Refuting Misconceptions
s the Voice of the Woman Private? What is meant by creating her from a Crooked Rib?
one of the widely spread rumors is that islam considers the voice of the woman private and should not be heard; therefore, we would like to answer this suspicion in brief because there are plenty of juristic texts refuting such rumors.
the holy quran narrated the story of the two daughters of the prophet shu'ayb (peace be upon him) when they spoke to the prophet moses (peace be upon him) in the following verse {and when he arrived at the water of madyan (midian) he found there a group of men watering (their flocks), and besides them he found two women who were keeping back (their flocks). he said: "what is the matter with you?" they said: "we cannot water (our flocks) until the shepherds take (their flocks). and our father is a very old man} (qasas 23) and one of them told moses (peace be upon him) {then there came to him one of the two women, walking shyly. she said: "verily, my father calls you that he may reward you for having watered (our flocks) for us} (qasas 25).
accordingly, if the voice of the woman should be kept private, then how the two daughters of shu'ayb (peace be upon him) spoke to moses (peace be upon him)?
moreover, how the could the woman be prevented from speaking while islam allowed her to sell, purchase, give advices, enjoin what is right, forbid what is wrong {the believing men and believing women are allies of one another. they enjoin what is right and forbid what is wrong} (al-tawbah 71).
it is narrated also that a woman has stood up in the masjed and asked the caliph omar (may allah be pleased with him) to comply with the verses of the holy quran when the caliph wanted to put limits for the dowries, and said: how is it that you want to limit the dowry while allah the almighty said: {but if you want to replace one wife with another and you have given one of them a great amount [in gifts] , do not take [back] from it anything} (an-nisa'), then the caliph omar (may allah be pleased with him) said his known statement: omar has mistaken and the woman was right.
and here is a self-explanatory prophetic tradition about the rank of the woman in islam:
lady umm salama; hind bint abi umayyah – may allah be pleased with her – narrated that when the prophet – peace be upon him – emigrated, zainab – daughter of the prophet peace be upon him – asked the permission of her husband; abu al aas bin al rabi', who was still a polytheist, to go with the prophet – peace be upon him – so he gave her the permission. then abu al aas went to medina and sent to his wife a request to take asylum for him from her father; then zainab looked from her room while the prophet – peace be upon him – was performing the prayer of al fajr (dawn) with his companions, and said: o people! i am zainab the daughter of the prophet – peace be upon him – i have granted asylum to abu al aas. when the prophet – peace be upon him – finished the prayer, he said: (i did not know about that until you heard it; surely, any muslim can grant asylum whomsoever) . narrated by al-albani in al-selsila al-sahiha 6-770.
islam has a great attitude and has given the due honor to the woman, but the ignorant people are circulating that islam disregard the woman and her dignity. it is better for such people to put their heads in the soil out of shame for their disgraceful attitudes toward the woman. they have transgressed her dignity and made her a piece of merchandise for selling and buying. if we contemplate in the position of the woman in the west we will feel sympathy because the lustful people exploited the woman to satisfy their desires and pushed her toward nakedness under the pretext of freedom and made her a symbol of prostitution under the pretext of art and invention; so what kind of honor is this? where is the honor of the woman?
another fabricated suspicion about the woman is that: islam considers that the woman was created out of crooked rib; so, let us refer to the relevant prophetic tradition to know the truth:
al bukhari narrated in his book "sahih al bukhari" that the prophet – peace be upon him – said: (he who believes in allah and the day of judgment should not cause harm to his neighbors. treat women kindly, they were created out of a rib (i.e. eve was created out of the rib of adam), and the most crooked part in the rib is the highest part thereof; so, if you tried to rectify the rib it will be broken, and if you left the rib as it is, it will remain crooked, and women are like this; therefore treat them kindly) .
what can we learn from this prophetic tradition?
first: the prophet – peace be upon him – did not say that the woman was created out of a crooked rib as alleged by them, but he told that she was created out of a rib. this is something unseen revealed from allah the almighty to his prophet muhammad – peace be upon him. this does not contain any insult to the woman. it is just like when allah the almighty told us that {and certainly did we create man from an extract of clay} , so, does this mean that islam insults man? no, it is just informing us about something unknown to no one except allah the almighty and we should believe that.
second: the prophet – peace be upon him – has informed us about the fact that the woman was created from the rib of adam (peace be upon him), and this is also mentioned in the holy quran {o mankind! be dutiful to your lord, who created you from a single person (adam), and from him (adam) he created his wife [hawwa (eve)]} i.e. this teaches us the true relation between the man and the woman. it is an integral relation because the woman is from the man, and the man is from the woman. allah the almighty said: {you are (members) one of another} (al-imran 195).
