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Jobs in Banks (allowed or not allowed)
11-27-2006, 04:49 AM,
What we eat, what we drink,what we wear...nothing is out of this
Interest based system..If you really want to do something for islam then dont SLEEP..just get into this system and change it..or atleast make some efforts to change it.If you have a solution then make yourself so strong that atleast the people aroung you listen to you..
..nobody pay attention to us because we are unaware of what we are saying, criticising conventional banking is just like criticising a portrait in the middle of the road instead of making some effort to change its face..Banking is a need of our society my dear friends!
its not a DRAMA..Our banking system is interest based because the founders of this system were not muslims. Because our forefathers were failed to introduce any solution to a very important need of the modern society.And we should confess..lets confess and think about a better system..ITS NOT TOO LATE MY FRIENDS..
At last i want to tell all my friends that I AM A BANK EMPLOYEE.
And on monthly basis i give a summary of suggestions i prepare the whole month to convert the system into islamic non interest based system to our ISLAMIC BANKING DIVISION.

Its not that hard to imagine..
Beyond Instincts
11-28-2006, 06:02 AM,
guys wats all the confusion about??it is clearly mentioned in QURAN that sood khor is at war with Allah...there is a hadith clearly mentioning that not only the giver and taker of interest is at sin but people who write interest and are involved in promoting it are also doing a sin.

as for the scholars are concerend there are few that give different logics but the majority is against jobs in a bank. so shoudnt one go for majority?

as for interest involved in multi nationals is concerend scholars say that that one should refrain from interest as much as possible.there is another hadith that warns about a time when nobody would be able to avoid sood and that will the time near QIYAMAT. so try to restrict yourself to minimum level. banks are the hub of sood.

some of my friend say that one should be in the system to change it.a very good notion indeed but dont forget that this deosnt apply here my friend. we are talking about great sin. one dont have to be a pimp himself to stop prostitution (forgive the unethical example but its necessary to make guys understand). there are other ways to handle these menaces and if u cant avoid it.

u guys dont have to worry that who will run the banks.banks wont get shortage of human resource until the system changes and when it does there will be no need of interest based banks.u really think that the islamic way can be less competent?

without going into the nitty gritty of the islamic banking concept let me tell u that it is the only solution to the debt based economy that is playing havoc with everybody(including the western world). gora's themsleves are realizing this but they cant help it becuz its not easy to get out of this so easily and to accept the islamic way really hurts their ego.

now one may argue that the circumstances these days is such that we can work in a bank. i have tried to give u the picture the decision is yours.btw i myself is doing MBA with majors in finance. this issue really bugs me aswell. a decision is to be made between your faith and worldly materialism. God help those who help themselves. try to find an alternative with niyat of avoiding interest and God will certainly pave way for u.
12-05-2006, 05:03 PM,
So why should not we all give our suggestion regarding the alternative of the banking system or atleast alternative of conventional banking system. We should also encorage "Beyond_instincts" to share his views and ways he thinks necessary for the transition of the conventional banking to a system compatible with Sharia.

As far as original question is concerned, the rule is if you are not involved in interest dealing works in a bank then your job is valid.(for example treasury dept, on counter dealings, security guards etc)

God knows better
Asad Ali
12-06-2006, 03:01 AM,
Are you all conversant with how Islamic banking work, how Shariah boards work ? don't try re inventing the wheel

All I see here is kids, wet behind the ears, not tuned with real life
12-06-2006, 04:46 AM,
<blockquote id="quote"><font size="1" face="Verdana, Tahoma, Arial" id="quote">quote<hr height="1" noshade id="quote">Pracs
All I see here is kids, wet behind the ears, not tuned with real life <hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

He got MBA Finance degree when he was 1 year old.
12-07-2006, 12:11 AM,
okz dear,
just tell me what u will say about a security incharge ( CHAPRASI) standing outside the bank under a sun and even not know what they will do, rather then deposits of peoples, and getting salary from same bank?

