Inqilab-Islamic Banking
“Bismillahir Rahmannir Raheem”Al-Hamdu Lillaahi Rabbil ‘Aalameen was Salaatu was- Salaamu ‘Alaa Sayidinaa Muhammadin wa Aalihi wa Asabihi Ajma ‘een (tauheed- risalat- ahkirat and islam-iman-ihsan)
ISLAMIC BANKING
General Banking –no circulation of wealth
Islamic banking –circulation of wealth among ummah.
Aim – circulation of wealth among ummah
Modern times require easy in Islamic products.
PROBLEMS
Lack of uniformity /harmonius rules and regulations across Islamic world.
Diverge opinions of different fighs /madhabs on different banking products.
Problem is concerned with total ummah. Local approach cannot solve the international problem.
Modern times require easy in Islamic products.
SOLUTION
Create unified sharia court for financial products depending on different countries fiqh.
Appoint Islamic finance experts from different fiqh/madhabs.
Don’t follow 1 school of law/fiqh for financial products(Conformity with all school of law/fiqh)
Flexibility in adapting with all the madhabs.
Global sharia council not the regional sharia council should take the charge.
Global sharia council consists of scholars from all the schools of law/madahab/fiqh
Ban fatwas/edicts from regional sharia council related with respect to financial products.
Products permissiable from 1 school should be decreed as permissible for all.
Adopt fatwa which has permissibility/openness not rigidity.
Follow the ijma/avoid single opinion.
Act on agreed upon/ijma ie follow commandable actions of ijma and disapproved actions of ijma.
Act on easy/preferable options not on doubtful options.
ABSOLUTE AUTHORITY
Differing with allah and his prophet leads to kufr but you can differ with imams (people of authority)
Absolute authority is with allah and his prophet .difference of opinion must be subjected to allah and his prophet.
Sunnah of sahaba = following lower preference than higher preference even at the time of differences.
Quran and sunnah =itaatullah and itaat ur rasool
Madhab=ulil amr minkum
MADHABS/FIQH (SCHOOLS OF THOUGHTS/JURISPRUDENCE)
All schools of fiqh are on haqq/truth or else vast majority of imams will be considered misguided .
All the madhabs are on haqq and have preserved all the sunnahs of the prophet.
Agreed upon/ijma (consensus of ijma)
1. negates explicit command of quran and sunnah (rejected)
2. donot cause harm to commands of quran and sunnah (adopted)
3.shift to other schools (because truth spreads with all the difference opinions)
4. act on agreed upon/ijma ie follow commandable actions of ijma and disapproved actions of ijma.
5.act on easy/preferable options not on doubtful options.
Permissiability of shifting from 1 madhab to another madhab with respect to financial products.
1.not against the ijma of ummah (difference between madhab means no ijma of ummah on particular issues)
2.believing knowledge with respect to certain issues was not reached to particular madhab.
3.adapt principle of flexibility/options
IJTIHAD
Doors of ijtihad/research/reasoning/derivation are always opened and its mercy from allah .
Eg- group of women become mahram .
Flexibility /openness is available from quran o sunnah and its more beneficial for people.
Allah desires easy not hardship and the beloved of allah always opted ease.
Adopt the easier option from all the school of law/fiqh.
All great scholars gave fatwa/edict based on available knowledge of that time.
Every single act of sunnah was preserved by all these great scholars.
Single madhab cannot present all the sunnah of prophet .
Madhabs represent totality of sunnah. Fiqh is a part of deen (deen is totality)
When I want to talk to allah I say prayers and when I want that he talk to me I recite quran- Hazrath Ali(ra)
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