Islam, Ulemas, Fatwas, Islamic Banking, today’s Ummah and beyond!
Muhammad Rizwan-ul Haque
Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust
ISLAMIC ECONOMIC SYSTEM:
1.???? Islam is only Quran & Sunnah; nothing less nothing more!
2.???? Fatwas are sought where there is an ambiguity on message of Quran & Sunnah.
3.???? e.g. Fatwa can be sought on;
(a)? whether ‘Qurbani’ of a buffalo can be done, because it is not mentioned in the divine texts
(b) similarly, ladies’ picture have been permitted on passports.
4.???? But we do not seek Fatwas that,
(a)? do we need to pray (mandatory) five or six times a day?
(b)? Similarly, we don’t require a Fatwa on Oneness of Allah SWT.
5.???? Likewise,?
(a)? since Riba has been declared forbidden by Allah SWT and Prophet Muhammad SAW
(b)? and since we agree that interest/Kibor is Riba
6.???? Therefore, forbidden factor interest/Kibor cannot be used as a benchmarking element in ‘Islamic Banking & Finance’ (IB&F) transactions.
7.???? The simple, but a rigid rule to seek Fatwa is shared below;?
(a)??? while arguing to solve a question, the Qazi should;
(i)?????????????? first consult Al-Quran. If the answer were not clear there,
(ii)???????????? then he should refer to the authentic sayings of Prophet Muhammad SAW and
(iii)????????? decisions of Prophet Muhammad SAW, if the answer continued to elude the judge,
(iv)?????????? he then should look to 'the consensus' (Ijma) of Muslim scholars on the matter.
(v)???????????? Still failing to find a solution, the judge/Qazi could form his own answer by analogy from "the precedent nearest in resemblance and most appropriate" to the case at hand.
(b) But since, the above three points clearly and out-rightly declare 'interest' as forbidden, therefore interest cannot be used in Islamic scheme of things.
(c)? Qazi or government's judge cannot ignore & skip the first four steps given above to pass the verdict based on the fifth; that 'Islamic Banking & Finance' (IB&F) transactions can be benchmarked to forbidden factor i.e. interest/Riba.
8.???? The very high standards set by our four illustrious Imams is shared in link below;
(a)? What is our Stature in Comparison to Four Great Imams:
(b) These four illustrious Imams never tried to exceed their authority.
(c)???? Hence, today’s religious scholars, who are much lower in stature in comparison the four Imams; definitely have got no authority to do so!
9.???? The foundation of Islam is based on equality & justice, but if Islamic banking on the basis of a couple of additional documents could easily by-pass the above goal to provide the same strength and offer similar unjust environment that is established by capitalism, then the purpose of Islamic banking will automatically die its natural death.
10.?? Please note there are only three difference between conventional and Islamic banking;
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(a)??? The terminology of Islamic banks is in Arabic
(b)??? It uses a few additional documents to show fictitious sale / purchase of commodities (while in reality it also trades in money)
(c)???? All the above process is endorsed by a Shariah Scholar(s).
11. Apart from the above three; there is not even an iota of a difference between conventional and Islamic banking as;
(a)? both deal in Riba / interest (violation of Al-Quran 30/39)
(b) both trade in money (violation of Al-Quran 2/275)
(c)? both give loans (using Arabic terms) or equivalent on interest to; government, companies and rich entrepreneurs (please see 2/280 - 283) and
(d) help in leveraging the above individuals, institutions & government(s) (4/161).
(e)? Further, if we remove Riba/interest from the equation, then the entire structure of ‘IB&F’ will collapse in days.?
12. Today Islamic banking & finance industry is flourishing, because nothing has changed;
(a)? While religious scholars are issuing fatwas either in ignorance and/or they have vested worldly interests.
(b) The customers are complacent, because without losing anything they are getting same benefits and they have been falsely made to believe that it is Islamic/legitimate.
(c)? The government is also supporting the process, because now no one can raise voice for the implementation of Riba-free system.
