The document discusses Islamic and non-Islamic investment venues. It provides definitions of key prohibited concepts in Islamic finance like riba (interest), qimar (gambling) and gharar (uncertainty or risk of loss). It explains the prohibition of riba in the Quran and hadith and defines it as an agreed excess compensation without due consideration, especially in regards to loans involving currency or liquid assets. The document also discusses the differences between commodities and currency in order to distinguish permissible trade from impermissible riba transactions.
Prohibited Business Transactions In IslamSehree Mumtaz
In this report we have discussed the Islamic Aspect of Business. We study about those business transactions which are permitted in Islam and also those which are prohibited in Islam. The Quranic and Hadiths references are also given.
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.
Prohibited Business Transactions In IslamSehree Mumtaz
In this report we have discussed the Islamic Aspect of Business. We study about those business transactions which are permitted in Islam and also those which are prohibited in Islam. The Quranic and Hadiths references are also given.
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.
WHAT IS AHMADIYYAT?
Ahmadiyyat is a sect of Islam and not a new religion. Ahmadiyyat is a movement, entirely within the fold of Islam, meant to revive its true spirit and philosophy, to cleanse Islam of all superstitious and unnecessary beliefs and customs which had crept in over the past fourteen centuries, and, finally, to preach the religion of Islam to non-Muslims with the enthusiasm and zeal of the early Muslims.
The Ahmadiyya Movement in Islam was founded by Mirza Ghulam Ahmad of Qadian, India, in 1889. The followers of Mirza Ghulam Ahmad believe that he is the same Messiah and Mahdi whose coming was foretold by the Holy Prophet Muhammad, peace and blessings of Allah be upon him, and was eagerly awaited by all Muslims. His followers call themselves Ahmadi Muslims, only to differentiate themselves from members of other Islamic sects, and strictly follow the orthodox religion of Islam.
As far as the fundamental beliefs or acts of worship are concerned, the Ahmadi Muslims have neither taken anything out nor added anything new to the religion of Islam. The Ahmadi Muslims make their declaration of faith by reciting the same Kalima which was recited by the Holy Prophet Muhammad himself; they say their Prayers and fast in the same manner as the Holy Prophet of Islam did; and their Qiblah, their Ka'ba, their Azan and their Quran are all exactly the same as that of the other Muslims.
DIFFERENCES WITH SUNNI MUSLIMS
There are basically three beliefs held by Ahmadi Muslims which separate them from the mainstream of Sunni Islam. These three beliefs concern:
o The finality of Muhammad's prophethood.
o Jesus Christ's ascension to heaven, and
o the identity of the Promised Messiah
These three areas of contention between Ahmadi and Sunni Muslims are briefly described below:
It is well known that interest-based banks accept deposits of different maturities, paying different rates of interest on different kinds of deposits. Islamic banks do not pay interest on deposits. How Islamic banks operate different kinds of deposits
This slide program describes some of the excellent morals of Prophet Mohammad (SAW). In the light of Quran and Sunnah, it shows that Prophet Mohammad is excellent role model.
It is related to the relation between Islam and science.
Similarities between Quran and science and the Contribution of Muslim Scientists in Science And Technology.
The christian missionaries always frown at the age of Lady Aisha when she married the honorable prophet, in this presentation we prove that it was common in ancient civilizations and other religions for women to marry at an early age...
The paper covers the definition of Riba, Its types, Prohibition on Riba by Quran, Sunnah and other major religions of the world. The paper also examine the basic difference between Riba & Profit and socio-economic impact of Riba in short.
WHAT IS AHMADIYYAT?
Ahmadiyyat is a sect of Islam and not a new religion. Ahmadiyyat is a movement, entirely within the fold of Islam, meant to revive its true spirit and philosophy, to cleanse Islam of all superstitious and unnecessary beliefs and customs which had crept in over the past fourteen centuries, and, finally, to preach the religion of Islam to non-Muslims with the enthusiasm and zeal of the early Muslims.
