Sheikh Sajid Umar

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Archives for July 2020

The appointed Days

July 30, 2020 by Sajid Umar Leave a Comment

Assalamualaikum everyone. I pray you all had a splendid Eid.

At this moment in time we are in a set of days known as the days of atTashreeq, which Allah Almighty describes in the Qur’an as Ayaam Ma’doodaat (The appointed days).

Allah says:
“And remember Allah during the appointed Days”
[Surah alBaqarah 2:203]

These days are three in number, the 11th, 12th & 13th, with the 11th being the best of the set as per a narration is the hadeeth collection by Imam Ahmed – may Allah have mercy upon him-.

The following two rules apply in relation to these days:

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Young Learners’ Hub Dhul Hijjah Edition Quiz

July 29, 2020 by Sajid Umar 6 Comments

The quiz will be ready soon InShaAllah.

When the Quiz is ready, there will be a button below. Please click the button and follow the instructions to the quiz.

Be sure to spell your name correctly as it will appear as you spell it on your certificate 🙂

If you do not see the button yet, please check back later.

Take Quiz
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The Young Learners’ Hub – Dhul Hijjah Edition #3 Worksheet No. 3

July 29, 2020 by Sajid Umar 2 Comments

Dhul-Hijjah-day-3-worksheetDownload
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The Young Learners’ Hub – Dhul Hijjah Edition #2 Worksheet No. 2

July 28, 2020 by Sajid Umar 4 Comments

Dhul-Hijjah-Day-2-worksheetDownload
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The Young Learners’ Hub – Dhul Hijjah Edition #1 Worksheet No. 1

July 27, 2020 by Sajid Umar 6 Comments

Dhul-Hijjah-Day-1-WorksheetDownload
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Post Graduate Research Table of Contents (Masters & PhD)

July 9, 2020 by Sajid Umar Leave a Comment

Assalamualaikum Everyone.

I have not managed to publish my research on topics related to contemporary financial matters as of yet, and appreciate your desire to know the topics covered in my Master’s and PhD Research.

For now I have uploaded the Table of Contents in Arabic of both researches for your perusal (see attached files below).

For those who do not understand Arabic; please find a non- exhaustive brief listing of the Topics in this post.

To find out my rulings and conclusions in relation to the topics listed and other financial related matters, please send an email via the usual correspondence route (sajidahmed.umar@gmail.com).

Masters-Thesis-Table-of-ContentsDownload
PhD-Thesis-Table-of-ContentsDownload

Summary of Master’s Thesis- Topics Covered & Studied:

– Liquidity management.

– Sources of liquidity in banks.

– The objectives of liquidity management in banks.

– Liquidity components in banks.

– The Relationship between Central banks and Commercial Banks/Islamic Banks.

– The concept of Repurchase Agreements, its origins, types and functions.

– Reverse Buy-back agreements.

– Financial Securities.

– Maturities.

– Repurchase and Reverse Repurchase Rates.

– Collateralized Loans.

– The relationship between Repurchase Agreements & the last Financial Crisis.

– Types of Repurchase Agreements.

– Functions of Repurchase Agreements.

– Bay’ alWafaa’, its Technicality and Ruling.

– Bay’ alEenah, its Technicality and Ruling.

– Secured Interest Bearing Loans, its Technicality and Ruling.

– The Islamic Ruling related to Repurchase Agreements and Reverse Repurchase Agreements.

– Reciprocal Lending, its Technicality and Ruling (Qardh & Wadee’ah based)

– Tawarruk and Reverse Tawarruk, its Technicalities and Rulings.

– Investment Agreements via Proxies (or Power of Attorney).

– A Sale with a Promise to sell-back based on the Market Price, Its Technicality and Ruling.

– A study of the Reserve Bank of Sudan’s Shamam & Shihaamah scheme for the purpose of Liquidity Management.

