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Fajr 05:51 AM
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  • 23 June 2017

    Port Elizabeth:
    Al Bayaan:
    | Awatif: | Azhar: Moulana Muhammad Ravat | Baywest: Hafiz Muhammad Osman | Bloemendaal: Moulana Muhammad Mukhtar | Booysens Park: Sheikh Imad Lagerdien | Central: | Cottrell St: Moulana Sharief Kapery | Darul Uloom: Mufti Siraj Desai | Fuqara: Moulana M Ali Desai | Grace St: Imam Ibrahim Tiry | Greenacres: Mufti Zakariyya Madatt | Huda: Moulana Abdurrahmaan Nackerdien | Humphries St: Moulana Hussain Kapery | Korsten JK: Moulana Moosa Shafee | Kuyga: | Mansoor: Sheikh Ashraf Ajam | Motherwell: Imam Moosa Milanzi | NMMU: | New Brighton: | Overbaakens: Moulana Junaid Adam | Pier St: Sheikh Muhammad Ariefdien | Rudolph St: Sheikh Abdullatief Lagerdien | Ruvan Centre: Ml Nazeem Moosagie | Saabireen: Sheikh Iman Nakhomo | Salt Lake: Moulana Shaheen Ismail | Taqwa: Moulana Salmaan Fredericks | West End: Moulana Rushdi Nackerdien

     

    Uitenhage:
    Haq:
    Imam Liaquat Ali Tiry | Ibaadur Rahmaan: Moulana Shuaib Brood | Mumineen: Combined Juma with Qudama | Qudama: Moulana Zubair Patel - Combined Juma with Mumineen

     

    [All venues subject to change without notice]

  • 2017

    Jun

    24: Youth Itikaf. Masjid Mansoor. Sat 9.00pm-Sun 6.00am. Registration: 082 883 6601

     

    24: Moonsighting Event. Fathers and sons. Malabar Eidgah. Maghrib Salaah at the Eidgah 

     

    26: Eidul Fitr. Subject to sighting of moon

 

 

 
 
Islamic Finance PDF Print E-mail

Finance
Finance
There are many terminologies prevalent in the financial world of today, yet these concepts were addressed by Islamic law more than a thousand years ago. The Quran, Hadith and books of jurisprudence are rich with financial schemes, instruments and products far beyond what is present today.

 

DID YOU KNOW? 
The Quran has 35 verses relating to finance and economics. 
Revelation of the Quran concluded with verse 2:281 warning traders in business and economics. 
Verse 2:282 is the longest verse in the Quran and it is regarding finance and economics. 
The most celebrated compendium of Hadith in the Muslim world, Sahih Al Bukhari, contains 113 chapters on finance. 
471 Hadith are devoted to finance and economics. 
Hidayah is a famous manual of jurisprudence. It contains 24 intricate and complex chapters addressing: forward exchange contracts, cash sales, credit sales, spot sales, currency exchange, collateral, partnerships, leasing, endowments, laws of succession and more.
 
WEALTHY SAHABA
Among the Sahaba were those who were affluent. They were expert investors and had diverse investment portfolios. They spearheaded mass imports and exports, hiring, securitizing their investments, dealing in collaterals, standing as guarantors, currency trading, investing in joint commercial enterprises and other profitable schemes. They were transacting in the millions.
 
Abdur Rahman ibn Auf radhiallahu anhu once imported 700 camels laden with goods. He once gave 40,000 gold coins and 40,000 silver coins in charity equivalent to over R73 million.
 
Zubair radhiallahu anhu had an estate equaling a staggering 52,200,000 silver coins. That is equivalent to over R124 million. The value of these amounts 1,400 years ago was even more.
 
Islamic law has the solutions to today’s financial crisis. It has a natural elasticity to recognize new financial concepts and instruments. 
 
Article adapted from Darul Iftaa, Issue 47. www.daruliftaa.net
 
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