Assalam Alikum Wa Rahmatu Allah Wa Barakatuh;
'90% of rizq (provision) is from trading'....'2/3 of fiqh is about trading' and
'90% of rizq (provision) is from
trading'.
Islamic trading is based on
1) Money - gold dinar and silver dirham. The medium of exchange has
intrinsic value, acceptable by the people with mutual consent. It is a
tangible asset ('ayn'). It is not a 'promise to pay'. It is not debt.
The usurious banking institution is a fraud, extortion and a form of
slavery.
2) Suq and Waqf
(Open markets - open & free public institutions for retailing) 90%
traders in the Market of Medina were women. 60% of buildings in the
cities were trusteed as waqfs (given as public use). The adab of the
suq is like the adab of a masjid. No privatisation. No monopolies. No
fees. No rent. No 'booking' of spaces. No hoarding. No manipulation of
prices. No 'futures'. No BANKS!
3) Qafilah (Caravans) -
Wealth of cities were from caravan traders. Caravan routes were
protected by the public. It was the interest of the people to care for
these non-usurious networks for pure trading. Caravan serais were built
in the suq to welcome and look after the caravan traders. Umar
ibn-al-Khattab took the caravan traders as his personal guests and gave
them the highest hospitality. Inter-city trading multiply the wealth of
the people.
City dwellers invested in the caravans.
4) Guilds (the organisation of society of men - a system of governance).
Societies were organised around the guilds. Guilds look after each and
every individual. Masters and apprentices have equal representations in
a guild.
The armies were organised among the guilds. No soldier who was not a
member of a guild.
5) 'Qirad' (contract for financing trading)
The contract between Rasulullah (saw) and Saidatina Khadeeja was a
'qirad'.
Contracts in the caravans are through 'qirad' ( Word qirad was used in
Medina, which is the same for 'mudharaba' as used in Iraq).
6) 'Shirkah' ( contract for partnership in a business).
Contracts in the guilds are through 'shirkah'.
There is no 'dormant (sleeping) partners' in the contract of'shirkah'.
One cannot put in capital and take advantage of the labour of others in
the 'shirkah'. Otherwise, it is a loan.
Ownership of the business is existential ie. if you have even 5%
ownership, you are still an owner and can decide on the business. You
are not an owner if you cannot decide.
No such thing as majority ownership. It is unjust to decide on the
result of the business if you only own 51% of business.
These are all contractual with Allah. You obey and you will succeed.
( Discourse given by Umar Pasha 9 April 2010 )
'When Shaykh Abdul Qadir as Sufi was asked what books of reference to
read on the issues of trading, he answered " Do not read anything that
is written in the last 100 years " - meaning they were written by
modernists !!'
--Transcribed by Alawiyah
Abdul Rahman Vadillo.
http://www.facebook.com/notes/alawiyah-abdul-rahman-vadillo/90-of-rizq-provision-is-from-trading/382589572738
ALLAH BLESSES MOHAMMAD AND GIVES HIM PEACE
Your Brother;
NIDAL ALSAYYED, PhD Researcher at ISRA ( www.isra.my ), MSc, CIFE™
Islamic Economics, Banking and Finance
Kuala Lumpur, Malaysia
Tel. +60172559700, Fax. +603 414 70700
Email(1): [email protected]
Email(2): [email protected]
On Google: http://groups.google.com/group/nidal_islamic-finance
On LinkedIn: http://www.linkedin.com/in/alsayyed
On Skype: nidal_IslamicFinance
--
You received this message because you are subscribed to the Google Groups
"Kantakji Group" group.
To post to this group, send email to [email protected]
To unsubscribe from this group لفك الاشتراك من المجموعة أرسل للعنوان التالي
رسالة فارغة, send email to [email protected]
For more options, visit this group at
http://groups.google.com/group/kantakjigroup?hl=en
سياسة النشر في المجموعة:
- ترك ما عارض أهل السنة والجماعة.
- الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط. ويستثنى
من هذا مايتعلق بالشأن
العام على مستوى الأمة كحدث غزة مثلا.
- عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه. باستثناء الأمر العام الذي يهم
عامة المسلمين.
- تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من
أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي.
- ترك المديح الشخصي.
To unsubscribe, reply using "remove me" as the subject.
