [The beginning and the end] (Vol. 1). Dar al-Fikr.
Ibn Taymiyya, T. al-Dīn. (1986). Kitāb al-Ṣafadiyah [The Book of as-Safadiyah] (Vol. 1). The Book of As-Safadiyah.
Ibn Taymiyya, T. al-Dīn. (2005). Majmūʿat al-fatāwa [Compilation of jurisprudential opinions] (Vol. 31). Dar al-Wafa.
Margairaz, M. (2021). Les trois figures successives de la monnaie comme bien commun au XXe siècle. La Banque de France et l’encastrement de la monnaie dans la politique du credit. In C. Bessy & M. Margairaz (Eds.), Les biens communs en perspectives. Propriété, travail, valeur (XVIIIe-XXIe siècle) (pp. 165–186). Edition de la Sorbonne.
Miskawyh, A. (2003). Tajārib al-umām [The experiences of nations]. Dar al-Kutub al-Ilmiya.
Rossello, R. (2022). Demain: La fin de l’insouciance? Mareuil.
Sersiron, A. (2021). Monnaie et dette: Désencastrer la création monétaire du marché du crédit [Doctoral thesis, Université Panthéon-Sorbonne - Paris I]. https://theses.hal.science/tel-03483868
Tobin, J. (1985). Financial innovation and deregulation in perspective. Monetary and Economic Studies, 3(2), 19–29. https://www.imes.boj.or.jp/research/papers/english/me3-2-3.pdf
Turner, A. (2017). Between debt and the devil: Money, credit and fixing global finance (7th Printing and 1st Paperback Edition). Princeton University Press.
Ugeux, G. (2019). La Descente aux enfers de la finance [The Descent into hell of finance]. Odile Jacob.
Zarqa, M. (1947). Aḥkām al-awqāf [The injunctions of awqāf]. University of Damascus Press.
References
Abu Zahra, M. (1972). Muhāḍarāt fī al-Awqāf [Lectures in awqāf]. Dar al-Fikr al-Arabi.
Al-Azraqī, M. (2012). Akhbār Makkah wa-mā jāʿa fīhā min al-āthār [News of Mecca and its relics] (Vol. 1). Maktabat al-Amidi.
Al-Bahūtī, M. (1996). Al-Rawdh al-murbiʿ: Sharh Zād al-mustaqniʿ [The beautiful orchard where we settle in spring: Explanation of the book Provision for who is satisfied with the little]. Al-Muayid–al-Risalah.
Al-Balādhurī, A. (1987). Futūh al-buldān [The conquest of the lands]. Muasasat al-Marif.
Al-Balādhurī, A. (1996). Jumal min ansāb al-ashrāf [Genealogies of the nobles]. Dar al-Fikr.
Al-Bukhārī, M. (2002). Ṣaḥīḥ al-Bukhārī. Dar Ibn Kathir.
Al-Dimashqī, J. (1999). Al-ishārah ila maḥāsin al-tijārah [A guide to the virtues of trade]. Dar Sadar.
Al-Dinawarī, A. (1960). Al-Akhbār al-tiwāl [The long narratives]. Wazarat al-Thaqafa wa al-Irshad al-Qawmi.
Al-Ghazālī, M. (2016). Iḥyāʿ ʿulūm al-dīn [The revival of the religious knowledge]. Dar al-Arqam Ibn Abi al-Arqam.
Al-Harānī, al-Ḥusayn. (2003). Kitāb al-awāʿil [Things done for the first time]. Dar Ibn Hazm.
Al-Jahshiyarī, M. (1938). Al-Wuzarāʿ wa al-kutāb [Ministers and writers]. Matbaat al-Halabi.
Allais, M. (1967). Les conditions de l’expansion dans la stabilité sur le plan national. Revue d’économie Politique, 77(1), 5–31. https://www.jstor.org/stable/24693136
Al-Maqrīzī, T. al-Dīn. (1999). Tārīkh al-majaʿāt fī Masr: Ighāthat al-umah bi-kashf al-ghumah [History of the famines in Egypt: Helping the community by examining the causes of its distress]. Maktabat al-Usrah.
