- Forbidden are earnings from gambling, lotteries, and the production, sale, and distribution of alcohol. "O you who believe! Intoxicants and gambling, sacrificing to stones, and divination by arrows are an abomination of Satan's handiwork. Eschew such abomination, that you may prosper" (Qur'an 5:90)
- A Muslim should be responsible in spending money. Extravagance and waste are strongly discouraged. "[The Servants of Allah are] Those who, when they spend, are not extravagant and not stingy, but hold a just balance between those extremes" (Qur'an 25:67). "O Children of Adam! Wear your beautiful apparel at every time and place of prayer. Eat and drink, but waste not by excess, for Allah loves not the wasters" (Qur'an 7:31).
** Professor of Islamic law and Jurisprudence, International Islamic University, Malaysia, Kuala Lumpur.
Muhammad Akram Khan made a statement that "futures trading is alien to Islamic law as it involves trading without actual transfer of the commodity or stock to the buyer, which is explicitly prohibited by the Prophet."[1] The Hadith cited in support addressed a Companion, Hakim ibn Hizam to "sell not what is not with you." Khan did not take this Hadith to its logical conclusion and has not explored the juristic discourse of the fuqaha' and commentators on the issues he has raised, and yet he stated categorically that "all the transactions in these chain are unlawful;" and "the Islamic position on futures market is quite clear."[2] Khan passed the same negative judgment on forward contracts: Futures contracts "have a strong element of speculation" and forward contracts which consist of an exchange of promises "are not legally enforceable."[3]
In his 1983 publication on the Islamic law of obligations, Subhi Mahmassani stated in passing that "contracts concerning future things (al ashya' al mustaqbalah) are basically invalid, for such things are non-existent at the time of contract – except for the fact that the majority of jurists have exceptionally permitted certain contracts such as salam (forward sale) and istisna[ (contract of manufacture)."[4] It is stated further that proprietary contracts ([uquūd al tamlik), which seek to postpone the transfer of ownership of the object specified in the contract is a form of gambling, which is why they are prohibited.[5]
In his 1982 article entitled "Ra'y al Tashri[ al Islami fi Masa'il al Bursah" (The Shari[ah Perspective on Bourse-Related Issues, Ahmad Yūsuf Sulayman reviewed the fiqhi rules on such issues as the sale of objects that the seller does not own, sale prior to taking possession, deferred sale, an sale of the nonexistent. He applied the rules of conventional sale on these issues directly to futures and passed prohibitive judgments on almost every case. Sulayman also relied on the earlier quoted Hadith but has not looked into its meaning and rationale, and stated that the Shari[ah has validated salam (forward sale in which only the price is paid at the time of contract, but delivery is postponed to a future date), and that this is the only framework within which a deferred sale involving a future delivery can be validly concluded.[6]
[1] Muhammad Akram Khan, "Commodity Exchange and Stock Exchange in an Islamic Economy," The American Journal of Islamic Social Sciences 5, no. 1 (Spring 1988): 91.
[2] Ibid., 99.
[3] Ibid., p. 104.
[4] Subhi Mahmassani, al-Mawjibat wa al [Uqūd fi al Fiqh al Islami, 3rd ed. (Beirut: Dar al Ilm li al Malayin, 1983), 327.
[5] Ibid., 475.
[6] Ahmad Yūsuf Sulayman, "Ra'y al Tashri[ al Islam fi Masa'il al Bursa," iya (Cairo: al Ittihad al Duwali li al Bunūk al Islamiya, 1402/1982) 5:387ff.
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Assalamu alaikum warahmatullahi wabarakatuh
Dear respected scholars, bankers, professionals in Islamic Banking, may almighty Allah protect and bless you all.
I would like to solicit for your kind assistance to provide me with some knowledge about the procedures of check clearance in Islamic Banks. I do have some knowledge about the check clearance in Conventional Banks but I want to know about the procedures in Islamic banks too, for the purpose of improving my theses. I would like to know, is there any difference between the procedures which have being practiced in Islamic and Conventional banks?
Thank you and May Almighty Allah give return to your kindness
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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
Maan Barazy
Certified Shari'a Adviser and Auditor (CSAA- AAOIFI Certified) - MA Islamic Comparative Jurisprudence - BS International Economics
Managing Partner And CEO of Data and Investment Consult-Lebanon – The Centre For Islamic Finance - Consultant Researcher and Lecturer
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سياسة النشر في المجموعة:
ترك ما عارض أهل السنة والجماعة... الاكتفاء بأمور ذات علاقة بالاقتصاد الإسلامي وعلومه ولو بالشيء البسيط، ويستثنى من هذا مايتعلق بالشأن العام على مستوى الأمة... عدم ذكر ما يتعلق بشخص طبيعي أو اعتباري بعينه باستثناء الأمر العام الذي يهم عامة المسلمين... تمرير بعض الأشياء الخفيفة المسلية ضمن قواعد الأدب وخاصة منها التي تأتي من أعضاء لا يشاركون عادة، والقصد من ذلك تشجيعهم على التفاعل الإيجابي... ترك المديح الشخصي...إن كل المقالات والآراء المنشورة تُعبر عن رأي أصحابها، ولا تعبّر عن رأي إدارة المجموعة بالضرورة.
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