Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Saturday, 7 August 2021

The Prohibition of Riba in Quran and Sunnah Conclusion




Being an explanation of the Islamic prohibition of riba (i.e. borrowing and lending on interest. among other things) and an effort:

to remind Muslims of the teachings of the Qur’an and the Sunnah as they pertain to the prohibition of riba and in particular that a violation of this prohibition constitutes a great sin;

to expose the grand design of hostile forces who have already made considerable progress, through riba in gaining control over mankind. Their aim is to gain total control and to use that power to destroy faith in Allah;

to assist Muslims to get out of direct involvement in riba and thus to preserve their faith (Imaan) while recognizing that it is today impossible to live a life which is completely free from riba.

to explain the economic Sunnah (i.e. the Sunnah as it pertains to economic affairs) and in particular the nature of the free and fair market and the different ways through which that market has today been tonally corrupted.

to warn Muslims of the inevitable collapse of the present fraudulent system of non-redeemable artificial money, i.e. paper plastic and electronic money; and to encourage them to return to the use of the real money created by Allah i.e. gold and silver coins or any other real money;

to contribute towards the restoration of the free and fair market (with a different business ethics to that of riba-based capitalism) by encouraging ba’i (business) in the place of riba and raising of capital by way of mudarabah and musharaqa) investments rather than bank loans on interest.

That time has now arrived! 


Islam declares that the oppressed have the right to resort to force in their struggle for liberation from all forms of oppression, including economic oppression! No law can take away that right from them.

This work has exposed the many forms of riba to be the most destructive forces at work corrupting and destroying the free and fair market. Riba should be recognized as the curse of business and trade, - and as systematically destroying the collective benefits which are derived from business and trade. The injustices involved in riba are both enormous and dangerous. It breaks up, for example, the unity and fraternity of the social order and creates class hatred, violence, chaos etc. or what the Qur’an describes as fitan.

The prevalence of riba in the world today further confirms that we now live in the age of fitan (evil) which the Prophet (s) prophesied to be the last age before qiyamah (the end of the world). How should a Muslim live in the age of fitan? A companion of the Prophet (s) named Hudhaifa asked the Prophet about the age of evil and how we should live in that age. This was his reply:

Among the Signs of the last day as described by Allah's Messenger to his companion, Hudhaifa, is the following: People will follow a Sunnah other than mine and give guidance other than mine, so you will find in them both something to acknowledge and something to reject. I asked whether there would be any evil after that good and he replied. Yes, there will be people who summon others at the gates of jahannam into which they will cast those who respond to them. I asked Allah's Messenger to describe them to us and he said: They will be of our stock and speak like us. I asked: what command he had to give me if that happened in my time and he replied: You must adhere to the jama'at.


The Prohibition of Riba (Interest) by Imran Hosein



The Prohibition of Riba (Interest) (Q&A) by Imran Hosein



Saturday, 19 June 2021

Riba & Specific Proposal




SPECIFIC PROPOSAL

We now wish to propose that workers of Islam around the world should study the strategy of establishing financial institutions named. perhaps. Islamic Business and Investment Companies investors may be invited to invest monthly or lump-sum investments. Our goal should be to bring Muslims and their money together to combine in partnerships (shirkah). An investment would constitute part ownership of the company. Such a partnership. and all other partnerships amongst believers.. will be blessed with having Allah the Most High, Himself as an additional partner Who will stay with them in the partnership so long as no partner cheats the others;

Abu Hurairah traced to the Prophet that Allah, Who is Great and Glorious, said: I make a third with two partners as long as one of them does not cheat the other. but when he cheats him I depart from them (Abu Daud transmitted it and Razin added: and the devil comes).
(Hadith al-Qudsi)

Investments should, eventually be made in dinars rather than dollars, and the dinar should be restored lo what it was at the time of the Prophet (s) i.e. a gold coin minted from gold which was created by Allah the Most High, and which was meant by Allah the Most High, to be used as currency (among other uses):

And there are those who hoard gold and silver and spend not in the Way of Allah . . .
(Qur’an; al-Tauba 9-34)

In order to succeed in offering Muslims an alternative to riba. Islamic Business and Investment Companies must attract large-scale participation by Muslims. There have been many well-intentioned efforts by Muslim's in USA at establishing investment companies which would be free of riba. Such efforts have never succeeded in making any significant impact on the Muslim community because they suffer from a defect in methodology. They have not followed the divine methodology of continuous public education on the subject of riba. Nor have they been successful in reaching out to the community of Muslims as a whole to persuade them to turn away from riba. Nor have they presented the argument that business is the alternative to riba and if business is conducted honestly ii has the capacity to demonstrate its superiority to riba-based capitalism! Some of such companies are, in fact, operating in a manner quite similar to some so-called Islamic Banks which the frightened regimes of some Muslim countries are supporting is an escape valve for the pressure of riba.

Our goal should be to attract mass participation by Muslims in the effort to respond lo riba. It is only if all the Muslims come together as a community that we would have a possibility to deny capital to the banks and raise the capital with which to establish that attractive alternative to riba-based capitalism, i.e. business in a free and fair market!

The economic Sunnah is today the best defense against dajjal and the most effective means of penetrating the hearts of the oppressed in the modern world and winning them for Islam!

Before, however we can even attempt to provide Muslim brothers and sisters with Islamic Business and Investment Companies (IBJC) as an alternative-means of capital formation to riba-based banking system, and to convince them to turn lo that alternative, it is first necessary for us to do the following:

1. Explain to Muslims what is riba, and what are the different forms in which it manifests itself.

2. Inform them of the prohibition of riba in Islam and the punishment which awaits those who indulge in riba,

2. Explain to them, as well as to interested non-Muslims, why riba has been prohibited.

4. Explain to them, the stage-by-stage process through which Allah the Most High, and His Messenger (s) dealt with riba until it was completely eradicated from Muslim society.

5. Warn them that the universal presence of riba today is a sign of the coming of the last day.

When the company is established and the capital has been raised through investments, the company would now engage in business. All the partners will participate in the business. And all will share the profits or loses.

Islamic Business and Investment Communities (IBIC) can also mobilize investment funds to be provided to Muslim businessmen for the purpose of establishing or expanding businesses. Instead of having to borrow from a bank on interest (riba) and assuming all risks (without the bank. sharing any of the risks involved in business), such businessmen can invite IBICs to invest in their businesses with the amount which would otherwise have been borrowed from the bank. The IBIC would share the operation and the risks of the business enterprise with the Muslim businessman. And much of the profits which would otherwise have been used to pay interest (riba) to the bank, would now go to Muslim investors.

In addition, the Muslim businessman would be saved from entering into riba as well as into debt!

The IBIC would serve as the means through which the Muslim community can raise such capital as can be invested in projects which are too large for individual Muslim businessmen, but which represent strategic opportunities for advancing the cause of Islam in America and around the world. Such, for example, would be large-scale projects for food production which would conform with the strict Qur’anic requirement of being permissible (halal) and healthy (tayyib).

Islamic Business and Investment Communities should also be established to provide Muslims with institutions through which they can invest their savings through mudaraba investments (i.e. limited partnerships) and receive a halal profit/income from such investments. There will no longer be any excuse for Muslims who put their savings in Savings Accounts and Fixed Deposits in Banks. or in the speculative transactions of the Stock Market.

to be continued . . . . 

The Prohibition of Riba (Interest) by Imran Hosein



The Prohibition of Riba (Interest) (Q&A) by Imran Hosein