ARTICLE 1: This text regulates interest-free credit. The foundation, cooperative or joint stock company to be established for this purpose will be the intermediary for this crediting.

ARTICLE 2: Legal entities that are not capital companies establish the credit foundation. Members or partners who want to benefit from credit will deposit a piece of republic gold, which they have collected as loan for this purpose, into this foundation as capital. These founding legal entities provide general services to the enterprises that receive interest-free loans and receive a general service share from them in proportion to their revenue or turnover.

ARTICLE 3: The credit foundation is organized as a branch, central branch and headquarters. The joint stock companies they establish establish banks. This foundation is managed by the representatives of the capital deposit partners.

ARTICLE 4: The credit institution accepts cash, goods, real estate and bills issued in return for labor as deposits and loans them to its partners.

ARTICLE 5: Everyone shall benefit from the deposit or the loan in proportion to the general service share they have paid in the past years.

ARTICLE 6: The credit foundation maintains its relationship with depositors and borrowers through trustees, and the values are held by the trustees.

ARTICLE 7: Accounts of each person or partnership, each place or property group, all kinds of bills, maturity or demand, deposit or trust, debts and receivables are kept separately. Accounting for real estate, goods, cash, labor, bills, inventory and embezzlement are separate.

The transaction is made with delivery notes. Based on these, transfer deeds are issued. Transfer notes are recorded in the journal. Then, it is recorded on the cards that constitute the general ledger. Each account holder has an accountant of his/her own choosing. They prepare the transfer deeds. The donor's accountant keeps the transfer deed after registration.

ARTICLE 8: The securities can only be sold at the value at which they were purchased at that time. Current value is adjusted according to the balance of supply and demand. It buys and sells bills on behalf of bank owners. There are also collateral values in crediting. These are also adjusted according to supply and demand.

ARTICLE 9: Unpaid promissory notes cannot be issued. Other than gold bonds, bills cannot be issued for cash. Apart from the real estate guarantees of bonds, solidarity partnerships also have guarantees. The credit institution is also the guarantor. Promissory notes that are not recorded in the books are invalid.

ARTICLE 10: Decisions are taken by the alliance of representatives. Evaluations are made by finding the middle value. The decision taken by the person authorized by the alliance after consultation on the subject for which he is authorized is the decision of the community. Everyone is obliged according to his own ijtihad. Decisions without consultation are an exception.

CONCEPTS

ARTICLE 1

This text regulates interest-free loans. The foundation, cooperative or joint stock company to be established for this purpose will be the intermediary for this crediting.

I. DEFINITIONSI. SOCIAL AND ECONOMIC RIGHTS

RIII. REAL AND EMPIRE RIGHTS

IIV. DEYN AND TRUSTED

RV. FAİ

ZVI. TYPES OF INTEREST

IVII. INTEREST-TRADE DIFFERENCE

IVIII. FAIZ-KİRA FARK

IIX. FAİZ-SELEM FARK

IX. MUTUAL CREDIT INSTEAD OF INTEREST

XI. VERGI-FAİ

ZXII. CREDIT-VAK

FXIII. CREDIT

KXIV. KREDİYİ İSTİHKAK KRİTERLER

İXV. FAİZSİZ SİSTEMDE İHAL

EXVI. A BANK IS AN INTERMEDIARY

I. DEFINITIONS

a. A MAN IS A DEBTOR AND CAN BE CREDITED

There is solidarity in living things. While the bee takes honey from flowers, it helps them to mate and fertilize. It takes male cells and takes them to female organs. Every cell in the body carries out such exchanges with other neighboring cells. However, these purchases are made in cash and are not based on a specific measure. People also have this type of shopping. Unlike other living things, there is a measure in this transaction. The more he gives, the more he receives. Apart from this, these purchases are not made in cash immediately, the things that are kept in memory are given when necessary in the future. This thing to be given is called right. The person to whom the right will be given is called the creditor, and the person who will give the right is called the debtor.

b. THE HUMAN SOCIETY MAY ALSO BE DEBTORS AND CREDITORS

That's why the only person who has rights is human. Having rights means having personality. Being a debtor also means being a creditor. Being a plaintiff also means being a defendant. These rights and obligations may apply to one individual, or sometimes they may make several individuals debtors and creditors together. These are called common rights. Some of these common rights become collective and legal entities are formed. In legal entities, the rights and duties belong only to the community and do not apply to the individuals within it separately. Thus, collective rights are born

c. COMMUNITIES EXERCISE THEIR RIGHTS1 THROUGH AUTHORIZED REPRESENTATIVES

Communities use these rights in an organized manner. Here, the individual acts on behalf of the community and represents the community. Members of the community act on behalf of the community, provided that the established rules and procedures are followed. When one assumes a right from another, it becomes a liability against the community, and the other becomes a creditor of the community.

.D. ORGANIZE BANK DEBITS AND RECEIVABLES

ROur topic is about the assumption of these rights and duties and deals with the provisions and organization regarding their fulfillment.

.II. SOCIAL AND ECONOMIC RIGHTS

.a. THERE WERE SOCIAL AND ECONOMIC RIGHTS

RHuman lives his life by making use of things, and this life is related to his own body. The rights that arise may concern the body. For example, a doctor's duty to treat a patient is one of his physical rights. We call these social rights. Some rights are related to goods. For example, it is an economic right for a person to owe another person a kilo of wheat.

.b. TRANSFORMATION OF SOME OF SOCIAL RIGHTS INTO ECONOMIC RIGHTS

Measurement is difficult in social rights. It is the type of mutual exchange that is generally present in all living things. Most of these rights are kinship rights. The rights and duties of spouses towards each other, the rights and duties of children towards their parents, and the rights and duties of relatives towards each other are of this type. Although some of these have social origins, they eventually turn into economic rights. Alimony and inheritance are among these rights.