Almost every Co. is paying interest( much r receing too in different shapes like from securites etc) then u must consider that income is too HARAM.
dear u should first clear the basix concept of 'SUOD' what is the basic princple behind it and then think again what u are talking about and what u want to know.
i hav not much time to explian , rite now, but u must once think upon what i said.
12-28-2006, 05:20 AM,
I would say to work in traditional banks is haram offcource, and fother more if no one amongs us will work in banks so but obvious government will be compelled to introduce a complete islamic banking, we hav a very good example of malaysia specially its two province which are following islamic economic system, their banks are perfoming better.
Faysal sidiki
12-28-2006, 05:25 AM,
AOA! i want to remeind you all that, we r not here to write thesis on the topic, i mean every one shud pass his or her comments breifly, agree?
12-30-2006, 01:13 AM,
All this is extremism.

What quran forbids is taking interest.

This simply means that you should not take interest. You are taking salary of your hardwork & are not taking interest or markup. So where does your employer gets money from is his problem & not yours. He will be "prosecuted" for taking interest not you.

Another thing that is interesting because quran doesn't forbids paying interest, the only aayat that are in quran forbids "taking interest" So I suppose this means that you can take any loan on which you have to pay interest.
01-03-2007, 07:06 PM,
fact No bank is an islamic bank in this world. if there is any bank plz name it so that i update myself.
fact All systems are compromised of INTEREST. element of interest is everywhere.
fact its nearly impossible to avoid interest.

Everything is based on your NIYYAT. If your intentions are good no matter what happens you are safe at JUDGMENT DAY.

SOOD is GUNNAH-e-KABEERA. A direct war with GOD. avoid it completely.

some of my friends say that banks pay handsome salaries and it attracts people. This is a test from ALLAH. HE wants to see what you do. Are you willing to select a path which leads to GOD. or you want to walk on track which takes you away from BASIS of ISLAM.

one of my friend said. just taking interest is haram. if you study QURAN you would find that both parties are culprit. ( ZULM kerne wala or ZULM sehne wala dono barabar ke gunah gar hein)

If business and MONEY making would be an objective of LIFE in islam. i bet no muslim would be poor in this world. We are not here to make money for ourselves we are here to live as per Prophet PBUH instructions & QURAN. ROZI comes from ALLAH. We must not worry about ROZI but we have to work hard to earn it. Have faith in ALLAH. it is possible if you go for INTERESTEST BASED JOB where u get much more salary you would find yourself in too many problems (expenses) [road snatching, accidents, medical problems, family problems] whereas if you select a HALAL JOB, Allah would safeguard your money. nothing of your earning would go in waste. FAITH IN GOD, TAQWA , SABAR-O-SHUKER is the key.

Islam never stops you from doing LAWFULL business. We must keep our intentions Good. After all we all have to return to GOD. Besides we must contribute to eleminate concept of INTEREST.

its not difficult to live in 10,000 per month. Havent we seen people of somaliya and other african countries where kids have no food no cloth no life whatsoever. We must THANK ALLAH for what HE has given to us. Alhumdolillah!

At the end. HAVE FEAR of HISAB at QAYAMAT. We are accountable of each second we spend. So spend time in areas, time of which is exempt from HISAB, like TEACHING, PREACHING of ISLAM, Serving Your parents and Feeding HALAL to your dependents. and if unwillingly, unknowingly something goes wrong ALLAH Knows everything, He would forgive us if we ask TOOBA from HIM sincerely.

I hope i have made myself clear to you all.
01-05-2007, 06:22 AM,
<b><font size="6"><font color="black"><font size="3"><center>Usury & Interest </center> </font id="size3"> </font id="black"> </font id="size6"> </b>

[2275] Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, GOD permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with GOD. As for those who persist in usury, they incur Hell, wherein they abide forever

The Quran forbids usury, not interest. Quite a few states in USA have laws against usury. Usury is defined as excessive interest. A Dictionary defines usury as "an excessive or inordinate premium for the use of money borrowed", "extortionate interest", or "the practice of taking exorbitant or excessive interest." The Arabic language also makes distinction between interest (Fa'eda) and usury (Reba). The Quran forbids Reba or usury.

