Discourses on Islamic Finance And Economics

Summary of lesson#1:

Discourses on Islamic Finance*


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Alhamdulillah, Hadhrat Mufti Ebrahim Desai Saheb Hafidhahullah officially commenced the chapter of Economics of Bukhari Shareef*on Monday*night. The program was very well attended. There were people from all around Durban and other surrounding towns as well. The audience were attentive and many were taking notes.
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Mufti Saheb commenced the chapter by explaining the importance of doing business. He stated that economic strength and political strength are competing powers. He cited the example of the present political campaign in the US.
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Mufti Saheb than presented some inspiring incidents of Imam Bukhari's financial dealings and his taqwa in such issues.
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The first verse of the chapter of economics is on the prohibition of interest. In order to understand the depth of the verse, Mufti Saheb posed about seven thought provoking questions related to interest:


1.*** What is the position of a deposit in a bank? Is it a loan or is it an amanah? He explained the reason for the difference.

2.*** Is it permissible to be an agent to arrange loans and receive commission?

3.*** Is it permissible to use interest on deposits in the attorneys trust account for transfer duty?

4.*** The concept of Hire Purchase

5.*** Use of the paying terminal and swiping of credit cards.


Mufti Saheb then explained a brief history on interest and explained how Abbas' (RadhiyAllahu Anhu) interest of 44kg of gold (approx. R22m) was forfeited. Also take into consideration the inflation rate of 1500 years. What a huge amount!
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Lastly, Mufti Saheb presented some inspiring ashar of our akabireen on greed of this world and the need to change our attitude.


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*The Media Dept. of the Darul Iftaa Mahmudiyyah

لا تنسونا من صالح دعائكم

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