this prophetic tradition came in the context of directing men to treat woman kindly and tolerate them because the woman has an emotional nature. in explaining the following quranic verse {o mankind! be dutiful to your lord, who created you from a single person (adam), and from him (adam) he created his wife [hawwa (eve)]} }, sheikh al-sharawi – may allah have mercy on him – said: (allah the almighty said: {and from him he created his wife) i.e. if the woman was created from the rib, then the word "from" will refer to part of a whole, and if the woman was created like adam, the word "from" will refer to demonstration only, i.e. of the same kind. allah the almighty knows best what he wants to create, the shape, the task which will be performed by such creature; therefore, allah the almighty creates the specifications & features which can perform such goal & task. you may imagine that some creatures have no function in life, or that some creatures would be better if they were created in another shape, but the case is not like this. there was a man who contemplated in the creation of the world by allah the almighty and said: there is no creation and invention more than this. moreover, there was a welder taking the straight bars and curve it. seeing that, his son asked; why doesn't the welder leave the bars straight? the father taught him: these bars cannot perform their function except by being curved. the same concerning hooks and sickles, if they were straight, they won't perform their task. in the light of this perspective, we can better understand the prophetic tradition which mentioned: (treat women kindly, they were created out of a rib (i.e. eve was created out of the rib of adam), and the most crooked part in the rib is the highest part thereof; so, if you tried to rectify the rib it will be broken, and if you left the rib as it is, it will remain crooked, and women are like this; therefore treat them kindly) . the ribs in your thorax cannot perform their task i.e. protecting the heart and the lungs, except in this crooked shape which maintain the most important parts in your body; therefore, crookedness is like a sympathy and protection, and this is exactly the mission of the woman in life. she is, for example, taking care of her embryo during pregnancy, and after delivery she exerts more care and provides more compassion to her child.
accordingly, the description of the prophet – peace be upon him – is not an insult or disregard to woman, because such crookedness in the nature of the woman is the essential thing supplementing her mission in life; therefore, you find that the sympathetic aspect is more prevailing than the metal aspect because the mission of the women requires such nature, while the mental aspect of the men is prevailing on the sympathetic aspect so that they can perform their mission in life. accordingly, allah the almighty has assigned a certain task for each creature, and each of us has his own task irrespective of any apparent defects).
The Seduction of the Woman and Likening her to the Devil
some people are inquiring why islam describes the woman as (fitna) and what is the meaning of likening her to the devil?
concerning the first question, it is important to understand the meaning of (fitna). this word (fitna) was mentioned in the holy quran and the prophetic traditions in several meanings, but the mostly used meaning for such word (fitna) was "test or the trial". in fact, i do not know whether such people, who accuse islam of describing woman as fitna, realize the true meaning of the word "fitna" or not. did they read the holy quran or not?
the holy quran demonstrated to us that all the circumstances we experience in our life, whether good or evil, are fitna i.e. a test or a trial. allah the almighty said: {and we shall make a trial of you with evil and with good, and to us you will be returned} (al anbia' 35) and said also: {he] who created death and life to test you [as to] which of you is best in deed - and he is the exalted in might, the forgiving} (al mulk 2), and said further: {and know that your properties and your children are but a trial and that allah has with him a great reward} (al-anfal 28).
therefore, "the woman is a fitna" means that the woman is a test or a trial to the man. in other words, will the men devote their full time to their women and forget their lord and his worship? will the men disobey allah the almighty for the sake of the women? will they make the forbidden looks to the women? will they establish illegal relationships with them? or shall they keep their modesty and establish their relationships according to the manner which satisfies allah the almighty?
likewise, the man is the test & trial for the woman; accordingly, if a beautiful and rich man, but not observing the orders of allah, came and asked the marriage form any woman, will she then be seduced with such beauty or richness and takes him as a husband? or will she even take him as a boy friend and disobey the orders of allah the almighty? or shall she realize that she is under a test and should refuse marriage to such man until he observes his religion and marries her according to the manner allowed by allah the almighty?
moreover, the children are a test for their parents; will such children distract their parents from the worship of allah? will the parents bring up their children according to the islamic manners? or will they bring them up according to the western behaviors which violate the teachings and manners of islam?
in fact, nothing can be construed as an insult to the woman when we describe her as fitna; allah the almighty described children as fitna, so, is this calculated as an insult to the children? of course no, because we know that the meaning of fitna is "test" or "trial"; accordingly, the term "fitna" applies to all of us, as mentioned by allah the almighty in this verse: {and we have made some of you [people] as trial for others - will you have patience?} (al-furqan 20); therefore, every one of us is a trial (fitna" for the people around him.
the second issue is: does islam looks to the woman as a devil? of course no. this is completely false allegation because if we argue – which is not true - that islam looks to the woman as a devil, then the man also will be considered a devil according to such perspective, because the prophet – peace be upon him – said: "the men and woman are alike" i.e. alike in being subject to the same islamic teachings, orders and provisions. accordingly, if we argue that women are devils, then the men will be devils too, because they are alike!!!