The Ahmadiyya Movement in Islam was founded by Mirza Ghulam Ahmad of Qadian, India, in 1889. The followers of Mirza Ghulam Ahmad believe that he is the same Messiah and Mahdi whose coming was foretold by the Holy Prophet Muhammad, peace and blessings of Allah be upon him, and was eagerly awaited by all Muslims. His followers call themselves Ahmadi Muslims, only to differentiate themselves from members of other Islamic sects, and strictly follow the orthodox religion of Islam.
As far as the fundamental beliefs or acts of worship are concerned, the Ahmadi Muslims have neither taken anything out nor added anything new to the religion of Islam. The Ahmadi Muslims make their declaration of faith by reciting the same Kalima which was recited by the Holy Prophet Muhammad himself; they say their Prayers and fast in the same manner as the Holy Prophet of Islam did; and their Qiblah, their Ka'ba, their Azan and their Quran are all exactly the same as that of the other Muslims.
DIFFERENCES WITH SUNNI MUSLIMS
There are basically three beliefs held by Ahmadi Muslims which separate them from the mainstream of Sunni Islam. These three beliefs concern:
o The finality of Muhammad's prophethood.
o Jesus Christ's ascension to heaven, and
o the identity of the Promised Messiah
These three areas of contention between Ahmadi and Sunni Muslims are briefly described below:
It is well known that interest-based banks accept deposits of different maturities, paying different rates of interest on different kinds of deposits. Islamic banks do not pay interest on deposits. How Islamic banks operate different kinds of deposits
This slide program describes some of the excellent morals of Prophet Mohammad (SAW). In the light of Quran and Sunnah, it shows that Prophet Mohammad is excellent role model.
It is related to the relation between Islam and science.
Similarities between Quran and science and the Contribution of Muslim Scientists in Science And Technology.
The christian missionaries always frown at the age of Lady Aisha when she married the honorable prophet, in this presentation we prove that it was common in ancient civilizations and other religions for women to marry at an early age...
The paper covers the definition of Riba, Its types, Prohibition on Riba by Quran, Sunnah and other major religions of the world. The paper also examine the basic difference between Riba & Profit and socio-economic impact of Riba in short.
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."
al-Fiqh al-Akbar
By Imam Abu Hanifa
Al-Fiqh al-Akbar is one of the earliest texts written on Islamic creed and one of the surviving works of Abu Hanifa, the Great Imam of jurisprudence and theology. Studied for centuries in the Muslim world, Al-Fiqh al-Akbar offers a more nuanced, textured approach to understanding divine oneness (tawhid), the focal point of Islamic belief. It refines one’s understanding of the Creator, the messengers and divine communication, and enables one to gain much-needed insight into the realities of this life and the events of the hereafter.
Al-Fiqh al-Akbar not only improves one’s understanding of 'aqida and deepens one’s appreciation of his or her beliefs, but it endeavors to address questions, which, if left unanswered, could leave insidious doubt and cause communal division. Such questions include: Where is Allah? Does Allah evolve? What constitutes true Islamic belief? Are prophets capable of sinning? Is there creation beyond what we see? What comes after death?
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
3. “The reward of deeds depends upon the intentions and every person
will get the reward according to what he has intended for”
[Sahih Al – Bukhari, Chapter 1, Hadith 1]
w a s i e f a s i h @ h o t m a i l . c o m
3
4. Islamic Objectives
Do not give the feeble-minded your
property that Allah has made a means of
support for you, and do feed them from
it, and clothe them, and speak to them in
fair words. (4:5)
w a s i e f a s i h @ h o t m a i l . c o m
4
6. R I B A Qimar/Maysir Gharar
Riba, Qimar and Gharar are prohibited in Shariah.