.c. SOME OF THE SOCIAL RIGHTS ARE MEASURED BY ECONOMIC RIGHTS

Some of the social rights are the rights to vote and be elected, duty and authority. In order for the community to form and continue, certain duties, powers, responsibilities and wage arrangements are needed. Thus, mutual rights arise. However, most of these rights are immeasurable and non-financial. Fee from these rights; finally appears as an economic right

.D. DEVELOPMENT IS MADE BY MEASURING

The most important feature of economic rights is that they can be expressed with a value. Today, this value is measured with one unit. This unit is money. So, if we can price something and put up cash in return, that means economic right. Human development is seen as substituting economic rights for social rights. It is not possible to transform all social rights into economic rights. Such a change would mean the abolition of all penalties except fines and the destruction of the institution of marriage, which is not suitable for me in human nature. However, alimony and dowry institutions in marriage, compensation for penalties, mean the transformation of social rights into economic rights and represent a development.

.to. THE SUBJECT OF THE BANK WAS ECONOMIC RIGHTS

ROur subject is not social rights, but economic rights

.III. REAL AND EMPIRE RIGHTS

RIGHTS MAY BE IN KIND AND IN THE FORM OF DECEMBER

The right arising from economic rights is related to an item. One promises to give an item to the other. In other words, one person's belongings are next to the other. This may be the item itself. These are called rights in rem. It is the right of someone other than the person who owns that item to have rights over a certain and known item. In many cases, rights arise not on the object itself but on similar ones. The debtor is obliged to give a similar property, not any particular property. These are called embezzlement rights.

Rb. ARISING RIGHT TO CLAIM AGAINST THE PERSON

In ancient times, they considered it legitimate for one person to have rights over another person, and they implemented the provisions of imprisoning or enslaving anyone who could not pay his debt. Islamic Law and Modern Law abolished the emergence of economic rights over a person and instead legislated the emergence of economic rights over a person's property. However, this development has eliminated the security of receivables. For this reason, a system of subjecting debts and receivables to personal and in-kind guarantees has been developed.

.c. RECEIVABLES ARE SUBMITTED TO IN-KIND AND PERSONAL GUARANTEE

A centralized borrowing system has been developed to prevent creditors from being victimized by embezzlement rights. Individuals no longer become debtors and creditors to each other bilaterally; instead, individuals become debtors or creditors to the common institution they establish. The creditor of a person who cannot pay his debt because he does not have goods is not victimized, instead, this victimization is shared collectively.

.D. THE GUARANTEE IN KIND WAS STRONGER

The creditor is in a safer position regarding real rights. If there is no abuse, there is always the opportunity to get what is due since it is available in the same hand. Abuse is not an economic event, but a social event. Its provisions are determined by social laws

.to. PERSONAL GUARANTEE IS ALSO INDIVIDUAL OR SOCIAL

Our subject is not about real rights, but about embezzlement rights. The institution we will establish will serve as a center for the processing of these embezzlement rights. It will be the heart of embezzlement rights

.IV. DEYN AND TRUSTED

Ra. TO WHOM DOES THE DAMAGE BELONG TO THE DEBT?

“Although at first glance, it may seem that the increase or decrease in real rights should belong to the creditor, and the increase or decrease in embezzlement rights should belong to the debtor; Determining who owns the increase or decrease is the most complex and important issue. A person took his friend's car, went to his destination and came back. There was no significant incident here either. However, let's assume that this car had an accident and was destroyed on the road. Now a very important event has occurred. In this case, does he have to pay for the car that crashed? Or, since the car was not destroyed by the threat of the person driving the car, would the owner's property be destroyed and no burden would be imposed on the person driving the car? A similar question arises in all economic rights and the answer to this question is of great importance.

.ZÎMMET KAR VE ZARAR KİME AİTTİR

There are similar problems with embezzlement rights. A partnership has been established. One has invested capital, the other is doing business with it. In the end, capital made a profit or suffered a loss. Now, to whom does this profit or loss belong? The one who invests capital or the one who does business with him? In both cases, what will be given back is not the same, but the same. The dispute in question is over the increasing or decreasing amount.

?c. ANY INCREASE OR DECREASE IN THE ESCROW BELONGS TO THE CREDITOR

The solution of this important issue has been left to agreement. If it is agreed in the initial agreement that the increase or decrease belongs to the creditor, we call such rights entrusted. If the car is in consignment, the car of the person who gave the car is destroyed. The user has no liability. In a similar way, if the capital given is entrusted, the increase or decrease belongs to the creditor, and the person doing the work only receives wages. This fee can also be determined as a share of the profit. However, if there is a loss, the worker does not participate in this loss; he only loses from his work by not receiving wages. Because he also entrusted his labor to him.

.INCREASE AND DECREASE IN BORROWING BENEFITED TO THE DEBTOR.

If the agreement made from the beginning is such that the increase or decrease belongs to the debtor, its provisions are now applied. In this case, the car will be compensated and the debtor will be the owner of the resulting profits and losses. This provision applies in case of unrequited driving. This provision also applies to loans. We call these "deyns".

ROur subject is not 'trust' rights, but 'deyns'. Our institution will be the center for the people and will act as an intermediary for them.

.V. FAİ

Za. INTEREST IS THE INCREASE AND DECREASE PUT ON THE OTHER SIDE.