Al-Qalshaqandī, A. (1980). Nihāyat al-arab fi maʿrifat ansāb al-ʿArab [The ultimate aim to know the lineage of Arabs]. Dar al-Kitab al-Lubnani.
Al-Shanqītī, M. al-Amīn. (2005). Adhwāʿ al-bayān [The lights of eloquence] (Vol. 5). Dar Alam al-Fawaid.
Al-Tabarānī, S. (1983). Kitāb al-awāʿil [Things done for the first time]. Dar al-Furqan and Muasasat al-Risala.
Al-Tabarī, M. (2007a). Sahīh wa dhaʿīf Tarīkh al-Tabarī [True and weak in the History of al-Tabarī] (Vol. 1). Dar Ibn Kathir.
Al-Tabarī, M. (2007b). Sahīh wa dhaʿīf Tarīkh al-Tabarī [True and weak in the History of al-Tabarī] (Vol. 6). Dar Ibn Kathir.
Al-Thaʿālibī, A. M. (2008). Fiqh al-lughah [A deep understanding of Arabic language]. Al-Mukhtar.
Alumrani, A. (2023). Tamwīl al-awqāf: Dirāsah fiqhiyah [The financing of awqāf: A jurisprudential study]. Waqf Journal, 7, 15–49.
Al-ʿAskarī, al-Ḥasan. (1987). Kitāb al-awāʿil [Things done for the first time]. Dar al-Bashir.
Belabes, A. (2019). Ma‘ālim manhajiyyah li-ḍabṭi istikhdām mafhūm al-waqf fī at-tamwīl wa al-istithmār [Ma‘ālim Manhajiyyah li-Ḍabṭi Istikhdām Mafhūm al-Waqf fī at-Tamwīl wa al-Istithmār]. In H. Hamza (Ed.), At-tamwīl wa al-istithmār fī al-awqāf [Financing and investment in awqaf] (pp. 1–44). The Scientific Publishing Center, King Abdulaziz University.
Belabes, A. (2020). Le waqf comme héritage commun de l’humanité. Awqaf, 20(39), 16–29. https://search.emarefa.net/detail/BIM-1423621
Belabes, A. (2021). Investigation into the genesis of the cash waqf. Awqaf Journal, 41, 13–40.
Belabes, A. (2022). A new foundation of the phenomenon of money through a systemic approach to zakatable assets. AZKA International Journal of Zakat & Social Finance, 3(2), 1–34. https://doi.org/10.51377/azjaf.vol3no2.112
Belabes, A. (2024). Iʿjāz of the Qurʿān for using the words gold, silver and not money. QiST: Journal of Quran and Tafseer Studies, 3(3), 327–338. https://doi.org/10.23917/qist.v3i3.5131
Belabes, A. (2025). The economic life beyond economists. Routledge.
Çizakça, M. (1998). Awqaf in history and its implications for modern Islamic economies. Islamic Economic Studies, 6(1), 43–70. http://iesjournal.org/english/Docs/124.pdf
Clavel, E. (1895). Droit musulman. Du statut personnel et des successions d’après les différents rites et plus particulìerement d’après le rite hanafite. Larose.
Couppey-Soubeyran, J., & Delandre, P. (2021). La transition monétaire. Pour une monnaie au service du bien commun. Institut Velblen en partenariat avec. https://www.veblen-institute.org/La-transition-monetaire-Pour-une-monnaie-au-service-du-bien-commun.html
Couppey-Soubeyran, J., Delandre, P., & Sersiron, A. (2024). Le pouvoir de la monnaie. Transformons la monnaie pour transformer la société. Les liens qui libèrent. https://www.veblen-institute.org/La-transition-monetaire-Pour-une-monnaie-au-service-du-bien-commun.html
Cousin, A. (1905). Le Maroc. University of Michigan Library.
de Larosière, J. (2022). Putting an end to the reign of financial illusion: For real growth. Odile Jacob.