in fact, this allegation (i.e. looking to the woman as devil) was fabricated by some people in order to make others hate islam – as they are doing always. they are interpreting the prophetic traditions in a manner contradicting the original intentions and meanings thereof for the purpose of distorting the meaning. the prophetic tradition – which mentioned this issue – is true and right, and was narrated by muslim, and here is the text: the prophet – peace be upon him – said: [the woman, while going and coming, is as seducing as the devil; so, if one of you saw a woman and admired her, let him then copulate with his wife so that he can satisfy his desire (in the legal manner)].
dr. abdul hakim sadeq al fetouri said: "there is nothing insulting in this text, there is nothing disregarding the woman or disgracing her; contrary, the meaning of the text is that the men have affection and desires toward women and they enjoy looking to women; therefore, such looking will cause seduction and may lead to adultery; so, the woman who seduces any man and urges him to commit adultery is as seducing as the devil in seducing the believers and urging them to do sins.
the said prophetic tradition came in the context of warning the women from the consequences of not wearing their hijab (islamic veil) in order not to seduce men. the prophetic tradition contained also a prophetic remedy for such seduction i.e. the man should copulate with his wife if he feels seduction in order to get rid of such seduction or desires in the legal manner.
the above mentioned suspicions came from the defective understanding to the rank & dignity of the woman in islam and the wrong assumptions about islam and that it is siding with the man. the man was also described as devil if he told others about the details of copulating with his wife. the prophet – peace be upon him - described the man who tells others about the details of copulating with his wife or the woman who tells others about the details of copulating with her husband as the following: (they are just like a male devil and female devil who met and copulated with each other while the people are looking at them") narrated by ahmad.
accordingly, the likening to devil has nothing to do with the gender; whether man or woman, but it is related to the deed made by the man or the woman. this is one of the expressions used in the arabic language which does not indicate that the man or the woman is a devil himself/herself, as alleged by some people.
Could Prophet Muhammad Remove the Sins of Muslims?
prophet muhammad was a prophet and messenger of god and his mission was to deliver the message of god to people. he is not responsible if people do not believe in the message he delivered. it is up to the people to use their intellect and reason to verify the message (islam) he has delivered and accept it if it is rational.
the prophet did not come to cleanse the sins of people. if he could, he would be equal to god in power and this becomes absurd in islam, contrary to the teachings of the quran. neither prophet muhammad nor any other prophet could remove the sins of people. only god has the power to do it.
in islam, every person is held responsible for his or her acts. and the reward for good acts and the punishment for evil acts, if unrewarded or punished while on this earth, will be meted out accordingly in the hereafter on the day of judgement _ by god.
with god's mercy and compassion, sins committed through irreligious acts, could be pardoned by god alone through seeking his forgiveness and executing sincere repentance.
Concept of Animal Sacrifice in Islam
actually, there are many misconceptions filling the mind of many non-muslims who fail to perceive the significance and wisdom behind acts of worship in islam. that is why addressing those misconceptions becomes obligatory in order to erase distortions about islam. thus, on the case in point, we find it relevant to cite for you the following:
sacrifice is not a pillar of islam. we must look at the occurrences in a contextual manner, understanding not only the pre-islamic institution of sacrifice, the qur'anic reforms concerning this practice, and the continuance of sacrifice in the muslim world, but also the context in which the qur'anic revelations occurred. for it seems that with many people, both non-muslims and muslims alike, context is the key that they are missing.
with this in mind, let us start with the situation as it was in pre-islamicarabia with regard to animal sacrifice. not only did the pagan arabs sacrifice to a variety of gods in hopes of attaining protection or some favor or material gain, but so, too, did the jews of that day seek to appease the one true god by blood sacrifice and burnt offerings. even the christian community felt jesus to be the last sacrifice, the final lamb, so to speak, in an otherwise valid tradition of animal sacrifice (where one's sins are absolved by the blood of another).
islam, however, broke away from this longstanding tradition of appeasing an "angry god" and instead demanded personal sacrifice and submission as the only way to die before death and reach "fana’" or "extinction in allah." the notion of "vicarious atonement of sin" (absolving one's sins through the blood of another) is nowhere to be found in the qur'an. neither is the idea of gaining favor by offering the life of another to allah. in islam, all that is demanded as a sacrifice is one's personal willingness to submit one's ego and individual will to allah.