w a s i e f a s i h @ h o t m a i l . c o m
6
Riba, Qimar and Gharar
7. Riba- A Shariah Term
Derivation from Quran &
Sunnah
w a s i e f a s i h @ h o t m a i l . c o m
7
8. Riba- Return Over Loan
َي يِ
ذَّلا ُ
ومُ
قَي اَ
مَ
كَّالِإ َ
نوُ
ومُ
قَي َال َ
َبِ
الر َ
نوُلُ
كَْ
َي َ
ينِ
ذَّلا
َِ
ب َ
كِلَ
ذ ِ
سَامل َ
نِ
م ُ
ناَطْيَّ
الش ُهُطَّبَ
خَت
َّن
ْ
مُ
ه
َ
و َ
عْيَالب ُاّلل َّ
لَ
َحأَ
و َ
َبِ
الر ُ
لْثِ
م ُ
عْيَالب اََّ
َّنِإ ْاوُلاَق
ِ
هِبَّ
ر نِ
م ٌ
ةَظِ
عْ
وَ
م ُاءهَ
ج نَ
مَف َ
َبِ
الر َ
مَّ
رَ
ح
َف
ُهَلَف َ
ىَ
هَانت
ُ
ابَ
حْ
َصأ َ
كِئَلْ
ُوأَف َ
ادَ
ع ْ
نَ
مَ
و ِ
اّلل َ
َلِإ ُهُ
رْ
َمأَ
و َ
فَلَ
س اَ
م
َ
نوُ
دِالَ
خ اَ
يهِف ْ
مُ
ه ِ
رَّانال
“Those who charge riba are in the same position as those controlled
by the devil's influence. This is because they claim that riba is
the same as trade. However, Allah permits trade, and prohibits
riba. Thus, whoever heeds this commandment from his Lord, and
refrains from riba, he may keep his past earnings, and his
judgment rests with Allah. As for those who persist in riba, they
incur Hell, wherein they abide forever.” (Quran 2:275)
w a s i e f a s i h @ h o t m a i l . c o m
8
9. Riba- – Excess over principal
. َ
يِنِ
مْ
ؤُّ
م مُنتُ
كنِإ َ
َبِ
الر َ
نِ
م َ
يِ
قَب اَ
م ْاوُ
رَ
ذَ
و َاّلل ْاوُ
قَّات ْاوُنَ
آم َ
ينِ
ذَّلا اَ
هَُّيأ َ
َي
. َال ْ
مُ
كِالَ
وْ
َمأ ُ
وسُ
ؤُ
ر ْ
مُ
كَلَف ْ
مُتْبُت نِإَ
و ِ
هِولُ
سَ
رَ
و ِ
اّلل َ
نِ
م ٍ
بْ
رَِ
ِب ْاوُنَ
ذْأَف ْاوُلَ
عْ
فَت َّْ
َّل نِ
إَف
ُ
مِْلظَت
َ
نوُ
مَلْظُت َالَ
و َ
نو
.َ
نوُ
مَلْعَت ْ
مُنتُ
كنِإ ْ
مُ
كَّل ٌ
رْيَ
خ ْاوُقَّ
دَ
صَت َنأَ
و ٍ
ةَ
رَ
سْيَ
م َ
َلِإ ٌ
ةَ
رِ
ظَنَف ٍ
ةَ
رْ
سُع وُذ َ
ناَ
كنِإَ
و
O you who believe, fear Allah and give up what still remains of riba, if you are believers.
But if you do not (give it up), then listen to the declaration of war from Allah and His
Messenger. However, If you repent, yours is your principal. Neither wrong, nor be
wronged . 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.” (Quran 2:277-279)
w a s i e f a s i h @ h o t m a i l . c o m
9
10. Riba- Fixed and Agreed Return on Risk Free Transaction
قال اهلمداين عمارة عن
:
يقول اًّيعل مسعت
:
هللا رسول قال
-
ع هللا صلى
وسلم ليه
-
:
"
رَب فهو منفعة جر قرض كل
”
)
اخلرية احتاف
(
“Every loan that draws any benefit is Riba”.
w a s i e f a s i h @ h o t m a i l . c o m
10
11. Liquid/Currency
Same characteristics
No intrinsic utility
Only a medium of Exchange
No different qualities
Same units have same value
Conclusion
Can only be exchanged with same units
Any excess in case of exchange of currency or loan is
for nothing
Can not be treated as a Commodity [i.e., can not be
sold out]
Asset /Commodity
Various Characteristics
Intrinsic utility
Various purposes & uses
Different qualities
Same items have diff value
Conclusion
Can be sold or exchanged at different units
Any excess in case of exchange or sale is for its utility
or quality
Can also be treated as a Currency [i,e., item of
exchange like gold & wheat]
Differences b/w Commodity & Currency
w a s i e f a s i h @ h o t m a i l . c o m
11
12. Precise Definition
The word “Riba” means excess, increase or addition.
