It’s a new Islamic Year and a month of introspection, reflection, and critical planning.
Here is an article of mine to assist your processes better.
Assalamualaikum. Given that it’s August, the most common question in floatation is about the the Islamic Ruling on Student Loans in the UK.
To make things more accessible, I penned down the conclusions from my study of the contract in this Article
Please have a read
Dr. Sajid Umar
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.
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.”
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.
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 (firstname.lastname@example.org).
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.
– 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
18/11/1441 – 09/07/20
The Islamic Ruling on Following the Imām’s Prayer Virtually Through a “Live Broadcast” in Light of the Covid-19 Crisis
A paper presented by:
|Ahmad ibn Samih Abdel-Wahāb||PhD in Fiqh, Islamic University of Madinah|
|Sājid Umar||PhD in Comparative Fiqh & Judiciary, Imam Muhammad ibn Saud University|
|Tāhir Wyatt||PhD in Islamic Creed, Islamic University of Madinah|
|Ahmed Khāter||MA in Islamic Law and Legal Theory and PhD Candidate in Islamic Law and Legal Theory, Graduate Theological Union, Berkeley|
|Joe Bradford||MA in Fiqh, Islamic University of Madinah|
This paper explores the issue of following an Imām in prayer through live
broadcast, whether over radio or internet, and whether this issue is
acceptable according to the principles of Islamic law encapsulated in the four
canonical schools of jurisprudence. Does the distance and separation inherent
to following a prayer over live broadcast affect the validity of that prayer?
While the issue of live broadcast was not addressed in earlier works, scholars
of the four canonical schools of Islamic law have agreed that a person
following the Imām from far distances (miles away without continuous rows)
with the presence of obstacles between them is invalid. This ruling by classical scholars
was extended to broadcasts over radio, and then the internet; a list of the
respective scholars and Fiqh councils upholding this ruling is provided. The
evidences that substantiate this position are laid out, from both revelation
and rationale, showing that allowing “virtual prayers” and the like violate the
form of the congregational prayer, the dispensations for abandoning it, and
the spiritual and communal objectives of each. A survey of the classical texts
reiterating these conclusions is then provided, from the Hanafi, Māliki, Shāfi’ ī ,
and Hanbali schools. Lastly, common misconceptions are addressed and
advice to Masjid Administrations and the Muslims in general is offered
regarding this issue.
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!
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