We sunni's in large don't get the correct guidance or support from our sunni community, it's our fault also we don't support for cause some sunni who don't care about aqida Or other religious matters incline towards tableegi,salafi,jamtis social works and blind follow them. We must create some portal which guides youth how to earn halal income by online,offline, etc Brothers who are successful in your business and life please help( it's not about money it's about guidence by online) our sunni brothers... We must stand up for our community
brother, do you have more info on this? as far as i know, and i may be wrong, but this is geared more towards small businesses or self employed people. does it include modern financial products and instruments used by banks and stock markets, and other contemporary topics in complex contracts, like mergers, acquisitions, intellectual property rights on product designs and software codes etc., trademarks, royalties, etc.? Muslims in general and Sunnis specially need a comprehensive fiqh manual for modern day finance and trading, for both Muslim countries, as well as western nations. or maybe i'm just over thinking and making things complicated. Allahu a3lam.
BTW Dawateislami has started Tijarat course in guidance by Mufti Ali Asgar and many batches have been trained in modern contemporary financial management and issues. Would be great to catch up with them.
to anyone who is serious on this topic, my advice would be to 1) study modern secular finance - products, instruments, procedures, etc. - from the western course 2) get a good grasp of the topics that you want to specialize in 3) in parallel - stay in touch with qualified dal al-ifta's of the Muslim world and keep asking for fatawa, rulings, advices etc., on anything that piques your interest. also keep asking them for an Islamic alternative to any products/procedures that are not halal - for example short selling, or options trading - can they be done as per the modern stock market procedures? if yes, where? only with kafirs in NYSE or something? or with Muslims as well in Muslim countries? this job of consulting ulama can be done after the completion of the secular course as well, but life and family commitments won't let you do it easily, and it will take you a lot of time to build a repository of information. it's best to keep in touch with ulama and keep consulting and clearing doubts and building your libraries in parallel - one with secular financial information; one with Islamic rulings on them and/or substitutes and/or hiyal for them you will only get the secular degree, yes. and you may or may not get an ijazah from the Muslim shuyukh or dar al-ifta's, especially if you've been consulting multiple different scholars and dar al-ifta's for solitary queries BUT eventually you will be super qualified, and would have learnt fiqh and finance in depth, through the best way possible - case studies, which is always in-depth and content focused and thoroughly retainable, as opposed to course-based which is only geared towards passing exams. furthermore, this knowledge gained from Muslim ulama can be used to easily commence a thesis or research based masters or doctorate program in Islamic universities in Muslim countries. if we're really lucky, our ulama can come up with a structured, diploma/qualification granting course or ijazah on the fiqh of modern business and finance, maybe even a partial mufti certification - mufti of financial matters nonetheless, even if you do not get an ijazah or a title of hujjatul Islam, your Islamic knowledge and expertise certainly will catch up with you (very fruitfully) both in professional life as well as personal. anyone of us in the working world knows that most experts in some field are those who are the most hands on with real life cases, not the ones with degrees and diplomas hanging on their walls. DO NOT run after Islamic disciplines in western campuses. they will push you towards ilhad. it's not funny. in fact, even in Muslim countries, universities are the breeding grounds for liberalism and ilhad and they too should be thoroughly investigated before pursuing a course in Islamic disciplines. Allah knows best
There are some UK based credible Universities that offer quite an in-depth study of Islamic finance. I would recommend some Muslims who are interested In the field to attend. University will, of course differ in what their course offers. But broadly it'll be same all over. You will study the islamic guidelines, legal frameworks, philosophy of Islamic finance, Islamic values and ideals etcetera. I dont know how qualified the professors or tutors may be, but definitely something that shouldnt be dismissed. Let me know, if anyone has any further comments.
Isn't it a good idea to hire a mufti and compensate them for their time spent on behalf of the organisation? After completing the Tijarat course, one can read a few books on the subject, such as those recommended by brother غلام رسول and then approach the mufti whenever a new issue comes up.
There are many conditions to trading one item for another. A Mufti is required for the establishment of an Islamic bank, no matter how small.
It would depend on the nature of the agreement, such as if the gold is to be returned as gold or as its monetary value. I would advise seeking clarity on such points from a Mufti.
What to do if one fails to repay the money... If example let take example gold mortgage. If we take gold from someone with present market value after after one year he is unble to pay, gold value also comes down what should one do.
Further explanation on methods of avoiding interest: https://alahazrat.net/articles/qanoon-e-shariat/the-interest-usury-sood-or-ribah/
From pg.23 onwards, some methods of avoiding interest are mentioned: https://ridawipress.org/wp-content/uploads/prospects.pdf
I came across some books which explains islamic banking system but it doesn't clearly give guidelines how to create with small scale. I am waiting for our learned brothers on this forum can guide but it seems like no one is interested in this topic.
It's a fantastic idea to pool resources together and create an Islamic bank for a small community. I'm interested in learning more about how we can make this happen!
Question 1. Can we make banking system with 10-20 members 2. How to arrange funds 3. If we arrange funds then investor wants profit how can we provide profit for them 4. Lending money, with what surety can we lend money to certain person. 5. How to recover that money if someone is unable to pay 6. Most of the Muslims are having life insurance- what alternate we can provide to them. 7. How to manage expenses. Many questions I have but want initiate first step in this Insha Allah Lots muslim businessmens have paying lots of interest to banks, losts homes are got auctioned because of debts which they can't pay.. Can't we start with simple steps which provide us best results
Assalamu alaikum. Brothers I want a clear and specific guidelines for islamic banking system which can be started with jamath levels I know we can't build islamic banks now a days so easily but Insha Allah I want to start with my home my friend level and jamath level. I have some questions regarding how to start and how to share the benefits for the members of the bank how can we benefit investor who wants invest but wants his money in safe. Please any brother who clear picture of banking guide me on this...
