ISLAM

Compiled by Latheef Farook -
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‘Islamic banking is not for Muslims alone’

Faizy SYED

Although the word ‘Islamic’ refers to beliefs specifically related to Muslims, it is a different case altogether with Islamic banking and finance.

It is a sophisticated banking and finance structure based on moral and social values, which is compatible with the modern day financing needs, and hence, is receiving overwhelming response from Muslims and non-Muslims alike.

Sometime ago, the Pope’s official newsletter, L’Osservatore Romano, published an article praising the ethical concepts of Islamic banking and finance and encouraging Western banks to adopt the rules of Islamic banking and finance to restore confidence amongst their clients during the economic crisis.

Not only the Pope but several leading educational institutions have also advocated Islamic banking and finance by introducing courses on the subject. Harvard had set up its Islamic Finance Project way back in 1994-95, followed by several other premier educational institutions worldwide. Apart from this, several governments are taking efforts to benefit from the multifold advantages of the Islamic banking and finance system. Countries like the United Kingdom, Luxembourg, North Ireland, Germany, Bermuda, France, Malaysia, Indonesia, Maldives, Turkey, Singapore, the entire Middle East, Japan and Australia are now well-known names in this regard.

Countries like Luxembourg, Bahrain, and Malaysia have developed a robust infrastructure of Islamic banking and finance system, and it is pertinent to note that Luxembourg last year reported the world’s highest per capita income, whereas Malaysia is fast on its way to becoming a developed nation. It is noteworthy that while Luxembourg has a very small population of Muslims, Malaysia, a Muslim-dominated country, has more than 40 percent non-Muslim account holders in Islamic banks.

It is due to its economic benefits that all these countries, irrespective of the size of their Muslim populations, are trying out different ways to become leading centres of Islamic banking and finance. Likewise, there has been a surge in the number of non-Muslim professionals providing Islamic banking and financial services throughout the world, undoubtedly stressing that the importance and advantages of Islamic banking and finance stretch far beyond its name.

The recent past has shown that while the world faced severe economic crisis, Islamic banks continued to grow unabated, making the world take note of this lesser known field. Islamic banking and finance has now become a confident part of the world economy with more than 75 countries joining this industry, which is growing at about 20 percent to 30 percent annually.

India, which happens to be home to approximately 150 million Muslims, is seen as the largest untapped market for Islamic banking and finance.

There have been growing demands from various sections of the Indian society, especially the economists and businessmen for the introduction of Islamic banking services in India for the past few years, and some efforts have made in this regard.

However, there seems to be a lack of awareness among the masses as well as policymakers in terms of its application and benefits.

One positive step in this direction came from the Kerala government, which participated in an Islamic finance venture in the state, inviting much needed investment. With the green signal to the project in Kerala, it quickly received investment offers worth Rs. 100 billion from Oman alone to invest in vital developmental projects including roads, bridges, flyovers, power, water supply and transport, industrial and information technology, tourism, ports, airports, railways and mass transportation and inland waterways across the state.

It is a good development towards opening the doors for much-needed investment in India, and promoting an equitable banking structure that will benefit all, irrespective of the religious beliefs of the customers.

India is among the fastest growing economies and shall be a leading economy of the world by 2020; however, to achieve this, it is high time India took some proactive steps in this direction, including policymaking and introducing Islamic banking and finance courses in various institutions to educate the masses besides preparing quality professionals to cater to the growing demand.

As per reports, India needs about $500 billion to invest in projects crucial for building its vital infrastructure.

The introduction of Islamic banking can easily provide this much-needed money, especially from the oil rich Gulf nations with billions of petrol dollars looking for new markets. The importance of Islamic banking and finance is increasing and its integration in the mainstream economy is too big to avoid.

It is high time Indian policymakers provided for integration of Islamic banking and finance in the system. If India’s infrastructure develops, every Indian will benefit, irrespective of one’s religious beliefs.

The writer is an advocate and an expert in Islamic banking and finance laws.

Famous non-Muslin comments on the Quran

Goethe (a famous German poet): Whenever I read the Quran, I feel something has shaken my spirit.

Arnest Rinan: The Quran is authentic, and no modification or changing occurred to this book, and whenever you listen to the Quran, it makes you shiver, and when you study the laws which come in this Quran you will respect it more and more.

Leo Tolstoy (famous Russian thinker): After I read the Quran, I realized that all what humanity needs is this heavenly law. The legislation of Quran will spread all over the world, because it agrees with the mind, logic and wisdom.

Michael Hart: There is no book in history that is complete with its entire letters without any modifications but the Quran.

Jaims Jenz (Astronomical scientist): I bear witness the Quran is an inspired book from God.

Professor Irene Berg (Professor at the Oslo University): No doubt Quran is truly from almighty God and that Muhammad is truly a messenger from God.

Dr. Maurice Bucaille: It is impossible that Muhammad, peace be upon him, authored the Quran. How could a man, from being illiterate, become the most important author, in terms of literary merits, in the whole of Arabic literature? How could he then pronounce truths of a scientific nature that no other human-being could possibly have developed at that time, and all this without once making the slightest error in his pronouncement on the subject?

