Special Issue SCBC2012 w - Darul Iftaa Mahmudiyyah · J u m a d u l U l a | A p r i l I S S U E #1...
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Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one. Darul Iftaa is named after our Shaykh, Mufti-e-A’zam, Faqihul Ummat, Hadhrat Mufti Mahmood Hasan Gangohi Saheb Jumadul Ula | April ISSUE # 1433 2012— 47 Debentures, rebate, rollovers, collaterals, liens, mortgages, shares, bonds: a never ending list! There may be hundreds of terminologies in circulation in the financial world of today, yet these concepts were addressed by the Shariah more than a thousand years ago. The Qur’an, Ahadith and the books of Fiqh (jurisprudence) are rich with financial schemes, instruments and products far beyond what is present today. Many of the common today, are an evolved reflection of what was prevalent in the past. •The Qur’an has verses relating to finance and economics. •Revelation (wahi) concluded with verse 2:281, warning traders in business and economics. After discussing interest, Allah Ta’ala states: •The most celebrated compendium of Hadith in the Islamic world, Sahih al-Bukhari, contains 113 chapters on finance. •471 Ahadith are devoted to finance and economics. Hidaayah is a famous manual of jurisprudence. It contains 24 intricate and complex chapters addressing the following: cash sales, credit sales, spot sales, Forwad Exchange Contracts, short sales, currency exchange, collateral, partnerships, leasing, endowments, laws of financial schemes, instruments and products •Verse 2:282 is the in the Qur’an regarding finance and economics. Did you know? 35 “And fear a Day when you will be returned to Allah. Then every soul will be compensated for what it earned, and they will not be treated unjustly.” Did you know? longest verse succession and many more issues. Many people presume that the Sahabah were poor and disadvantaged. Every nation has its affluent and disadvantaged; likewise in the Sahabah there were those who were affluent and disadvantaged. The wealthy ones were expert investors. They had diverse investment portfolios. They had mastered the art of trade. The affluent ones were spearheading mass imports and exports. They were hiring, securitising their investments, dealing in collaterals, standing as guarantors, currency trading, investing in joint commercial enterprises and other profitable schemes. They were transacting in the millions. Abdur Rahman Ibn Auf once imported 700 camels laden with goods. He once gave 40,000 Dinars and 44,000 Dirhams in charity. That is equivalent to a remarkable R73,328,651.42 (seventy three million, three hundred and twenty eight thousand, six hundred and 51 Rands and 42 Cents)!! Sayyiduna Zubair had an estate equalling a staggering 52,200,000 Dirhams! That is equivalent to R124,992,763 (one hundred and twenty four million, nine hundred and ninety two thousand, seven hundred and sixty three Rands)! Imagine the value of these amounts 1400 years ago! Is there anyone today who can match these figures? Shariah has the solutions to today’ s financial crisis which are clearly expounded in the Qur’an and Ahadith. Shariah has an innate elasticity to recognise new financial concepts and instruments. Allah has given us a system which is all inclusive. Shariah has the answers. need to seek the answers. y t t y (Asadul Ghaabah, 3/143, Ma’rifah) We www.daruliftaa.net , www.askimam.org , 35 Candella Rd. , Sherwood, Durban, 4091. Ph:031 207 5772 Special Edition T H E S O L U T I O N
Transcript of Special Issue SCBC2012 w - Darul Iftaa Mahmudiyyah · J u m a d u l U l a | A p r i l I S S U E #1...
Money never made a man happy yet, nor will it. The more a man has, the more he wants.
Instead of filling a vacuum, it makes one.
Darul Iftaais named after our Shaykh, Mufti-e-A’zam, Faqihul Ummat, Hadhrat Mufti Mahmood Hasan Gangohi Saheb !"#$ %& '()* *
J u m a d u l U l a | A p r i l I S S U E #1 4 3 3 2 0 1 2 — 4 7
Debentures, rebate, rollovers, collaterals, liens,mortgages, shares, bonds: a never ending list!There may be hundreds of terminologies incirculation in the financial world of today, yetthese concepts were addressed by the Shariahmore than a thousand years ago. The Qur’an,Ahadith and the books of Fiqh (jurisprudence)are rich with financial schemes, instruments andproducts far beyond what is present today.Many of the
common today, are an evolvedreflection of what was prevalent in the past.
•The Qur’an has verses relating to financeand economics.•Revelation (wahi) concluded with verse 2:281,warning traders in business and economics.After discussing interest, Allah Ta’ala states:
•The most celebrated compendium of Hadith inthe Islamic world, Sahih al-Bukhari, contains113 chapters on finance.•471 Ahadith are devoted to finance andeconomics.
Hidaayah is a famous manual of jurisprudence.It contains 24 intricate and complex chaptersaddressing the following: cash sales, credit sales,spot sales, Forwad Exchange Contracts, shortsales, cur rency exchange, col lateral ,partnerships, leasing, endowments, laws of
financial schemes, instruments andproducts
•Verse 2:282 is the in the Qur’anregarding finance and economics.
Did you know?35
“And fear a Day when you will bereturned to Allah. Then every soul will becompensated for what it earned, and they
will not be treated unjustly.”
Did you know?
longest verse
succession and many more issues.Many people presume that the Sahabah werepoor and disadvantaged. Every nation has itsaffluent and disadvantaged; likewise in theSahabah there were those who were affluentand disadvantaged. The wealthy ones were expertinvestors. They had diverse investment portfolios.They had mastered the art of trade. The affluentones were spearheading mass imports and exports.They were hiring, securitising their investments,dealing in collaterals, standing as guarantors,currency trading, investing in joint commercialenterprises and other profitable schemes. Theywere transacting in the millions.