one only has to look at how the qur'an treats this subject, to see a marked difference regarding sacrifice and whether or not allah is appeased by blood. the qur'anic account of the sacrifice of isma`il ultimately speaks against blood atonement. allah says: (then when (the son) reached (the age of) (serious) work with him, he said: "oh my son! i see in vision that i offer thee in sacrifice: now see what is thy view!" (the son) said: "oh my father! do as thou art commanded: thou wilt find me, if allah so wills one practicing patience and constancy!" so when they had both submitted their wills (to allah), and he had laid him prostrate on his forehead (for sacrifice), we called out to him, "oh ibrahim! thou hast already fulfilled the vision!" thus indeed do we reward those who do right. for this was obviously a trial and we ransomed him with a momentous sacrifice.} (as-safat 37:102-107)
notice that the qur'an never says that allah told ibrahim to kill (sacrifice) his son. though subtle, this is very important, for the moral lesson is very different from that which appears in the bible. here, it teaches us that ibrahim had a dream in which he saw himself slaughtering his son. ibrahim believed the dream and thought that the dream was from allah, but the qur'an never says that the dream was from allah. however, in ibrahim and isma`il's willingness to make the ultimate sacrifice—ibrahim of his son, isma`il of his own life—they are able to transcend notions of self and false attachment to the material realm, thus removing a veil between themselves and allah, enabling allah's mercy to descend upon them as the spirit of truth and illuminate them with divine wisdom (thus preventing a miscarriage of justice and once and for all correcting the false notion of vicarious atonement of sin).
for, certainly, allah, the ever merciful, most compassionate, would never ask a father to go against his command of "thou shall not kill" and kill his own son in order to be accepted by him. for the qur'an teaches us that allah never advocates evil (see al-a`raaf 7:28 and an-nahl 16:90) and that only satan advocates evil and vice (an-nur 24:21). the notion that allah would want us to do an immoral act runs counter to allah's justice.
as far as the yearly tradition that has followed this event (that is, the sacrificing of a ram to commemorate ibrahim and isma`il's great self sacrifice), we must understand it and the qur'anic verses that pertain to animal sacrifice, in relation to the time and place circumstances under which these revelations were received and how people were trying to make a personal sacrifice by sharing their limited means of survival with the poorer members of their community.
that is to say, the underlying implication of islam's attitude toward ritual slaughter is not that of blood atonement, or seeking favor with allah through another's death, but rather, the act of thanking allah for one's sustenance and the personal sacrifice of sharing one's possessions and valuable food with one's fellow humans. the ritual itself is not the sacrifice. it is merely a method of killing where the individuals kill as quickly as possible and acknowledge that only allah has the right to take a life and that they do so as a humble member of allah's creation in need of sustenance just like every other species in allah's creation.
so let us examine some of the appropriate verses in the qur'an to see what it has to say about sacrifice and how it related to life in 500 c .e. arabia. (also included is commentary by yusuf `ali to show that even someone who was pro-sacrifice with an understanding of animals as subject to humans, did not champion wanton cruelty or notions of blood atonement.) allah says: (in them ye have benefits for a term appointed: in the end their place of sacrifice is near the ancient house} (al-hajj 22:33)
“the word ‘in them’ refers to cattle or animals offered for sacrifice. it is quite true that they are useful in many ways to humans, e.g., camels in desert countries are useful as mounts or for carrying burdens or for giving milk, and so, for horses and oxen; and camels are also good for meat, and camel's hair can be woven into cloth; goats and sheep also yield milk and meat, and hair or wool. but if they are used for sacrifice, they become symbols by which people show that they are willing to give up some of their own benefits for the sake of satisfying the needs of their poorer brethren." (yusuf `ali commentary)
allah also says: (to every people did we appoint rites (of sacrifice) that they might celebrate the name of allah over the sustenance he gave them from animals (fit for food). but your god is one god: submit then your wills to him (in islam): and give thou the good news to those who humble themselves} (al-hajj 22:34).
“this is the true end of sacrifice, not propitiation of higher powers, for allah is one, and he does not delight in flesh and blood, but a symbol of thanksgiving to allah by sharing meat with fellow humans. the solemn pronouncement of allah's name over the sacrifice is an essential part of the rite." (yusuf `ali commentary)
allah says further: (it is not their meat nor their blood, that reaches allah: it is your piety that reaches him: he has thus made them subject to you, that ye may glorify allah for his guidance to you: and proclaim the good news to all who do right} (al-hajj 22:37).
“no one should suppose that meat or blood is acceptable to the one true god. it was a pagan fancy that allah could be appeased by blood sacrifice. but allah does accept the offering of our hearts, and as a symbol of such offer, some visible institution is necessary. he has given us power over the brute creation, and permitted us to eat meat, but only if we pronounce his name at the solemn act of taking life, for without this solemn invocation, we are apt to forget the sacredness of life. by this invocation we are reminded that wanton cruelty is not in our thoughts, but only the need for food …" (yusuf `ali commentary)
it is quite clear from the qur'anic passages above that the issue of animal sacrifice is in relation to the role animals played in arabian society at that place and time (as well as other societies with similar climates and culture), in that humans are commanded to give thanks to allah and praise allah for the sustenance he has given them and that they should sacrifice something of value to themselves to demonstrate their appreciation for what they have been given (which in their case was the very animals on which their survival was based).
