The document discusses arguments that have been made regarding the prohibition of interest (riba) in Islam and provides Quranic verses in response. It discusses five main arguments: 1) That the verses prohibiting riba were revealed late and the Prophet did not have time to interpret them; 2) That riba only refers to excessive interest on loans to the poor; 3) That riba does not apply to commercial loans; 4) That riba only prohibits increasing a debt over time, not pre-agreed interest; 5) That interest is necessary for modern economies. The document then provides answers to each argument based on Quranic verses and scholars, clarifying that riba is prohibited for all loans and interest-based
This slide program explains in the light of Quran and Hadith that Riba transactions are prohibited in Islam. It provides replies to the questions raised about prohibition of Riba.
The definiton of Ribā according to the fuqaha are numerous. Ibn Qudāmah defines the Shāri‘ah term as “an increment in certain things.” (Al-Mughni, Vol. 4, pg. 125) In other words, Ribā occurs either in a thing, commodity or money. In the legal terminology of the Shari‘ah, Ribā has been defined as:
"an increment, which, in an exchange or sale of a commodity, accumulates to the owner or lender without giving in return an equivalent counter value or recompense (‘Iwadh) to the other party."
This slide program explains in the light of Quran and Hadith that Riba transactions are prohibited in Islam. It provides replies to the questions raised about prohibition of Riba.
The definiton of Ribā according to the fuqaha are numerous. Ibn Qudāmah defines the Shāri‘ah term as “an increment in certain things.” (Al-Mughni, Vol. 4, pg. 125) In other words, Ribā occurs either in a thing, commodity or money. In the legal terminology of the Shari‘ah, Ribā has been defined as:
"an increment, which, in an exchange or sale of a commodity, accumulates to the owner or lender without giving in return an equivalent counter value or recompense (‘Iwadh) to the other party."
I am thankful to Almighty Allah for blessing me with all the necessary resources for exploring my surrounding. Secondly I want to thank my parents for guiding and supporting me.
I am grateful to Mohammad Ali Jinnah University for providing me a platform from where I am able to explore my environment with ease. I wish I add more to the name of my prestigious university.
This report would have not been possible if Madam Ruksana Khalid- Administrator, Mumtaz Medical Clinic and Dr. Junaid Ahmed – Clinical Registrar, Pakistan Association of Mental Health had not given their precious time and valuable information.
A study of Schizophernia with the help of Dr. Junaid Ahmed
Clinical Registrar
Pakistan Association for Mental Health
and Mrs. Ruksana Khalid
Administrator/ Counselor
Mumtaz Medical Clinic
with real life case studies
by Sahrish Darjat
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
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+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
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Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
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how to sell pi coins in Hungary (simple guide)DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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Financial institution report on historic judgement
1. Historic
Judgment On
Interest
Arguments and Verses
In 1991 Federal Shariat Court fought 67 appeals with the
Supreme court of Pakistan for the elimination of interest as it is
strictly prohibited in Islam. In this report five arguments along
with their answers in the form of Quranic verses have been
given. It gives a clear picture regarding the prohibition of
Interest and adaptation of Islamic Banking as a logical solution
to avoid this economic ill.
2
0
1
2
Submitted to Sir Shujaat Mubarik
Financial Institutions Section A
4/18/2012
2. HISTORIC JUDGMENT ON
INTEREST
GROUP MEMBER LIST
Sahrish Darjat SP10-BB-0066
Samreen Rasheed SP10-BB-0067
Umaima Siddiqui SP10-BB-0075
Urooj Sheikh SP10-BB-0076
Kulsoom Usmaan SP10-BB-0026
3. ARGUMENTS
1. THE VERSES OF THE HOLY QUR'AN WHICH PROHIBIT RIBA WERE
REVEALED IN THE LAST DAYS OF THE LIFE OF THE HOLY
PROPHET, (S.A.W), AND HE DID NOT HAVE AN OPPORTUNITY
TO INTERPRET THEM PROPERLY.
2. THE SECOND ARGUMENT RUNS ON THE BASIS THAT THE WORD
'RIBA' REFERS ONLY TO THE USURIOUS LOANS ON WHICH AN
EXCESSIVE RATE OF INTEREST USED TO BE CHARGED BY THE
CREDITORS. AS FAR THE MODERN BANKING INTEREST, IT
CANNOT BE TERMED AS 'RIBA' IF THE RATE OF INTEREST IS NOT
TOO MUCH OR UNFAIR
3. THE THIRD ARGUMENT DIFFERENTIATES BETWEEN
CONSUMPTION OF LOANS AND COMMERCIAL LOANS.
THE WORD "AL-RIBA" USED IN THE HOLY
QUR'AN IS RESTRICTED TO THE
INCREASED AMOUNT CHARGED ON THE
CONSUMPTION LOANS USED TO BE TAKEN
BY THE POOR PEOPLE FOR THEIR DAY TO
DAY NEEDS AND THE RICH PEOPLE USED
TO CHARGE HEAVY AMOUNTS FROM THEM.
BUT THE MODERN COMMERCIAL LOANS
ARE CONCERNED, THEY WERE NOT IN THE
DAYS OF THE HOLY PROPHET, (S.A.W),
NOR HAS THE HOLY QUR'AN ADDRESSED
THEM WHILE PROHIBITING 'RIBA' AND
THE BASIC PHILOSOPHY OF 'RIBA' CANNOT
BE APPLIED TO THESE COMMERCIAL AND
PRODUCTIVE LOANS WHERE THE DEBTORS
ARE NOT POOR PEOPLE. IN MOST CASES
THEY ARE WEALTHY OR AT LEAST
4. ECONOMICALLY WELL-OFF AND THE
LOANS TAKEN BY THEM ARE GENERALLY
USED FOR GENERATING PROFITS.