We have seen before that in escrows, the increase or decrease belongs to the creditor, and in the case of deed, the increase or decrease belongs to the debtor. Apart from such agreements, an agreement can also be considered in which the increase belongs to one party and the decrease belongs to the other party. Such agreements are called interest-bearing agreements. Another way of expressing this situation is that profit and risk are not on the same side. In other words, the borrower gives a profit to the creditor, regardless of whether he wins or loses.

.b. INTEREST PROVIDES CAPITAL ACCUMULATION AND CRASHES THE SOCIAL STRUCTURE

RThe views of socialists who claim that capital has no share in profits, as well as capitalists who claim that capital will have rights without bearing risks; It was rejected by Islam and all religions and thinkers of ancient times. It has begun to be considered legitimate in the last two or three centuries because it serves the accumulation of capital. Although interest served the accumulation of capital, our age has become an age of revolutions and rebellions because it disrupts the social balance.

.c. BAN SOCIALISM TRADE TOO

Over time, the harms and evils of interest were understood, and as a reaction to this situation, the communist regime that banned trade was born. However, eliminating interest is not easy, as it would disrupt the large capital movements that our age needs. The most important problem of our age that needs to be solved is to find an interest-free system that will realize large capital movements other than interest.

.D. CREATE INTEREST MONOPOLY

The elimination of interest means that capital is not concentrated in monopolies or is prevented from being collected. The biggest harm of interest is that it creates a monopoly. Interest is like gambling, where one side always wins. The result of this is that all the capital within the country is concentrated in one hand. Thus, the Capital State is formed and all social institutions are owned by capitalists. However, capital owners are people who have become accustomed to comfort and have lost the ability to fight. In this case, it means that the State has lost its political and military power. Therefore, the State authority is weakened and rebellions and revolutions occur. All property is lost. That is why the country's prosperity and security are in the order created by free competition and widespread capital.

Our aim is to establish institutions that will serve an economic order that regulates large capital movements without monopolization and protects free competition.

.VI. TYPES OF INTEREST

Ia. INTEREST WAS DIFFERENT FROM PROFIT

Interest is different from trading. Because in trade, whoever takes the risk, the profit also belongs to that person. Allowing profit to capital is to ensure that possible risks are covered. It is the right of that capital, not of the person who owns it. The owner of the capital is not the absolute owner of the property. He is an official who will manage capital goods on behalf of the community. It buys on behalf of the community and sells on behalf of the community. He has to use his capital for the benefit of the community. Parallelism of interests has been achieved. Macro balance has been established through free competition. By granting the authority to dispose of the property as if it were its own property, balance was also achieved in the micro.

.b. MAKE INTEREST INTERVENTION MANDATORY

By winning, the merchant's duty authority increases, and by losing, his duty authority decreases. Thus, a fair economic order is established in freedom without the intervention of an official. The community also reaps huge benefits. The interest-based economy, on the other hand, does not have macro and micro balances, and by relying on absolute ownership, community life is denied.

.c. INTEREST PRICE ANARCHY IS CAUSED

Rleases are also different from interest. Because immovable properties are being worn out. Therefore, those who are injured by it must participate in it. Then it is possible to increase the things to be rented through construction. However, it is not possible to increase cash without inflation. Inflation, on the other hand, consists of stealing people's goods at their desks. Therefore, it is the most dangerous element for the just order. It is equally harmful and dangerous as it not only disrupts the social order but also causes price anarchy in the economy. Interest cannot be fed without inflation

.D. PREPAYMENT DIFFERENCE WAS NOT INTEREST

Although interest does not increase over time, it is the risk-free profit provided in a transaction. This is interest similar to trading. Fiqh scholars call this excess interest. There are jurists who consider such excesses that do not increase over time as legitimate. The issue of whether this excess arises from sales on credit or from an order with prepayment of money, that is, whether the late payment is in the goods or in money, has become an important distinguishing factor in Islamic jurisprudence. In case of delay in payment, the excess is considered interest, and in case of delay in delivery, the excess is considered legitimate. These are called "salam contracts" and the difference in salam is considered legitimate.

.to. INTEREST IS A DEBT THAT INCREASES OVER TIME

RThe second type of interest is the value that increases over time due to late payment of a debt. Fiqh scholars call this "faizi nesei". It resembles chi ray. It was considered illegitimate because it had no wear and tear. Our subject is to establish an institution that eliminates all interest except salam and realizes large capital movements.

.VII. INTEREST-TRADE DIFFERENCE

Those who want to legitimize interest claim that interest and trade are the same thing, therefore interest must be legitimate just as trade is legitimate, and they claim that there is no justification for banning interest.

However, there are fundamental differences between interest and trade. We can list them as follows.

:a. THERE ARE RISKS IN TRADE

In rcommerce, shopping takes place between three people and in two transactions. Interest is between two people and in a single transaction. Therefore, although there is a risk in trade, interest is risk-free.

.b. THERE IS FREE COMPETITION IN TRADE

In commerce, the buyer and seller own assets, and by exchanging them, the rent on both sides increases. In credit, one is wealthy and the other is in need. There is no possibility of bargaining on equal terms. Freedom cannot be granted as in trade. As a matter of fact, interest is limited in every country.

.c. TİCARET MALDA ARTISTS

RCommerce provides increase in goods. The merchant sells and buys more goods with the cash he gets. In this way, he increases the stock in his store. This is possible by increasing production. It also benefits producers. Interest increases cash. Since cash is not something that can be produced, it can only be increased by reducing the cash of others. eventually leads to inflation

.D. TRADE DO NOT CAUSE INFLATION

Since there is an increase in goods in trade, imaginary increases and profits are not possible. However, in embezzlement, the debt can be increased without even needing the existence of real money in the loan. Therefore, the interest rate can also be increased. Thus, fictitious capital provides fictitious profits. Ink interest is a typical example of this. This also makes real cash effective.

