“ISLAMIC” BANKING IS RIBA BANKING
REFUTATION OF A MORON MUFTI
Please comment and advise on the under mentioned bayaan of Mufti Tariq Masood on the issue of Islamic banking. The following is the English transcript of his Urdu discourse:
“Regarding Islamic banking, as I mentioned, 90% of it is derived from Hanafi jurisprudence. However, it cannot be the case that Hanafi, Shafi’i, or other schools have completely distinct banking systems. Instead, Islamic banking merges all four schools of thought. Since most practical rulings were already found in Hanafi jurisprudence, scholars had written about these rulings centuries ago.”
Our Comment: His claim is baseless. The term ‘Islamic’ banking as applicable to the so-called ‘islamic’ banks of this era, is highly misleading and false. It is not Islamic. The Math-habs of Islam do not halaalize these banks which are exactly the same as conventional kuffaar capitalist Riba banks. Nomenclature does not alter the haraam reality of these riba institutions. The claim of 90% Hanafi support is a garguantan falsehood. –The Majlis)
“People often criticize Islamic banking. To understand its background, we need to note that prominent scholars like Mufti Rasheed Ahmad Sahib, the teacher of Allama Yusuf Binori (رحمه الله), who was among the founders of Binori Town, and Mufti Muhammad Shafi Sahib (رحمه الله), the father of Mufti Taqi Usmani Sahib (دَامَت بَرَكَاتُهُ), contributed significantly. This movement gained momentum during Zia-ul-Haq’s era when Pakistan’s Islamization became a focal point.”
Our Comment: The mention of the names of these senior Ulama is a red herring. It is pure deception to pull wool over the eyes of the Muslim public. It is an attempt to accord this haraam riba institution Islamic credibility and acceptability.
These Ulama did not issue any halaal fatwa to condone the current ‘islamic’ banks. Whatever they had suggested was within the framework of the Shariah to guide Muslims. They did not halaalize the haraam riba products of these satanic ‘islamic’ banks of today.—The Majlis
“At that time, the question arose: “If the current interest-based banking is haram, what is its alternative?”
Our Comment: The question is stupid and baseless. ‘Current interest-based’ banking is haraam – absolutely haraam – without a shred of doubt. Thus the question “IF” is stupid. –The Majlis
“A mufti’s responsibility is not just to declare something unlawful; they must also propose lawful alternatives. For instance, if they deem a practice haram, they must suggest another way that aligns with Islamic principles. The Prophet (ﷺ) also provided alternatives. A famous Hadith mentions when Bilal (رضي الله عنه) was warned about a usurious transaction, the Prophet (ﷺ) explained a lawful method.”
Our Comment: The claim is baseless and stupid. It is not the obligation of the Mufti to incumbently provide an alternative to the issue which he declares haraam. While he has the Shar’i expertise for declaring a product haraam, it does not follow that he is also equipped with adequate knowledge and information regarding an ‘alternative’.
Furthermore, it is not permissible for the Mufti to refrain from issuing his fatwa to guide Muslims and to warn them from indulgence in haraam simply because he has no ‘alternative’ to offer. He may not condone indulgence in Riba on the basis of his unawareness of a halaal alternative.
If he is aware of an alternative, it will be a favour bestowed. But there is no Shar’i incumbency on the Mufti to apprize the Mufstafti (questioner) of an alternative even if he (the Mufti) is aware of one. – The Majlis
“Similarly, scholars worked hard to propose alternatives to the interest-based system. Experts from banks were also consulted to ensure that the proposed system was practical and feasible. For example, there was a challenge when discussing higher prices for installment-based sales. If someone failed to pay installments, conventional banks imposed interest penalties. Without interest, how could installmentsbe recovered? This was a dilemma, as enforcing penalties outside the framework of interest was problematic.
This issue wasn’t addressed in Hanafi, Maliki, or Shafi’i schools of thought. However, in Maliki jurisprudence, there is a principle where a financial penalty can be imposed as a form of charity. For instance, if someone doesn’t meet their payment deadline, they are obligated to give a certain amount in charity, not as profit to the lender. Using this principle, Islamic banks impose penalties where the late payment amount goes to charity rather than bank profits.
Investigations into Islamic banks, like Meezan Bank and Bank Islami, revealed that substantial amounts are indeed donated to charities, including madrassas and orphanages. In conventional banks, however, late payment benefits only the banks themselves. Thus, while some argue that Islamic banking appears similar to conventional banking, the essence differs significantly.”