Abdur Rahman Ibn Auf once imported 700camels laden with goods. He once gave 40,000Dinars and 44,000 Dirhams in charity. That isequivalent to a remarkable R73,328,651.42(seventy three million, three hundred and twentyeight thousand, six hundred and 51 Rands and 42Cents)!!
Sayyiduna Zubair had an estate equalling astaggering 52,200,000 Dirhams! That isequivalent to R124,992,763 (one hundred andtwenty four million, nine hundred and ninety twothousand, seven hundred and sixty three Rands)!Imagine the value of these amounts 1400 yearsago! Is there anyone today who can match thesefigures?
Shariah has the solutions to today’s financial crisiswhich are clearly expounded in the Qur’an andAhadith. Shariah has an innate elasticity torecognise new financial concepts and instruments.Allah has given us a system which is all inclusive.Shariah has the answers. need to seek theanswers.
y
t
t
y
(Asadul Ghaabah, 3/143, Ma’rifah)
We
!"#$%&'(&)!"#$%&www.daruliftaa.net , www.askimam.org , 35 Candella Rd. , Sherwood, Durban, 4091. Ph:031 207 5772
Specia
l Editi
on
T H E S O L U T I O N
Money talks, but all it ever says is “Good Bye”.
Conventional Finance loses the WarIn 2008, Wall Street’s supernova imploded into a black hole, swallowing up the national economy, andthen destabilized most locations reachable by commercial jet; everything, everywhere. The illustrationbelow aims to highlight this point.
These are the statistics of 2010. The total amount of debt has soared since then.
The following illustration demonstrates the above statistics more clearly:
Comparison of $1 Trillion (in $100 bills) next to a standard American andEuropean football field and a Boeing 747-400 transcontinental airliner
While conventional finance continues in its' decline, Islamic finance shows resilience and continues togrow from strength to strength. This is the difference between the law of Allah Ta!ālā and man-
made law!
Money: Soon gotten, soon spent; ill gotten, ill spent
Introduction to Islamic Commerce
S h a r i a h C o m p l a i n t
Business Campaign
Contemporary Fatawa
(Latest Book)
Author: Mufti EbrahimDesaiPages: 54Content: Brief explanationon basic concepts ofIslamic CommerceSpecialty: Every topic isfollowed by a question andanswer exercise. This bookhas been introduced as partof the syllabus in many highschools and madrassas locally and abroad in theUnited Kingdom and in the United States ofAmerica.
Author: Mufti EbrahimDesaiPages: 192Content: Transcript ofbusiness campaign and talkspresented by Mufti EbrahimDesai as well as topicspresented in conferences.
Author: Mufti EbrahimDesaiPages: 460C o n t e n t : T h i s i s acompilation of the B.E.E.P
!
( B u s i n e s s E d u c a t i o n a l
Books & Articles on Business Economics PreparedEmpowerment Programme)
Al-Ijarah
, emails sent out daily tothousands of people around the world on our database. Alhamdulillah, this program seeks torevolutionize the business world.Specialty: Compiled upon the request of manypeople.
Author: Mufti EbrahimDesaiPages: 225Content: This is acompilation of thebimonthly publications ofthe Darul Iftaa.
Author: The Darul IftaaContent: A broad guideline of the general rules ofMud rabah along with a Mud rabah contract wasprepared to assist those who wish to investthrough a private partnership agreement.Available at: www. daruliftaa.net
Author:Content: The terms and conditions of(hiring) contract in addition to the common termsand conditions that apply to other contractsAvailable at: www. daruliftaa.net
Content: The contract of Istisna' and themanufacturing process of modern trade andindustry:Available at: www.daruliftaa.net
Al-Mahmood
A guide to Mudarabah
Contract
A guide to Lease and Employment Contracts
Upfront Deposits Vs Istisna
ā ā
The Darul Iftaa
!
Commercial Mediation & Arbitrations
Expansion Program
Alhamdulillah, the Darul Iftaa successfully conducted fifteen major arbitrations in the past six months.All the services of the Darul Iftaa are free of charge.
The Darul Iftaa will be undertaking an expansion programme at its present site. It is an idealopportunity to earn . You may make deposit contributions to the building account ofDarul Iftaa at FNB. Building Account; A/C # 62347912778 ; Branch # 221126
Saw b-e J riyahā ā
In order to assess the Shari’a , answer the following:a) Did I ponder if my business is Shari’ab) Did I enquire from the Ulama?c) If my business is not Shari’a is the alternative?
Remember, Rasullullah said, “Seeking a Halaal income is anobligation.”
Rasullullah also said, “The body nourished with Haraam willnot enter Jannah.”
How can one prosper if his business is not Shari'one enter Jannah if one's body is nourished with Haraam?
h Compliancy of your businessh Compliant or not?
h Compliant, what
āh Compliant?How can
sallallahu alaihi wasallam(Ibn Maj h, vol.1 pg.81, Dar al-Ihya al-Kutub al-Arabiah)
sallallahu alaihi wasallam(Musnad al-Bazz r, vol.1 pg.105, Maktabah al-Uloom wal-Hakam)
ā
ā
Time is more valuable than money. You can get more money, but you cannot get more time...
The Darul Iftaa will be hostingthe Shari'
Further information on venueand speakers (Ulama and financeexperts) to follow.
Topics that are expected to becovered are:
1. Common pitfalls in businesspractices
2. Succession plan in familybusiness
3. Loans vs. charity
4. Innovation and diversificationin business.
5. Woman and home industries
6. Estate related issues
7. Online transactions and muchmore...
Forward your topics of interestto:
āh CompliantBusiness Campaign (SCBC) on
Sunday 6 , 2012th
May
Shariah Compliant Audit
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