.to. INCREASE IN MARGINAL UTILITY IN TRADE

RTrade increases the rent for both parties. At first glance, credit seems to increase the rent. However, in the end, it accumulates money on the side with lower rent due to interest. While cash should go from a place that cannot use it and therefore has a low rent, to a place that can use it and therefore has a high rent, the opposite happens due to interest. However, in trade, goods and cash go to places with high profit.

.f. PROFIT WAS RISK PROVISION

There is risk in trading and a share must be placed to cover this risk. This is also profit. It is against the possibility of harm. In loans, since the risk belongs to the debtor, there is no share to be allocated to the capital owner.

.g. RISK PROVIDED BY CAPITAL TAX IN TRADE

RTicarette sermaye vergisi ile azalan verimler kanununun bir gereği olarak tekelleşme önlenebilir. Böylece serbest rekabet sistemi korunmuş olur. Halbuki faizde gelir vergisi uygulama zorunluluğu vardır. Zira, faiz vergiden küçük tutulduğu taktirde azalan verim söz konusu olmadığından denge sağlanamaz. Faizli sistem tekele gider ve denge bozulur

.h. MALLA.RDA ALWAYS VA.RDI

RThere is saturation in goods. Therefore, the laws of supply and demand apply. Price serves as a password between the producer and the consumer. There is no satisfaction in human needs. The wholesale need is endless. Since money meets all needs, there is no satisfaction in money. Therefore, interest is far from being an element of balance.

.I. BRAKE THE AMOUNT OF INTEREST MONEY

Profit connects the producer and the consumer, thus helping both producers and consumers and keeping the economy alive. Interest, on the other hand, prevents interest-free loans, so instead of helping credit formation, it actually restrains it. There will be no harm in giving the unused amount of cash to someone else. If he doesn't expect interest, he will let it be used. If he is waiting for interest, he will wait until higher interest comes. This will reduce or slow down circulation.

.j. HE CONSUMES NON-INTEREST

Interest encourages credit sales. This means consumption without production, which is against the principle of not being able to create something from nothing. Trade means the storage of goods by the merchant, which means postponing consumption. This provides spare stock for the country

It can be seen that interest and trade are two completely different activities. Those who claim that these are the same either think that all people do not know, or they themselves do not know.

.VIII. INTEREST-RENT DIFFERENCE

Interest is more similar to rent than it is to trade. The interest received from the use of a movable property seems similar to the rent received from the use of an immovable property by someone else, and both can be judged to be legitimate or illegitimate. However, in nature, good things and bad things always seem similar at first glance. Like vinegar is like wine. When thought about, beneficial and harmful are distinguished and it is understood that humans are given the ability to think for this reason.

.Interest and rent are different from each other.

:a. KİRADA YIPRANMA VARDI

RThe same amount given in the lease is taken back. Therefore, it is worn out. In interest, the amount given is taken back. Therefore there is no wear and tear

.b. THERE WAS NO ABUSE IN THE RENTAL

Conditions in the lease are equal. However, in interest, the debtor is in need. Because the lessor must rent the real estate in order to cover its expenses.

.c. THERE WAS BENEFIT TRANSFER IN THE RENTAL

RThere is a transfer of a realized interest in the lease. There is a possible gain in interest. There is even a possibility that those who receive money with interest may incur losses.

.D. THE DAMAGE IN THE RENTAL BELONGED TO THE CREDITOR

Damage and protection costs incurred in the rented real estate belong to the owner. Therefore, the rent is charged due to this risk. However, in case of interest, the burden of damage and protection belongs to the debtor. There is no reason to charge interest

.to. KIRA IMAGINARY REPRODUCTION

The rented thing is real and cannot be reproduced imaginary. Mirror is the right to change. The loan is subject to embezzlement and can be duplicated imaginatively.

.f. INCREASE MARGINAL BENEFIT IN RENTAL

In the lease, both parties benefit. Instead of a decrease in one, there is an increase in both. However, in order to prevent this rental from turning into interest, the rental should be on production tools rather than consumption tools and the rent should be taken as a participation in the revenue.

.g. THERE WAS SATURATION IN THE RENTALS

RThere is saturation in the use of things to rent. However, there is no saturation in cash.

.h. RENTS ARE BALANCED BY INVESTMENT

It is possible to establish balance in real estate in the long term by taking certain measures. Since interest is based on the principle of imbalance, it cannot be balanced.

.I. BALANCE IN RENTS WAS ACHIEVED

Interest losses cannot be eliminated. However, the losses of the rent can be eliminated by appreciating the rent from the revenue and granting an interest-free housing loan.

.j. KİRA RANTI ARTİRI

RFinterest has a rent-reducing action. It increases rental income

.IX. FAİZ VE SELEM FARK

IECONOMY HAS NOT INCREASED THE USEFULNESS OF GOODS

Economy is an institution that focuses on the benefits that things provide to people. At first glance, it seems that its subject is just stuff. However, its subject is not only the goods, but also the benefits obtained from the goods. Although some people consider the benefits provided by people as well as goods as the subject of economics, these are more related to social rights and do not fall into economic rights. The reason why labor is included in economic rights is that it is a factor that increases the utility of goods.

Rb. BENEFIT INCREASES WITH CHANGE

The usefulness of the item changes as the item changes, the location of the item changes, the owner of the item changes, and the time of the item changes. In many cases, the usefulness of an item is also related to the duration of use. Benefits of real estate and cash depend on the duration

.c. BORROWING WAS MANDATORY IN THE ECONOMY

It is necessary to have borrowings in order to evaluate the transactions carried out within the community in the most beneficial way according to time and owner. However, this situation carries some risks. It is not possible for individuals to secure this risk. This has to be secured by the community. In this way, crediting becomes possible. Therefore, the rent arising from credit must also belong to the community.