“Our Comment: This entire argument is a canard. It is baseless. Regarding the penalty for late payment, the attribution of permissibility to the Maliki Math-hab is erroneous. No Math-hab condones it. We have answered and refuted this false contention disgorged by Mufti Taqi several years ago in two booklets. The refutation thoroughly debunks this contention. It is available on our website and also in the form of hard copies. The Refutation answers in detail whatever the moron molvi has averred in this regard. –The Majlis
“Islamic banking operates on the basis of six fundamental contracts:
Murabaha, Mudarabah, Musharakah, Salam, Istisna, and Ijaarah.
These are entirely Shariah-compliant and replace interest-based contracts. Practical implementation of these contracts has been verified in Islamic banks.”
Our Comment: This is the nomenclature with which these ‘islamic’ riba banks obfuscate their riba products. They utilize these terms of Islamic contracts to peddle their riba products. Faeces remains faeces even if described as jam. Pork is not transformed into mutton by means of the stunt of nomenclature.
The products of these riba banks are not “entirely Shariah-compliant” as the deviate molvi avers. We have debunked this claim in several articles and booklet which are available.
The claim of ‘verification’ is another haraam canard. Mercenary muftis in the employ of the banks are paid lucrative amounts to churn out fatwas of jawaaz for the haraam riba products of these capitalist banks operating under Islamic guise. Its the devil verifying his own products. –The Majlis
“Initially, when we labeled interest-based incomes as haram, people debated with us, claiming the global financial system ran on interest. Now, with Islamic banking, we present viable alternatives, and people still criticize us.”
Our Comment: Yes, they still need to be criticized. In fact the need to criticize these deviates who have sold their souls for boodle, is greater. They have halaalized haraam riba. Riba is deceptively presented and promoted under Islamic guise with Islamic terminology. Their shenanigans have been refuted in detail in many of our writings. Others too have elaborately debunked the hogwash which these capitalist bootlicking molvis and sheikhs are promoting. They have to find justification for the boodle the banks are paying them for their ‘halaal’ products.- The Majlis
“There were times when our own accounts weren’t opened at Islamic banks, as they considered our appearances and movements suspicious, labeling us as extremists. Despite these challenges, we consistently defended the permissibility of Islamic banking and encouraged its adoption.”
Our Comment: Why would their bosses not open accounts for them when these fellows were promoting the riba products of the banks? The chap is confused. When he and his miserable ilk “consistently defended the permissibility of Islamic banking and encouraged its adoption”, why would they not open accounts for their underlings? Something is amiss in his brains.
OUR FURTHER COMMENTS
“Islamic” banking as it exists today is not Islamic. It is decidedly capitalistic. It is a Riba institution exactly in the same mould in which all conventional kuffaar riba banks are cast. They are institutions of Iblees physically and spiritually.
All their musharaka, mudhaaraba, etc. contracts are farces. They employ gimmicks and stunts to pull wool over the eyes of people. While the riba element of the kuffaar banks is conspicuously displayed, the so-called ‘islamic’ banks conceal their riba rot under the carpet in the same way as a cat covers its faeces after having defecated. But the stench cannot be hidden for too long. The horrible odour cannot be effaced as long as the excreta is not eliminated.
The vilest appendage of these riba banks, both kuffaar banks and so-called ‘islamic’ banks, is their so-called ‘shariah’ boards consisting of real rubbish scholars for dollars – molvis, muftis and sheikhs whose inordinate lust for the dollars has constrained them to barter away their Aakhirah for the miserable carrion crumbs of this dunya.
A bank does not pay rubbish scholars lucrative amounts for fatwas of hurmat. They pay for fatwas of jawaaz. Thus, by hook or crook, these bank scholars for dollars have to mangle and mutilate the Shariah to present ‘permissible’ products. To achieve the pernicious, shaitaani objectives of the riba banks, these miserable molvis and sheikhs make a satanic cocktail and witch’s potion of masaa-il dug out from the kutub of the different Mathaahib. Then they patch a mas’alah of one Math-hab to another half mas’alah of another math-hab to produce a fatwa of jawaaz.
These muftis and molvis who have become agents of Iblees have in entirety smothered their Imaani conscience, hence they suffer no pangs of conscience by feeding and nourishing themselves and their families with the haraam boodle the riba banks pay them.
The following are the titles of our publications which discuss and refute the copro arguments of the scholars for dollars.
Haraam Bank Loans And The View of A Sciolist Jaahil
Ulama Retirement Fund-Permissible Or Not?
The Concept Of Limited Liability
Sukuk And Their Contemporary Actions
Shares,Unit Trusts And The Shariah
Penalty On Late Payment Is Interest
Sasol Shares And Shares In General
The Invalidity Of The ‘Running Musharakah’ Scheme
30 Jumadal-Ula 1446 – 2 December 2024