Islamic Finance – Refutation of Baatil Concepts of Capitalism Dubbed ‘Islamic’

←Back to Section on Mufti Taqi Saheb’s Serious Error on “Islamic” Banking


Durban secular lawyer, Mr. Shoaib Omar, a selfappointed ‘authority’ of ‘Islamic Finance’ has written a brochure on a subject which he terms, Contemporary Issues in Islamic Banking & Finance. The greater part of the 50 page brochure consists of baatil drivel. The opinions of this layman are basically granules of regurgitation from some books of Hadhrat Mufti Taqi Uthmaani Sahib who has, sad to say, abdicated from the high pedestal of Shar’i Uloom he once occupied.

In the endeavour to find an Islamic basis for the fallacious concepts of the riba, neo-capitalist so-called ‘Islamic’ banks, the venerable Mufti Taqi Sahib has mutilated many Ahkaam of the Shariah by faasid ta’weel. From the conglomeration of convoluted opinions contained in Mufti Taqi’s book, An Introduction To Islamic Finance, the modernist lawyer, Mr. Omar, has extracted ideas and views which he attempts to present as inviolable principles and teachings of the Shariah.

Being a layman, unacquainted with the juridical ramifications, intricacies and operation of the principles of Fiqah, Mr. Omar has succeeded in only making a ludicrous display of his ignorance of the Shariah. He seeks to hoist the notion of him being in the galaxy of the illustrious Fuqaha, and even Aimmah-e-Mujtahideen. Like a fool he believes that he possesses the qualifications for weighing, sifting, dissecting, selecting and determining which of the views of the Aimmah-e- Mujtahideen and the Fuqaha in general are Raajih and Marjooh.

In the compound jahaalat in which he wallows, nay sinks by degrees, his oblique intellectual vision stemming from lack of proper Deeni Uloom, crass Ujub, and lack of dread for the dire warnings of Rasulullah (sallallahu alayhi wasallam) to the juhhaal who dive and dabble in the deep waters of Revealed Knowledge with their sapling ‘courage’, discerns from behind the haze spawned by his inept and deficient research of the kutub of the different Math-habs that his puerile and baatil ‘fatwas’ based on truncated juzwi masaa-il (detail rules or particulars) as opposed to Usool (Principles), are invested with the authority and sanctity with which the Rulings of the illustrious Fuqaha are divinely predicated.

For those who discharge noxious intellectual effluent in the form of stupid ‘fatwas’, in consequence of the machinations of their stercoraceous mentality inherited from years of indoctrination of kuffaar secular institutions, Rasulullah (sallallahu alayhi wasallam) has sounded an adequate threat:

“Whoever speaks about the Qur’aan with his opinion, should prepare his abode in the Fire (of Jahannum).”

Every mas’alah of the sacred Shariah is the product of a Divine Process of efflorescence of the Fountain of Uloom gushing forth from the Qur’aan. It is the flower of Divine Knowledge which is the preserve exclusively of those illustrious Souls and Giants of Islamic Knowledge whom the Ummah has designated the Aimmah-e-Mujtahideen and the Fuqaha. It is not a shallow stream of placid water in which kindergarten kids of Mr. Omar’s ilk can romp and splash.

When Imaam-e-A’zam, Imaam Abu Hanifah (rahmatullah alayh), the greatest of the Aimmah-e-Mujtahideen of this Ummah after the Aimmah and Fuqaha of the Sahaabah, sought the counsel of his noble Student, Imaam Abu Yusuf (rahmatullah alayh) on the issue of accepting or rejecting the post of Chief Qaadhi which the Khalifah Haarun Ar-Rashid had ordered the Great Imaam to accept, the illustrious Student responded:

“The Ocean is deep and turbulent. But the Ship (which is earmarked to undertake the voyage) is powerful, and the Pilot is an Expert par excellence.”

In the context of Imaam Abu Yusuf’s response and advice to Imaam Abu Hanifah (rahmatullah alayh), the Ocean represents the sacred and razor-sharp Path of Qadha’ (the Post of the Chief Qaadhi); The Ship refers to the sacred Knowledge of the Qur’aan and Sunnah, and the Expert is Imaam Abu Hanifah. When the noble Student offered this sagacious and deserving praise in the form of counsel to his Ustaadh, Imaam Abu Hanifah (rahmatullah alayh), the latter glared with a gaze of Wrath at Imaam Abu Yusuf (rahmatullah alayh), and dismissed him from his august presence.