Earning interest and paying interest is perfectly acceptable, as the Quran has not prohibited interest. Interest is an essential component of the financial aspect of an individual or an organization. Individuals may need to save money in a bank, may carry a credit card for convenience, or may borrow and pay interest for an automobile or to own a house. Borrowing money and thus paying interest for business loans is an essential component for business and organizations. Thus paying interest, as long as it is not considered excessive by the standard of the day and community, to a credit card company, to a financial institution for a loan of any kind (business, car, house mortgage) is allowed and perfectly legal from a Quranic point of view. Also earning interest from a financial institution like a bank or bonds or mutual fund is also fine.

As defined above usury is excessive interest. Unlicensed or illegal moneylenders (mafia as a well known example) charge usury, excessive interest. Such unlicensed or illegal moneylenders are all over the world and can easily be accessed by a few inquiries. For those who live in USA, any individual can find out about these moneylenders by asking about them within their ethnic business community. These illegal moneylenders have entirely separate standards for making loans - they charge excessive interest (usury) and usually rely on someone's life (guarantor) as collateral. The Quran forbids in dealing with usury - borrowing money and paying usury or earning money by charging usury. The Quran specifically states that usury cannot be equated to commerce or taken as a normal business practice. The practice of usury, unfortunately, is prevalent all over the world with individuals and business engaged in this practice.

In practical terms as long as we are dealing with any state-licensed institution like a bank, Mortgage Company, Credit Card Company, etc., we are not violating any Quranic commandment as these institutions usually follow the law of the land and do not charge excessive interest. They calculate their interest rate on daily basis considering the status of the economy and the need of the society. However, if we deal with the illegal moneylenders who practice usury, we are in violation of clear Quranic commandments. This is not to say that one may not borrow or lend money to a friend or relative and even charge interest. Such transaction must be in writing as the Quran cleary commands in verse 2282 and may involve interest, to at least pay for the cost of the loan to the lender if any, and compensate for any change in the value of the currency over the time of the loan, but should not involve usury.

[2282] O you who believe, when you transact a loan for any period, you shall write it down. An impartial scribe shall do the writing. No scribe shall refuse to perform this service, according to GOD's teachings. He shall write, while the debtor dictates the terms. He shall observe GOD his Lord and never cheat. If the debtor is mentally incapable, or helpless, or cannot dictate, his guardian shall dictate equitably. Two men shall serve as witnesses; if not two men, then a man and two women whose testimony is acceptable to all. Thus, if one woman becomes biased, the other will remind her. It is the obligation of the witnesses to testify when called upon to do so. Do not tire of writing the details, no matter how long, including the time of repayment. This is equitable in the sight of GOD, assures better witnessing, and eliminates any doubts you may have. Business transactions that you execute on the spot need not be recorded, but have them witnessed. No scribe or witness shall be harmed on account of his services. If you harm them, it would be wickedness on your part. You shall observe GOD, and GOD will teach you. GOD is Omniscient.

A note should be made that the Quran, which spells out religious laws for our great religion, removes the shackles and burdens imposed on us by the ignorant scholars and religious leaders. Most of the "Muslim" countries have various laws against interest and have sham "interest-free banking" reflecting their ignorance of this simple Quranic truth. Unfortunately, quite a few of those who call themselves Muslims fall victims to the falsehood spread by these religious leaders.

[2276-280] GOD condemns usury, and blesses charities. GOD dislikes every disbeliever, guilty. O you who believe, you shall observe GOD and refrain from all kinds of usury, if you are believers. If you do not, then expect a war from GOD and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew.

[3130] O you who believe, you shall not take usury, compounded over and over. Observe GOD, that you may succeed.

[4161] And for practicing usury, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution.

[3039] The usury that is practiced to increase some people's wealth, does not gain anything at GOD. But if you give to charity, seeking GOD's pleasure, these are the ones who receive their reward manifold.

