By Shafee Ahmed Ko, TwoCircles.net,
Chennai : Justice Mufti Muhammad Taqi Usmani, an expert from Pakistan in the fields of Islamic
Jurisprudence, Economics, Hadith and Tasawwuf, and champion of interest-free Islamic Banking campaign, was in Tamil Nadu last month to deliver lectures on Islamic finance and banking system.
“I was born in India. In my early days I migrated to Pakistan along with my parents; but the fact remains that the love of my native land cannot leave my heart and I wished to visit this land often but in half a century I could visit twice or so.” This is how Mufti Muhammad Taqi Usmani opened his English speech at Hotel Residency Tower in Chennai on 8 July 2010. He chose Islamic Banking as the subject for the lecture, the second discourse, out of 19 in total, from 8-18 July 2010 in places like Ambur, Vaniyambadi, Omrabad, Visharam, Pernampet (Vellore Dist),Bangalore and Deoband.
Mufti Muhammad Taqi Usmani
Thanking Nattamkar Farooque Ahmed and other organizers of the summit, the Mufti, a champion in the fight against “Riba” usury, elaborated mainly how the common man’s life becomes miserable if the trading community deviates from the Islamic principles. It was transparent in his whole discourse that one need not be a Muslim to practice the inlaid principles of Islam as long as such trade and commerce do not hamper the society in large, nor Islam compels any one to become Muslim to transact a similar sane and sound commercial activities acceptable to the general public. The prime objections being taught as prohibited (haram) in Islam that money taken as commodity to trade for interest or high usury, present banking system where funds are advanced for commerce and other loans, play great havoc and is violent, and causes needless disturbance in the form of recession or world financial crisis. He laid more emphasis that money should not be hoarded by single person and it should circulate to the have-nots. He explained the Islamic Principles and systems in terms of money equity that direct the conscience or the natural justice to the settlement of financial controversies.
The Mufti Sahib exhorted all unlawful money transactions where money taken as commodity,where non existing real assets with mere speculations, assumption banks creating artificial money earned. “It is just calculations; more than 8 times of GDP of the entire world has been made as profit. This is how the financial crisis started”.
Mufti Sahib made an allusion to the US currency (bills) where in it is inscribed, “IN GOD WE
TRUST”. Mufti Sahib was wondering why those people do not confer God, while they under take unlawful money activities.
Abdur Raqueeb of ICIF interacting with Mufti Taqi Usmani
Extolling the virtues of Islamic principles quoting verses from Holy Quran that man’s life is quite ephemeral, Mufti Sahib emphasized one has to be conversant with the noble sharia (laws) in Islam to deal with professions be it a businessman, employee or farmer. He has to bear in mind that one is only stage player in the mundane world, he has to conduct himself in such a pleasing manner that he has to have spiritual emoluments to be carried and to answer Allah
Taala in Aaquira. He also mentioned that those conducted their lives in the world according to
the Holy Quran; the Sunna will live in Aaquira with the prophets.
During his visit to Tamil Nadu, Mr Abdur Raqueeb, General Secretary, Indian Centre for Islamic Finance, met him and informed him about the efforts of ICIF for establishment of Islamic
banking and finance system in India.
Addressing a gathering in Ambur, the Mufti said Muslims here will have to do two things for
interest free banking: first, make the Muslim business community and those who have relations
with banks aware of the prohibition of interest and the need for interest free banking; and second,produce more and more Ulema who have good knowledge of Islamic finance. “For this, I think
madrasa syllabi should include such materials and special course on Islamic economy should
be started for madrasa graduates. Through this course, the Ulema should be informed of Islamic
economy along with today’s world economy,” the Mufti said.