In Shariah, it is an agreed excess compensation without due
consideration.
14. Holy Quran
ِل َ
َنْ
دَتْعَأَ
و ِ
لِ
اطَلبِ
َب ِ
َّاسنال َ
الَ
وْ
َمأ ْ
مِ
هِلْ
كَأَ
و ُهْنَ
ع ْاوُ
هُن ْ
دَقَ
و َ
َبِ
الر ُ
مِ
هِ
ذْ
خَأَ
و
َ
ذَ
ع ْ
مُ
هْنِ
م َ
ينِ
رِافَ
كل
ً ايمَِلأ ً َبا
“That they [Jews] took riba, though they were forbidden and that they
devoured men’s substance wrongfully – We have prepared for those
among men who reject faith a grievous punishment.” (Quran 4:161)
. ٍ
يمَِثأ ٍ
راَّ
فَ
كَّ
لُ
ك ُّ
بُِ
ُي َال ُاّللَ
و ِ
اتَقَ
دَّ
الص ِ
ِبْ
رُيَ
و َ
َبِ
الر ُاّلل ُ
قَ
حَْ
َي
“Allah condemns riba, and blesses charities” (Quran 2:276)
w a s i e f a s i h @ h o t m a i l . c o m
14
15. Holy Quran
ْاوُ
قَّاتا
و ًةا
فا
اعا
ضُّ
م ًاافا
عْ
اضأ ا
َبِ
الر ْاوُلُ
كْا
َت اال ْاوُنا
آم ا
ينِ
ذَّلا اا
هُّايأ ا
َي
ا
نوُ
حِلْ
فُت ْ
مُ
كَّلا
عال ااّلل
ينرللكاف أعدت اليت النار اواتقو
“O you who believe, do not eat up the amounts acquired through Riba(interest), doubled and
multiplied. Fear Allah, so that you may be successful,. and fear the Fire that has been prepared
for the disbelievers.”(Quran 3:130 & 131)
نِ
ع وُبْ
راي االاف ِ
َّاسنال ِ
الا
وْ
امأ ِ
ِف ا
وُبْ
رايِل ًَبِ
ر نِ
م مُتْياآت اا
ما
و
ا
نوُ
يدِ
رُت ٍ
اةا
ك
ا
ز نِ
م مُتْياآت اا
ما
و َِّ
اّلل ا
د
َِّ
اّلل اهْ
جا
و
ُ
مُ
ه ا
كِئالْ
ُوأاف
ا
نوُ
فِعْ
ض
ُ
امل
“The riba that is practiced to increase some people's wealth, does not
gain anything at Allah. But if people give to charity, seeking Allah’s
pleasure, these are the ones who receive their reward many
fold.”(Quran 30:39)
w a s i e f a s i h @ h o t m a i l . c o m
15
16. Hadith
َف ،ٍ
ةَ
سَّ
دَ
قُ
م ٍ
ضْ
َرأ َ
َلِإ ِ
اينَ
جَ
رْ
خَأَف ، ِ
اينَيََتأ ِْ
يَلُ
جَ
ر َةَلْيَّلال ُ
تَْيأر
ٍ
رَ
هَن ىَلَ
ع اَنْيََتأ َّ
َّتَ
ح اَنْ
قَلَطْنا
ِ
يهِف ٍ
مَ
د ْ
نِ
م
ِ
طَ
سَ
و ىَلَ
عَ
و ،ٌ
مِائَق ٌ
لُ
جَ
ر
َ
َّهالن ِ
ِف يِ
ذَّلا ُ
لُ
جَّ
الر َ
لَبَْقأَف ،ٌ
ةَ
ارَ
جِ
ح ِ
هْيَ
دَي َْ
يَب ٌ
لُ
جَ
ر ِ
رْ
َّهالن
َ
ر َ
جُ
رَْ
َي ْ
نَأ ُ
لُ
جَّ
الر َ
ادَ
َرأ اَ
ذِ
إَف ِ
ر
َِ
ِب ُ
لُ
جَّ
الر ىَ
م
ُ
ثْيَ
ح َُّه
دَ
رَف ِ
يهِف ِ
ِف ٍ
رَ
ج
َ
كُ
عِ
جْ
رَيَف ،ٍ
رَ
جَِ
ِب ِ
يهِف ِ
ِف ىَ
مَ
ر َ
جُ
رْ
خَيِل َاءَ
ج اَ
مَّلُ
كَ
لَ
عَ
جَف ،َ
ناَ
ك
َ
ر يِ
ذَّلا َ
الَ
قَف اَ
ذَ
ه اَ
م ُ
ْتلُ
قَف ،َ
ناَ
كاَ
م
ِ
ِف ُهَتَْيأ
َ
َبِ
الر ُ
لِآك ِ
رَ
َّهالن
"
.