Refuting the Suspicion that Says:“ The Heritage of the Female is half that of the Male
it is true and correct that the verses of heritage in the holy quran includes his saying (swt) “allah (thus) directs you as regards your children's (inheritance): to the male, a portion equal to that of two females
” (1). but a lot of those who try to arouse suspicions around the woman’s eligibility in islam using the differentiation of the standards of inheritance in islam do not know that granting the woman half the share of the man in inheritance is not a general standard nor is it a rule of a thumb in this matter. the holy quran did not say that allah (swt) directs you in inheritance and heirs that the male’s share is equal to two of the females…. it said allah (thus) directs you as regards your children's (inheritance): to the male, a portion equal to that of two females
which means that this rule is not uniform in all cases, it only applies to a limited number of cases of inheritance.
a true insight in the philosophy of islam as regards inheritance would reveal the fact that the shares are not based on the standard of being a male or female. such philosophy has divine aims that were concealed from those who tried to use the discrepancy of the shares of the males & females to arouse a suspicion around the women’s full eligibility in islam
the difference in the shares of the heirs (male or female) in islamic inheritance is based on three standards
first
the degree of kinship between the heir (male or female) and the testator. meaning that the closest in kinship the heir is, the more his share becomes and the more distant in kinship the heir is from the deceased the less his share becomes regardless of the sex of the heirs
.second
the placement of the heritor generation among the time sequence of the generations. the generation which is about to embark on the journey of life and bear its responsibilities usually has a bigger share than the generations which are older and approaching life’s end. these older generations who are getting free of life’s responsibilities or even more having their financial responsibilities imposed on others regardless of the sexes of the heirs. for instance, the daughter of a deceased has a bigger share of inheritance than his mother and both are females. the daughter’s share is bigger that the father’s even if she was an infant and even if the father was the source of the son’s wealth which she inherits half of. also the son inherits more than his father and both are males. such standards of islamic inheritance encompass a number of heavenly aims and lofty intensions that are concealed from many, such standards which have nothing to do with being a male or a female
third
the financial burden that the islamic jurisdiction imposes on the heir towards the others. that is the only standard that results in the difference in shares between male and the female. but it is a discrepancy that causes no oppression towards the female nor does cause any depreciation of her rights, the contrary might even be more correct. in case the heirs were of the same degree of kinship, the same placement in the heritor generation i.e. the sons and daughters of the deceased, then the difference in the financial burdens imposed on each will be the main reason for the difference in the shares. that’s why the holy quran did not generalize the rule of such discrepancy throughout the whole inheritance process, it limited such ruling in one case saying “ allah (thus) directs you as regards your children’s inheritance to the male, a portion equal to that of two females “ and did not say that this verdict is general to all males & females
the reason behind such difference in this case is that the male is required to sustain the female –the wife- along with their kids. whereas the female heiress (sister to the male heir) is to be sustained along with her children by her husband not by her own. even though her share of inheritance is half that of her brother, she is more privileged and distinguished through the fact that her share is
The International Financial System Crisis in the Perspective of the Islamic Economy
relative verses from the holy quran and the prophetic traditions
allah the almighty said:
{allah will destroy riba (usury) and will give increase for sadaqat (deeds of charity, alms, etc.) and allah likes not the disbelievers, sinners} (al-baqara: 276).
{that which ye give in usury in order that it may increase on (other) people's property hath no increase with allah; but that which ye give in charity, seeking allah's countenance, hath increase manifold}(ar-rum: 39).
the prophet – peace be upon him – said:
((if adultery and usury "riba" prevail in any country, allah the almighty will destroy it)).
[narrated by abu ya'la from abdullah bin masoud].
((when any people deal with usury "riba" lunacy will appear in their society))
index
introduction to signs of collapse in new international economic system.
the international financial system crisis aspects
the main reasons behind the international financial system crisis.
the opinion of the islamic economy regarding the international financial system crisis.
stability & security rules in the islamic economy.
the method of overcoming the crisis by applying the islamic economy rules & regulations.
summary: the islamic economy rules & regulations are the only way for salvation.
call for the economists & businessmen.
call for the muslims in general.
finally, all praise be to allah the almighty.
introduction:
the economists of the man-made economy have predicted the collapse signs of the socialist economic system because of its concepts & principles which contradict the human nature and conflict with the islamic rules & regulations. similarly, the economists of the capitalist economic system have predicted the collapse signs thereof because of its concepts & principles which contradict the orders of allah the almighty and undermines the values & morals. it is relies upon the monopoly and the usury interests (credit and loans against interest) which are the most vicious evil in the earth and the motive behind worshiping money, controlling the borrowers by the lenders, restricting their freedom, stealing their business & homes and causing dangerous social & economic effects.
