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).

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

Today, one of my childhood teachers, the former Principal of the Islamic Cultural Institute Madrassah, and someone who was like a father to the Muslim community of Harare, Sh. Qari Abdullah Diwan (May Allah have mercy on him) was buried in Manchester, UK, after returning to Allah Almighty at the age of 85 years this past Thursday evening.
He was someone who Allah Almighty blessed him with a full life alhamdulillah, and despite this, I couldn’t help but feel the impact of the news upon receiving it.

Sh. Qari Abdullah taught me Islamic studies for an entire year in 1996 as he was responsible for all final year students of the institute, and I will always remember him for making me memorise the last aayaat of Surah alBaqarah and teaching me to recite it before going to sleep, amongst other lessons.

In 2002, he had to travel for a period of 6 months, and he honoured me by pleasingly accepting me being the interim teacher for his class during his absence. Before this, and whilst still a student, I always recall him being fond of me, and affording me roles of responsibility within the institute. This naturally caused my classmates to feel that I was favoured. Of course their sentiments couldn’t be further from the truth.

As I sit here tapping away at my keyboard and look back at all these precious memories; I cannot help but feel older and even more responsible! Indeed a generation has departed to Allah, and a generation now waits in line to depart, for death is a door and everyone will walk through it!

Due to personal reasons, Sh. Qari Abdullah made the difficult choice of shifting his Zimbabwe based legacy to Manchester in the United Kingdom in 2010, and I was fortunate to drive to Manchester a few years ago especially to meet him and his wife, who was a like a mother to the parents of Harare, and a grandmother to us all!

As I digested the news of his passing late Thursday evening/early Friday morning, I remembered fondly how smartly dressed he always was, his punctuality, his dedication to the cause, his service, his strong walk filled with purpose, his patience, and his smile.

Given that children always see before they hear; these attributes no doubt played a huge part in shaping the students of the Madrassah, especially during their formative years, and no doubt mine as well.

I found out before his burial today, that an examination into his cause of death showed him to be a positive carrier of the Covid-19 virus, and with this we have hope in Allah Almighty that he was given the status of Shahaadah, inShaAllah. Indeed Allah bestows a unique rank over His slave as He wills.

May Allah make his grave a garden from the gardens of Jannah, raise him with the family of alQur’an on the day of Judgement, grant him shade underneath His throne, and grant him Alfirdaus without any accountability. Ameen.

May Allah make his children and all his students a sadaqatul-jaariyah (continuous charity) for him. Ameen.

May Allah shower a beautiful patience upon his wife, children, grandchildren and relatives. Ameen.

Inna lillahi wa inna ilayhi raajioon.
To Allah we belong, and to Allah we shall return!

Sajid Umar
Riyadh, KSA,
4th of Sha’baan 1441AH

By Dr Ahsan Hanif

The latest unprecedented challenge in modern times.

Covid-19 has brought with it much uncertainty, and raised questions about many different facets of everyday life, worship and social etiquettes.

This research paper explores a wide range of issues including the mindset of a Muslim, the etiquettes that should be observed at a time like this and Islamic rulings with regards to different acts of worship such as purification, prayer, and funerals.

Peer Reviewed By:
Sh Dr. Waleed Basyouni
Sh Abu Eesa Niamatullah
Sh Sajid Ahmed Umar
Sh Imtiyaz Damiel

Download here.

… “However, I have been inundated with questions and arguments about the situation, from people for and against the closure of mosques, and I believe it would be beneficial for all of us to understand the matter at hand, to foster understanding of the reasoning behind the closure of mosques taken by scholars across many countries, and to highlight the fact… “.

Read Article

Assalamualaikum everyone.

Please download this pdf and share it with your friends and loved ones.

Please learn these Supplications and use them regularly.

Please also pray for those who put it together, especially at a time when we are in need of Authentic Supplications.

May Allah accept all our deeds and protect us all. Ameen.

Baarakallahfeekum.

Download (PDF, 9.77MB)

 

Your brother,
Sajid Umar.

Assalamualaikum everyone. This is some advice I recieved from a doctor, who I consider trustworthy, regarding Corona, and I quote:

“Best advice is to spend money on building your immunity and getting healthy because most likely you are going to get sick with the virus one day.

Vitamin C, berroca B, Vitamins, Fish Oil and lots of water and exercise”.

*In addition to the above, I add:*

Take good grade Blackseeds (Nigella Sativa, not Cummin) even if in capsule form, along with pure good grade Honey 🍯daily.

Also, stop smoking 🚬 and eating processed foods, and all actions that work against your immune system.

Please don’t forget the daily athkaar (duas) I spoke about in recent videos.

May Allah protect us all. Ameen!

Baarakallahfeekum.

Your brother,
Sajid Umar.