THEREFORE, ANY INCREASE CHARGED
FROM THEM BY THE CREDITORS CANNOT
BE TERM AS ZULM (INJUSTICE) WHICH
WAS THE BASIC CAUSE OF THE
PROHIBITION OF 'RIBA'.
4. THE FOURTH SAYS THAT THE HOLY QUR'AN HAS PROHIBITED
RIBA-AL-JAHILIYYA. IN WHICH IF THE DEBTOR COULD NOT PAY
OFF THE LOAN AT ITS DUE DATE, THE CREDITOR WOULD GIVE
HIM MORE TIME AGAINST CHARGING AN ADDITIONAL AMOUNT.
ACCORDING TO THIS THEORY, IF AN INCREASED AMOUNT IS
FIXED IN THE INITIAL AGREEMENT OF LOAN, IT DOES NOT
CONSTITUTE RIBA AL-QUR’AN. HOWEVER, IT DOES FALL IN THE
DEFINITION OF RIBA-AL-FADL, PROHIBITED BY THE SUNNAH.
ITS PROHIBITION IS OF A LESSER DEGREE WHICH CAN BE
TERMED AS MAKROOH AND NOT HARAM.
5. THE FIFTH WAS THAT ALTHOUGH THE MODERN INTEREST-
BASED TRANSACTIONS ARE COVERED BY THE PROHIBITION OF
'RIBA', YET THE COMMERCIAL INTEREST IS THE BACK-BONE OF
THE MODERN ECONOMIC ACTIVITIES, NO COUNTRY CAN LIVE
WITHOUT BEING INVOLVED IN INTEREST-BASED TRANSACTIONS.
ISLAM, BEING A PRACTICAL RELIGION, RECOGNIZES THE
PRINCIPLE OF NECESSITY AND IT HAS ALLOWED EVEN TO EAT
PORK IN EXTREME SITUATION WHERE ONE CANNOT LIVE
WITHOUT EATING IT. THE SAME PRINCIPLE SHOULD BE
FOLLOWED, AND ON THESE BASIS OF THIS NECESSITY THE LAWS
PERMITTING THE CHARGE OF INTEREST SHOULD ALLOWED.
5. ANSWERS
1. The Holy Prophet (SAW) announced the prohibition of riba in his
last sermon during his last Hajj (10th year after Hijra).He also
declared that the first riba decreed to be void is the riba payable
to his uncle Abdul Muttalib (Radi-Allahu anhu). A deeper study
reveals that this argument is misconceived. In fact the prohibition
of riba was effective at least from the 2nd year of Hijra but the
Holy Prophet, Sall-Allahu alayhi wa sallam, deemed it necessary to
be announced at the time of his last sermon which was the most
attended gathering of his followers.
2. Imam Abubakr Al-Jassas (D.380 AH) in his famous work Ahkamul
Qur'an has explained riba in the following words:
"AND THE RIBA WHICH WAS KNOWN TO AND PRACTICED BY THE ARABS WAS THAT THEY USED TO
ADVANCE LOAN IN THE FORM OF DIRHAM (SILVER COIN) OR DINAR (GOLD COIN) FOR A CERTAIN
TERM WITH AN AGREED INCREASE ON THE AMOUNT OF THE PRINCIPAL ADVANCED."
IMAM ABUBAKR AL-JASSAS (D.380 AH)
3. They argued it is injustice to claim any additional amount on the
principal from a poor person, but it is not so in the case of a rich
man who borrows money to develop his own commercial
enterprise and earn huge profits through it. Therefore, it is only
the consumption loans on which any excess is termed as Riba and
not an increased amount charged on the commercial loans.
6. Validity of a Transaction is not Based on the Financial Status of a
Party
The Nature of Qur'anic Prohibitions
Banking and Productive Loans in the Age of Antiquity
4. Two things discussed:
Account of Riba al-Jahiliyya (Riba al-Qur’an)
"The Riba of Jahiliyya was a transaction whereby a person used to
sell a commodity for a price payable at a future specific date,
thereafter when the date of payment came and the buyer was not
able to pay, the seller used to increase the amount due and give
him more time."
The seller used to keep on increasing the amount in
exchange of additional time given to the buyer.
Also Known As Riba Al Quran and Riba Al Nasiah.
'Riba al-fadl' or 'Riba-al-sunnah
It means that the quantity on both sides must be equal to
each other and if the quantity of any one side is more or less
than this transaction is also a Riba transaction, because in
the tribal system of Arab these commodities were used as
money. However, this transaction was termed as riba by the
Holy Prophet, Sall-Allahu alayhi wa sallam, and this meaning
was not covered by the term 'riba al-Jahiliyya'. Therefore, it
was called as 'riba al-fadl' or 'riba-al-sunnah'.
GOLD FOR GOLD, SILVER FOR SILVER, WHEAT FOR WHEAT, BARLEY FOR BARLEY,
DATE FOR DATE, SALT FOR SALT, MUST BE EQUAL ON BOTH SIDES AND HAND TO
HAND. WHOEVER PAYS MORE OR DEMANDS MORE (ON EITHER SIDE) INDULGES IN
RIBA."
“SIX COMMODITIES”
7. 5. We can compromise on extreme basis but not if we have a
solution for it. Islamic Banking should be implemented. Quran has
stated laws for economic transactions and Muslims should follow
these laws to keep their earnings RIBA free.
8. ACKNOWLEDGEMENT
We would firstly thank Almighty for granting us the resources, time and physical
ability to understand and spread the knowledge given to us.
Secondly, to our parents and teachers for trusting and believing in us.
Last but not the least our prestigious Mohammad Ali Jinnah University. Without
its repute and industrial exposure we wouldn’t have had such a broad platform
to enhance our careers.