Islamic Revival

The following is a translation from the Arabic book 'Mashroo’ Qaanoon Al-Buyoo’ Fee Dawlah Al-Islaamiyah', first edition by Ziyaad Ghazlaan. Article 4: The Majlis (sitting) of the ‘Aqd of Al-Bai’ (contract of trade) is the circumstances (Haal) in which the Baa’i (seller) and Mushtari (purchaser) are actively engaged in the Bai’ (trade).   This means the time in which the seller and buyer are engaged in the process of trade and its reality has been explained by Ash-Sheikh Mustafaa Az-Zarqaa when he stated: [The state in which the two contracting parties are engaging in negotiations about the contract] (Al-Madkhal Al-Fiqhi Al-‘Aamm 348/1). So the Majlis of the ‘Aqd extends throughout the period of time that is after the Eejaab (offer) as long as this period does not include that which indicates opposition from either the seller or buyer. And the evidence for this is the speech of Allah (swt): Unless it is a trade by mutual consent between you. (An-Nisaa 29) And h

The following is a translation from the Arabic book 'Mashroo’ Qaanoon Al-Buyoo’ Fee Dawlah Al-Islaamiyah', first edition by Ziyaad Ghazlaan. Article 1: Al-Bai’u (trade): The exchange of the property with property so as to take ownership (Tamalluk) and (Tamleek) possession (Al-Mughni 560/30) Many Aayaat of the Qur’aan have come indicating the legality of trade and from amongst these Aayaat, is the speech of Allah Ta’Aalaa: Allah has permitted trading and forbidden Ribaa (usury). (Al-Baqarah 275) And His (swt) speech: Unless it is a trade by mutual consent between you. (An-Nisaa 29) And His (swt) speech: Take witnesses whenever you make a commercial contract (between yourselves) (Al-Baqarah 282) Similarly there are numerous Ahaadeeth that indicate the legality (legitimacy) of Al-Bai’u (trade). From amongst these is the statement of the Messenger of Allah (saw ): “ The traders (seller and the buyer) have the right to keep or return goods as long as they have n

Unfortunately today we see some modernists touting the following disorganised thought about usury: - Interest on Paper money is differed on. - Therefore it is not legislative ruling that is clear cut. - Hence in Economics we do not have a clearly defined system in Islam. Interest in Islam and its relationship to Paper Money Riba linguistically is derived from an Arabic verbal root which means literally to exceed. It is clearly prohibited in the Quran and Sunnah. For example in the Quran we have this verse “...This is because they say that trading is usury, but trade has been sanctioned and usury forbidden by Allah!” (2:276-277) In the Sunnah we also have many traditions, and I will go into more detail inshallah but one of the most famous one is the narration By Ubada ibn al Samit. “I heard the Messenger of Allah prohibiting the sale of gold for gold, silver for silver, wheat for wheat, barley for barley, dates for dates, salt for salt, except through equal measure and im