.D. CREDITING INCREASES EFFICIENCY

The institution of credit creates a huge profit. This rent is proportional to the amount of the loan and also to time. 1,000 TL. Whatever works in a month is 500 TL. It does the same job in two months. Thus, the understanding of capital volume as well as the understanding of capital must be imported into the values of the economy.

.to. RENT IS DIVIDED BY CREDITATION

RVolume is the value multiplied by time. Rent is assessed in proportion to volume, not value. Cash or other goods also have benefits measured by such volumes. If this benefit is attributed to the community and used to regulate the general economy, it is called "salam difference". If the volume of the goods in cash or cash is taken into account instead of their value and a share of the rent is given to people due to the loan, this will be interest.

.f. SELEM WAS A NEGATIVE PERCENTAGE

We introduce the following criterion in order to distinguish between interest and salam. Interest is the difference added to the price due to delivering the goods first and not receiving the money late. As for Selem, it is the deduction made on the price because he paid the money first and received the goods late.

.g. SELEM FİYATLARI DÜŞÜRÜ

It can be seen that salam reduces prices and interest increases prices. This is one of the most important differences between salam and interest.

.h. ENCOURAGE INCREASING SALEAM

On the other hand, savings are encouraged when the buyer receives the goods late. In other words, the owner of the money makes the money available now, but for the time being, he waives spending on the common goods. In return, he buys the goods now in return for the money he will earn in the future. In this way, Selem helps and encourages more production within the community. In interest, a person buys and consumes goods now in return for the money he will earn in the future and forgoes consuming some goods. Thus, it causes production to decrease. In other words, we are being dragged towards the contradiction between production and consumption.

.I. SELEM DEED PROPERTY DEED

Selem notes (order notes) are guaranteed by the community and can gain liquidity. Thus, the promissory note is bought and sold like a commodity, and just like in trade, the difference in salam arises between three people, not between two people. Thus, the person who receives the salam difference also bears its risk. Namely, the State issues forward wheat bonds and gives it to farmers as loans. The farmer sells this stock on the stock exchange. The merchant buys this stock from the stock exchange and sells it to the flour mill. At the end of the harvest season, the farmer delivers the wheat to the government office. The mill owner also withdraws the wheat from this office with a promissory note. As can be seen, since wheat stock loans are given instead of cash loans, no inflation is caused. On the other hand, the rent and risk are shared together by selling the bill cheaply or expensively in the market. It does not prevent free competition, on the contrary, it enables it to occur. However, since interest-bearing loans are realized as unrequited money being released into the market, it also causes inflation.

.j. CASH BURDEN IS REDUCED WITH SELEM

On the other hand, any change in the legal status of goods without salam requires a change in the physical status of the goods. The goods must be transported from the seller's warehouse to the buyer's warehouse. Thanks to Selem, the property can easily change its legal status without changing its physical status, and thus the rent can be maximized very cheaply.

.k. SELEM DIFFERENCE CONSTRUCTS THE FUNCTION OF INTEREST

Since both Salam and interest are based on volume, there is no difference between the two in terms of function. In the interest-free system, salam difference will be substituted instead of interest. All calculations and evaluations will be made on this basis.

.X. MUTUAL CREDIT INSTEAD OF INTEREST

Ia. BEING EFFECTIVE IN INCREASING INTEREST RATES

It has been stated before that credit has an important place in the community as much as trade. Credit is an event based on the savings of the community. In other words, some of the people will postpone consumption and the value thus created (this value will not be cash) will be consumed by others. That's the credit thing. In this case, there must be a factor that will lead the community to save money. Those who defend interest put forward this factor. However, although interest seems to be the reason for such savings at first, when you start receiving interest, it does not cause savings, but waste, as you can easily spend what you earn easily. This means that interest does not lead to savings. However, there needs to be another way that will lead people to save money.

.SAVE YOU FROM THE BURDEN OF DEPOSIT STORAGE

As a factor that forces people to save, the loan they will receive in the future can be substituted. Essentially, savings are not in the form of cutting down on daily needs, but in the form of saving the remaining income after meeting their daily needs to purchase durable goods. This is inherent in human nature. However, he has to pay for the durable goods by saving. He may have saved money in his own pocket or at home. While this does not provide any benefit to him, it also imposes a burden on him such as protection. That's why, when he finds a reliable place, he will entrust it there. Therefore, there is no need for an incentive such as interest.

Rc. IF DEPOSITS DO NOT TURN INTO CREDITS, IT WILL CAUSE INFLATION

RHowever, if these accumulated values are left empty and not given to the producer as a loan, the saver will not be able to find the durable goods he needs, as there will be no production in the end. For this reason, these collected savings must be given to certain people. This eliminates free competition in the community, makes some people unfairly rich through loans, and gives rise to a system of exploitation. In order to prevent this, a system of giving credit through the consumer using salam should be developed instead of giving credit directly to the producer.

.CREDIT SYSTEM AS DEPOSIT INSTEAD OF INTEREST

Anyone who wants to buy a refrigerator first starts paying installments to the bank. When he fills half of the refrigerator's value, he is given the money for the entire refrigerator and he can buy the refrigerator from the company he wants with the money in cash. So he uses his own money. Since the factory has the opportunity to earn money in advance, it can continue its operation with a small capital. Thus, a mutual credit system is substituted for interest, all the drawbacks of interest are eliminated, and savings are highly encouraged.