The Japanese professor Yoshido Kozan (chief of Tokyo planetarium): I don’t find any difficulties in accepting the Quran as a true word of God – because the explanation of the growth of the fetus in the womb of his mother which the Quran gives, 14 hundred years ago, is typically what the science knew recently.

Prof. Yoshihide Kozai: I am very much impressed by finding true astronomical facts in Quran.

Karl Marx: Every man who has a mind should really confess that Muhammad is messenger from God.

Prof. Alfred Kroner: “It is impossible that Muhammad could have known about the common origin of the universe, scientists only found this out in the last few years using complicated and advanced technology”.

Albert Einstein: The Quran is not a mathematic book it’s a book which contains laws for the guidance of mankind to the right path to the guidance which the philosophical theories couldn’t bring it.

Peep into the mysticism of Islam

Siddiq GHOUSE

Continued from last week

Hazrat Abu Bakr when he succeeded the leadership of the Muslim Ummah after the demise of the Holy Prophet and the then Islamic world came under his Caliphate or reign, did not wear the regalia of the Kings but was garbed in a single garment pinned together earning the name for himself as the ‘Caliph of the two pins’.

Hazrat Umar Caliph of the Islamic Empire that included Egypt, Syria, and Palestine lived on bread and olive oil and wore patched clothes. Caliph Hazrat Usman used to carry firewood on his shoulders to light his hearth when he was Caliph of the Muslim World and when questioned on the matter replied ‘I want to see whether my soul would refuse’, Caliph Hazrat Ali when he ruled the Islamic Empire used a waist band which he bought for a pittance of four dirhams and a shirt for five dirhams when he could have attired himself in golden robes due to the richness of his Empire.

Beliefs

Islam consists firstly certain beliefs such as the existence of one God Allah and belief in all the Prophets sent by Allah, reward and punishment in the life Hereafter, observances of fast, compulsory charity (Zakat),Haj Pilgrimage, voluntary charity (sadaqa), truthfulness, honesty, kindness, moral conduct etc.

Together with these the ritual prayer concerns man’s relationship with the Creator Allah Almighty.

Allah tells us in the Holy Quran ‘Enter into Islam wholly’ what does understand this to be? Is it confined only to the above mentioned external duties of Islam or does it also include the internal duties of strengthening ones faith, gratitude to Allah for his bounties, cleaning up of our inner self through the guide lines of Islamic mysticism like Zikr, purification of the heart, development of the soul etc.

Four kinds of deaths

Hatim al Assarn, a student of great Sufis once said that a Sufi should be prepared for four kinds of deaths. 1) The White Death (i.e. hunger). 2) The Black Death (patience in the face of difficulties.) 3) The Red Death (mastery over ones desires). 4) The Green Death (the use of coarse garments).

If we look into the life of the Prophet Muhammad (pbuh) we could witness that he went through these four stages. For instance the White Death or hunger we read from the Prophet’s life that there are instances where the hearth in the Prophet’s household did not burn for several days and he and his family went without basic food.

The Black Death or patience in the face of calamities is witnessed when the Beloved Prophet was stoned in the city of Taif by the urchins at the behest of his adversaries and Angel Jibreel (Gabriel) came to him and said God had requested in retaliation whether to destroy the city instantly, the Prophet bleeding from his wounds refused the offer with the remark that future generations of the city will accept Islam, and how true it is with Taif presently within the citadel of Islam.

The Red Death which the mystics talk about where you gain mastery over ones desires is evident in the Prophet in all his life history, for instance when he was offered the Mastery over Arabia by the Quraish tribe in return for he abandoning his mission of Islam his blunt refusal in the manner ‘Even if I am given the sun into my right hand and the moon to my left hand I will never abort my mission of Islam’. If the Prophet’s desire for mundane life was great he could have accepted with all the pomp and glitter it holds, but his refusal portrayed the genuiness of the message of Islam.

The Green Death where the Sufis wore coarse clothes was also prevalent as the Prophet never donned luxurious clothing and has many a time refused such offers, and even the coarse bedding he slept on made tell tale marks on his body, indicating his desire to shun a luxurious life style. Sheik Abdul Qadir Jailani, one of the greatest saints and mystic of the Islamic world who lived in the 12th Century in one of his discourses stated ‘You must open the eye of you lower self and say to it Look at your Lord and see how He looks at you.

See how He has destroyed those kings and rich men who were there before you. Remember the disastrous endings of your predecessors who ruled the world and reveled in all the comforts it had to offer, only to have it snatched away from them at death.

Jail of torment

Now they are held in jail of torment (in the grave) while there palaces stand deserted, their houses are in ruins and their properties gone and only their deeds they did in the world left to be accounted for’.

Sheik Abdul Qadir ,buried in Baghdad in another ,sermon spoke of ritual worship and inner worship in the following manner, ‘True worship is the worship of the heart, if ones heart is heedless of true worship the ritual prayer of the material self is in disorder.

