IslamPolicy.com - 2 weeks until first course on shariah complinat finance begins

[YounusAbdullahMuhammad]

FREE COURSE

register HERE

email - islampolicy@gmail.com with any questions or comments -

Syllabus with dates HERE

[DrJekyllHyde]

Assalaam Alaykum wr wb Noble brother, teacher, alim, and hero of Islam:

I just wanted to ask - why not make the lectures, pdfs, and other course materials freely available to everyone? Perhaps, after the course is complete, the whole package and can be released - as not everyone will be in the right place and right time to take advantage of this generous offering (may Allah reward you).

Also, any chance of a course in the future on oil-specific politics and economics (both in terms of the reality of our world today, and how a Khalifah would eventually handle such natural resources which as the Prophet saaws said, belong to the people).

jazakAllah khair

[YounusAbdullahMuhammad]

Assalaam Alaykum wr wb Noble brother, teacher, alim, and hero of Islam:

I just wanted to ask - why not make the lectures, pdfs, and other course materials freely available to everyone? Perhaps, after the course is complete, the whole package and can be released - as not everyone will be in the right place and right time to take advantage of this generous offering (may Allah reward you).

Also, any chance of a course in the future on oil-specific politics and economics (both in terms of the reality of our world today, and how a Khalifah would eventually handle such natural resources which as the Prophet saaws said, belong to the people).

jazakAllah khair

Walakumassalam, I assume you are speaking to me although I can assure you that the labels certainly do not apply. However, may Allah reward you for your kindness.

As soon as the course is complete, insha'Allah we will release the entirety of it on a section of the website to initiate discourse and to serve as a building block for efforts to establish real alternatives for investment,. banking and microfinance. Additionally, we would post the archives on the site for those that miss the lectures. As a few of the readings are copy-written, so we must wait to release them as we have these annoying "patriot-Zionists" that are constantly trying to get the website shut down and have us arrested. As I recently recognized that a housewife was fined a few million in America for downloading a copy-written song while bankers that conduct mortgage fraud receive a few hundred billion taxdollars, I must say that litigation in the US "justice" system is something we try to avoid.

With regard to the section position, then the course will cover some topics that are largely unknown and certainly never mentioned such as the Saudi GCC central bank and fiat currency soon to be released, the founding of the petrodollar system, how it works and supports US hegemony, the accurate portrayal of assassinated King Faisal as an opponent to Kissinger's NSM-200 "population control" plan, and other realities. After these principles are covered properly for the first time in a public arena and can be referenced, we can then educate around the fundamental distinction of the Islamic economy and how it must concentrate on physical production and how it is impossible to do so unless banks are altered from the traditional "profit based on margin of interest rate" versus "physical investment and assumed risk by holding real assets."

As this relates to the process of establishing a conversation around the khilafah and the economic system of the Islamic state, we must build and are quite far away from that although we do hope that we may generate a critical analysis that allows us all to take responsibility for the direction of an industry that claims to represent Islam. With due time, there must be coverage of "natural resources" in Islam, the only adequate address of the issue is by Hizb ut Tahrir and they isolate the hadith on bani Adam sharing in water, fire and pasturage and do not go into specific detail. We must understand that the Islamic economy is distinctly different normatively from economics as espoused by Secularists, it is also an issue that cannot be addressed literally and as an area free of difference in interpretation.

In order to understand those distinctions then we look at the subjective definitions and understanding of gharar in fatawa throughout history (ibn Tayimia discusses this in many places) and in my opinion the best way to familiarize ourselves with the basis for an Islamic economy is to read Abu Yusef's Khitab al Kharaj juxtaposed against Abu Jafar Ahmad ibn Nasr al Daoudi's Kitaab al Amwaal - paying close attention to the difference of opinion with regard to Umar's decision to preserve the lands of Iraq for the state versus giving them to the mujahideen. Both books are translated into English and performing this effort to the point of comprehensive understanding would give one an awareness of the type of leniency yet strict adherence to drawing form the authorized sources of legislation (expanding to include the practices of the khulafaa rashideen) that a true grasp of the Islamic economic system necessitates.