XI. VERGI-FAİ

WHO HAS THE RIGHT TO INTEREST?

The loan has a profit. The borrower has transferred this rent to himself. Therefore, it is not entirely unfair that he gave interest in return. Once the drawbacks are resolved, it may be considered legitimate to pay the interest on the loan. However, it should be stated here who should be given the interest. The borrower will pay the interest, but to whom? Who has the right to receive interest? This needs to be determined and placed on a legitimate basis.

?b. CREDIT GUARANTEE

RKcredit is nothing but collateral. Let's say a worker works for someone else, receives his wage, and spends the wage he receives two days later. If this worker had received this wage two months later, there would be no change for the worker. However, since there is a possibility that he may not receive it after two months, he prefers to buy it in advance. But if the state vouches for him, it will be better for him to receive the money two months later instead of receiving it in advance, since the possibility of him not being able to receive it anymore is eliminated. Because there is a burden of preservation

.c. TAX CAN BE CONSIDERED AS INTEREST RECEIVED BY THE STATE

It is understood from here that it is the state that provides the guarantee, not the saver, who provides the loan. Therefore, the interest in return for the loan is not the right of the savers, but the right of the state that ensures the security of the loan. Thus, a connection can be established between credit assessment and tax. Tax can be thought of as the interest the government receives in return for the loan it provides. However, some precautions must be taken to prevent interest from carrying its losses.

.D. THE CREDIT SHOULD HAVE BEEN PROVISION FOR PAID TAXES

RThe amount of the tax, which is a kind of prepaid interest, should be proportional to the loan he will receive and should be to his benefit. In other words, those who pay more taxes should accrue more credits, and those who pay less taxes should accrue less credits. In this way, citizens are prevented from falling into a difficult situation.

.to. THE PROVISION OF THE TAX SHOULD HAVE BEEN CLEAR

The interest rate must be precisely determined, and the government or administrators must not increase or decrease it. In other words, the citizen who pays interest as taxes to the state should know exactly the loan he can get next year. This should not change

.f. A CREDIT AGAINST TAX SHOULD HAVE BEEN INTRODUCED

Interest must be paid first and then the loan must be taken. By paying taxes on earnings in previous years to the state, a loan should be accrued in future years. In other words, a credit-against-tax system should be planned, not a tax-against-credit system. We can compare with the difference of Selem

.g. PREVIOUS YEARS' TAXES SHOULD HAVE BEEN EVALUATED AT ONCE

RPrevious years' tax should be taken into consideration instead of the previous year's tax. For agricultural loans, a loan of the total tax of the previous ten years should be given, and for commercial loans, a loan of forty times the tax of the previous year should be given.

.XII. CREDIT-VAKI

Fa. SAVINGS WERE MADE IN FOUNDATIONS

RThe duty to exercise state rights is sometimes given to governments. Governments here exercise their powers through free disposal, as in their own property, or through budgets approved by parliaments. These are savings on public property similar to those made on private property. There are some rights belonging to the state, on which disposition has been determined beforehand. Those who manage it are only responsible for carrying out specified actions and do not have any free decision-making authority. In other words, here too, the disposition on the property is stopped, it is deprived. Such facilities are called foundations in Islamic law. Although managers have free disposal rights in facilities, which are the equivalent of a foundation in Western law, foundations do not have such a disposal power. That is why facilities have legal personality, while foundations do not have such a personality. There are usufruct rights in the seized assets, but no one can have rights over the capital assets.

.b. WHO WILL DISTRIBUTE THE CREDIT, WHICH IS A PUBLIC RIGHT?

It has been stated before that credit is a state business. Credit is an art and only the State can provide the guarantee. Because it has power and its authoritarian uniqueness is essential. Giving credit to someone else means competing with the sovereign rights of the State. In Islamic international law, printing money meant gaining independence. How will the state's right to receive loans and deposits be used? Will it be handed over to the government? Or will it be managed through foundations?

?c. CREDIT SHOULD HAVE BEEN GIVEN AS A RIGHT

In credit, just as community rights are in question, individuals also have rights. Just as walking on a place, entering a temple, doing business in a street, releasing goods into a pasture are considered among the rights of an individual within a community, entrusting the beytü'1 property and borrowing money from the beytü'1-property are also among the rights of individuals. Giving administrators the right of discretion in state duties that concern such individuals will cause injustice and corruption of administration. For this reason, these duties are carried out by private foundations established for this purpose. Banks that provide credit must also be (interest-free) foundations. When granting loans, care should be taken to ensure that they are given to everyone who benefits from them as stated in the foundation deed, and no discretion should be involved in the outcome in this regard.

.D. INTEREST-FREE BANK IS A FAIR LOAN DISTRIBUTION ORGANIZATION

Establishing an interest-free bank means establishing a credit distribution mechanism in line with economic requirements, social rights, and justice. Otherwise, if the deposits collected, even if they are interest-free, can be loaned to a party at the discretion of the manager, the results are the same as those of an interest-bearing bank. Because the biggest evil of interest is that it creates monopoly. The bank creates this monopoly by collecting deposits. On the other hand, in order to cover the expenses of an institution that does not charge interest, it is necessary to organize that institution as a foundation.

.XIII. CREDİ-EME

Ka. CAPITAL INCREASES THE PRODUCTIVITY OF LABOR

RProduction is essentially based on labor. Where there is no labor, there is no production. Essentially, production is done for humans. Man is the purpose. The entire income from goods belongs to labor. Giving a share to those who do not labor is against the wisdom of creation. However, the productivity of labor increases greatly when combined with capital, which is the accumulation of the labor of others. For example, the income obtained by a person who buries the seed in the ground with his finger, who buries it with his stick, who buries it with his hoe, who buries it with his plow and finally who buries the seed in the ground with a tractor is very different. By the way, it is necessary to allocate a share to the labor of others. This is called capital share. Capital receives this share in the form of rent in return for wear and tear or profit in return for risk.