many people are asking themselves:
what are the reasons behind the international financial crisis?
what are the reasons behind the bankruptcy of the banks dealing, selling and purchasing loans & debits?
what are the reasons behind the bankruptcy of the large companies taking finance from the banks under the interest system? is it expected to confront a new international stagnancy under capitalism and its tools like globalism and interest system?
moreover, many arab and muslim people are asking themselves about the perspective of the islamic economy & banks for this crisis?
these inquires and questions will be the substance of our study from the islamic economy point of view.
aspects of the international financial system crisis
the signs & symbols of collapse in the international financial system emerged and caused panic, fear and worry for the money-makes & wealthy people, left the financial institutions & brokers confused in setting up the salvation plans and made the governmental officials afraid of losing their positions and calling for the scientists, specialists and experts to find the way out.
here are few examples about the financial crisis signs:
the hurry in withdrawing the deposits from the banks because the capital is coward as stated by the mass media.
several financial institutions have stopped giving loans to the companies & individuals fearing the difficulty of recovery.
shortage of liquidity negotiated by individuals, companies and financial institutions and this caused a severe deflation in the economic activity and all other aspects of life and made the borrowers unable to repay their debts.
drop of the negotiations in the financial markets and the resulted confusion of rise and fall indexes.
the decrease of power level used by the companies due to the shortage in liquidity and freezing the loans by the financial institutions except under high interest rates and difficult guarantees.
the decrease of sales, especially in the real estates, cars and other sectors due to the low liquidity.
the increase of unemployment levels due to the bankruptcy and liquidation, and every employee or worker fears dismissal.
the increase demand for the social subsidies from the governments.
the decrease of consumption, spending, saving and investment levels which caused stagnancy, unemployment, liquidation and bankruptcy.
all this invite us to ask: what are the main & real reasons behind this crisis?
the main reasons behind the international financial crisis:
the right diagnosis of the crisis is the master key for finding the right remedy. it is only the accurate, right, neutral and objective view which can introduce the perfect solution for the difficult problems.
the famous economists worldwide, including winners of nobel prize like maurice allias, said: (the capitalist economy system is depending on certain concepts and rules which are the main cause of its collapse if not amended immediately).
there are several known economists predicted that the new international economic system is founded on principles leading to its failure.
here are some of the reasons mentioned by them for the current crisis:
first: the economic morals corruption such as: monopoly, deception, the fabricated rumors, lies, fraud, exploitation and the delusive transactions which all caused injustice treatment by the wealthy people and creditors against the poor and debtors. this injustice will make the wronged people complain from injustice and the creditors will complain from debtors and the result will be social revolutions when they refrain from repaying their debts and loans.
second: money became the substance of tyranny and the weapon of the tyrants for controlling policies and taking the sovereign decisions in the world to the degree that the materialists became worshippers of money.
third: the usury banking system relies on the interest rate system and operates within the frame of dealing, trading, purchasing and selling of debts. whenever the interest rate of the deposit increases, the interest rate of the loans given to individuals and companies will increase similarly and all of this will benefit the banks and financial brokers while the borrowers will suffer injustice in paying the loans taken by them for the purpose of consumption or production. some economists, like adam smith, the father of economists, said: "the real development and the rational use of the production factors will not be achieved unless the interest rate became nil" and they considered the alternative method is the system of sharing profits and losses because it enhance stability and security. they further said: "the interest rate system will make the money goes to the hands of small group of people who will control the wealth totally".
fourth: the traditional financial and banking system relies on the method of scheduling the debts against a higher interest rate or replacing the due loans with new ones of higher interest rate, exactly like what the arab before islam was saying: (pay now or increase the interest rate). this process will cause additional liabilities on the borrowers who were unable to repay the first loan due to the higher rate of interest.
fifth: the international financial system and the financial markets system are mainly depending on the financial derivates system which, in turn, depends on delusive transactions which, in turn, depend on probabilities & possibilities i.e. there are no true exchange of goods and services, it is just gambling and betting. not only this, some of these transactions are depending on credits taken from the banks in the form of loans which can lead to a financial crisis in case of loss.
sixth: the bad manners of the financial brokerage institutions which induce people to take loans, deceive them and exploit their ignorance to take loans from the financial institutions. they request high commissions if the risks were high and the borrower alone will bear the adverse consequences thereof and this ultimately will lead to the financial crisis.
seventh: the expansions in applying the credit cards system (overdraft) which caused high financial liabilities on the users who will bear higher interest rates if he could not repay the debt until he is put to jail, mortgage his car or house. this is exactly what happened to many holders of such cards, caused them confusions in the budget of their homes, and led finally to a crisis in certain usury banks.
the destructive effects of the international financial system crisis
until this sensitive stage of collapse signs in the international financial system which suffered a severe paralysis, the following adverse effects have appeared:
first: the panic, fear and confusion of all people, including:
the presidents, rulers and ministers.
