“Running Musharakah” is a weird ‘partnership’ scheme conjectured by Hadhrat Mufti Taqi to promote the interests of the capitalist banks. It is a scheme which has no relationship with any kind of valid Shar’i Shirkat mode.
In the “running musharakah” scheme the account-holders who are deceptively proclaimed the ‘partners’ in business ventures, are paid pure, unadulterated interest (riba) in the guise of ‘profit’. Interest is imagined to be profit, and with this imaginary ‘profit’ theory the depositors are duped into believing that the gains they are receiving are halaal profit when in reality it is nothing but interest.
There is no bank, even if it happens to be Muslim-owned, geared for Shariah-compliant business products. The so-called Islamic banks and kuffaar capitalist banks offering ‘islamic’ accounts, are all agents of Shaitaan. They bamboozle the unsuspecting and ignorant Muslim public with Islamic terminology and ‘halaal’ certificates issued by the ‘Scholars for Dollars’ who man the corrupt so-called ‘shariah boards’ of the banks. They operate in exactly the same way as the Carrion-Halaalizing bodies such as SANHA and the MJC. Whilst the latter miserable specimens of humanity halaalize carrion, the miserable shariah board employees of the banks and the Scholars for Dollars halaalize interest (riba).
This booklet consists of two parts. Part one is Mufti Taqi’s article outlining his baatil “running musharakah” idea. Part two is our Refutation of the riba-halaalizing “running musharakah” scheme.
Was-salaam[Maulana A S Desai]
Mujlisul Ulama of S.A. 12 Safar 1435 / 16 December 2013