Tuesday, October 28, 2008

Certificate Course on Islamic Banking & Islamic Insurance

Programme Fee
Single Participant Rs. 5, 500/- only.
The fee includes tuition cost, course material and examination fee.

Acceptable mode of payment is by Pay order in favor of “Centre for Islamic Economics”. Fee with completed registration form should be submitted latest by Nov 12, 2008 to:

Centre for Islamic Economics
Baitul Mukarram Campus,
University Road, Block 8, Gulshan-e-Iqbal,
Tel: 92-21-4967208, 0334-3658220
Fax: 92-21-4809039
E-mail: cie786@yahoo.com, cie786@gmail.com

N.B. Centre for Islamic Economics is a division of Jamia Darul Uloom Karachi, which is exempted from deduction of Income Tax, as such no tax is to be deducted from the amount of fee paid to the Centre as this fee is collected by the Centre on behalf of Jamia Darul Uloom Karachi.
* Admissions are awarded on first come first served basis, so kindly book your seat urgently

Certificate Course on Islamic Banking & Islamic Insurance
Nov 23 to Dec 28, 2008
Date Session Topic Description
23/11/2008 1

1 Sources of Islamic Shariah

2 Comparison of Islamic Economic System with Socialism & Capitalism

Islamic Banking-Background & Global Scenario

3 Ethics of Business in the light of Quran & Sunnah

30/11/2008 2

4 Riba in Quran, Hadith & Its Types, Commercial interest & Usuary

5 Sale and Islamic Law of Contract

6 Murabaha

14/12/2008 3

7 Ijara

8 Salam & Istisna

9 Mudaraba

21/12/2008 4

10 Musharaka

11 Diminishing Musharaka

12 Principles of Shariah governing Islamic investment funds

13 Concept of Limited Liability

28/12/2008 5

14 The features of an Islamic Bank

15 Islamic Insurance-Takaful


Wrap up + Question Answers

Course Certificate Distribution

Sunday, October 19, 2008

Confused about Islamic Banking's Shariah Compliance?

On August 20, 2008 a fatwa appeared in several local newspapers declaring the prevalent Islamic banking system as impermissible. It sowed seeds of confusion in the mind of common Muslims, because a number of prominent Scholars were the signatories of that fatwa including:

Maulana Salimullah Jan [NOTE: The news did a mistake in last name and wrote "Jan" instead of "Khan"] (President of Tanzeematul Madaris and Wafaqul Madaris), Mufti Abdul Hameed Deenpuri (Jamia-al-Aloom Islamia, Banori Town), Mufti Habibullah Sheikh (Jamia Islamia, Clifton), Mufti Rafiq Ahmed and Mufti Saif Alam (Banori Town), Mufti Abdullah (Khairul Madaris, Multan), Mufti Ghulam Qadir (Darul Aloom Haqqani, Akora Khattak), Mufti Ahmed Mumtaz (Jamia Khulafa-e-Rashdeen, Karachi), Mufti Zarwali Khan (Jamia Ahsan-al-Aloom), Mufti Ehteshamul Haq (Jamia Rasheedia, Turbat, Mekran), Maulana Saeed Ahmed Jalalpuri (Alami Majlis Khatam-e-Nabuwwat), Maulana Dr Manzoor Ahmed Mengal (Jamia Farooqia), Mufti Hamid Hassan (Darul Aloom, Kabirwala), Mufti Abdul Ghaffar (Jamia Ashrafia, Sukkur), Mufti Saaduddin (Jamia Ilmia, Lakki Marwat), Mufti Gul Hassan (Jamia Rehmia, Sarki Road, Quetta), Mufti Rozi Khan (Darul Afta Rahania, Quetta), Mufti Qazi Salimullah (Darul Huda, Khairpur), Nazir Ahmed Shah (Jamia Farooq-e-Azam, Faisalabad), Mufti Saeedullah (Jamia Arabia Naeemul Islam, Quetta), Mufti Samiullah (Jamia Farooqia).

Do note that Maulana Salimullah Khan saheb is a teacher of Mufti Taqi Usmani saheb, who is an expert in the fields of Islamic Jurisprudence, Economics, Hadith and Tasawwuf and has played a key part in the move toward interest free banking and the establishment of Islamic financial institutions. He is considered to be an authority on this subject.

On 4th of September, 2008 a reply from Shaikh Mohammad Makki Hijazi (Lecturer at Masjidul Haram), Allama Abdul Hafeez Makki (Central Ameer of International Khatam e Nabuwwat Movement IKNM) and other leaders of IKNM appears in the local newspapers.