13. But my brothers & sisters; similar events have happened in Islamic history in past as well. Please browse through a few details on your own on;
(a)??? Fitna-e-Mu?tazila; Re. Khalifa Al-Mansur and Imam Ahmad Ibn Hunbal
(b)? Imam Abu Hanifa and why he was sent to prison? When he refused to be Chief Qazi on the request of the then Khalifa (as he would have been made to do illegal stuff).
(c)?? ‘People of Sabth’ (Surah Al-A’raf, verse nos. 163-166); how earlier nations have also astutely tried to circumvent commandments of Allah SWT, but they faced worst torment.
14.The following video clip also elaborate that;
(a)? Ulemas must not exceed their authority
(b)? They must not have worldly interests
(c)?? As otherwise, there will be a ‘conflict of interest’ i.e. making the rules themselves and running their own business empires as well.
(d)? Which is presently happening in the case of ‘IB&F’.
(e)? Popes have been doing the same i.e. on strength of money gives guarantee to absolve sins (Re. confessions etc).
15.Sincere Ulemas must make endeavors to stop these practices in the name of Islam and its true message.
16.Otherwise, the very spirit of Islam, which is based on justice will get dissolved.
17.While a Glimpse of Islamic Economic System is shared below.
May Allah SWT help & guide us all towards the straight & truthful path (Aameen).
Head of Treasury, Investments and Asset Management in an International Group
4 个月Muhammad Rizwan-ul Haque In my opinion the Islamic Banking is engulfed with fatwa of ulema and it is not referring to Quran and Sunnah but ulemas own views and thoughts Tawarruq:- this product is used to manage liquidity through purchase and sell of commodities without the utilization of commodities per se. There is no reference that this structure was ever used during Prophet's time. Sukuks:- this product is helping capitalists to become more wealthier at the cost of investors. The asset under sukuk is priced after valuation but after 5-7 years (life of Sukuk) at maturity the issuer buys back assets at initial price. If a house is built and rented, the investor earns rental income and also capital gain over time. The tear and wear is arranged by the structure so investors earn good income. Sukuks structure and pricing is unethical. Several products of so-called Islamic banking has no connection of economic activities of prophet's time. The ulema can make mistakes and it is evident when Mufti Taqi Usmani apologized on his wrong fatwa of Sukuk structure. He apologized in 2007 in Bahrain while many institutions got into trouble because they had exposure in such sukuk structures...
Kicking n Taking off is not at all easy..Hard times Always pays
5 个月Mohammad Rizwanul Haque.... Do U agree that Riba is only limited to Interest or Kibor ....?????? When I go thru Sural Baqarah - Ayat 275, 282.... It clearly states that Riba is not only Interest ....it is something beyond that ...which I call Usury or Haquetalfi , Living life with ill begotten money or Nauvea Riche ...... For instance ...the concept of property inheritance.... When a father dies leaving behind Son n daughter n Jauza and His Parent .... Who will give the share of His parent to His Son n what share
|REITs| |Fund Manager| |Financial Analyst|
5 个月Muslims need to revert back on urgent basis otherwise they will face consequences.
Kicking n Taking off is not at all easy..Hard times Always pays
5 个月As Salaam Alaikum wa Rahmatullah wa Barkatahu..... Islam is As pure as it was since the concept of Tauhid came into existence ...Islam has nothing to do with Ulemas Fatwas n other man made concept.... Islam is very individual specific ..... Ulemas n Fatwas are full of concoction n biased... Fatwas are nothing but opinions of some like minded gatherings always in concealed envelopes.... We have seen how Dr Jawed Ahmed Ghamdi n Dr Zakir Naik were forced to leave their motherland only bcos of some incompetent Ulemas ...and many other grt Islamic scholars were punished for teaching the true right Islam by some of the illiterate citizens, incompetent Ulemas who controlled the masses .... History tells us the Tale of 4 musalla in Haram Sharif during the reign of Khilafat e Osmania ... How the Muslims world failed miserably to establish Islamic Markaz during the reign of Mughals How the Arabs n OIC failed to just raise their choked voices just to speak the Truth about Palestine...n Qibla e Awwal ... Ulemas n Fatwas are nothing but Juke Box story .....