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Published online by Cambridge University Press: 28 May 2020
This article examines the creation of the first privately-owned Muslim banks in the first half of the twentieth century and the legal debates they instigated among Muslim communities. Whether in Bosnia or India, these banks appeared suddenly in the years immediately before the First World War. They were envisioned as a way to free up Muslim capital for productive ends, and as the means to jumpstart a Muslim economic renaissance. Far from masking their interest transactions, the banks' founders and customers pointed to a range of Islamic legal rulings that justified interest levied on deposits and loans. These rulings varied from one geographic locale to the next, and were expressive of diverse Muslim institutional and legal histories. Yet in an age when the formerly diffuse discursive terrain around interest, usury, and the Islamic foundational sources was shifting towards a consensus that rejected any interest/usury distinction, some of these banks faced acute challenges, particularly in India. There, novel notions of interest-free Islamic economics were articulated from the interwar period, which rejected any form of Muslim interest-banking. In time, the earlier iteration of Muslim interest banking became overshadowed by the new paradigm of “Islamic banks” which purportedly eschewed all financial interest.
1 The selection of this bank as the industry's starting point is peculiar, given that it did not have the word Islamic in its title, but rather was called the Mit Ghamr Savings Bank. The brainchild of the Egyptian economist Ahmad al-Najjar, the bank was closed by authorities in 1968 for fear of connections to the Muslim Brotherhood. In fact, Al-Najjar's connection to the Muslim Brotherhood is disputed, and the inspiration for his institution owed the most to West German mutual banking institutions; Kuran, Timur, Islam and Mammon: The Economic Predicaments of Islamism (Princeton, NJ: Princeton University Press, 2010), 14Google Scholar; Emon, Anver M., “Islamic Law and Finance,” in The Oxford Handbook of Islamic Law, ed. Emon, Anver and Ahmed, Rumee (Oxford, UK: Oxford University Press, 2018), 854CrossRefGoogle Scholar. Unfortunately, historians have tended to affirm the misconception that Mit Ghamr was the first authentically Islamic solution to conventional banking. See Çizakça, Murat, Islamic Capitalism and Finance: Origins, Evolution and the Future (Cheltenham, UK: Edward Elgar, 2013), 135Google Scholar.
2 I am grateful to an anonymous reviewer who made the important point that Muslim banks and Islamic banks have proven (in the long run) to be functionally indistinguishable, although the extensive direct-equity finance the architects of the first Islamic banks envisioned proved unworkable only in much later decades.
3 Suter, Mischa, “Usury and the Problem of Exchange under Capitalism: A Late-Nineteenth-Century Debate on Economic Rationality,” Social History 42, no. 4 (2017): 501–23CrossRefGoogle Scholar.
4 This tradition appears in many places. One example is described by Sayyid Ahmad Khan in Tafsir al-Qurʾan (Lahore: Munshi Fazl al-Din Kakkeza'i Tajir-i Kutub-i Qaumi [190-?]), 237.
5 A useful glossary for such terms is Khan's, Muhammad AkramIslamic Economics and Finance: A Glossary (London: Routledge, 2004)Google Scholar.
6 Roy, Tirthankar, A Business History of India: Enterprise and the Emergence of Capitalism from 1700 (Cambridge, UK: Cambridge University Press, 2018), 9CrossRefGoogle Scholar.
7 I use the term traditionalist not as a pejorative, but in line with how academics typically describe Muslim scholars affiliated with groups like the Barelwi movement in India. Modernist ʿulamaʾ refers to figures as diverse as Muhammad Abduh and Rashid Rida as well as members of the Deoband movement in India.
8 Kuran, Islam and Mammon, 101–2.
9 Khan, Feisal, Islamic Banking in Pakistan: Shariah-Compliant Finance and the Quest to Make Pakistan More Islamic (Routledge: London, 2015), 50–72CrossRefGoogle Scholar.
10 Zaman, Muhammad Qasim, Islam in Pakistan: A History (Princeton, NJ: Princeton University Press, 2018)Google Scholar.
11 El-Gamal, Mahmoud, Islamic Finance: Law, Economics, and Practice (Cambridge, UK: Cambridge University Press, 2006)CrossRefGoogle Scholar.