.b. INTEREST WAS HARMFUL

Those who see interest as legitimate see it as legitimate in exchange for the confinement of capital. However, since it does not carry any risk, a payment in the form of a preservation fee can be considered. Interest is not considered legitimate because it has other harms.

.c. CREDIT ENSURE FULL EMPLOYMENT

Unused labor will be wasted. Both the worker and the community will suffer losses. However, the labor used will produce, and eventually the goods produced will be offered to the community. Thus, the community's need for goods will be met and the goods offered will meet the society's need for goods in the long run. Therefore, credit should be directed towards production. By giving credit to the producer, the community orders the production. By leaving the producer without credit, he condemns himself to hunger and poverty in the future.

.D. MONEY STATE'S LETTER OF GUARANTEE

Since we accept the fact that labor is the main factor in production, it is natural to give credit to labor. So, if we do not give the loan to the employee, that is, if we do not have the opportunity to immediately pay for the employee's labor; Then the state should guarantee the employee that he will be compensated for his rights in the future. Essentially, money can be thought of as a guarantee of such a return.

.to. REALIZE CREDIT LABOR EXCHANGE

RÇalışan ya mal üretecek ve malı piyasada kendisi pazarlayacak, yani bize emeğini değil malı satacaktır. Eski devirlerde ekonomiye hakim bu tür bir üretimdi. Yahutta bize emeğini verip üretilen malı ise başkasına satacaktır. Kollektif üretmeler de, bilhassa yatırımlarda başka yol yoktur. Çağımız bu tür mübadeleye sahne olmaktadır. Yani kişi artık malı değil emeği satmaktadır

.f. THE CREDIT SHOULD HAVE BEEN GIVEN TO THE BUSINESS

The main function of an interest-free bank is to ensure full employment. For this purpose, it will give credit to every employee and the main factor of credit production will be the employee. In order to ensure unity in this study, credit should be given to the workplace, not to individual employees.

.XIV. THEY REMEMBER THE CREDIT

Ia. GIVEN ACCORDING TO CREDIT CRITERIA

We stated that the interest-free bank should solve the issues related to distributing the loan rather than collecting the deposits. Because it provides great benefits to borrowers. These benefits are covered by the interest received from interest-bearing loans. It can try to prevent apparent injustice to a certain extent by raising or lowering the interest rate. However, since there is no interest in an interest-free loan, we make the person we lend the loan completely rich and disrupt the economic balance and, as a result, the social balance. For this reason, those who will establish an interest-free bank must find and determine the credit utilization criteria from the beginning. Those who attempt to establish an interest-free bank without doing this will have established a bigger monster of exploitation than interest-bearing banks.

.b. MUTUAL CREDITING CRITERIA

The principle of granting loans to everyone within their deposit volume and deposit limit is the first criterion. Thus, everyone's capital will double and production will increase at least twice.

.c. TAX PROVISION CREDIT CRITERIA

iTax is the community's share of the revenue obtained. It means that a person who has produced well, that is, has used capital and labor well, will pay more taxes. Therefore, this person will have more right to use credit than others. Giving this person a loan in proportion to the taxes he paid in previous years is the second criterion of credit utilization. There is nothing more natural than benefiting from the income of the community in proportion to its contribution to the community expenses.

.D. CREDIT CRITERIA TO EMPLOYEES

Credit means evaluating the labor that will be wasted or work inefficiently. Thus, we organize the labor force of the community through credit for future production. The whole aim is to achieve complete production in terms of quantity and quality. This can be achieved by giving credit to each employee for the days worked in proportion to his daily wage. The third basic criterion in credit provision is the loan given to the employee for the amount he works. This both ensures full employment and does not cause inflation as it does not cause money to be released into the market.

.to. BAŞARANA CREDIT CRITERIA

The person who takes the loan will undertake to deliver either a property or a real estate to us. No delay penalty can be given to the contractor who does not fulfill his commitment. Because this would be interest. The sanction may increase or decrease the credit allowance. The credit allowances of those who cannot fulfill their old commitments or close their loans (close them late) will be reduced. The credit benefits of those who fulfill their commitments or pay off their loan debts first are increased. This is the fourth criterion

.XV. FAİZSİZ SfSTEMDE İHAL

Ea. DELAY PENALTY WAS INTEREST

In interest-bearing systems, a delay penalty is imposed if any commitment is not fulfilled. This means increasing a debt that has not been paid. It is the heaviest form of interest. The person cannot pay his debt, and instead of being helped, he is given more burden. Although this capitalist system is very suitable for the system of eliminating the weak and going to monopoly, it is not suitable for the balanced and widespread capital system of the interest-free system.

.THERE WAS NO DELAY PENALTY IN THE INTEREST-FREE SYSTEM

Those who claim to have introduced the interest-free credit institution must eliminate this delay penalty. Life does not accept contradiction. If a rule that is valid in the interest-based system is also maintained in the interest-free system, that rule will destroy the interest-free system. Thus, it gives the impression that the interest-free system does not work. This is the greatest evil that can be done to this order.