The course only addresses the contemporary "shariah compliant industry" and does not go into the theoretical aspects of the Islamic economy. Insha'Allah as time goes on we will be able to do so, but at this stage practical efforts are of extreme import and it is more important we try to steer the intellectual capital of the ummah interested in finance towards expanding on rapidly developing advancements within the ummah. There is a recent spur of success in certain areas around what is known as "binary economics", commodity currencies, and the establishment of new markets in India and other very key advancements, but there is a shortage of talent and an inability to steer things in a direction of benefit.

We hope to stimulate interest with the course and will insha'Allah use it as a building block once these principles are covered. In order to address the natural resources issue, I believe that a survey of history alongside scrutiny of the Quran and sunnah makes it quite clear what is proper, but I have tried to outline steps anyone may take towards completely grasping this concept in what I stated above. I thank you for your interest and hope that some here will listen to the archives or attend the course inshAllah and that Allah can give us the ability to continue to cover such imperative issues without stepping over our limitations and He (ta ala) knows best....

JazakAllah Khairan for the advice!

[DrJekyllHyde]

Walaykum Salaam wr wb Brother Younus:

Yes - I was most definitely asking you and those labels were more than due - as you have earned them (and I ask Allah to keep you strong and steady on the haqq and allow all of us to continue to benefit from your knowledge, wisdom, and courage).

As soon as the course is complete, insha'Allah we will release the entirety of it on a section of the website to initiate discourse and to serve as a building block for efforts to establish real alternatives for investment,. banking and microfinance.

alhamduliLLAH! I believe there are far less (if any) opportunities for halal (shariah-compliant) banking in the United States unlike say, parts of Europe. on the whole though (and forgive me for asking this), may some of the material be too advanced for brothers taking part in this first course? wouldn't such topics (in greater detail) be better suited for the citizens (who have backgrounds in business, finance, economics, etc.) of saudia and gcc nations who can better implement such strategies for the benefit of Muslims there and even all over the world? Not to say that a course exposing the inner workings of the central bank in that region would sit well with those in power, but those who can really implement meaningful changes would be such businessmen and policy makers.

But I'm making a few assumptions here. What I'm really aiming to say is that I hope you start at a level comprehensibly by those who partake as best you can - since unlike in a university system...you don't have the luxury of establishing pre-requisites or a larger framework to manage all the potential subtopics and subplots that may arise.

With due time, there must be coverage of "natural resources" in Islam, the only adequate address of the issue is by Hizb ut Tahrir and they isolate the hadith on bani Adam sharing in water, fire and pasturage and do not go into specific detail.

Yes, alhamduliLLAH. That is where I first came across this hadith and it really got me thinking. insha'Allah, you can even coordinate with a branch of Hizbut-Tahrir (putting aside obvious differences which many of us have with them) to expand upon such works and produce summaries or teach classes on that issue and other practical as well as theoretical works! And even with the more theoretical discussions of the Khalifah system, there is the practical benefit of increasing our imaan and giving us a better understanding that can be reflected in dawah efforts towards both Muslims and non-Muslims.

and in my opinion the best way to familiarize ourselves with the basis for an Islamic economy is to read Abu Yusef's Khitab al Kharaj juxtaposed against Abu Jafar Ahmad ibn Nasr al Daoudi's Kitaab al Amwaal

jazakAllah khair

but there is a shortage of talent and an inability to steer things in a direction of benefit.

What in your opinion would hasten an increase in such talent (and what comprises the building blocks for such talent)?

may Allah bless your work and grant you and your students success

Bettawfeeq

[YounusAbdullahMuhammad]

on the whole though (and forgive me for asking this), may some of the material be too advanced for brothers taking part in this first course? wouldn't such topics (in greater detail) be better suited for the citizens (who have backgrounds in business, finance, economics, etc.) of saudia and gcc nations who can better implement such strategies for the benefit of Muslims there and even all over the world? Not to say that a course exposing the inner workings of the central bank in that region would sit well with those in power, but those who can really implement meaningful changes would be such businessmen and policy makers.