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14 Mallat, Chibli, “The Debate on Riba and Interest in Twentieth Century Jurisprudence,” in Islamic Law and Finance, ed. Mallat, Chibli (London: Graham & Trotman, 1988): 69–88Google Scholar; Abdulkader, Thomas, ed., Interest in Islamic Economics: Understanding Riba (New York: Routledge, 2006), 69–70.
15 On this point, see Kuran, Islam and Mammon.
16 My thanks go to the anonymous reviewer who stressed that I make this point more emphatically.
17 Rubin, Jared, Rulers, Religion, and Riches: Why the West Got Rich and the Middle East Did Not (Cambridge, UK: Cambridge University Press, 2012)Google Scholar; Kuran, Timur and Rubin, Jared, “The Financial Power of the Powerless: Socio-Economic Status and Interest Rates under Partial Rule of Law,” Economic Journal 128, no. 609 (March 2018): 758–96CrossRefGoogle Scholar.
18 Kuran, Timur, The Long Divergence: How Islamic Law Held Back the Middle East (Princeton, NJ: Princeton University Press, 2012)CrossRefGoogle Scholar; Rubin, Rulers, Religion, and Riches.
19 For the Indian case, see Abbasi, Muhammad Zubair, “Colonial State and Muslim Institutions: History of Regulatory Endowment in British India,” in Charities in the Non-Western World: The Development and Regulation of Indigenous and Islamic Charities, ed. Ampalavanar, Rajeswary Brown and Justin Pierce (Routledge: London, 2013)Google Scholar.
20 Bishara, Fahad, A Sea of Debt: Law and Economic Life in the Western Indian Ocean, 1780–1950 (Cambridge, UK: Cambridge University Press, 2017)CrossRefGoogle Scholar.
21 Maxime Rodinson, Islam and Capitalism (New York: Pantheon Books, 1973), 149. Emphasis mine.
22 Baradaran, Mehrsa, The Color of Money: Black Banks and the Racial Wealth Gap (Cambridge, MA: Harvard University Press, 2019)Google Scholar.
23 Jon E. Mandaville, “Usurious Piety: The Cash Waqf Controversy in the Ottoman Empire,” International Journal of Middle East Studies 10, no. 3 (1979).
24 Early 20th-century Indian Muslims maintained that the Mughals had no interest laws. Khwaja Ghulam-us-Saqlain, The History of the Law of Interest: With Special Reference to India and a Treatise of the Proposed Legislation for its Reform (Delhi: Comrade Press, 1914), 195.
25 Kuran, The Long Divergence; Rubin, Rulers, Religion, and Riches. All the same, there remained many “usury laws” in force throughout Europe and America.
26 Cattelan, Valentino, “Between Theory(-ies) and Practice(-s): Legal Devices (Ḥiyal) in Classical Islamic Law,” Arab Law Quarterly 31, no. 3 (2017): 245–75CrossRefGoogle Scholar.
27 This seems to be the case especially at the end of empire.
28 “Bosna'da İslam Bankası,” Sebil al-Reşad 7, no. 177, 1330 (1912), 338.
29 Lyon, James, “Habsburg Sarajevo 1914: A Social Picture,” Prilozi/Contributions 43 (2014): 23–39Google Scholar.
30 “Bosna'da İslam Bankası,” 338. Agrar- banks were agrarian banks owned and operated by a range of the empire's financial entrepreneurs; Mehmed Spaho, Die Agrarfrage in Bosnien und in der Herzegowina (Vienna: W. Braumueller, 1912).