owners of the financial institutions and the in-charge of the financial markets.
owners of the financial brokerage institutions.
owners of the deposits in the banks and otherwise.
the borrowers from banks, the clients of banks and owners of the deposits.
the consumers who are threatened with price rise waves.
the employees and workers who are threatened of losing their positions.
the poor who are living under subsidies and charity.
this crisis became like the cancer of the blood, all the time circulating in the economic life arteries.
second: bankruptcy of some banks and financial institutions due to the lack of liquidity and the withdrawal of the deposits by its owners; consequently, some governments, through its central banks, were obliged to rescue the remainder in order to avoid the total collapse of the economic life which may cause bankruptcy to the country as a whole.
third: bankruptcy of the companies which were dealing in loans against interest and some of them stopped certain production lines and began executing the mortgages and guarantees available with it; consequently, this causes disorder in their cash flows.
fourth: losing the employment and the rise of the percentage of people who are looking for the social and governmental subsidies which, in turn, caused extra burdens on the budgets of the countries and delayed several new investment projects.
fifth: some countries have imposed more taxes in order to compensate the deficit in their budgets due to the rise of support budgets toward the companies and banks which are close to bankruptcy or to support the deposits and otherwise.
sixth: the borrowers have lost their assets and homes which were mortgaged against such loans. they became homeless, helpless, poor and immigrants.
the effect of the international financial system crisis on the islamic economy & islamic banks:
many people are asking themselves: what are the effects of the international financial system crisis on the islamic banks, islamic financial institutions, the islamic investments and the islamic finance institutions?
the opinions of the islamic economists and the experts of the islamic institutions should not just react to the financial and banking international crisis; contrary, they should highlight the islamic economy rules and regulations and demonstrate the applications thereof by ensuring that such crisis was a natural result for the incompliance with the islamic economy rules and regulations. we will take this topic in detail in the following paragraph and will concentrate on the rules of security and stability in the islamic financial and economic system which guarantees avoiding such crisis.
the rules & regulations of the security & stability in the islamic economy:
the islamic financial and economic system and its financial institutions are relying on several regulations which guarantee stability & security and reduce the risks resulting from the man-made regulations which rely upon the interest system and the financial derivates. here are the most important rules & regulations:
first: the islamic financial and economic system depends on set of values, virtues and morals like: trust, credibility, transparency, clearness, facilitation, cooperation, integrity and solidarity. this set of values and morals are the main guarantee for achieving the security and stability for all clients. the islamic sharia prohibits the financial and economic transactions which depend on deception, lies, gambling, fraud, prejudice, ignorance, exploitation, monopoly, greediness, injustice and taking the money of people wrongfully. the compliance with the islamic morals and values is considered a worship to allah the almighty which entails reward from allah and regulates the manners of the muslim, whether he was producer or consumer, seller or buyer, and whether in case of activity or stagnancy, stability or instability.
second: the islamic financial and economic system depends on the principle of sharing profits and losses and the actual negotiation and exchange of money and assets under the islamic regulations which ensure realizing the permissible benefits, the actual interaction between the businessmen, money makers, and expert and working under the rules of justice, right and exert all-out efforts to reduce the severity of any crisis; therefore, there is no party who is always winner and there is no party who is always loser; it is the just sharing of profits and losses.
the economists and scientists of the islamic economy have set up a group of islamic investment and finance contracts abiding with the islamic regulations, such as: finance by way of speculation, sharing, murabaha, istesna', salam, ijara, muzara'a, musaqa and otherwise (for more information, kind visit the website of dar al mashora www.darelmashora.com).
the islamic sharia has prohibited all finance contracts by way of investment depending on the loans and interests which are considered one of the main reasons behind the current international financial crisis.
third: the islamic sharia has prohibited the financial derivates which depend on delusive transactions, prejudice and ignorance. the scientists of the islamic economy considered such transactions as prohibited gambling.
moreover, the experts and scientists of the man-made economy confirmed that one of the reasons of the international financial crisis is the financial derivates system because it does not motivate or create actual economic development; contrary, it is a bad mean for earning money and causes inflation & rise in prices. consequently, this will cause bad morals and will accelerate the collapse of the financial institutions which depend on such system, exactly like what happened to the markets of east asia countries.
fourth: the islamic sharia has prohibited all kinds & forms of selling debts against debts, like: discounting bills and the post date cheques. moreover, the islamic sharia has prohibited the system of re-scheduling the debts against increasing the interest rate. the prophet – peace be upon him – prevented selling debts against debts.
moreover, the experts and scientists of the man-made economy confirmed that one of the reasons of the international financial crisis is trading in debts by certain financial brokerage companies.