Summary of PhD Thesis Topics- Topics Covered & Studied:

– Hedging, It’s Meanings & Classifications.

– Hedging and Financial Derivatives.

– Financial Forwards.

– Financial Futures.

– A Comparative Observation between Forwards & Futures and Bay’ Salam.

– Binary Options, its Types and a Comparative Observation between B.O and Bay’ alUrboon.

– Binary Options and a Comparative Observation between B.O and Khiyaar ashShart.

– Financial Risk Management Instruments within Islamic Fiqh.

– Hedging from the perspective of Islamic Finance.

– The Importance of Wealth and its Preservation in Islamic Fiqh.

– Shariah Legislations aimed at Wealth Preservation.

– The Objectives of the Shariah with regards to Wealth Preservation.

– Preventative Measures within Islamic Fiqh in relation to Wealth Preservation.

– Fiqh Axioms related to Wealth and its Preservation.

– The Concept of ‘Risk’ from the perspective of Economics & Islamic Fiqh.

– An overview of the International Islamic Financial Markets (IIFM).

– An Introduction & Overview of the International Swaps and Derivatives Associatio (ISDA).

–  An introduction and overview of Islamic Standardised Hedging Contracts.

– A Historical Overview of Financial Risk Management Instruments.

– Tahawwut Master Agreement- A detailed complete study & analysis from a Contractual, Legal & Fiqh Perspective.

– A Comparative Study of the Differences between the Conventional Master Agreement (ISDA) and the Islamic One (IIFM).

– A detailed study of Binding Contractual Promises from the Perspective of Islamic Fiqh and its suitability in Financial Risk Management from an Islamic Perspective.

– A detailed study of ‘Prolonged Offers to Purchase’ from the Perspective of Islamic Fiqh, and its suitability in Financial Risk Management from an Islamic Perspective.

– A study of the Legalities of the Tahawwut Master Agreement, including Cross Defaults, Mergers with & without assumption, Set-offs, Net-offs, etc. from an Islamic perspective.

– An analysis between liquidation from both a Conventional and Fiqh Perspective.

– A study of the concept of ‘Early Terminations’ in relation to the Tahawwut Master Agreement from a Theoretical and Practical perspective.

– A study of Force Majeure from both a Conventional and Fiqh Perspective.

–  Profit Rate Swaps, A detailed complete study & analysis of this Islamic Hedging Instrument and its types from a Contractual, Legal & Fiqh Perspective.

– The Islamic Ruling with regards to the Usage of Benchmark Rates.

– The Islamic Ruling in relation to Binding Promises and ‘Muraabahah’ Trade.

– Revolving ‘Muraabahah’, Its meaning and Islamic Ruling.

– Swapping Fixed and Floating Profit Rates, its meaning and Islamic Rulings.

– The Islamic Rulings related to financial penalties on Islamic Profit Rate Swaps.

– The Islamic Rulings related to Set-offs & Net-offs after Early Terminations of ‘Murabahah’ Contracts.

– The Islamic Rulings related to Debt Reduction for the purpose of Early Terminations of Debt Based Financial Contracts.

– Islamic Currency Swaps, A detailed complete study & analysis of this Islamic Hedging Instrument and its types from a Contractual, Legal & Fiqh Perspective.

– The Differences between Currency Swaps & FX- Swaps.

– The Islamic Rulings related to Single & Dual Binding Promises in Currency Trade.

– Types of Possession during the Exchange of Currencies, and Islamic perspective.

– Banking Operations with regards to Currency Exchange, and its Rulings from an Islamic Perspective.

– Credit Support Deeds, A detailed complete study & analysis of this Islamic Hedging related contract and its types from a Contractual, Legal & Fiqh Perspective.

– The Collateralization of Current Accounts between Financial Institutions, and its rulings from an Islamic Perspective.

– The Collateralization of Investment Accounts between Financial Institutions, and its rulings from an Islamic Perspective.