[7157] "(4) follow the messenger, the gentile prophet (Muhammad), whom they find written in their Torah and Gospel. He exhorts them to be righteous, enjoins them from evil, allows for them all good food, and prohibits that which is bad, and unloads the burdens and the shackles imposed upon them. Those who believe in him, respect him, support him, and follow the light that came with him are the successful ones."

01-05-2007, 06:34 AM,
<center><font size="6"><b>Interest (Riba`)</b></font id="size6"></center>

The Definition of Interest
Interest in Pre-Islamic Times
Islam’s View of Trade
How is Interest Illegal?
Ahaadith Concerning Interest
Interest from a Jurisprudical View

<center><b>The Definition Of Interest</b></center>

The literal meaning of interest or Al-RIBA as it is used in the Arabic language means to excess or increase. In the Islamic terminology interest means effortless profit or that profit which comes free from compensation or that extra earning obtained that is free of exchange. Hazrat Shah Waliullah Dehlvi a great scholar and leader has given a very concise and precise definition of interest. He says,

"Riba` is a loan with the condition that the borrower will return to the lender more than and better than the quantity borrowed."

Interest In Pre-Islamic Times

Hafiz Ibn Hajr writes in his commentary of Sahih Bukhari (Fathul Bari)

"Imam Malik reports on the authority of Zaid Ibn Aslam that in the period of ignorance (pre-Islamic times) interest was changed according to the following scheme. One person had a right in the property of another person. It may have been a general right because of the amount lent or the price of something purchased or in any other form. A time was set when the claim would be settled. When the appointed time arrived the creditor would ask the debtor if he wanted to settle the claim or pay interest with an extension to the time. If the claim was settled then there was no increase in the payment. Otherwise the debtor would increase the amount payable and the creditor would extend the period further.

(Vol. IV P.264)
<font size="6"><font size="2"><u><b>Islam’s View Of Trade </b> </u> </font id="size2"> </font id="size6">

Interest is not a subject without trade and commerce. Islam recognises trade and commerce not only as a lawful profession but also as a moral duty. Islam has laid down a complete set of rules for trade. The reason for these rules is to specify what halal earning is. There are many traditions (Ahaadith) concerning halal provision that can also be found in the books containing the traditions of the prophet (peace be upon him). Actually, Islam has encouraged men to earn their own provision and to provide it to their families. The condition is that the earning has to be according to the conditions set by the Shari’ah. Any sort of transaction that does not correspond to the rules of trade will not be allowed. These rules can be found under the heading of trade in the books of jurisprudence. Interest is amongst those conditions which all dealings must be free from.

<center><u><b>How Is Interest Illegal </b> </u> </center>

The definition of interest has already been mentioned as well as that it is prohibited. If we explore the Qur’an we will come across at least four places where Allah has mentioned interest.

The first one is in Surah Al-baqarah verse no.275

"Those who devour usury will not stand except as stands one whom the Satan by his touch has driven to madness. That is because they say, "trade is like usury", but Allah has permitted trade and has forbidden usury",

In the next verse verse 276 in the same place he says,

"Allah will deprive usury of all blessing, and will give increase for deeds of charity, for he does not love any ungrateful sinner."

Two verses later in verse 278 he says,

"Oh you who believe! Fear Allah and give up what remains of your demand for usury if you are indeed believers."

In verse 279 he says,

"If you do not, take notice of war from Allah and his Messenger sallallahu alaihe wasallm but if you repent you shall have your capital sum. Deal not unjustly and you shall not be dealt with unjustly."

In the second place in Surah Aal-Imran, verse no.130 Allah says,

"Oh you who believe! Devour not usury doubled and multiplied; but fear Allah that you may prosper."

In the third place in Surah Al-Nisaa’ Allah states in verse 161,

"That they took usury though they were forbidden and they devoured peoples wealth wrongfully; we have prepared for those amongst them who reject faith a grievous chastisement."