Dufrêne, N. (2023). La Dette au XXIe siècle. Comment s’en libérer. Odile Jacob.
Eusepi, G., & Wagner, R. E. (2017). Public debt: An illusion of democratic political economy. Edward Elgar Publishing.
Fisher, I. (1936). 100% money;: Designed to keep checking banks 100% liquid; to prevent inflation and deflation; largely to cure or prevent depressions; and to wipe out much of the national debt. Adelphi Company.
Friedman, M. (1959). A program for monetary stability. Fordham University Press.
Giraud, G. (2014). Illusion financière. Les Editions de l’Atelier.
Grothendieck, A. (1986). Récoltes et semailles. Université des Sciences et Techniques du Languedoc and Centre National de la Recherche Scientifique.
Heudebert, L. (1898). Les habous ou wakfs en Tunisie. Revue de l’Islam, 29, 49–50.
Ibn Abī ʿĀsim, A. (1985). Kitāb al-awāʿil [Things done for the first time]. Dar al-Khulafa li-al-Kitab al-Islami.
Ibn al-Jawzī, A. R. (1995). Al-Muntazam fī tārīkh al-mulūk wa al-umam [The regular in the history of kings and nations]. Dar al-Kutub al-Ilmiya.
Ibn Ḥazm, A. (2007a). Rasāʿil Ibn Ḥazm al-Andalusī [Letters of the Andalusian Ibn Ḥazm] (Vol. 2). al-Muasasa al-Arabiya li-al-Dirasat wa-al-Nashr.
Ibn Ḥazm, A. (2007b). Rasāʿil Ibn Ḥazm al-Andalusī [Letters of the Andalusian Ibn Ḥazm] (Vol. 1). al-Muasasa al-Arabiya li-al-Dirasat wa-al-Nashr.
Ibn Ja’far, Q. (1981). Al-Kharāj wa sināʿat al-kitābah [Land tax and the art of secretariat]. Dar al-Rashid.
Ibn Kathīr, I. (1986). Al-Bidāya wa al-nihāya [The beginning and the end] (Vol. 1). Dar al-Fikr.
Ibn Taymiyya, T. al-Dīn. (1986). Kitāb al-Ṣafadiyah [The Book of as-Safadiyah] (Vol. 1). The Book of As-Safadiyah.
Ibn Taymiyya, T. al-Dīn. (2005). Majmūʿat al-fatāwa [Compilation of jurisprudential opinions] (Vol. 31). Dar al-Wafa.
Margairaz, M. (2021). Les trois figures successives de la monnaie comme bien commun au XXe siècle. La Banque de France et l’encastrement de la monnaie dans la politique du credit. In C. Bessy & M. Margairaz (Eds.), Les biens communs en perspectives. Propriété, travail, valeur (XVIIIe-XXIe siècle) (pp. 165–186). Edition de la Sorbonne.
Miskawyh, A. (2003). Tajārib al-umām [The experiences of nations]. Dar al-Kutub al-Ilmiya.
Rossello, R. (2022). Demain: La fin de l’insouciance? Mareuil.
Sersiron, A. (2021). Monnaie et dette: Désencastrer la création monétaire du marché du crédit [Doctoral thesis, Université Panthéon-Sorbonne - Paris I]. https://theses.hal.science/tel-03483868
Tobin, J. (1985). Financial innovation and deregulation in perspective. Monetary and Economic Studies, 3(2), 19–29. https://www.imes.boj.or.jp/research/papers/english/me3-2-3.pdf
Turner, A. (2017). Between debt and the devil: Money, credit and fixing global finance (7th Printing and 1st Paperback Edition). Princeton University Press.
Ugeux, G. (2019). La Descente aux enfers de la finance [The Descent into hell of finance]. Odile Jacob.
Zarqa, M. (1947). Aḥkām al-awqāf [The injunctions of awqāf]. University of Damascus Press.