Dar ul Uloom Karachi's reply

On September the 14th, 2008, Dar ul Uloom Karachi issued a fatwa which clarifies the situation. A scanned copy is given here for reference. Signed by following eminent scholars:

Mufti Taqi Usmani saheb
Mufti Afzal Ali Rabbani saheb
Mufti Abdurrauf Sakkharwi saheb
Mufti Mahmud Ashraf Usmani saheb
Mufti Muhammad Abdul Mannan saheb

Similarly, a rather detailed fatwa was issued by Dar ul Uloom Karachi on 19th September, 2008. A scanned copy of it can be viewed here.

I respect both groups of Ulema and my only intent here is to show both sides of the story. They rightly said "The truth is that a muslim should follow any aalim whose fatwa he trusts and sincerely believes that the aalim is capable of giving an authentic fatwa which is not based on ignorance or self interest".

I believe Mufti Taqi Usmani saheb is an expert on the subject and a learned scholar who had spent his whole life in researching that subject. And this is the reason why he has great following both locally and internationally. I praise and pray for Mufti Taqi Usmani saheb and his talented team.

Saturday, October 18, 2008

Allahu Akbar ! what a recitation

Sheikh Muhammad Al-Luhaydan of Saudia Arabia

Project Censored: The news that didn't make the News


Obsession The Movie: A tool to temper the American electorate OR Radical Zionist/New-Con's War Against Islam?

banner_sale A very thoughtful research into a recent free-distribution campaign of a DVD that has content surely targeted at tempering the American electorate in the upcoming US presidential elections. Its very interesting to note that the distribution was done chiefly in the "Swing Sates (Florida, Ohio, Michigan etc)". The writer is a professor at the University of North Carolina at Chapel Hill. A Must read.

Slippery Stone: An inquiry into Islam's stance on music

Slippery Stone: An inquiry into Islam's stance on music

"Contemporary, convincing, comprehensive..." — Mufti Zubair Bayat

"Academically superb... This book is a valuable addition to the English literature on the subject." Dr. Salman Nadvi

What does Islam say about poetry, singing, musical instruments, musicians, and the business of music?
What is the truth about the much-publicized “music controversy” in Islam?
What is the verdict on nashids?
What did the Sufi masters say about sama?
What is the truth about Ibn Hazm's arguments on the subject?

This book demystifies the issue of music in Islam by going to original source books in Arabic, many of them brought to light for the first time in the English language.

It traces the attitudes of the Muslim society about music and the musician throughout its history and quotes extensively from the deliberations of the Qur’an and Hadith scholars and jurists from all schools of Islamic Law, both Sunni and Shi'ah.

More than six hundred references and more than a hundred twenty biographical notes on the authorities quoted add to the value of a discussion that is comprehensive without being boring, and detailed without being confusing.
For more information and table of contents click here.

Campaign for Afia: A mockery of Justice

Aitzaz Ahsan, President SCBA, during his recent visit to New York and President Zardari, soon after in Islamabad, have made statements to the effect that Dr Aafia's case is more a test of the "American Justice" rather than a test of justice to Dr Aafia alone.
The questions arise as to: Whether this is the first test of US justice or the US justice has already been tried several times with extremely negative results? read more here...

Thursday, October 16, 2008

Convenient Short Courses and Programs @ Jamia tus Siddique

Hats off to people @ Jamia tus Siddique on designing such short courses and catering for schedules of all those who can not attend classes during day hours of weekdays.

Monday, October 13, 2008

Lt. Col. Darrel J. Vandeveld is at least the fourth Guantanamo Bay prosecutor to resign under protest.

Los Angeles Times : Guantanamo prosecutor who quit had 'grave misgivings' about fairness
Associated Press : Former Gitmo prosecutor blasts tribunals
UCDavis Center for the Study of Human Rights in the Americas : Declaration of Lieutenant Colonel Darrel Vandeveld, September 22, 2008

All that money you've lost — where did it go?

Trillions in stock market value — gone. Trillions in retirement savings — gone. A huge chunk of the money you paid for your house, the money you're saving for college, the money your boss needs to make payroll — gone, gone, gone.

Whether you're a stock broker or Joe Six-pack, if you have a 401(k), a mutual fund or a college savings plan, tumbling stock markets and sagging home prices mean you've lost a whole lot of the money that was right there on your account statements just a few months ago.

But if you no longer have that money, who does? The fat cats on Wall Street? Some oil baron in Saudi Arabia? The government of China?

Or is it just — gone? read more here...