But in this age of Jahaalah and audacity, cranks and quacks of all varieties, solemnly believe themselves to possess the highest qualifications and expertise to swim in and cross the bottomless Ocean of Qur’aanic Knowledge at its most turbulent junctures, in a way in which even Imaam Abu Hanifah (rahmatullah alayh) could not achieve. Therefore, the chancer and the freelancer who dabble in the Masaa-il related to the Qur’aan, are voicing their unqualified opinions in the domain of Qur’aanic Knowledge. And for this, they possess neither expertise nor right.

Mr. Omar’s dastardly habit of flitting from one Math-hab to another in his inordinate craving for the acquisition of the flimsiest basis to bolster his ramshackle structures of opinions and alternatives for the provision of a license to the crowd of neo-capitalist bankers, sufficiently displays his inadequacy and ineptitude in the branches of Shar’i Uloom. His salvation in this world and in the Aakhirah will be assured if he can understand the wisdom of clamming his lips, never dreaming of cleaving them – i.e. shutting up – maintaining silence and not trundle into a domain into which even the Muqarrab Angels (Jibraeel, Israafeel, Mikaaeel, Israaeel and the 8 Bearers of the Divine Throne) fear to tread – the Domain in which only the elite Fuqaha could swim and emerge safely, albeit at times severely scathed by the ravages of the turbulence in the Ocean of Uloom into which they were cast by Allah Azza Wa Jal, not by their volitional choice or desire.

Hadhrat Imaam Maalik (rahmatullah alayh), for whose Mathhab, Mr. Omar has a selected penchant when the mas’alah superficially appears to offer a straw of support, said that the sign of a true Aalim is that he flees from society. He does not intrude his head with desire into the domain of Ilm. On the contrary, he is constrained by a juxtaposition of circumstances divinely enacted to anchor him in the Ummah which he reluctantly serves in the capacity ordained for him by Allah Ta’ala – in the capacity of a true Waarith (Representative/Heir) of the Nabi (sallallahu alayhi wasallam).

The deceptive alternatives which Mr. Omar proffers as solutions or rather untenable stratagems as outward cover with Shar’i hues for the Riba dealings of Muslim capitalists, lack validity in terms of all Math-habs due to the patchwork ‘fatwas’ structured on bits and pieces taken from different Math-habs in exercises of invalid Talfeeq which no Math-hab condones.

For example, he presents the baatil theory of the permissibility of riba on late payments of instalments by the debtor, on a convoluted basis by a corrupt interpretation of the incumbency of certain forms of self-imposed vows in terms of the Maaliki Math-hab. While he pats himself on the back in the silly understanding of having achieved an accomplishment, he remains blissfully ignorant of the Maaliki Math-hab’s ruling on the very mas’alah of interest on late payments for which he extracted ‘permissibility’ supposedly on evidence from the Maaliki Math-hab. The Maaliki Ruling is given at the end of this treatise.

Another example of Mr. Omar’s mental convolution is the laborious attempt to legalize the haraam transaction known as Bay-ul-Wafa’. In his argument for legalization of this haraam stratagem, Mr. Omar abortively presents the Maaliki mas’alah of the legal incumbency and enforceability of self-imposed promises and vows, which he utilizes as a basis for his miscarriage of ‘permissibility’ which he suffered. But, he manifests shocking ignorance of the categoric ruling of the Maaliki Math-hab on this very same transaction which he seeks to legalize in terms of an unrelated Maaliki mas’alah.

Thus, while he blindly claims permissibility of Bay-ul-Wafa’ on a fictitious basis which he attributes to the Maaliki Fuqaha, he is unaware that the Maaliki Math-hab unequivocally says about this transaction:

“Ibn Salmoon (a Maaliki Jurist) said that Ibnul Ghafoor said that it has been stated (by the Maaliki Fuqaha) that Bay-uth Thanaya (the Maaliki term for Bay-ul-Wafa’) is Faasid (corrupt/invalid) and perpetually mardood (rejected) because, verily, it is haraam and muharram. It is a gateway from among the gateways of Riba.” And this is the Math-hab of Imaam Maalik and Ibnul Qaasim…..” (Fathul Alil Maalik, Vol.1)

In a similar devious fashion, he projects his ignorance of the intricacies of the principles of Fiqah when he tries to laboriously extract evidence from the Works of the Fuqaha for the baatil practices of the neo-capitalist Muslim banks from particular masaa-il (Furu-aat) of the other Math-habs. When he stumbles on any particular in the Hambali Math-hab, for example, which he thinks will serve as a basis/proof for his fallacy, his invariable hackneyed expression is:

“The great Hanbali jurist, Ibn Qudama states….”