Assalamulaikum, you do not need to worry about censorship on my end bro!... JazakAllah khair for the inquisition. The course is designed for those working, thinking about working, teaching, or studying the shariah compliant finance field. As of now the majority of the registers are from the GCC countries are from the region generally and are working in the field. We also have several professors that will be paying attention to the archives and have inaugurated the first teaching of binary economics at Trisakti University in Malaysia where advancements are being made rapidly. This is the university where the revolution ion Indonesia was birthed as well and they are the first university in the world to accept a course on binary. We are hoping perhaps they may pay attention as well to this curriculumn and adopt a course similar to it. The framewor for the industry is openended and is molded as much by those using the products as it is by those in power.

I am opposed to notions of populist change and also am what is known as a "critical theorist" following the Franfurt School tradition and expressing the belief that critique and constant analysis leads not only to heightened thinking skills but the ability to always strive to improve situations. There is a particular method to this approach and the course follows that outline. It is as much about inspiring critical thinking skills and analysis as it is about conveying information in the traditional Lockean "tabula rosa" form. We also oppose the limitations created by mere rote memorization as the means of "attaining knowledge" in Islam and understand "fiqh" as complete understanding both in literal comprehension and contextual application. While that is a long conversation in and of itself, the fact that most of the shariah complaint industry work is done in English gives us a benefit to attract the kind of audience you are implying. We have a groundswell of support that is far away from the GCC policymakers, who happen to actually sit in the City of London rather than internal to the ummah, another necessary distinction we will inshAllah make in the course. Our effort is to contribute to these rapid developments LINK .

Although many would claim that this is an example of drawing from a Western, secular tradition, it is only a rejection of postiivism in social sciences and a necessary epistemological attack on secularism altogether. For more info on this basis you can read the founding document of Islam Policy.. On Crafting Islamic Policy: The Methodology of Islamic Social Science LINK

...insha'Allah, you can even coordinate with a branch of Hizbut-Tahrir (putting aside obvious differences which many of us have with them) to expand upon such works and produce summaries or teach classes on that issue and other practical as well as theoretical works! And even with the more theoretical discussions of the Khalifah system, there is the practical benefit of increasing our imaan and giving us a better understanding that can be reflected in dawah efforts towards both Muslims and non-Muslims.

We are in touch with Hizb ut Tahrir from time to time but do not say that too loud as rather than uniting on birr and taqwa, we always want to excommunicate other movements and so loof for faults rather than benefits. If you want to know my opinion about efforts to educate around khilafah or the possibility of establishing collaboration with them then you may contact me in PM.

What in your opinion would hasten an increase in such talent (and what comprises the building blocks for such talent)?

may Allah bless your work and grant you and your students success

Bettawfeeq

In my opinion an increase in talent requires an increase in people properly educated about the core principles of the religion. Only when a person understands Allah is Legislator, walaa and baraa, and the reality of iman can the ummah move forward, but I hold a bit of disagreement with many in regards to how change occurs and so we press forward in idealisms where others would say it was better to educate yourself and family first, establish tauhid in the home, etcetera.

In my opinion (and my opinion means nothing), I do not think we should fancy ourselves to believe that we can establish such things as sharaih complaint finance products in the West. I am opposed to the notion of creating American or British communities unless they are uncompromisingly working to make it impossible for colonialism and control to continue in Muslim lands. I think such ideas are fanciful and I reject, as most do here, the moderates and their efforts to cultivate British or American Islam constantly pretending that the West has any intention of bringing principles of "democracy" to any of the lands it controls. I think cooperation with these people is cooperation with the munafiqeen and pray for their destruction and humiliation. It saddens me to know the statistics of how much money Muslim Americans make each year in comparison to their American counterparts, and then to know how much of that profit goes to drop bombs on innocents and to raid homes at night (40 cents of every tax dollar at 40 percent tax rates). Where they say that is being overly idealist, I would try to start massive campaigns and efforts to denounce any and all participation in that system, and uncompromisingly call anyone that disagreed with me and though I was causing harm for the Muslims by doing so a hypocrite as well. Idealists are always combative and I guess I read "salafiyya" as the most idealist, revolutionary and combative ideology mankind has ever known. May Allah forgive me if I am extreme in my interpretation.

