A Critical Study of the Jurisprudential Reasons for the Money Value of Time

The time value or time price is one of the important issues in economy and financial management whose acceptance or rejection has a significant impact on the analysis of other issues related to the financial markets. Proposing legal reasons, some Islamic economy scholars and theoreticians of Islamic monetary markets have accepted the money value of time and have considered it unproblematic. Some of the most important reasons include the rule of duration (lilajali qistun min al-thaman), the difference between the price of credit and that of cash sales, and the permission of advance payment or discount of the debit. Using a descriptive-analytical method and relying on the jurisprudential and economic sources, this article reviews and criticizes these reasons and shows that first, the theory faces different jurisprudential problems in terms of imagination and second, the reasons of the adherents of the theory are unable to prove the jurisprudential credit of the money value of the time in terms of affirmation.