But then he cites the great Ibn Qudaamah partially, omitting the context and shying away from the conclusion which the great Ibn Qudaamah states. And, when the view of the great Ibn Qudaamah is in refutation of his opinion, then Mr. Omar is ominously silent about what the “great and distinguished Hambali jurist Ibn Qudama” has to say on the score.

Mr. Omar, with his outworn clichés which he confers to a jurist of a Math-hab only when he feels comfortable with a specific view propounded by the jurist, will cite him in a style to convey that he (i.e. Mr. Omar) is an authority of the Math-hab on par with the ‘great’ Ibn Qudamah when in reality the smattering of tit bits he has managed to acquire from Mufti Taqi’s book on “Islamic Finance” and some “unpublished works” of Mufti Taqi Sahib, constitute the ultimate limit of his ‘knowledge’, ‘authority’ and ‘ijtihad’. In the words of the Qur’aan Majeed:

“This is the limit of their knowledge. Verily your Rabb knows best the one who has deviated from His path, and He knows best the one who has gained guidance.” (Surah Najam)

Also in Surah Najam, is a message for Mr. Omar and others of his ilk:

“(They dabble in it) without having any knowledge. They follow nothing but conjecture. And, most certainly, conjecture is bereft of substance in (the face) of the Haqq.”

In these pages of our Refutation – Islamic Finance? Refutation of the Baatil Concepts of Capitalism, we have denuded the falsehood peddled by Mr. Omar in the name of the Maaliki Math-hab in particular, and the other Math-habs in general. The endeavour of our treatise is in compliance with our obligation of Amr Bil Ma’roof Nahy Anil Munkar, among whose variegated aims and objects is the defence of the Immutable Shariah against the predations and mutilations of the deviates, modernists and liberals.

In conclusion, some advice may benefit Mr. Omar. Zakaat, everyone knows, purifies wealth from the accretion of the contamination of haraam which unintentionally finds its way into a man’s wealth during the course of the year. Payment of Zakaat eliminates this pollution. Everything has its own form of Zakaat, the discharge of which is incumbent for achieving purification from spiritual and moral contamination, and to ensure the correct and healthy functioning of the Ni’mat which Allah Ta’ala has bestowed to us.

Among the wonderful bounties of Allah Ta’ala is man’s Aql (Intelligence). It is imperative to pay the Zakaat of Aql as well. If the Zakaat of Aql is not discharged, the spiritual contamination of Ujub (vanity), takabbur (pride) and riya (ostentation) will constrain the Aql to operate beyond its divinely demarcated and balanced confines. Then Aql with its aberrant excesses becomes the handmaid of Iblees. Hadhrat Fudhail Bin Iyaadh (rahmatullah alayh) said:

“The Zakaat of Aql is Toolul Huzn.”

Toolul Huzn is Enduring Grief/Sorrow in the heart of the Mu’min brought about by lapses, deficiencies, sins and transgression, among the worst of which is the dabbling of the inept novice in the domain of Shar’i Uloom.

“But (in reality) We (Allah) strike baatil with the Haqq. Then it (Haqq) smashes out its (baatil’s) brains. Then suddenly it vanishes.” (Qur’aan)

May the Peace of Allah settle on those who follow guidance.

[Maulana A S Desai]

Mujlisul Ulama of South Africa Zil-Qadh 1426 December 2005


Islamic Finance – Part One

Islamic Finance – Part Two

Islamic Finance – Part Three

Islamic Finance – Part Four

Some Reprimands For Hadhrat Mufti Taqi Saheb

←Back to Section on Mufti Taqi Saheb’s Serious Error on “Islamic” Banking

Leave a Reply

Your email address will not be published. Required fields are marked *