31 Die Bank: Wochenhefte für Finanz-, Kredit- und Versicherungswesen; Chronik der Wirtschaft (Berlin: Bank Verlag, 1912), 992. The US values for 1912 are approximate. Before the First World War one Austro-Hungarian gold crown was equivalent to roughly $0.23, with five crowns equal to roughly $1; Brooks, Howard K., Brooks' Foreign Exchange Text Book: An Elementary Treatise on Foreign Exchange and the Monetary Systems of the World (Chicago: H. K. Brooks, 1906), 21–22Google Scholar. However, it must be noted that inflation in the Austro-Hungarian Empire during the First World War ensured that the exchange rate between the dollar and the crown fluctuated wildly. Moreover, because the Habsburg government also manipulated exchange rates during the war, any conversion of wartime values to the US dollar is virtually meaningless; Stephan-Schulze, Max, “Austria-Hungary's Economy in World War 1,” in The Economics of World War I, ed. Broadberry, Stephen and Harrison, Mark (Cambridge, UK: Cambridge University Press, 2005), 77–111CrossRefGoogle Scholar.
32 “Muslimanska Centralna Banka,” Biser no. 4, September 1912, 71.
33 Juzbašić, Dževad, “Der Einfluss der Balkankriege 1912/1913 auf Bosnien-Herzegovina und auf die Behandlung der Agrarfrage,” in Zeiten Wende Zeiten: Festgabe für Richard Georg Plaschka zum 75; Geburtstag, ed. Haselsteiner, Horst, Hrabovec, Emilia, and Suppan, Arnold (Frankfurt: Lang, 2000), 64Google Scholar.
34 See the ad calling on “Brother Muslims” to purchase war bonds at the bank and earn 6 to 6.5 percent interest on their investments; “Za Ratni Zajam,” Sarajevski List 37, no. 285 (21 November 1914): 2. Many other Muslim dignitaries and financial institutions contributed to the war loan, including the central waqf administration (Vakufsko-Mearifski Saborski Odbor), which remitted 100,000 crowns; “Za Ratni Zajam,” Sarajevski List 37, no. 292, 24 November 1914, 2.
35 Bosnischer Bote: Universalhand- und Adreszbuch für Bosnien und die Hercegovina, 1909 (Sarajevo: Der Verfasser, 1909), 380; K. und K. Gemeinsamen Finanzministerium, Bericht über die Verwaltung von Bosnien und der Hercegovina, 1908 (Vienna: K.K. Hof- und Staatsdruckerei, 1908), 214Google Scholar. For biographical entries regarding some of the Bosnians who participated in these schemes see Österreichisch-Ungarische Bank, Regelmäßige Jahressitzung der Generalversammlung der Österreichisch-Ungarischen Bank, vol. 33 (Vienna, 1911), 106, 125.
36 See the advertisement for the Muslimanska Štedionica u Foči in Sarajevo's Musavat 6, no. 3 (18 January 1911): 7. This was competitive with other banks in the province run by Serbs and Croats, many of which commissioned advertisements in Bosnian Muslim newspapers.
37 Gazi Husrev Beg Archive, Sarajevo, “Poslovono izvješće: Muslimanske Centralne banke za Bosnu i Hercegovinu dioničarskog društva u Sarajevu za godinu 1913,” 7.
38 Ibid., 6.
39 Ibid., 9.
40 Zulfikarpašić, Adil, Bosanski pogledi: nezavisni list muslimana Bosne i Hercegovine u iseljeništvu, 1960–1967 (London: Bosanski institut, 1984), 241Google Scholar. The Swiss branch does not seem to have seen the light of day.
41 “İslam Bankasi,” Tearuf-i Muslimin 1, no. 21, 28 Teşrin-i Evvel 1326 (1910), 343–44.
42 Ibid.
43 Gerber, Haim, State, Society, and Law in Islam: Ottoman Law in Comparative Perspective (Albany, NY: State University of New York Press, 1994), 74Google Scholar.
44 Ibid., 75.
45 Ibid., 76.
46 “Ikinci Fasıl: Sermaye: Madde 12,” in Ziraat Bankası Kanunu: Tarih-i Neşri, 23 Mart 1332 (Istanbul: Matbaʻa-i A. Serviçen, 1334 [1918]), 5.
47 “Extraits et analyses,” Revue du monde musulman 12 (1910): 692.