fifth: the islamic financial and economic system is depending on the principle of facilitating the repayment by the debtor who is not able to repay for reasons beyond his control. allah the almighty said: {and if the debtor is in a hard time (has no money), then grant him time till it is easy for him to repay, but if you remit it by way of charity, that is better for you if you did but know} (al-baqara: 280).
the experts and scientists of the man-made economy emphasized that one of the main reasons behind this financial crisis is the inability of the debtor to repay, increasing the interest rate by the creditor or revolve the loans with higher interest rate or against mortgage on the debtor, then the creditor will leave the debtor homeless, helpless and will cause social and human difficulties causing several psychological, social, political and economic problems.
applying the islamic economy rules & regulations is the only way out of this crisis:
the results of analyzing the current financial crisis demonstrated that the crisis was the outcome of the following man-made regulations:
the interest system (riba) on the deposits and paying interests on the loans.
trading in debts.
scheduling the debts by increasing the interest rates against increasing the repayment period.
debts sale system.
the financial derivates system which depends on the probability and luck.
the islamic economy, with financial institutions and banks, prohibits all of these systems which were the main reasons behind the current crisis and the main source of contradiction with the natural attitudes of the human being and their legal rights.
the islamic sharia has prohibited the system of imposing interests on the loans and credits and permitted the finance and investment on the basis of profits and losses sharing.
the islamic sharia has further prohibited all forms of prejudice, ignorance, deception, fraud, lies, rumors, exploitation, monopoly, taking the money of people wrongfully and emphasized on honesty, trust, clearness, demonstration and transparency.
summary: the rules & regulations of the islamic economy are the only way out of the crisis
when the people comply with the rules and regulations of the islamic economy they will find their way out of this serious crisis. allah the almighty said: {if there comes to you guidance from me, then whoever follows my guidance shall neither go astray, nor fall into distress and misery * but whosoever turns away from my reminder (i.e. neither believes in this quran nor acts on its orders, etc.) verily, for him is a life of hardship, and we shall raise him up blind on the day of resurrection}(taha: 123, 124. he said also: {allah will destroy riba (usury) and will give increase for sadaqat (deeds of charity, alms, etc.) and allah likes not the disbelievers, sinners} (al-baqara: 276).
a call to the economists, money-makers & businessmen
to the scientists, experts and judges who wish to reform the man-made financial and economic systems which caused the misery & misfortune to the human beings and caused serious crisis every time and then, hurry up to the islamic sharia, the islamic rules and regulations, the religion of guidance, mercy and charity. allah the almighty said: {indeed, there has come to you from allah a light (prophet muhammad pbuh) and a plain book (this quran) * wherewith allah guides all those who seek his good pleasure to ways of peace, and he brings them out of darkness by his will unto light and guides them to a straight way (islamic monotheism)}(al-ma'eda: 15, 16).
to the economists, money-makers and businessmen, hurry up to the islamic economy, its rules and regulations. it is the only way for security, stability, prosperity and development. avoid dealing in riba (usury & interests) which is the most vicious evil in the financial and economic transactions so that you can spare yourselves the consequences of the war with allah the almighty & his messenger. allah said: {o you who believe! be afraid of allah and give up what remains (due to you) from riba (usury) (from now onward), if you are (really) believers * and if you do not do it, then take a notice of war from allah and his messenger but if you repent, you shall have your capital sums. deal not unjustly (by asking more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums)} (baqara: 278, 279).
to those who wish to reform the international banking system, hurry up to the islamic banking system. the scientists and economists confirmed the failure of the international banks which deal with usury and interests. allah the almighty said:
{allah will destroy riba (usury) and will give increase for sadaqat (deeds of charity, alms, etc.) and allah likes not the disbelievers, sinners} (al-baqara: 276).
the prophet – peace be upon him – said: (if adultery and usury "riba" prevail in any country, allah the almighty will destroy it)). [narrated by abu ya'la from abdullah bin masoud].
a call to all muslims
to the people who are confused in their life, straying in darkness of the nights, hurry up to islam again.
to those who wish to reform society and get rid of its problems, difficulties and rescue it, hurry up to islam.
to those who are standing at the door of reform and hesitant about the right way to be taken, hurry up to islam.
to those who were confused with means and lost their aims, hurry up to islam, it is the right way.
to those who spent their life in fruitless experiments under the instructions of hesitant minds and confused thinking, hurry up to islam.
to those sincere & faithful people, hurry up to islam.
to all of you, i address this quranic call:
allah the almighty said: {o people of the scripture (jews and christians)! now has come to you our messenger (muhammad pbuh) explaining to you much of that which you used to hide from the scripture and passing over (i.e. leaving out without explaining) much. indeed, there has come to you from allah a light (prophet muhammad saw ) and a plain book (this quran) * wherewith allah guides all those who seek his good pleasure to ways of peace, and he brings them out of darkness by his will unto light and guides them to a straight way (islamic monotheism)} (al-ma'eda: 15, 16).
