ISLAMIC BANKING

  

February 2, 2012

Honourable Mufti Muhammad Taqi Usmani

Jamia Darul Uloom Karachi

Korangi Industrial Area,
Karachi.   Tel: 35049774-6

Reminder-II

My Dear Brother,

Wa alaikumussalam

This has reference to your e-mail dated 25-01-2012.

I feel regret that I could not communicate the purpose of the meeting, though; it was self evident from the contents of my request.

           I am of the view that your concept of Islami banking on the basis of which you are heading several Shariah Boards is entirely in conflict with Quranic Edict (Albaqarah 275-276 read with Albaqarah 41-42, Al-imran 77 and An nahl 95). In this regard it seems imperative to have a meeting.

             I wish to explain that the polytheistic economic model, underlying capitalism and prevalent in democratic countries/societies, is based essentially on credit and loan, a concept anathema to the monotheistic economic model.  Besides, while the Law of Algorithm dictates the monotheistic economic model to originate in Plus One (+1), the polytheistic economic model is based on Minus One (-1).

All types of interest are prohibited in ISLAM

1) Prohibition of interest based on credit/loan;      Albaqarah  275

2) Prohibition of compound interest;                      Al imran    130

3) Prohibition of interest based fund raising;          Ar rum        39

Principle of prosperity is, lower interest rate of central bank indicates financial strength of economy. That’s why ALLAH subhanahu recommends zero interest rate for Muslim states.

              Although I am a business man by profession yet my observations and reservations, mentioned in my previous mails, are the result of my forty long years of research and practical exposure to more than forty countries and their socio-economic systems. Therefore, I felt imperative to share my viewpoint with you. I still believe that the meeting will be eye opening.

Sincerely,

Syed Ammar Bukhari

 C.E.O (Ahbab Associate)   www.ahbab.com.pk    www.suprasystem.org

Cell: 0092-321-2345617 

Office:

Ahbab House, Plot 174, Sector 30, Korangi Industrial Area, Karachi, Pakistan.

Residence:

Peer house, 89-Khayaban-e-Badban, Phase-V, D.HA, Karachi, Pakistan.

www.maemaar.org.pk      www.theradiantpath.org         www.goodgovernance.org.pk

----- Original Message -----

From: Maemaar Bukhari

To: 'Justice Muhammad Taqi Usmani'

Sent: Friday, March 09, 2012 12:20 PM

Subject: ISLAM AND Islamic Banking 09/03/2012

March 9, 2012

Honourable Mr. Muhammad Taqi Usmani

Jamia Darul Uloom Karachi

Korangi Industrial Area,
Karachi.   Tel: 35049774-6

My Dear Brother,

Please refer my mails and letters 17-01-2012, 23-01-2012, 27-01-2012 and 14-02-2012 and many phone calls to your office for Para wise reply of my letters.  But till this time, we did not receive any satisfactory reply of any mail.

For the best interest of Muslim Ummah all this is being posted on web page www.islamicbanking.com.pk and www.islamicbanking.org.pk and your reply of letters and following questions will also be posted on receipt:

1.   Can a single Polytheistic economic practice, which resembles such partnership as is permissible under Islamic edicts, be cited to negate/reject the entire Islamic system of monetary control?

2.   Can a pronouncement of the Federal Shariat Court, quoting such arguments of the petitioner/respondent as are designed, for mutual benefit/worldly gain, to market Riba by labelling it as a PLS (profit and loss sharing) concept, be cited(case law) to replace or amend definite dos or don’ts specified in the holy Quran?

3.   Does someone in receipt of remuneration from a bank, or a scholar providing, for worldly gain, services as an Islamic mufti, have authority to issue such Fatwa as tends to fit in a Riba-based economy with the Islamic economic system?

The above questions about the status, in terms of the Holy Quran, of the current banking practices have for some time been agitating many thinking minds in the Muslim Ummah: If, therefore, you could kindly ponder the same for a few minutes and provide a response,

Hoping for an early reply,

SYED AMMAR BUKHARI

(Society Architect)

Cell: 0092-321-2345617     www.suprasystem.org    www.islamicbanking.org.pk

Office: Ahbab House, Plot 174, Sector 30, Korangi Industrial Area, Karachi, Pakistan

www.maemaar.org.pk      www.theradiantpath.org         www.goodgovernance.org.pk

C.C:     Honourable Justice Khalil-ur-Rehman
===============================================

From: Justice Muhammad Taqi Usmani [mailto:muhammad_taqi@cyber.net.pk]
Sent: 11 March 2012 13:55
To: Maemaar Bukhari
Subject: Re: ISLAM AND Islamic Banking 09/03/2012

Dear Brother Syed Ammar Bukhari

Assalamu alaikum

Thanks very much for your many letters and reminders on the above subject. I just have to say that I have noted your comments therein.

I am sorry I could not reply you earlier because of my frequent travellings and extremely busy schedule in Darul Uloom Karachi.

With kind regards

Justice Muhammad Taqi Usmani
Darul Uloom Karachi
Korangi "K" Area - Karachi-75180, Pakistan
Ph: +92-21-3512-3100, Fx: +92-21-3512-3233

فَأَقِمْ وَجْهَكَ لِلدِّينِ الْقَيِّمِ مِن قَبْلِ أَن يَأْتِيَ يَوْمٌ لَّا مَرَدَّ لَهُ مِنَ اللَّهِ ۖ يَوْمَئِذٍ يَصَّدَّعُونَ   30:43

So direct your face toward the correct religion before a Day comes from Allah of which there is no repelling. That Day, they will be divided.