48 Orhan Yilmaz Silier, Türkiye Sanayiinde Tekelleşme (Ankara: Makina Mühendisleri Odası, 1977), 17.
49 Yusuf Nahhas, “Tarjamat Taqrir Muqaddam li-l-Mu'tamar al-Misri min Yusuf Nahhas Bey Duktur fi-l-Huquq ‘an Halat Misr al-Iqtisadiyya wa-l-Maliyya,” in al-Mu'tamar al-Misri, Majmu‘at A‘mal al-Mu'tamar al-Misri al-Awwal (Cairo: al-Matba‘a al-Amiriyya, 1911), 149. For a slightly altered English translation see Youssef Bey Nahhas, “The Economic and Financial Situation in Egypt,” trans. M. Abdul Azeez Bey Fahmy, in Minutes of the Proceedings of the First Egyptian Congress Assembled at Heliopolis (near Cairo) from Saturday 30 Rabi-al-thani 1329 (29 April 1911) to Wednesday 5 Gamad-ul-awwal 1329 (4 May 1911), 219.
50 As Leor Halevi, Chibli Mallat, Emad H. Khalil, Abdulkader Thomas, and others have shown, Abduh's famous fatwa was never published, and his precise justifications for accepting interest on deposits has been a source of speculation. Further confusion also stems from Rida's later discussions of Abduh's fatwa, in which he attempted to defend his mentor from the accusation that he was sanctioning ribā. Khalil, Emad H. and Thomas, Abdulkader, “The Modern Debate over Riba in Egypt,” in Interest in Islamic Economics: Understanding Riba, ed. Thomas, Abdulkader (New York: Routledge, 2006): 69–70Google Scholar; Mallat, “Debate on Riba,” 69; Halevi, Leor, Modern Things on Trial: Islam's Global and Material Reformation in the Age of Rida, 1865–1935 (New York: Columbia University Press, 2019)CrossRefGoogle Scholar.
51 The best introduction to these movements remains Metcalf's, BarbaraIslamic Revival in British India: Deoband, 1860–1900 (Princeton, NJ: Princeton University Press, 1982)CrossRefGoogle Scholar, chs. 1 and 2.
52 “Saltanat Turki ke Temessukat ki Kharidari: Suʾal 232,” Fatawa Dar al-ʿUlum Deoband: kih Mushtamil ast bar ʿAziz al-Fatawa az ʿAziz al-Rahman wa Imdad al-Muftayn az Muhammad Shafiʿi (Deoband: Dar al-Ishaʿat, 1354–57), 146.
53 One example is Shaukat Ali, Paigham-i ʻAmal (n.p., n.d.), 6.
54 Kuran, Timur and Singh, Anantdeep, “Economic Modernization in Late British India: Hindu–Muslim Differences,” Economic Development and Cultural Change 61, no. 3 (2013): 503–38CrossRefGoogle Scholar.
55 Doraiswami, S. V., Indian Finance, Currency and Banking (Madras: S. V. Doraiswami, 1915), 115–17Google Scholar.
56 Dupernex, H., People's Banks for Northern India: A Handbook to the Organisation of Credit on a Co-operative Basis (Calcutta: Thacker, Spink, 1900), 86–89Google Scholar.
57 Ullah, Ata, The Co-operative Movement in the Punjab (London: G. Allen & Unwin [1937]), 451Google Scholar.
58 Sayyid Sulaiman Nadwi, “Sud aur Sahafa-i Anbiyaʾ,” al-Nadwa (1909).
59 The bank also was called the Muslim Bank of India, Ltd.
60 Its directors included the chief minister of Patiala state and the general secretary of the Anjuman-i Islamiyya Punjab.
61 “The Orient Bank of India, Limited,” Aligarh Institute Gazette, 30 April 1913, 15.
62 “Names of Banks Liquidated,” Statistical Tables Relating to Banks in India with an Introductory Memorandum (Calcutta: Superintendent Government Printing, 1916), 15.
63 “Muslim Bank,” (August 1925), in Tufail Ahmad Manglori, Mazamin-i Sudmand (Badayun, India: Nizami Press, 1936), 105.