"This night I dreamt that two men came and took me to a Holy land whence we proceeded on
till we reached a river of blood, where a man was standing, and on its bank was standing
another man with stones in his hands. The man in the middle of the river tried to come out,
but the other threw a stone in his mouth and forced him to go back to his original place. So,
whenever he tried to come out, the other man would throw a stone in his mouth and force
him to go back to his former place. I asked, 'Who is this?' I was told, 'The person in the river
was a Riba-eater.“(Sahih al-Bukhari 2085)
w a s i e f a s i h @ h o t m a i l . c o m
16
17. "
ِتاَقِبوُمْال َعْبَّسال واُبِنَتْاج
"
.
َلاَق َّنُه اَم َو ،ِ َّ
اَّلل َلوُس َر اَي واُلاَق
"
َو ،ِ َّ
اَّللِب ُك ِْرالش
ِقَحْالِب َّالِإ ُ َّ
اَّلل َمَّرَح يِتَّال ِ
سْفَّنال ُلْتَق َو ،ُرِْحالس
اَم ُلْكَأ َو ،اَب ِ
الر ُلْكَأ َو ،
،ِيمِتَيْال ِل
ِتَالِفَاغْال ِتَانِمْؤُمْال ِتَانَصْحُمْال ُفْذَق َو ،ِفْحَّالز َم ْوَي يِل َوَّتال َو
"
.
The Prophet said, "Avoid the seven great destructive sins." The companion asked: What are they? "He
said:
"To join others in worship along with allah,
To practice sorcery,
To kill the life which allah has forbidden except for a just cause, (according to islamic law),
To eat up riba
To eat up an orphan's wealth,
To give back to the enemy and fleeing from the battlefield at the time of fighting,
And to accuse, chaste women, who never even think of anything touching chastity and are good believers.
(Sahih al-Bukhari 2766)
Hadith
w a s i e f a s i h @ h o t m a i l . c o m
17
18. ْنَع
، ٍ
رِباَج
َلاَق
َنَعَل
ُلوُس َر
ِ َّ
اَّلل
صلى
هللا
عليه
و
سلم
َلِكآ
اَب ِ
الر
ُهَلِكوُم َو
َك َو
ُهَبِتا
ِهْيَدِهَاش َو
َلاَق َو
ْمُه
اء َوَس
.
Hazrat Jabir Ibn-e-Abdullah has reported the Prophet to have cursed those:
o who charge interest,
o those who pay it,
o those who write documents pertaining thereto,
o those who keep the accounts of such matters
o those who sign as witness.
