Undoubtedly, Hadhrat Mufti Taqi Uthmaani Sahib has rendered the Deen a great disservice with his extremely liberal and unsubstantiated views of Islamic Finance. Many senior Ulama in Pakistan are in sharp disagreement with Hadhrat Mufti Taqi’s opinions which are calculated to serve the needs of the capitalist banks, not the needs of the Ummah, nor do his opinions guard the Shariah in any way whatsoever. In fact, the contrary is the truth.
We cite here some excerpts from a booklet written by Hadhrat Mufti Habeebullah, Shaikhul Hadith of Jaamiyyah Islaamiyyah, Karachi, Pakistan. The booklet is in refutation of Hadhrat Mufti Taqi Uthmaani’s variegated views of ‘Islamic Finance’, which are in sharp conflict with the Shariah.
* “…..Mufti Taqi Sahib has, furthermore, attempted by the addition of the word jadeed (modern), to present the capitalist system in the hues of the Shariah.”
* “Prior to this attempt, Mufti Taqi Sahib had issued a fatwa to enable the government to claim Zakaat from the banks. However, the Authorities of Fatwa and Knowledge (i.e. the Ulama-e-Haqq), had rejected this fatwa…”
* “…..On 24th Rajab 1415 (28-09-1994) at a conference of Muftis convened at Darul Uloom Karachi, Hadhrat Mufti Sahib had abortively attempted to legalize bank interest on the basis of Faasid Ta’weelaat (Corrupt Interpretations). The Muftis, hearing the flimsy interpretations of Mufti Taqi Sahib, were bewildered and aghast. We have to congratulate Mufti Abdus Sattaar, Chief of Daarul Ifta, Khairul Madaaris of Multan who rejected these interpretations. In the evening this conferences ended without legalizing interest.”
* “This concept (i.e. the limited liability idea which absolves the debtors) does not have the slightest affinity with Islam. None of the analogies presented by Mufti Taqi Sahib has any relationship with this concept. Inspite of this, he (Mufti Taqi) has made an ardent effort to defend the capitalists…..”
* “Mufti Taqi Sahib’s motive underlying this statement is the defence of the capitalists.”
* “The basis for this claim is nothing but a fabricated terminology.” (i.e. Fabricated by Mufti Taqi Sahib).
* “In the process he (i.e. Mufti Taqi Sahib) has deemed that all people are ignoramuses who will swallow this fabrication of the company being a legal person.”
* “For the Sake of Allah Ta’ala, do not fabricate terminologies to ruin the people (of Islam). Inform them unequivocally that the transactions of the stock exchange are improper (i.e. not permissible).”
* “You (i.e. Mufti Taqi Sahib) have made the innovation of terminologies the basis in your (capitalist) conception.”
* “You (Mufti Taqi Sahib) had presented interpretations for legalizing bank interest…….these interpretations were rebuffed (by the Muftis of Pakistan). You thus did not attain the aim for which you had invited the honourable Muftis.”
* “This in fact is your fabricated terminology which you (Mufti Taqi) have invented for the protection of the capitalists.”
* “You answer the objections of the Ulama to which you have conceded, by the repeated presentation of your fabricated terminology that a company is a legal person.”
* “Hadhrat Mufti Sahib! There is no scope in Islam for this type of idea, for fabricating theories and swallowing debt, then to give Shar’i protection to those who devour the debts.”
* “Every ta’weel (interpretation) of Mufti Taqi Sahib is unprincipled.”
* “Maulana Mufti Abdus Sattaar of Multan has correctly said that your every interpretation is beyond comprehension.” – (In fact, some of Mufti Taqi’s interpretations are Islamically bizarre. – Mujlisul Ulama)
* “Mufti Sahib! The truth is that irrespective of all the manoeuvring, the ultimate conclusion is that trading (on the stock exchange) is the trade of papers (documents) – the share certificates. It is never the trade of tangible assets.”
* “It is thus clear that this (trade on the stock exchange) is a fabricated artificial trade which you have proclaimed lawful.”
* “In the attempt to seek support from the statement of Hadhrat Maulana Ashraf Ali Thanvi (rahmatullah alayh), Mufti Taqi Sahib has bumped himself… You have therefore erroneously sought to take support from Hadhrat Thanvi’s statement.”
* “The imposition of monetary fines/penalties is zulm according to the Shariah. There is no basis for it in the Shariah.”
* “What is the basis for this opinion (i.e. permissibility of the riba penalty on late payments)? Among the Akaabireen, whose view is it? Bring forth your proof if indeed you are truthful.”
* “There is no Mustadal (Basis of Deduction) for this (penalty) opinion, and, Insha’Allah Ta’ala, there will be no basis forthcoming for it.”
* “We, therefore have no need to mutilate the Ahkaam (Laws of the Shariah) for the sake of the capitalists.”
* “Whatever monetary penalties have been imposed on people, should be returned to them.”
(Excerpts from Ar-Raddul Fiqhi Alaa Justice Mufti Muhammad Taqi Uthmaani – A Juridical Rebuttal Against Justice Mufti Muhammad Taqi Uthmaani)
Hadhrat Maulana Mufti Habeebullah, the author of Ar- Raddul Fiqhi Alaa Justice Mufti Muhammad Taqi Uthmaani, is the Shaikhul Hadith of Jaamiyyah Islaamiyyah, Karachi, Pakistan. He is also Ra-eesut Takhassus of this Institution.
His concise treatise is a rebuttal of Mufti Taqi Sahib’s theories which are designed to give Shar’i protection to the baseless and baatil economic concepts of the capitalists.
This book has been translated from the Urdu into English, and is available from the Mujlisul Ulama of S.A., P. O. Box 3393, Port Elizabeth 6056.