Islamic Finance – A “Blessing” “In Disguise” (2)

This post is a continuation of our earlier article on Islamic finance.

During previous couple of weeks I had an opportunity to read 2 books of the proponents of interest or more specifically Riba (having soft corners for Riba) and single available book against Riba named “Sood”. Unfortunately no other writer ever tried to present anything against Riba. The reason is obvious; no other person has so moral courage to write anything against the biggest economic evil as if they feel that they are not answerable before the Almighty Allah for their actions, deeds and expressions.

I can also suggest all Muslims that at least for the sake of name, and prove their respect for Islam they should now divert their deposits from non Islamic banks to the Islamic Banks. Maybe they will get amnesty by saying that as far as we understood people like Taqi Usmani influenced us by exhorting that “look man here is Islam because its name is Islam” and we use the word of Islam for each of its products-Others may be Muslims or non Muslims but we are pure Muslims, so come to us with confidence and don’t be skeptic.” This is a proposition which cannot hold good but the ignorant Muslims are doing lesser sin so they have an excuse, they might be pardoned.


We can be sure they will not insist on “Islamic products” offered by Islamic windows of non Islamic banks and will surely divert their savings to Mr.Taqi Usmani’s model of Islamic banks; because according to Ulemas of Islam, Islamic banks are 100% Islamic and other banks are logically Non-Islamic because when a banker says we are Islamic as we carry the flag of Islam and those who do not carry this slogan are not Islamic because in his opinion such banks are conventional, which means and understood to be involved in Riba, by a common Muslim and carrying the clear and open view and convention of capitalistic economy about interest (Riba). But here we observe that the presence of Islamic Banks has no bearing on the health and growth of such conventional banks and why not there is total transfer of deposits from conventional banks to Islamic finance. The reason is obvious; nobody dares or has the moral courage to declare the conventional banks as Non-Islamic. Mr. Taqi Usmani has done a marvelous task with untiring endeavor but with due regard he has failed in his aim of Islamizing the interest. Maybe his objective is something else. He has written his book in English but sorry to say that he has not quoted anything from the Holy Book Quran or the Rules set out in the rules which is called Hadith in Islam, rather he has found his way in Fiqah which is meant to apply the Islamic principles to coincide and meet the requirements of every different era, say every century, which means that fiqah is a research study made with pure Islamic belief within the boundaries of Quran and Sunnah and cannot add anything to or deviate from any of such principles.

In fact these principles are universal as to time and place and our religion Islam teaches us to hold it with firm belief consistently and nobody can ever change these principles except Allah and He has made the religion perfect, complete in all respects and He is not going to change anything out of it ever, and now after his last prophet Muhammad p.b.u.h., no other prophet will be sent and finally He has Himself ensured us that He will protect His final revelation the Holy Book Quran till the end of this world. So if any Fiqah is got to be understood one has to go to the Original place, the Quran, then to see the Hadith for understanding the rules set out in consonance with Quranic jurisprudence and only then afterwards one can go  to fiqah and match with the principles laid down by Quran and Sunah with  firm belief that Allah is very kind to mankind and has provided every thing that a truth lover man needs to come to the path of righteousness the Sirat-ul-Mustaqeem which is the objective of every Muslim. Since the fiqah is a research study so without the firm belief on Quraan if one goes directly to form his belief and adopts that human research work, even if it is totally contradictory or deadly against Quraan he will be doing a blunder which is not excusable. It creates distortion of belief among the muslims and becomes a source to make sects or Firqas as is apparent and obvious. There is always a priority, the first and on the top of everything is Quraan, then Ahadith-e-Nabavi, then fiqah, then history, then information then news and concocted and fabricated stories which are widely spread to create fatal differences among muslims The irony is that we jump directly to the last priority and spoil our belief. The result was that firqas emerged as can be observed. We muslims should carry the slogan “United we stand, divided we fall”.

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