In the fourth place, Surah Al-Room, verse no.39 Allah mentions

"That which you give in usury for increase through the property of people will have no increase with Allah but that which you give for charity seeking the countenance of Allah, it is these who will get a recompense multiplied."

<font size="6"><u><b><center>Ahaadith Concerning Interest </center> </b> </u> </font id="size6">

These ahaadith have been taken from Mishkat-ul-Masabih under the section of interest and the English translation has been taken from its English version written by Al Hajj Moulana Fazl Karim (218-227 vol. II)

Hazrat Jabir radiyallahu anhu has reported that the Messenger of Allah sallallahu alaihe wasallm cursed the devourer of usury, its payer, its scribe and its two witnesses. He also said that they were equal (in sin).

Hazrat Abu Hurairah radiyallahu anhu reported that the Holy Prophet sallallahu alaihe wasallm said A time will certainly come over the people when none will remain who will not devour usury. If he does not devour it, its vapour will overtake him.
(Ahmed, Abu Dawood, Nisai, Ibn Majah.)
Hazrat Abu Hurairah radiyallahu anhu reported that the Messenger of Allah sallallahu alaihe wasallm said Usury has got seventy divisions. The easiest division of them is a man marrying his mother.
(Ibn Majah)
Hazrat Abu Hurairah radiyallahu anhu reported that the Messenger of Allah sallallahu alaihe wasallm said I came across some people in the night in which I was taken to the heavens. Their stomachs were like houses wherein there were serpents, which could be seen from the front of their stomachs. I asked O Gabriel! Who are these people? He replied these are those who devoured usury.
(Ahmed, Ibn Majah)
Hazrat Ali radiyallahu anhu reported that he heard the Messenger of Allah sallallahu alaihe wasallm cursing the devourer of usury, its giver, its scribe and one who refuses to give Zakat and he used to forbid mourning.
Hazrat Umar bin Al-Khattab radiyallahu anhu reported the last of what was revealed was the verse of usury. The Messenger of Allah sallallahu alaihe wasallm was taken and he had not explained it to us. So, give up usury and doubt.
(Ibn Majah, Darimi)
Hazrat Abdullah bin Hanzalah radiyallahu anhu (who was washed by the angels) reported that the Messenger of Allah sallallahu alaihe wasallm said A dirham of usury that a man devours and he knows is greater than 36 fornications.
(Ahmed, Darqutni)

Baihaqi reported from Ibn Abbas radiyallahu anhu in shuabul iman. He added and said (as for) one whose flesh has grown out of unlawful food, the fire is more suitable for him.

After narrating all these verses from the Qur’an and relating all the Ahaadith it is apparent to us that interest could never be legal and halal. How could anybody even take the time out to think about a matter in which Allah has declared war on the user and his Beloved Prophet sallallahu alaihe wasallm has cursed him? As sensible people we can understand that what our creator has chosen for us is for our own prosperity only.

<center><u><b>Interest From A Jurisprudical View </b> </u> </center>

We should deeply thank the Sahaabah radiyallahu anhum in their efforts to spread the religion as they learnt it from the Prophet sallallahu alaihe wasallm. Then when the religion started to spread vastly Allah brought about four imams who described the religion in general terms in order to make the common public understand. They spent their lives trying to put the whole religion in a collective form through the Qur’an and the Ahaadith and the concise decisions of the Sahaabah radiyallahu anum. In the case of interest, all four imams established a general rule mainly concentrating on this statement made by the Prophet sallallahu alaihe wasallm.

Hazrat Al-Khudri radiyallahu anhu reported that the Prophet sallallahu alaihe wasallm said Gold in exchange for gold, silver in exchange for silver, wheat in exchange for wheat, barley in exchange for barley, dates in exchange for dates, salt in exchange for salt is in the same category and (should be exchanged) hand to hand, so who ever adds or demands increase he has practised usury. The giver and taker are the same.