I think economics and finance is a means to end this operation, not contribute to it and that all efforts that contribute to it must therefore be exposed. That is fundamentally different than the way the "industry" operates now and by working on this conversation we hope we can steer it in that direction. Recently in Qatar all foreign banks with two-tiered conventional and shariah compliant structures were told to pack up and leave by the end of the year at least with regard to their shariah compliant operations. That is an indication that there is potential for movements in this direction and I pray that we can end the 400-plus years of Jewry that created modern finance and that we can push it into the Sea along with Israel as time unfolds.

I suppose that position of economics as warfare rather than opportunity to own a house in California in "shariah compliant" means distinguishes me from most of my counterparts. Although I would bet a small portion of the ummah agrees and those are the ones we want not only attending the course but infesting the boardrooms of the "industry" and hallways of "universities" in the Muslim world. I hope that answers your inquisitions and outlines a bit more with regard to the choice on methodology. I do appreciate your dissection of the material and critical feedback. May Allah reward you!

[DrJekyllHyde]

jazakAllah khair for the response.

We are in touch with Hizb ut Tahrir from time to time but do not say that too loud as rather than uniting on birr and taqwa, we always want to excommunicate other movements and so loof for faults rather than benefits.

LOL. we are all takfiri khawrij after all. no but seriously, masha'Allah. everything with the course sounds really good, enlightening, and beneficial.

In my opinion an increase in talent requires an increase in people properly educated about the core principles of the religion. Only when a person understands Allah is Legislator, walaa and baraa, and the reality of iman can the ummah move forward, but I hold a bit of disagreement with many in regards to how change occurs and so we press forward in idealisms where others would say it was better to educate yourself and family first, establish tauhid in the home, etcetera.

Yes. And establishing tawhid at home and doing the "self-improvement" outline they often advocate…does not (nor has ever) really contradict with the idealisms and working for change at a more macro level.

In my opinion (and my opinion means nothing), I do not think we should fancy ourselves to believe that we can establish such things as sharaih complaint finance products in the West. I am opposed to the notion of creating American or British communities unless they are uncompromisingly working to make it impossible for colonialism and control to continue in Muslim lands.

I can't agree more akhi. You can't go into the belly of the beast looking for a way to tame its hunger; or establish a new kingdom while sitting in the old king's chair.

Would you agree that a shariah-compliant financial system (as a whole) in this day and age (where rapid globalization as a result of information technology advances) cannot co-exist with the contemporary models that all together form the so-called "global economy" - thereby affecting all localized economies?

I would try to start massive campaigns and efforts to denounce any and all participation in that system, and uncompromisingly call anyone that disagreed with me and though I was causing harm for the Muslims by doing so a hypocrite as well.

"They intend to put out the Light of Allah with their mouths. But Allah will complete His Light even though the disbelievers hate (it)." (Quran 61:8)

Idealists are always combative and I guess I read "salafiyya" as the most idealist, revolutionary and combative ideology mankind has ever known. May Allah forgive me if I am extreme in my interpretation.

alhamduliLLAH. what else other than the path of the Salaf as-Salih shows us in the most clear, complete, and comprehensive of ways - how to incorporate faith/monotheism, manners, morality, culture, economics, legislation, governance, and justice all together and in harmony (with one another) without contradiction or impurity!

Recently in Qatar all foreign banks with two-tiered conventional and shariah compliant structures were told to pack up and leave by the end of the year at least with regard to their shariah compliant operations.

Do you mean that Qatar asked these banks to leave on account of their shariah-compliant structures (so as to only have the conventional banking system)...or to cleanse Qatar of the non-shariah compliant systems?? Also, please try and cover this development at some point in your course as well if you can insha'Allah.

That is an indication that there is potential for movements in this direction and I pray that we can end the 400-plus years of Jewry that created modern finance and that we can push it into the Sea along with Israel as time unfolds.

AMEEN

barak'Allahu feek