Rc. DELAY IN THE INTEREST-FREE SYSTEM IS PUNISHED BY REDUCING THE CREDIT LIMIT

It has been seen that among the credit utilization criteria, if commitments are not fulfilled in an interest-free system, the commitment document must be downgraded or canceled instead of a delay penalty. Let's explain this a little more here

.D. SELEM SECURITIES WERE SECURATED

In the interest-free system, commitments are either on construction or on goods. Commitments on goods are regulated by the salam deed. The foundation (bank) issues a forwarded sale bond for a good and gives a loan to the producer as a promissory note. The producer receives this credit in proportion to his taxes in previous years. He delivers the goods when the day comes. If he cannot produce and fulfill his commitment in terms of goods, he buys the salam bill of that good from the market and pays off his debt as a bill of exchange. If he cannot afford this, the real estate shown against this promissory note is seized and sold to pay off the debt. If this is not possible, the professional advice of the debtor is sought. If this is not available, the foundation compensates the damage. In any case, the creditor receives his receivables. While all this is happening, the credit rate that the producer will receive is also reduced or completely eliminated.

.to. CREDIT BLOCKED IN CONSTRUCTION

RThe contractor who takes out a loan in construction sells his flats after completing the building, and the workplace sells its shares and pays off the loan. Receives increased new credit. If he can't sell, he can't renew his loan. The building remains with the foundation. The foundation benefits by renting it. Here too, if the debt cannot be fulfilled, that is, if the flats cannot be sold, the authority to receive a loan is reduced instead of a delay penalty. If he cannot complete the construction, his contractor certificate will be taken away.

.XVI. A BANK IS AN INTERMEDIARY

,a. SOCIAL STRUCTURE MAKE MEDIATION COMPULSORY

In order to form a community, people need to establish relationships with each other. However, environmental relations are not sufficient for this. It is necessary to establish social and economic relations between people who do not know each other or are far away from each other. There may be no one in his circle who knows the information someone needs. In order to find this person from a distance, a place must be established within the community. It may not be possible for a person to find the goods he needs in his environment. There must be an organization that can supply this product remotely.

.b. HE WAS AN INTERMEDIARY MERCHANT IN GOODS

This institution is a trading institution for movable goods. The merchant buys goods from far away, brings them and sells them to the needy nearby or, on the contrary, buys the goods of neighbors. He takes it to distant lands and sells it. In the meantime, a few traders may have stepped in and the goods may have changed hands several times.

.c. INCREASES AND DECREASES IN TRADE BELONGED TO THE MERCHANT

The most important issue in trading is that the trader bears the responsibility and risk. In other words, if there is any change in the good, whether it is in one's own possession or in someone else's, this increase or decrease belongs to the trader and this change does not affect the buyer and seller. That's why traders are not just intermediaries. Since they bear the risk, they are a kind of producer and earn a profit.

.D. INTERMEDIARY BROKER IN REAL ESTATES

Buying and selling of real estate is generally organized by brokers, since receipt and delivery are not actually possible. A broker is like a trader. It provides meeting services. However, the change in the real estate does not concern the broker. It belongs to the buyer or seller, depending on the situation. The broker is only entitled to remuneration for his service. Brokerage is not only done in real estate. Movable properties can also be bought and sold on a commission basis. However, it is transferred to the seller in the same capacity as it was received from the buyer. In other words, the defects on the goods and the claims of the creditors are determined accordingly.

.to. ENSURING SUFFICIENT CAPITAL COMBINATION IN THE PARTNERSHIP

Intermediaries must also be present in the accumulation of capital. This happens in the form of finding a partner. Everyone establishes a capital partnership by giving their capital to someone. The person who manages the capital partnership becomes a partner of those who will use this capital. Thus, capital movement in the form of partnership can be achieved. There is no illegitimacy in this. However, the use of capital carries some risks and decisions must be taken with courage. In this case, the consequences of the decisions taken must be tolerated. However, human psychology either avoids making courageous decisions regarding the property of others or acts completely recklessly. In both cases, this victimizes the capital owner. For this reason, the capital owner has no confidence in such companies. Again, human psychology always imagines great gains for its capital and is not satisfied because it expects more, no matter how well its partner has done. For this reason, company mudarabas can only operate on a small scale and between two people.

.f. HIS COMPANY WAS NOT A MUDARABAH BANK

Some financial institutions that emerged under the name of interest-free banks are actually Mudaraba expanded companies. Gradual company mudarabah fails, but it is kept alive through artificial feeding methods to prevent the emergence of a real interest-free bank, or the belief that interest is haram is exploited.

.g. CAPITAL CONSTRUCTION IN THE INTEREST-FREE SYSTEM IS WITH SELEM AND SHARES

RThe accumulation of capital in the form of a partnership is carried out by intermediaries buying and selling the shares or stocks of the companies without participating in the profit and loss. Thus, the person who buys shares or a salam bill assumes the risk himself and eventually blames himself for the mistake he made in choosing the stock. Then he looks for new ways to earn money by changing the type of securities. Since it is possible to buy and sell securities at any time, entering and exiting the company takes place without anyone's guarantee and without being bound by time. However, these companies must be supported by banks so that their bonds can be easily bought and sold. Therefore, it is not possible to make such shares and bonds work without basing them on interest without establishing an interest-free bank.

.h. CONVERSION OF DEPOSITS INTO PARTICIPATION

ZCollects interest-free bank deposits and transfers them to borrowers as loans. The giver of the deposit has given a loan, not a trust. In other words, he leaves the increase and decrease to the bank. The bank will convey this to the borrower in this capacity. In other words, the increase and decrease will belong to the borrower and the bank is only an intermediary. He is a broker, not a trader. It does not carry any direct risk. Only if a loss occurs as a result of not fulfilling commitments, the bank will compensate this as a guarantor. In fact, he compensates this compensation not himself, but by resorting to the debtors' relatives. The bank cannot, under any circumstances, treat the deposit as corporate mudarabah. The evil of a bank that does this is no less than a bank that pays interest.

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