Out of the four imams, Imam Abu Hanifah has ruled that if the measurement system (volumetric or in compounds) is the same and the two items are in the same category, then they should be sold in the same amount and direct not in credit otherwise interest will be found.

Imam Shaf’ee says that if the items are valuable and could be considered food then there is the chance of interest. Imam Malik says that if the items are valuable and are edible then interest is a subject.

[size=6]<b><u><center>Advice </center> </u> </b>
As you may have realised, giving and taking interest is unlawful. Unfortunately, the basis of many of the transactions (especially in banking and insurance), personal or business involve interest. Thus it is becoming increasingly difficult for the majority of the Muslims, especially those who are western orientated to abstain from dealings involving interest. Our advice to anyone who is involved in any form of interest is that the individual should minimise his expenditure in these dealings and if possible abstain completely from these transactions. In any case, every individual should continue to seek Allah’s forgiveness. The philosophy shows that a person who takes interest does not gain anything in reality but through the explanation of the Qur’an verse,

" Allah decreases interest and increases sadqah"

That in reality the money just goes to waste and the person does not even realise, and a person who gives money in the path of Allah, in whatever form it may be, actually gains although in reality it seems as though he is loosing out.

Every person should take all necessary precautions in their financial and social dealings. If a person neglects in keeping a watchful eye on financial dealings, this negligence will slowly spread to other aspects of religion. This will have a very detrimental effect on religious matters.

The summary of the matter is that interest is hazardous and should be abstained from in all manners. If anybody has a case they wish to solve then they should contact a Mufti and present their problem as it is.


sajid hasan
01-12-2007, 04:24 AM,
even after all discussions, we & our economy cannot survive without the existance of the banks (islamic or non-islamic); our economy will collapse, obviously.
aur doosra yah k banking business/sector hamari economy main itna ruchh buss gaya hai k iss k baghair subb organizations flop hon gee. aur hum subb kee banks per RELIANCE itni barrh gai hai k banks k baghair guzara mumkin nahin.........!!!!!!!!
01-12-2007, 08:15 PM,
adnan sahib yah dunia chand roz ki zindgi hay aap akhri zindgi k liaye fikar karain jahan humasha rha jaye ga aap doono losses ko compare karyen to ayenda aasi bat nahi karain gay(duniavi aur akhrvi)
Fi iman ALLAH
01-13-2007, 05:00 PM,
<font size="1"><font color="green"><div align="left">Much discussion has been done on banking but what I suggest is to read the subject in depth and know that how the financial engineering principles of banking can be moulded according to Islamic principles. The most important conept which that every muslim should memorize in this modern age is that he should change the modern inventions and theories according to Islamic laws and should not change the islamic laws according to modern inventions and theories. I shall try my best to discuss the topic of banking in depth and discuss its Islamic status.

The great work in this regard was done by the prominent Muslim Scholar of subcontinent Ala Hazrat Imam Ahmed Raza Khan Fazil Al-Barelwi in 1914, at a time when banks played no significant role in the economy. No doubt, it was A‘lahazrat Imam Ahmad Raza Khan Barelvi who was able to peep into future and suggest boosting up the banking industry before hand. A‘lahazrat Fazil Barelvi through his book published in 1912, presented peerless points for the economic development of Muslim brethren. Some of those points are
1. Barring the affairs wherein Government is involved, the Muslims should decide all their disputes mutually so that millions of rupees, which are being spent over litigations, may be saved.
2. The affluent Muslims of Bombay, Calcutta, Rangoon, Madras and Hyderabad should open banks for other poor Muslims.
3. Muslims should not purchase anything from anybody except Muslims.
4. The sciences of Islam should be propagated and publicized,