64 See the court case presiding over its liquidation; “In the matter of Muslim Bank of India Ltd., Lahore (in Liquidation),” in The All Indian Reporter, 1940: Lahore Section (Nagpur, India: D. V. Chitaley, 1940): 304–7.
65 “La Question des banques,” Revue du Monde Musulman 4, no. 2 (February 1908): 433–34; a portion of the ruling is referenced, with a slightly altered translation, in Eric Germain's “The First Muslim Missions on a European Scale: Ahmadi-Lahori Networks in the Inter-War Period,” in Islam in Inter-War Europe, ed. Nathalie Clayer and Eric Germain (London: Hurst, 2008), 112.
66 Barelwi, Ahmad Riza Khan, Fatawa-i Rizwiyya: Maʿ Takhrij wa Tarjuma-i ʿArabi ʿIbarat, vol. 17 (Lahore: Raza Faundeshan, Jamiʿa-i Nizamiyya Rizwiyya, n.d.), 342–43Google Scholar.
67 Ahmad Riza Khan Barelwi, “Tadbir-i Falah wa Najat wa Islah,” in Fatawa-i Rizwiyya, vol. 15, 142–57.
68 Cited in Muhammad Khalid Masud, “Trends in the Interpretation of Islamic Law as Reflected in the Fatawa Literature of Deoband School: A Study of the Attitudes of the ʿUlamaʾ of Deoband to Certain Social Problems and Inventions” (MA thesis, McGill University, 1969), 45.
69 Ashraf Ali Thanawi, Takhdhir al-Ikhwan ʻan al-Riba fi al-Hindustan (Kanpur, India: Matbaʻ-i Intizami [1900?]).
70 Ibid., 1.
71 Kamal al-Din, “Usury or Interest,” Islamic Review (October 1924).
72 Surat al-Imran, 3:130.
73 In his other works, Ali defended the cooperative movement and the interest they paid on deposits; Ali, Maulana Muhammad, The Religion of Islam (Lahore: Ahmadiyya Anjuman-i Ishaat Islam, 2014), 534Google Scholar. It is worth noting that before 1950 most English translations of the Qurʾan translated ribā as usury, whereas those after this date used interest; El-Gamal, Islamic Finance, 196n3.
74 Kamal al-Din, “Usury or Interest” and “The Spirit of the Law,” Islamic Review (October 1924): 333.
75 Manglori, Sayyid Tufail Ahmad, Masail-i Sud aur Musulmanon ka Mustaqbil (Badayun, India: Nizami Press, 1920), 28Google Scholar.
76 Ibid., 11–12.
77 Darling, Malcolm, Rusticus loquitur; or: The Old Light and the New in the Punjab village (London: Oxford University Press, 1927), 368n1Google Scholar.
78 Sayyid Ahmad Khan, Tafsir al-Qurʾan, 237–42.
79 After accepting these funds one was expected to donate them to charity; Muhammad Kifayat Allah Dihlavi, ed., Kifayat al-Mufti, vol. 8 (Karachi: Dar al-Ishaʻat, 2001), 66–69.
80 This was especially the case with Talat Harb, who raged against usury in his writings. See Davis, Eric, Challenging Colonialism: Bank Misr and Egyptian Industrialization, 1920–1941 (Princeton, NJ: Princeton University Press, 1983): 86, 99n42CrossRefGoogle Scholar.
81 Mahmoud El-Gamal also has translated portions of the rulings and posted them on his blog. See “Rashid Rida on Riba: I. The Hayderabad Fatwa,” Islam and Economics (blog), accessed 1 April 2018, http://elgamal.blogspot.com/2005/07/rashid-Riḍā-on-ribā-i-hayderabad-fatwa.html.
82 Zaman, Muhammad Qasim, Modern Islamic Thought in a Radical Age: Religious Authority and Internal Criticism (Cambridge, UK: Cambridge University Press, 2012), 120–25CrossRefGoogle Scholar.
83 Ibid., 122.
84 On Sanhuri's criticism of Rida see Ibid., 122n65.
85 The original work is al-Istiftaʾ fi Haqiqa al-Riba (Hyderabad: Matbaʿa Daʾira al-Maʿarif, [1929?]). The al-Manar debate is reproduced in al-Riba wa-l-Muʿamalat fi al-Islam (Cairo: Dar al-Nashr li-l- Jamiʿa, 2007). I have cited from the latter for ease of reference.
