1 / 13

The Case for Islamic Microfinance under Shariah Presented at Global Islamic Microfinance Forum in Dubai Presented on

The Case for Islamic Microfinance under Shariah Presented at Global Islamic Microfinance Forum in Dubai Presented on 08 December, 2012 By Mufti Aziz Ur Rehman Manager Shariah, Mawarid Finance, Dubai. Outline. Poverty and Islam Islam and Faqeir

geri
Télécharger la présentation

The Case for Islamic Microfinance under Shariah Presented at Global Islamic Microfinance Forum in Dubai Presented on

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Case for Islamic Microfinance under Shariah Presented at Global Islamic Microfinance Forum in Dubai Presented on 08 December, 2012 By Mufti Aziz Ur Rehman Manager Shariah, Mawarid Finance, Dubai

  2. Outline Poverty and Islam Islam and Faqeir Treatment of Incapable of Earning in Islam Treatment of Financially Distressed in Islam Treatment of Capable of Earning in Islam Recommendations Final Word Mufti Aziz Ur Rehman

  3. Poverty and Islam Poverty in Islam:- Qura’an & Sunnah Financial Classification of Society Rich (Ghani) and Poor (Faqeir) >>> Why?? Where can Poverty lead the poor to? And do not kill your children out of poverty And do not kill your children for fear of poverty. Concept of wealth in Islam / Qura’an GhaniShakir and Faqeir Sabir AsharaMubashshara >>>> 6/10 Mufti Aziz Ur Rehman

  4. Islam and Faqeir Islam treats Faqeir according to his need and extent of poverty Faqeir is subjected to. Faqeir may be individual or a family. Three types of Faqeir; Incapable of Earning(عاجز) Financially Distressed (كارثة مالية) Capable of Earning(قويـًا مكتسبًا) Mufti Aziz Ur Rehman

  5. Treatment of Incapable of Earning in Islam Incapable of Earning (عاجز) Compensated / remitted from Zakat fund If not sufficient; from Sadaqat and then Support from Baitul Mal (Islamic treasury) A Social Security System of Islam Omar Bin Abdul Aziz and the victorious commander Khalid Bin Waleid.Hairah Mufti Aziz Ur Rehman

  6. Treatment of Financially Distressed in Islam Financially Distressed (كارثة مالية) Support and provision of funds to meet one’s needs enabling the distress to be eased. Freeing captives or slaves, those in debt and to pay Diyyat money etc. Imam Abu Yousuf RA said; يدفع للعاجز عن زراعة أرضه الخراجية لفقره كفايته من بيت المال قرضا ليعمل و سيتغل أرضه (ابن عابدين) Mufti Aziz Ur Rehman

  7. Other Solutions for Incapable of earning and Financially Distressed Kaffarat >>>> Yamin, Dhehar, Iftar FidyaSadaqatFitr Nozoor Hadye Udhiya Aqeeqa Khums Fay’a Kharaj and Jizyah Darayeb and Others Mufti Aziz Ur Rehman

  8. Treatment of Capable of Earning in Islam The real focus of Islamic microfinance; Capable of Earning(قويـًا مكتسبًا) The Holy Qura’an says; فإِذَا قُضِيَتِ الصَّلَاةُ فَانتَشِرُوا فِي الْأَرْضِ وَابْتَغُوا مِن فَضْلِ اللَّـهِ And when the prayer has been concluded, disperse within the land and seek from the bounty of Allah, اللَّـهُ الَّذِي سَخَّرَ لَكُمُ الْبَحْرَ لِتَجْرِيَ الْفُلْكُ فِيهِ بِأَمْرِهِ وَلِتَبْتَغُوا مِن فَضْلِهِ It is Allah who subjected to you the sea so that ships may sail upon it by His command and that you may seek of His bounty;. Mufti Aziz Ur Rehman

  9. Treatment of Capable of Earning in Islam Prophet Mohammad SAW says; كَمَا يَرْزُقُ الطَّيْرَ تَغْدُو خِمَاصًا وَتَرُوحُبِطَانًا In this Hadith Prophet SAW mentioned two words; اي سعيا و حركة Striving and Movement ما أكل أحد طعاماً قط خيراً من أن يأكُل من عمل يديه the best food is what gained from hand crafts. Mufti Aziz Ur Rehman

  10. Why not Support ‘Capable of Earning’ from Zakat / Sadaqaat? على أن تأجرني ثماني حجج on [the condition] that you serve me for eight years; Why ? Because he was قوي أمين Prophet SAW encouraged work / crafts. He said; الكاسب حبيب الله and said اليد العليا خير من اليد السفلى “a giving hand is better than a taking one” Prophet SAW said, لا تحل الصدقة لغني و لا لذي مِرّةٍ سوِيٍّ اي القوي سليم الأعضاء “Do not solve the charity to rich one and strong intact” Mufti Aziz Ur Rehman

  11. Recommendations Are begging, being dependant on charity and / or being under debts supported and encouraged: NO We MUST avoid the following; Making poor habitual of begging Profiting at the expense of poor being exploited Tackling of poverty by QardHasan/Murabaha alone (a limited use is fine) Tackling of poverty through charitable act alone Mufti Aziz Ur Rehman

  12. Recommendations Qura’an said; اِلا أن تكون تجارة عن تراض منكم; And فامشوا في مناكبها و كلوا من رزقه And أي الكسب افضل؟ قال عمل الرجل بيده و كل بيع مبرور. و قال فيعمل بيده فينفع نفسهو يتصدق. Donations/ QardHasan / Charities are not permanent, Trading is medium and long term. Combine Ebadat and Trade (Reward + Profit) In Waqf, best os to adopt to Ijarah model Salam, Istisna’a, Musharaka, Mudaraba etc. Mufti Aziz Ur Rehman

  13. Final Word As repeatedly mentioned in such gathering: ‘If you give a man a fish you feed him for one day’ But ‘if you teach him how to fish you feed him for a life time’. A short story: Fix the meaning of KYC >>> Know your customer KYC >>> Kill your customer Mufti Aziz Ur Rehman

More Related