Sheikh Sajid Umar

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The Work & the Reward

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Ibn Umar narrates that the Prophet (ﷺ) said, “Your example and the example of the people of the two Scriptures (i.e. Jews and Christians) is like the example of a man who employed some laborers and asked them, ‘Who will work for me from morning till midday for one Qirat?’ The Jews accepted (the offer) and carried out the work. He then asked, Who will work for me from midday up to the Asr prayer for one Qirat?’ The Christians accepted and fulfilled the work. He then said, ‘Who will work for me from the `Asr till sunset for two Qirats?’ You, Muslims have accepted the offer. The Jews and the Christians got angry and said, ‘Why should we work more and get lesser (on return)?’ (Allah) said, ‘Have I withheld part of your right?’ They replied in the negative. He said, ‘It is My Blessing, I bestow upon whomever I wish .’
(alBukhari)

The narration likens those who don’t submit fully to be like those who work hard partially, but sadly give up short of the finish line.

The one who gives up before the finish line will receive their rewards in the life alone (one reward), whilst those who cross the finish line will get a double reward- the reward in this life, and the reward in the next!

NB. Qirat in the hadeeth refers to a huge reward.

Sheikh Dr. Sajid Umar

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Books You Should Read

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Recommended books to read at different stages in order to become grounded in the Qu’ranic sciences before application as shared by our Sheikh Dr. Musaa’id at-Tayyaar (may Allah preserve him).

The message was transcribed by a fellow diligent student of knowledge (may Allah reward him), and I’ve checked it’s accuracy.

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The Blessed Month Of Muharram

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afterglow backlit beautiful crescent moon

Assalamualaikum everyone.

Alhamdulillah, Allah’s sacred month of Muharram is upon us.

It is a month that marks the first month of the Hijri calendar, and is one of the four sacred months in Islam.

The Prophet (PBUH) said:

“The year is twelve months of which four are sacred, the three consecutive months of Dhul-Qa’dah, Dhul-Hijjah and Muharram, and Rajab Mudar which comes between Jumadah and Sha’ban.” (Bukhari)

Given that this month marks a brand new Islamic year, a deeper look into the above narration highlights how Allah Almighty gave us the blessed month of Dhul-Hijjah at the end of the year in order for us to have the opportunity to end off our previous year strongly, and then gives us Muharram, in order to help us start our new year strongly as well!

In light of this, we should ensure extra care with regards to two matters:

📌Firstly: Staying away from sin.

Allah Almighty says about His months, and especially the 4 sacred ones: “… so wrong not yourselves therein … “.

In explanation of this verse, our scholars say that that sinning during the sacred months is more serious and more sinful that sinning during any other time.

Don’t get me wrong here! Sinning at any time is a serious matter, but Allah considers it even more severe when His slave sins during these sacred months.

📌Secondly: Doing good deeds, especially fasting!

About this, Abu Hurayrah (may Allah be pleased with him) said:

“The Messenger of Allah (peace and blessings of Allah be upon him) said: ‘The best month of fasting after Ramadhan is fasting Allah’s month of Muharram.”‘ (Muslim).

The virtues of fasting this sacred month is even more pronounced with regards fasting the 10th day of the month.

Ibn ‘Abbas (may Allah be pleased with them both) said:

“I never saw the Messenger of Allah (peace and blessings of Allah be upon him) so keen to fast any day and give it priority over any other than this day, the day of ‘Ashura’, and this month, meaning Ramadhan.”
(Bukhari)

And regarding the rewards of fasting this day, the Prophet (pbuh) said:

“For fasting the day of ‘Ashura’, I hope that Allah will accept it as expiation for the year that went before.”

Life is short my brothers and sisters. We can’t afford to make it shorter by wasting divine opportunities like these.

May Allah Almighty accept the worship and forgive the mistakes of our last 12 months & our life thus far, and inspire us to be the best that we can be for the next 12 months & beyond. Ameen!

All the best my brothers & sisters.

I love you all for the sake of Allah.

Your brother,
Sajid Umar

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Post Graduate Research Table of Contents (Masters & PhD)

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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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