86 Al-Riba wa-l-Muʻamalat, 56.
87 Ibid., 57n1.
88 Ibid., 57–58.
89 Ibid., 59.
90 Ibid., 61.
91 Ibid.
92 Feisal Khan, Islamic Banking, 79–80.
93 For more on the founding of Osmania see Datla, Kavita Saraswathi, The Language of Secular Islam: Urdu Nationalism and Colonial India (Honolulu: University of Hawaii Press, 2013)CrossRefGoogle Scholar.
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95 This was reprinted in the 1970s as Pakistan underwent nationalization under Zulfikar Ali Bhutto and turned to Islamic finance under Zia ul-Haqq; Sayyid Abuʾl-Aʾla Mawdudi, Sud (Maktaba-i Jamaʾat-i Islami, [1970?]).
96 The original appeared in Tarjuman al-Qur'an in Ramadan 1365, or August 1946. I have cited from the Arabic version reprinted in Fatawa al-Mawdudi: Rasaʾil wa-Masaʾil (Lahore: al-Markaz al-ʻArabi li-l-Khidmat, 1994), 86–88.
97 Ibid., 88.
98 Qureshi, Anwar Iqbal, Islam and the Theory of Interest (Lahore: Shaikh Muhammad Ashraf, 1946), xxiiiGoogle Scholar.
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100 Qureshi, Theory of Interest, 6.
101 Nadwi, introduction to Qureshi, Theory of Interest.
102 Qureshi, Theory of Interest, 122.
103 Siddiqi, S. A., Public Finance in Islam (Lahore: Sh. Muhammad Ashraf, 1948)Google Scholar; Uzair, Mohammad, Interest-Free Banking (Karachi: Royal Book, 1978), i–iiGoogle Scholar.
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105 Ghulam Mohammed, Inaugural Address at the International Islamic Economic Conference (Karachi, 1949).
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107 Ibid., 158–59.
108 Sayyid Qutb, Tafsir Ayat al-Riba (Beirut: Dar al-Shuruq, [197-]).
109 Ibid., 16n1, 20n1, 30n1, 42n1.
110 M. A. Mannan, “Theory and Practice of Interest-Free Banking,” Islamic Review and Arab Affairs (November–December 1968): 5–10.
111 Davis, Challenging Colonialism, 179.
112 HIL/206/487, Abbas Hilmi II papers, Archives and Special Collections, Durham University Library, UK.
113 Muhammad Yunus ʿAbbadi, Muhadarat al-Faqih al-Qadi al-Sayyid Muhammad al-ʻAbbadi fi Mawduʻ al-Riba, Alqaha bi-Madina wa-Jiddah Sanat 1927 (Jiddah: n.p., 1934).
114 For more on the Saudi dependency on money changer families and the kingdom's weak financial power before the 1950s see Chaudhry, Kiren Aziz, The Price of Wealth: Economics and Institutions in the Middle East (Ithaca, NY: Cornell University Press, 1997)Google Scholar.
115 His later work speaks often of the IMF. See Qureshi, Anwar Iqbal, Developments in Pakistan Economy Since the Revolution (Karachi: Nabeel Publishing House, 1961)Google Scholar.
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118 “Islamic Development Bank: Articles of Agreement, Annexure A,” cited in Kuhn, W. E., “The Islamic Development Bank: Performance and Prospects,” Nebraska Journal of Economics and Business 21, no. 3 (1982): 53–54Google Scholar.
119 An example can be found in The Bihar and Orissa Provincial Banking Enquiry Committee (Calcutta: Government of India, 1930), 509.
120 Brannon Ingram, Revival from Below: The Deoband Movement and Global Islam (Berkeley, CA: University of California Press, 2018), 172–73. This also occurred when Manazir Ahsan Gilani argued in the mid-1940s that Muslims living under non-Muslim rule should accept interest; Zaman, Modern Islamic Thought, 124.
