Money is merely a means to achieve an objective and not the objective in itself - as reflected in the maxim from Imam Hasan Al-Basri in regards to the Philosophy of Islamic Finance.
In essence, money has no intrinsic value per se and is merely a measure of value and a medium of exchange; only benefiting us when it leaves us in a form of the price we pay for a product or service with an intrinsic value and utility.
Therefore, money is a provision from our Lord for us to ultimately experience the gift of life; not to be hoarded or used as a commodity itself. So spend on that which is beneficial, invest in that which brings profitable returns and give in the Path of Allah سبحانه و تعالى for His Pleasure.
#IslamicFinance #IslamicBanking #IslamicEconomics #Philosophy #Economics #Business #Wealth #Money #Investments #Charity #Zakat #Islam
In essence, money has no intrinsic value per se and is merely a measure of value and a medium of exchange; only benefiting us when it leaves us in a form of the price we pay for a product or service with an intrinsic value and utility.
Therefore, money is a provision from our Lord for us to ultimately experience the gift of life; not to be hoarded or used as a commodity itself. So spend on that which is beneficial, invest in that which brings profitable returns and give in the Path of Allah سبحانه و تعالى for His Pleasure.
#IslamicFinance #IslamicBanking #IslamicEconomics #Philosophy #Economics #Business #Wealth #Money #Investments #Charity #Zakat #Islam
The late Grand Mufti of the Kingdom of Saudi Arabia warns against interest-based transactions
Sheikh Abd Al-Aziz Ibn Baz (d. 1999) began studying Islam at a very young age. He began losing his eyesight during his teenage years and was completely blinded by the age of 20. Despite that, he went on to become one of the most respected Islamic jurists of the last century as the Grand Mufti of the Kingdom of Saudi Arabia.
During his life, he dealt with many challenges and complex issues faced by Muslims across the world. His scholarly works and fatawa (verdicts) were highly sought out and are often referred back to even to this day.
One such scholarly work is his book:
نصيحة هامة في التحذير من المعاملات الربوية
"Warning Against Riba’ (Usury) Transactions."
In this book, the Grand Mufti rebuttals those who try to assert the false permissibility of Riba-based transactions that have become rampant through the rise in the establishment of financial institutions across the world.
Hence, the Grand Mufti proved the impermissibility of Riba’ in all of its forms with evidence from the Qur’an and Sunnah of Prophet Muhammad ﷺ. As a result, he silenced his dissidents and emphasised that the prohibition of Riba' will lead to economic development as Allah ﷻ will bless the economy when we abide by His Law.
During his life, he dealt with many challenges and complex issues faced by Muslims across the world. His scholarly works and fatawa (verdicts) were highly sought out and are often referred back to even to this day.
One such scholarly work is his book:
نصيحة هامة في التحذير من المعاملات الربوية
"Warning Against Riba’ (Usury) Transactions."
In this book, the Grand Mufti rebuttals those who try to assert the false permissibility of Riba-based transactions that have become rampant through the rise in the establishment of financial institutions across the world.
Hence, the Grand Mufti proved the impermissibility of Riba’ in all of its forms with evidence from the Qur’an and Sunnah of Prophet Muhammad ﷺ. As a result, he silenced his dissidents and emphasised that the prohibition of Riba' will lead to economic development as Allah ﷻ will bless the economy when we abide by His Law.
Malik b. Dinar - the famous Islamic scholar (d. 748) beautifully encapsulates the the Maxim of Islamic within his statement:
درء المفاسد أَولى من جلب المصالح
"Removal of harm takes precedence over the attainment of good."