Participation Banking in European Context

IntroductionThe biggest success of European society is reflected in the fact that it has largely managed to build a pluralistic society that accepts and respects differences among people. This achievement has opened the road to new success in the political and economic fields, so that today we have the European Union in front of which are great opportunities if it succeeds to maintain the direction towards pluralism and respect for diversity among its citizens. The principle of pluralism is consistent with the natural law of Allah Almighty because He has created people different and prescribed to them to meet and know each other: "O mankind! We have created you from a male and a female, and made you into nations and tribes, that you may know one another "(Qur'an, Al-Hujurat 13). Whatever is natural, whatever is consistent with the natural law of God, has a chance of success, because it brings to human beings what is in harmony with their nature, what is good and useful for them.Although, as noted, European society is pluralistic, although it respects pluralism, some people within society, sometimes, reluctantly accept when something comes from the Islamic culture. There is prejudice, and even open opposition, at the first glance, just because it comes from Islamic culture. Given the objectives that European society proclaims, it would be fair to give participation banking fair treatment and a chance to participate and compete in the European market. Thus, the revival of the following universal values and principles on which European society is built is necessary:1. A universal attitude toward human beings: that all human beings are bloodbrothers and sisters with the same rights and obligations.1 People should be valued according to their actions-how beneficial or harmful their deeds and actions are to themselves, to other people and to the environment, but not based on their ethnic origin or religion.2. The freedom of expression of ideas should be fully implemented. Restriction should only be on the usage of insulting words and expressions. It will enable people to present their products and ideas freely.23. Equal rights and obligations in society and equal rights in front of the law: This principal requires European secular states to revive the original idea of secularism, according to which all citizens are equal in their rights and obligations and equal in front of the law.34. Equal opportunity for all human achievements: It can be achieved if the cultural and other achievements of all Europeans are equally treated and given equal opportunity to compete in the field of ideas and products.4Rational Behind Prohibition of InterestThe Qur'an and the Sunnah do not provide any detailed rational for the prohibition of interest (riba). However, the implicit meaning of Qur'anic verses and sayings of the Prophet, p.b.u.h., about interest may suggest that the charging of interest is an act of injustice. This is why Muslim scholars, when speaking about reasons why Islam has prohibited interest, say that the main reason behind the prohibition of interest is the prevention of injustice. The injustice in dealing on the basis of interest can be observed at different levels. For example, the fact is that the lender is guaranteed a positive return while the borrower takes all the risks. Therefore, taking interest represents akl amwal an-nas bi-l-batil because the lender and the borrower are in an unequal position. "Such injustice may result based on significant price fluctuations, or any of a number of other considerations. Moreover, there is a very real danger of exploitation of poor debtors by creditors, which Islam strives to eliminate." (Zuhayli, 2001:1/337)Furthermore, it opens the way for the accumulation of wealth in a few hands. After explaining that as a whole, socio-economic and distributive justice, intergenerational equity, economic instability and ecological destruction are considered the basis of the prohibition of interest, Muhammad Ayub concludes: "Keeping in mind all relevant texts and the principles of Islamic law, the only reason that appears convincing is that of distributive justice, because the prohibition of Riba is intended to prevent the accumulation of wealth in a few hands; that is, it is not to be allowed to "circulate among the rich" (Holy Qur'an, 59: 7). …