Through his first point, A‘lahazrat Fazil Barelvi has propounded the theory of savings. He has realized the significance of savings and has made people to realize it. In most of the under-developed countries, the rate of saving varies from 5 to 8%. Now the economic experts have declared that for economic development of the country, saving to the tune of 15% of the national income is a must. The importance of savings over-shadowed the world in 1936 when Lord J.M. Keynes of England presented his "Theory of Savings & Investment", which proved successful in overcoming the international depression. In short, according to Keynes, saving is all. It is equal to investment according to his Equation. Thus, more saving, more investment; more investment, more development. For this theory of Saving & Investment, Prof. J. M. Keynes was honored by England and the most prestigious title of "Lord" was conferred on him. Prof. Rafiullah Siddiqui has so nicely and so rightly quipped that Prof. J. M. Keynes was honored in 1936 for what was already pointed out by Prominent Muslim Scholar A‘lahazrat Ahmad Raza Khan in 1912. Who deserved and who bagged the honor, is thus to be seen. Yet, it may be taken for granted that A‘lahazrat Ahmad Raza Khan would not accept such an honor from British even if he were presented one.

Secondly, A‘lahazrat Fazil Barelvi presented the theory of opening banks. Needless to mention that banks in the eyes of A‘lahazrat Fazil Barelvi were meant to be interest-free banks. History of banking is known to all of us. Ala Hazrat Fazil Barelvi suggested and talked of opening banks in 1912, at a time when there were only a few banks in India, in big cities, and nobody could foresee then that after a lapse of three or four decades, the importance of banks would assume so much proportion. No doubt, it was A‘lahazrat Fazil Barelvi who was able to peep into future and suggest boosting up the banking industry before hand.

bank is an institution through which the savings of the masses are deployed over productive investment. It is bank that collects pennies but provides pounds. Banks help the people create tendency of saving. Being a great economist. A‘lahazrat Fazil Barelvi well realized the hazards of hoarding and advocated for the development of the banking industry.

To the misfortune of Muslims, what was pinpointed by A‘lahazrat Fazil Barelvi for the benefit of Muslims, was utilized by non-Muslims. Second World War had badly ruined Germany, France, Italy etc. The economy of these European countries was crippled. European Common Market (E.C.M) consisting of six European countries came into existence. It achieved marvelous success and the entire World witnessed that it changed the entire story. The staggering economy of these countries mustered a sudden boom and the German mark became the powerful currency of the world. After all, what was this E.C,M.? It was a practical shape of the guidelines given by A‘lahazrat Fazil Barelvi just on the lines that Muslims should make purchases from Muslims only. Even today, if the Muslim countries unite and follow such a policy, luck will smile upon them.

Now come to the fourth point. It is regarding the publicity of Islamic sciences. When theories of economics are going on, how far it is desirable to talk of Islamic sciences or religion. A Mawlawi always remains a Mawlawi-some people may think. Some of the scholars have gone to say that this fourth point is not in regard to economics. With due respect to those scholars, I would like to say that they have hastened to observe like so, perhaps because of its appearance.Though all of those scholars have succeeded in realizing the importance of this point but have failed to link it with economic theories.

To my mind, this point is all the more important. Everybody knows that there is lot of difference between theory and practice. Implementation is an upheaval task. The first three points of A‘lahazrat Fazil Barelvi provide a theoretical approach. The fourth one provides a pragmatic approach. It must be borne in mind that A‘lahazrat Fazil Barelvi has introduced what we may call Muslim Economics. He has talked of benefit and betterment of only Muslims. From this angle, all the four points are inter-connected. The first point of A‘lahazrat Fazil Barelvi is regarding mutual settlement of their disputes. The idea is so nice but its implementation is fairly difficult. As says Adam Smith, "man is the born servant of self interest". Everybody wants to gain. Nobody wants to lose. In quest of gain, man runs after the courts headlong. He runs and runs towards the courts till he gets a gain what he calls justice. Such a race towards the gain makes the litigation time-consuming as well as money-consuming. Now A‘lahazrat Fazil Barelvi speaks of preaching and teaching Islamic sciences to the people. He means to say that spirit of Islam must prevail upon the Muslims. A‘lahazrat Fazil Barelvi goes to say that such an abrupt race of litigation can be controlled only with the spirit of Islam. Under true spirit of Islam, Muslims shall prefer to get their disputes decided only by their Muftis whom they would consider as heirs of Holy Prophet and regarding Holy Prophet (Allah’s Grace and Peace be upon him), the Holy Qur’an declares as under-

"By Allah, they shall not be Muslims unless they make you Hàkim in matter of their disputes and unless they accept your decision by heart and feel no hindrance whatsoever there from in their hearts."