He said that they are all equal in this crime. (Sahih Muslim 1598)
Hadith
w a s i e f a s i h @ h o t m a i l . c o m
18
20. Verdict of The Shariah Appellate Bench ,The
Supreme Court of Pakistan , 1999
“245. In the light of the detailed discussion above, there is no
difference between different types of loan, so far as the
prohibition of riba is concerned. It also does not make any
difference whether the additional amount stipulated over the
principal loan or debt is small or large. It is, therefore, held that
all the prevailing forms of interest, either in the banking
transactions or in private transactions do fall within the definition
of "riba." Similarly, any interest stipulated in the government
borrowings, acquired from domestic or foreign sources,
is riba and clearly prohibited by the Holy Qur'an.”
w a s i e f a s i h @ h o t m a i l . c o m
20
21. Resolution of International Islamic Fiqh Academy
(IIFA), of the Organization of Islamic Cooperation (OIC)
The Islamic Fiqh Academy established by the Organisation of Islamic Conference (OIC) in its second session held in Jeddah, Saudi Arabia,
during Rabi Thani 10-16, 1410 H (December 22-28, 1985) declared that:
،تأجيله مقابل به الوفاء عن المدين وعجز أجله َّلح الذي الدين على فائدة أو زيادة كل أن
العقد بداية منذ القرض على الفائدة أو الزيادة وكذلك
.
شرعا محرم ربا الصورتان هاتان
.
“Any increase or Benefit on a debt which has matured, in return for an
extension of the maturity date, in case the borrower is unable to pay
and the increase (or the interest) on the loan at the inception of its
agreement; are both forms of Riba which is prohibited under shariah”
(http://www.iifa-aifi.org/1598.html)
w a s i e f a s i h @ h o t m a i l . c o m
21
22. The word ‘maisir’ literally means ‘getting something too easily’ or ‘getting a profit
without working for it’
It means any form of business in which monetary gains come from mere chance
, speculation and conjecture and not from work or real sector business.
Four elements in Qimar;
1. Commutative Contract between two.
2. Everyone puts his money on risk.
3. Uncertainty in conclusion of event.
4. One draws total profit and the other 100% total loss.
w a s i e f a s i h @ h o t m a i l . c o m
22
Qimar/Maysir
23. َْ
اْلَ
و ُ
ابَ
صْنَْ
اْلَ
و ُ
رِ
سْيَ
ْملاَ
و ُ
رْ
مَْ
اخل اََّ
َّنِإ واُنَ
آم َ
ينِ
ذَّلا اَ
هَُّيأ َ
َي
َف ِ
انَطْيَّ
الش ِ
لَ
مَ
ع ْ
نِ
م ٌ
سْ
جِ
ر ُ
م َ
الْ
ز
ُبِنَتْ
اج
ْ
مُ
كَّلَ
عَل ُوه
َ
نوُ
حِلْ
فُت
[
املائدة
:
90
]
“Believers! Intoxicants, games of chance, idolatrous sacrifices at
altars, and divining arrows are all abominations, the handiwork of
Satan. So turn wholly away from it that you may attain to true
success.”
w a s i e f a s i h @ h o t m a i l . c o m
23
Qimar/Maysir in Quran
24. Literal meaning of Gharar is: To Cheat, Deceive, Lure, Entice, Risk, Danger, Hazard.
(Kuwaiti Encyclopedia of Fiqh)
In the Fiqh, Gharar is the element of uncertainty in the basic parts of commutative
contract. i.e. Subject Matter, Price, period, Delivery etc.
Basic conditions of effectiveness of Gharar;
1. Should be found in commutative contract.
2. Should be excessive.
3. Shouldn't found in contracts which are exempted or given relaxation on the basis of
neccessity.
