Abstract:

It is one of the known basic facts that the main source of raw materials is the earth, and its sole owner is Allah. However, over time, structures made of stone, soil and iron, which were bestowed by Allah, were produced with methods prohibited by Allah, and they began to be owned by methods prohibited by Him. Allah has made trade ḥalāl (lawful) and interest unlawful. Interest is an institution that harms humanity in every aspect. Interest, which is clearly made forbidden in the sources, has been promoted as an economic product with the changing world order, and having become institutionalized through banks, it has entered into all spheres of life. As a result of our participatory observation, it has been concluded that one of the most obvious channels through which interest is supported is the dilemma that people face while obtaining their undeserved value on credit for the goods they want to have as soon as possible. In our opinion, given that it is impossible to say to people in the developing world, "don't be a house owner," the solution to this is to produce structure-centered alternatives to interest instead of finance-centered alternatives, where interest is earned. This way, it will be possible to clear away people's confusion between what is not permissible and what is alternative, with what is known and ḥalāl. On the other hand, it is possible to say that the solutions produced for home finance systems introduced in Islamic economics from the first periods of Islam to the present are the solutions produced by secondary methods rather than the original ones. This is because interest is a vicious and ḥarām condition that is asserted in a contract. Although interest is one of the most prominent prohibitions in Islamic economics, Islamic economics does not consist only of the ḥarām of interest, but many vicious and superstitious conditions that could be put into a contract can position the contract somewhere between odiousness and annulment. Therefore, it cannot be said that acting with elements that violate many principles of Islamic economics and indirectly accept ambiguous acceptances makes that contract interest-free but makes it perfectly legitimate. Today, many interest-free financial systems consist of systems which, though interest-free, are composed of other vicious conditions. In our opinion, the solution of the interest-free housing system is actually based on the interest-free building system, and this is possible with a mechanism that takes into account not murābaḥa, but muḍāraba-based, murābaḥa-supported, modern trade and building systems. To put it simply, the interest-free building system, which is designed as an alternative to home financing systems, is a complex model that enables, based on the necessary legal, technical and economic specifications, the construction and acquisition of structures at every stage without any interest-bearing loans. In other words, it is the modernized version of the build-sell model formed through the contracting agreement. In one way, it is like a form of cooperatives that has been reconstituted in a way that keeps up with the times. It is aimed that the interest-free structure system will act with a working principle that is based on the labor-capital balance, which will be welcomed by people with open arms, instead of following the devious ways of today's methods that provide interest-free financing, which are far from being in line with the fundamental principles of Islamic law. All of the alternative financing ways are interest-free, and they constitute a power that is both available to use the ḥalāl structure through muḍāraba and has the infrastructure ready to be used for this system to be established. This system is a system in which the buyer or investor is directly involved during production, and one where intermediary institutions make profit from the execution, follow-up, labor and production of the business rather than the operation of money. The interest-free structure is a system that is inevitably based on ḥalāl structure and thus eliminates the conditions that will cause interest to occur at the very beginning of production. The interest-free building system will not cause problems that damage the bindingness of the contracts due to the fact that the builder or the seller constitutes one side of the contract and the buyer the other. This system, unlike some other home financing systems, will eliminate the basic issues of Islamic economics, the problems that have the quality to invalidate the contract both externally and internally. On the other hand, the interest-free construction system, which acts with active muḍāraba, will contribute to the jurist with the formation of ijtihād towards through fieldwork experience and will lead to an awareness of complying with the basic principles of Islamic economics in the society.

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