Thus, a true Muslim shall be duly satisfied with the decision of a Mufti regardless of the fact whether he remains a gainer or loser. He would accept the decision by heart. Nor would he take it as point of prestige, as a true Muslim wants nothing but what Allah and His Holy Prophet (Allah’s Grace and Peace be upon him) want for him. He would not knock at the doors of the court at all. A short meeting with a Mufti can solve a long dispute. Thus, it would be seen that the fourth point advanced by A‘lahazrat Fazil Barelvi is very much linked with the theory of mutual settlements Muslims by avoiding litigation with a view to ensuring large savings.

The second point is of opening Muslim banks. Muslims would like to help Muslims only when they are taught to help them in terms of Islamic sciences, that is, in light of Holy Qur’an and Hadith. Interest is a prize of exploitation. Muslims would refrain from accepting interest if they are told that usury is haram (strictly forbidden) according to Holy Qur’an and whosoever accepts interest, should be ready to fight with Allah on the Day of Judgment. Only through the injunction of Islamic spirit, which flows from the knowledge of Islamic sciences attained through the study of Islamic books or through the company of Islamic savants, Muslims can agree to opening of interest-free banks and usury can be put an end to. If the rich people open banks out of their riches, the poor people will get rid of their poverty to a great extent. First, the poor will be able to get employment in various projects financed by banks. Secondly, the poor section will be able to secure interest-free loans from the banks, which they would get otherwise at a heavy rate of interest. Thus, the second and fourth points of A‘lahazrat Fazil Barelvi are well linked together.

Muslims should make purchases from Muslims only — is the third point. It does not purport to say that Muslims should sell to Muslims only. A‘lahazrat Fazil Barelvi is restricting outgoings only of Muslims. Unless the Muslims are taught of their religion, nothing can be achieved in this field. A person, who has no knowledge of Islamic studies, is western-minded, would hardly purchase anything from Muslims. He would be addicted to using foreign goods and would not hesitate to purchase them from any corner. Nowadays, it is seen that those who have craze for using foreign goods, may it be, cigarette, Coke or anything like that, help the foreign companies earn a lot of foreign exchange. A Muslim would make purchases from Muslims only when it is impressed upon him that Holy Qur’an declares

(Space for Arabic script) "Innam al-Mo’minoona Ikhwatun"

That is, "Muslim and a Muslim are brethren." Unless he treats the other Muslim as his brother, he would not extend him a brotherly-treatment. Moreover the teachings of Islam shall bear wide repercussions on the standard of trade. No trader would like to give short weight as it is forbidden in Islam. No trader would make any adulteration of any kind, as it is forbidden in Islam. No trader would try to conceal defect, if any, in his commodity as it is forbidden in Islam. No trader would resort to unnecessary hoarding of stock as it is forbidden in Islam. No trader would allow unnecessary bargaining in price as it is forbidden in Islam. In this manner, under the yoke of Islam, trade will wear a bloomy look. If Muslims undertake to make purchases from Muslims only and if Islamic spirit prevails, then a Muslim will not be able to get wine, because no Muslim would like to sell it as it is forbidden in Islam. In this way, not only the trade will flourish but it will also bring about a flawless society.

So, it is evident that all the four points of A‘lahazrat Fazil Barelvi are coherent and co-related insofar as Muslim Economics is concerned. As I have been associated with Economics for only last three to four years, in order to get my post graduation I had a right to study A‘lahazrat Fazil Barelvi in this field and so I did. I have no hesitation to say that before the insight of A‘lahazrat Fazil Barelvi in the field of Economics, I find myself no better than a big zero. </div id="left"> </font id="green"> </font id="size1">

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