– The Islamic Rulings related to the Implementation of all types of Credit Support Deeds between Islamic Banks and Commercial Banks.

– The Islamic Rulings related to the Implementation of all types of Credit Support Deeds between Islamic Banks and Commercial Banks with Islamic Divisions (Windows).

– The Islamic Ruling related to the Use of that classified as Debt from the perspective if Islamic Fiqh as Collateral.

– The Islamic Ruling in Relation to Investments of Collateral by Collateral Holders.

–   The Islamic Ruling in relation to using Shared Assets as Collateral.

– ‘Wakaalah’, and Islamic Perspective and associative study with CSD’s.

– Commodity ‘Murabhah’ and Islamic Perspective and associative study with CSD’s.

– The Contractual Establishment of Collateral before the Establishment of a Debt, an Islamic Perspective.

Dr. Sajid Umar

Riyadh, K.S.A

18/11/1441 – 09/07/20

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Differentiation factor between the Earlier & Later Methodology of Hadeeth Scholars

July 8, 2020 by Sajid Umar 3 Comments

A question was asked about the timeline separating the hadeeth methodology of the earlier and later scholars of hadeeth.

In reply to this question I shared the following:

:باسم الله والحمد لله والصلاة والسلام على رسول الله، أما بعد

May Allah reward you for this question.

A better manner of framing the methodologies of hadeeth scholars would be as follows:

1. The methodology of the scholars of Hadeeth with regards to the process of studying and determining the authority of Prophetic Narrations (Hadeeth) – (or the earlier methodology as per the text of the question).

2. The methodology of the Fuqahaa’ (Scholars of Fiqh) and the scholars of Usool (Jurisprudence methodology) with regards to the process of studying and determining the authority of (Hadeeth)- (or the later methodology as per the text of the question).

The reason for this being that a separation of the mentioned categories within the field of hadeeth study are actually based on differences in methodology as opposed to actual time frames.

In light of this; the first category would entail the methodology of the most senior scholars of Hadeeth such as: Shu’bah bin alHajjaaj, and his students, -Ibn Mahdi & Yahya bin Sa’eed alQattaan etc, and their students- Imam Ahmed, Ali bin alMadeeni & Yahya bin alMa’een etc, and their students- Imam alBukhari, Imam Muslim & Imam Abu Dawood etc, and their students- Imam atTirmithi, Imam anNasaai and others after them such as Imam adDaaraqutni, and those who follow their principles irrespective of the differences in time frames between them and those listed above.

A brief overview of their methodology in studying and grading hadeeth concludes them having similar theoretical policies, with the implementation of those policies yielding similar results, albeit with some differences in terms of conclusions not considered to be largely noticeable in number.

As for the second category; then they differ in terms of their grading methodology in comparison to that of the first category, and thus would entail scholars from the earlier centuries of Islam being part of this category, as based on their chosen methodology, despite their time-bound proximity to the scholars cited as part of the first category.

Perhaps the best example to further explain this would be in the form of the Hadeeth Methodology of the great Imam Muhammed Ibn Jareer atTabari (310 AH) as can be deduced from his book (Tahtheeb alAathaar). Even though he passed away decades before Imam adDaaraqutni (385 AH); scholars of the sciences of Hadeeth consider him, as based on his writings, to be part of the second category listed above and not the first.

It is for this reason why I suggested a different frame to your question, and I pray the above does shed some light on the topic.

As for the particular strategic differences between the scholars of the two listed categories; then discussing these is beyond the scope of this post, and perhaps I can write out a detailed summary in the near future addressing this InShaAllah.

And Allah knows best.

Riyadh, KSA

Dr. Sajid Umar

17/11/1441 – 08/07/2020

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Filed Under: Rulings & Advice (Q&A) Tagged With: #Hadeeth, #Hadith, #Muhadithoon, #SajidUmar, #ScholarsOfHadeeth, #ScienceOfHadeeth

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