2nd Letter to Respected Justice (R) Mufti Taqi Usmani Sb.

Respected Justice (Retired) Mualana Taqi Usmani Sahib.

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All knowledge & expertise, which I possess that has been given to me by Allah SWT. Indeed, HE has given me very less.

The link to first letter is given below for your ready reference.

https://www.dhirubhai.net/pulse/letter-justice-r-mualana-taqi-usmani-sb-muhammad-rizwan-ul-haque

Brother, we are being made to play with fire and are doing things in contradiction to message of Allah SWT and Prophet Muhammad SAW on Riba. If we do not stop these sinful practices, then we would have to face dire consequences.

“Swelling their souls high in the earth and evil plotting. And the evil plotting encompasses only its author. Therefore what they are waiting for but for the same precedents of the ancients. But you will never find the manner of Allah changing, and will never find the laws of Allah shifting” (35/43).

In the larger interest of Ummah and more so to comply to commandment of Quran & Sunnah, we must carry-out Ijm’a to do away with the curse of Riba (or bench-marking to interest rates in IB&F), which now wrongly enjoys a legitimate status under the umbrella of Shariah.

“And We send not the messengers but as bearers of glad tidings and as warners and those who are infidels contend with falsehood that they may subvert the truth therewith. And they took My signs and what they were warned of as a joke” (18/56).

Riba is as forbidden as Shirk. Just like we cannot agree or support use of idols during Salah by giving an excuse that we are only keeping it in-front to focus-on. Similarly, ‘bench-marking to interest rates’ in IB&F is equivalent to a massive sin by giving an excuse that it is only for profit calculation purposes.

“They have sold the Signs of Allah for a meager price, and then they barred from His path. Undoubtedly, they do evil deeds” (9/9).

Brother, it is vital to believe that along with (i) interest; (ii) loans, as money making option, (iii) leveraging, whereby rich entrepreneurs, companies and governments wrongly take control of other peoples’ wealth and (iv) today’s system of banking, where we are made to trade in money at a price called interest, are all forbidden practices. The following two verses elaborate the outcome of our efforts to support an evil factor like Riba (or benchmarking to interest) in IB&F.

“And those who disbelieved, their works are-like a mirage in a desert that the thirsty one thinks it to be water until when he came up to it, he found it to be nothing and found Allah near him, then He paid him his account in full. And He is Swift in reckoning” (24/39).

“Or it is like the darkness in a deep sea, above which is a wave, above wave another wave, above which are clouds. There are layers of darkness one upon the other. When he puts out his hand, it seems not to be visible, and to whom Allah gives not light; for him there is no light anywhere” (24/40).

Allah SWT has blessed you with vast knowledge, prestigious status, numerous followers and the authority. It will be in the best interest of mankind, if you could guide them towards an impeccable economic model and shun prevailing IB&F system, which is in blatant violation of Quran & Sunnah.

“And these examples We narrate to the people, and none understand them but the learned” (29/43).

The litmus test is to remove Riba (or benchmarking to interest) from the equation of IB&F, and the lenders, borrowers, banks, government etc would not have any incentive to lend or borrow money. Thus, the entire system of capitalism and that of IB&F will immediately collapse. So kindly do not support or allow Riba (or benchmarking to interest rates) in IB&F, because we are not only misguiding general public, but also becoming sinister.

“And whenever We sent any warner in any city, the well-off people, thereof said, 'we deny that with which you have been sent” (34/34).

Brother, kindly do not ignore these messages, as Allah SWT will not forgive us for our callous attitude! In view of the above, you are kindly requested to declare ‘benchmarking to interest’ forbidden and a violation of Quran & Sunnah, so that we all may strive to achieve excellence in the field for economic betterment of the masses. 

“Again if they repent and establish prayer and pay the poor-due (Zakat) then they are your brothers, in faith. And We explain the signs in detail for a people who know” (9/11).

Wa Salaam,

Muhammad Rizwan-ul Haque