4. Should be found in basis of contract. (Isalatan)
w a s i e f a s i h @ h o t m a i l . c o m
24
Gharar (Uncertanity)
25. •
َ
الَق ،َةَ
رْيَ
رُ
ه ِ
َِبأ ْ
نَ
ع
:
«
ِ
هْيَلَ
ع ُهللا ىَّلَ
ص ِ
هللا ُ
ولُ
سَ
ر ىَ
هَن
ِ
عْيَب ْ
نَ
عَ
و ،ِ
اةَ
صَْ
ْلا ِ
عْيَب ْ
نَ
ع َ
مَّلَ
سَ
و
ِ
رَ
رَغْلا
»
(
صحيح
مسلم
)
Narrated Abu Hurairah, Radiallahu anhu :
"The Messenger of Allah ( ﷺ
) ) prohibited forbade a transaction determined by throwing stones, and
the type which involves some uncertainty.” (Sahih Muslim 1513)
w a s i e f a s i h @ h o t m a i l . c o m
25
Prohibition of Gharar in Hadith
26. Islamic Investment Modes
Trade Based
Modes
Partnership Based
Modes
Rental Based
Modes
Musharaka
(Partnership Profit / loss Sharing )
Mudaraba
( Investment Profit /Sharing)
Murabaha
(Cost Plus Profit Sale)
Musawama
(Bargain sale )
Salam and Istisna
(Manufacturing Contracts)
Ijarah
( Leasing )
Diminishing
Musharaka
( Partnership cum leasing)
Intermediation
Based Modes
Wakalah Bi Al-Istithmar
(Investment Agency)
28. 1. Bank Deposits
Conventional Banks
Fixed Returns
Guaranteed Profit
Based on interest on loan (Riba)
Returns of Saving and fixed accounts are
haram
Islamic Banks
Expected Returns
Profit and loss sharing
Based on Investment (Mudarabah)
Returns of Saving accounts and TDR are
halal
w a s i e f a s i h @ h o t m a i l . c o m
28
30. 3. Price Bond & National Savings Scheme
Public borrowing arrangements
Interest in two ways:
1. Interest with fixed percentage for every bond holder. This is the case in National
Savings Schemes.
2. The second way to give interest is to give a huge amount to some bond holder not to
all of them. This is the case in prize bonds
Al Balagh Academy ( UK). www.albalaghacademy.com
30
31. 4.BONDS
Bonds
Debt Security
Fixed interest rate:
Floating interest rate:
Government Bonds
a debt security loaned by a government , like
Pakistan Investment Bonds, Wapda Bonds,
etc
Corporate Bonds
Corporate Bond is a debt security which is
issued by company and sold to investors to
meet its financial requirements. In Pakistan
this is commonly known as Term Finance
Certificate (TFC).
Sukuk
Sukuk represent aggregate and undivided shares of
ownership in a tangible asset as it relates to a specific
project or a specific investment activity.
An investor in a sukuk, therefore, does not own a debt
obligation owed by the bond issuer, but instead owns a
piece of the asset that's linked to the investment.
This means that sukuk holders, unlike bond holders,
receive a portion of the earnings generated by the
associated asset.
Govt Sukuk , like GOP Ijarah Sukuk ( Viia IPS Account)
Corporate Sukuk , like ENGRO. POLYMER & C
HEMICALS LIMITED - SUKUK CERTIFICATES (PSX)
Al Balagh Academy ( UK). www.albalaghacademy.com
31
33. Shariah Screening Criteria
(For Equity Securities)
Criteria # 1: Business of the Investee Company must be halal.
Criteria # 2: Interest Bearing Debt < 37% of Total Assets
Criteria # 3: Non-Shariah Compliant Investments < 33% of
Total Assets
Criteria # 4: Non-Compliant Income < 5% of Total Revenue
Criteria # 5: Illiquid Assets/Total Assets > 0.25 or 25%
Criteria # 6: Market price/Share > Net Liquid Assets/Share
w a s i e f a s i h @ h o t m a i l . c o m
33
35. It was narrated that Hakim bin
Hizam said: "I asked the Prophet "O
Messenger of Allah, a man may
come to me and ask me to sell him
something that I do not have. Can I
sell it to him then go and buy it from
the market?' He said: 'Do not sell
what you do not have.''‘ (Sunan an-
Nasa'i 4613)
•Shares can be sold after taking
possession (t+2) on a known
rate only
•Day trading, short sale
Forward sale, future sale are
not allowed in islam.
w a s i e f a s i h @ h o t m a i l . c o m
35
36. Existence,
Ownership &
Possession
Construction order can be taken
before existence
File of plot can be sold after
proper Identification of plot
Flat or portion can be sold after
taking possession only
w a s i e f a s i h @ h o t m a i l . c o m
36
37. w a s i e f a s i h @ h o t m a i l . c o m
37