When this happens the peace of the material self is in disorder. Thus the peace that one hopes to attain from ritual prayer is not realized.

Prayer is supplication of the created to the Creator. It is a meeting of the servant and the Lord. The place of the meeting is the heart. If the heart is heedless and dead so is the meaning of worship.

No good comes to the material being from such a prayer for the heart is the essence of the body and the rest is dependent upon it As the Holy Prophet said ‘There is a piece of meat in man’s body when it is in good state the whole being improves and when it is in bad state the whole being falls apart. Beware, that piece of meat is the heart.’ When the ritual worship by possibility in the world of appearance one becomes the devout servant of Allah, inwardly one material being and the inner worship of the heart unite, the prayer is complete.

It brings one spiritually to the realms of the proximity of Allah and physically to the ones highest level becomes the wise one who has attained true knowledge of Allah. If ritual worship does not unite with inner worship of the heart, it is lacking. Its reward is only advancing in rank. It will not bring one any closer to the realm of the Divine.’

Man is divided into two entities- body and soul, and the body due to its nature of being from earth tries to attract man to the pleasures of stimulating the flesh due to its earthly origin. The soul being of Divine spiritual origin attempts to rise to the higher echelons.

Materialism affords highest respect and adoration for the development human body with so called masterpieces of sculpture, cosmetics, non-aging formulas, beauty parlours etc trying to prop up an object which will ultimately perish.

Islam while not neglecting the body gives greater emphasis to the development of the soul whose existence is eternal and does not disintegrate like the hapless body. Islamic Mysticism by various methods helps us to draw nearer to God to win His love and affection and attune the soul in such a manner that it is prepared to meet its Lord in a fit state in complete harmony with its requirements to enjoy the bliss of the life hereafter.

The soul

The soul in this pursuit passes through three important stages while in the man’s body in its search for the one and only God. Man has to direct his soul in only one method through the guide lines given in God’s holy book the Quran and the life of the Prophet to achieve this end. The lower stage is the self prompting soul the soul that whispers in us to constantly do evil. We have to tame such a soul and make it our slave, or else if it becomes the master we will be prone to do evil actions.

Guidance which the Sufis give through Islamic guidance is the way to control it. The second stage after this control is the self accusing soul where our inner conscience tells us to refrain from evil when evil crosses our path, this is a progressive step as we are able to control acts of depravity since the soul will continuously bug us in this respect.

This is one step higher, The final stage in the advancement of the soul is the satisfying soul complete in harmony with the Lord referred to in the Holy Quran in the following manner ‘O thou soul in complete rest and satisfaction come back to thy Lord well pleased and well pleasing unto Him. Enter thou, then among my devotees, yea enter thou My Heaven’. This is the highest achievement man can strive for and could be done only through Islam.

Importance of acquiring education in Islam and Quran

Apart from its unparalleled stress on monotheism, Islam is distinct because of its special emphasis on acquisition of knowledge and education.

This special emphasis becomes even clearer when you study the Quran tutor and the life of Prophet Mohammad (peace be upon him) where you can find numerous references to education, the need for learning, as well as an encouragement to reflect.

It is by reading and reflecting upon the Quran that one comes to realize the full significance of how much emphasis in laid in Islam upon the acquisition of knowledge.

The Quran encourages us to reflect upon the world all around us in particular and the universe in general.

We learn about the importance of education through reading the Quran. Acquisition of some particular type of worldly knowledge may help you learn one or another thing related to your particular interest and they may solve some particular problem for you. On the other hand, the knowledge one acquires from the Quran can make our present as well as our life after death successful. The Quran is the sacred book of Allah as revealed to the Prophet Muhammad (peace be upon him) and is the best guide for mankind. Islam provides us with unlimited knowledge and education and the Quran is the central book of Islamic knowledge.

Education and knowledge are useless if they do not transform and uplift one's personal life.

No one can find the right path and direction in this world without the right education. Learning is a natural process.

This is innate and one of the basic instincts of man. The pleasure achieved from the acquisition of knowledge is very important for the growth and nurturing of the human mind.

Had there had been no inclination to learn, life itself would have been in danger.

Even the growth and sustenance of the human race would have been in danger if knowledge of medicine and other branches of knowledge had not been pursued.

The regular recitation of the Quran reminds us on the importance of education and strengthens our focus regarding it.

Education is important for two reasons. It provides a person with the right mental tools so that he can think clearly and in the right direction. If one has no education, then one cannot think properly in an appropriate manner.

The second reason is that one can acquire information from the external world and convert it to useful knowledge only when one has education.

A person without education is like a closed room, without light and fresh air, while an with education a person feels as if he is in a room with all its windows open towards outside world, with plenty of light and fresh air.

Knowledge among the Muslims is spreading as it is among the rest of the people of the world. Muslims all over the world are coming up better ideas, they have begun to think and reflect more about the world around them, and they are showing greater interest in new information, and they are acquiring new skills. This is the Industrial Age and the world is growing very fast.

It is the duty of people related to the field of education to provide people with quality education.