By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust September 22, 2015 Introduction This article explains the difference between Musharika and Murabaha, two commonly discussed concepts in Islamic finance. Musharika According to the author, Musharika represents one of the purest forms of Islamic finance because it is based on partnership, shared ownership, and shared business risk. Features of Musharika Mushar

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust June 22, 2015 Introduction This article discusses the concept of Murabaha within Islamic Banking & Finance and raises questions regarding its practical implementation and compatibility with the broader economic objectives of Islam. Reference to Muhammad Taqi Usmani The article cites an excerpt from An Introduction to Islamic Finance by Muhammad Taqi Usmani,

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust December 10, 2015 Introduction There has been increasing discussion regarding fiat currencies and the role of banking systems in modern economies. This article presents an overview of these concepts from the author’s perspective. What Is a Bank? A bank is generally understood as a place where something is stored or accumulated. For example, a place where blo

By Muhammad Rizwan-ul Haque Published November 17, 2016 Respected Justice (Retired) Maulana Taqi Usmani Sahib السَّلاَمُ عَلَيْكُمْ وَرَحْمَةُ اللهِ وَبَرَكَاتُهُ 1. Gratitude In Shaa Allah, your efforts will earn abundant rewards in the Hereafter. The appreciation of this world can never truly reflect the sincerity and dedication with which you are serving the Ummah through your time, knowledge, and resources. May Allah (SWT) grant you the best reward (Jaza-e-Khair). Aameen.

By Muhammad Rizwan-ul Haque Published December 14, 2017 Introduction Although the Islamic Banking & Finance industry is growing rapidly, the author argues that serious concerns remain regarding compliance with the teachings of the Qur’an and Sunnah. Therefore, awareness should be created with wisdom and sincerity so that justice, harmony, and accountability may prevail within society. Surah An-Nahl (16:125) “Call to the way of your Lord with wisdom and good instruction, and a

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust September 28, 2015 Introduction Allah (SWT) has forbidden Riba (interest) while permitting trade and lawful economic activity. In the same verse, Allah (SWT) mentions that some people attempt to equate Riba with trade. Surah Al-Baqarah (2:275) “Allah has permitted trade and forbidden Riba.” The verse further highlights how those who go astray argue that Riba

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank, and Director of a Trust June 5, 2017 Confronting Falsehood Allah (SWT) sent Prophets (AS) throughout history to guide humanity toward the straight path and away from the path of Satan. Yet, the majority of people have often pursued falsehood and resisted the truth. Surah Al-Kahf (18:56) “And We send not the messengers except as bearers of glad tidings and warners. But those who di

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank, and Director of a Trust August 7, 2018 Introduction Faith (Imaan) often appears opposite to worldly logic — even in matters related to earning a living. In worldly affairs, people commonly believe that “seeing is believing,” whereas faith teaches us to believe in the unseen. A Couple of Examples Common sense may encourage a person to continuously accumulate wealth in order to bec

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank, and Director of a Trust June 22, 2017 For an Ultimate Change The words of the Qur’an are timeless, and every verse carries a message that often perfectly reflects the realities of the time. Allah (SWT) has continually sent His chosen messengers so that whenever humanity deviates, guidance toward the straight path is restored. Surah Al-Muminun (23:45) “Then We sent Musa and his bro

Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust Introduction: By the end of time, Muslims will be divided into different groups . Each group will think that they are the blessed one. Hadith: Prophet Muhammad SAW said, “My Ummah will split into seventy-three sects, all of whom will be in Hell except one group.” They said: Who are they, O’ Messenger of Allaah? He said: “(Those who follow) that which I a

Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank, and Director of a Trust 1. For An Ultimate Change: The words of Al-Quran are timeless and each verse carries a message, which often perfectly fits into prevailing time . Allah SWT has always been sending HIS chosen men, so whenever we deviate, they give us direction towards the straight path. 2. Surah Al-Muminun verse no. 45: “Then We sent Musa and his

Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank, and Director of a Trust (1) Introduction: Faith (or Imaan) is the opposite of worldly laws even when it comes to earning a living. In this world we say; ‘seeing is believing’, while faith is to believe in the invisible’. (2) A Couple of examples: A common sense will motivate us to accumulate, so that we become wealthier. But Allah SWT tells us that, if we

By Muhammad Rizwan-ul Haque Formerly associated with Dawood Investment Bank Published July 3, 2017 Introduction There should be no fear or hesitation in spreading the message of the Qur’an and Sunnah. It should not matter if others mock us or outright reject ideas derived from divine guidance. Surah Al-Hijr (15:95) “Indeed, We are sufficient for you against the mockers.” A World of Doubt and Uncertainty Our vision is limited; we cannot see beyond what is immediately apparent.

Reflections on Surah Al-A’raf By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust March 19, 2018 Introduction Although the dos and don’ts have clearly been outlined in the Qur’an and further explained by the Prophet Muhammad (SAW), there have always been powerful and authoritative individuals who, in order to protect their worldly interests, deny the truth. In such situations, believers are instructed to rema

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust September 21, 2016 Introduction There can be some flexibility when something is Makrooh or if an act is Mustahab (i.e., not Farz ). However, when Allah (SWT) has clearly declared something forbidden — for example, the meat of a dead goat — then we cannot justify its use, nor can we convert it into something that may be called halal. Riba If there is no dis

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust March 11, 2016 Introduction If a child does something wrong in school or in the neighborhood, the teacher or neighbors will often contact the parents. In most cases, the parents are held responsible, and rarely is the child alone punished for misdeeds in a civil society. In a Society Similarly, in a society, if something goes wrong, we approach institutions

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful | CEO of an Investment Bank | Director of a TrustOriginally published: September 27, 2016 Introduction The verses of the Qur’an are the ultimate source of guidance for humanity. We recite them repeatedly, yet often fail to reflect deeply on their meanings or fully submit to their commandments. The message is clear, but are we truly listening? Knowledge and Responsibility We consider ourselves fortunate to ha

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful | CEO of an Investment Bank | Director of a TrustOriginally published: September 29, 2016 Introduction For centuries, capitalism dominated much of the global economic system. In 1848, Karl Marx challenged this dominance through his book The Communist Manifesto, presenting an alternative ideology in open revolt against prevailing structures. During the first half of the twentieth century, many countries adopt

By Muhammad Rizwan-ul Haque Published: May 2, 2017 Introduction At best, we can only make a modest effort to share the true message of Islam with our families, friends, colleagues, and wider communities, including through social media. Whatever little good we can do is only possible through the guidance and mercy of Allah (SWT). However, in our pursuit of understanding Islamic teachings, it is important to reflect on our intellectual humility, especially when compared to the

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful | CEO of an Investment Bank | Director of a Trust Originally published: June 21, 2018 Introduction The Qur’an repeatedly draws attention to human behavior, highlighting not only our strengths but also our weaknesses. Surah At-Tauba presents powerful verses that reflect the character of humanity in general, and Muslims in particular, especially when it comes to promises made to Allah (SWT). A Forgotten Promis

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful | CEO of an Investment Bank | Director of a Trust Originally published: August 12, 2015 Introduction The concept of lawmaking dates back thousands of years to ancient Greek aristocracies. However, these early laws largely served the interests of the elite, leaving the lower classes marginalized. As a result, ethics, morals, and values became tools through which the oppressed sought justice and demanded thei

By Muhammad Rizwan-ul-Haque Founding Chairman, Dawood Family Takaful | CEO of an Investment Bank | Director of a Trust Originally published: May 8, 2019 Introduction The Constitution of the Islamic Republic of Pakistan clearly states that no law may be enacted if it is repugnant to the Quran and Sunnah. In light of this constitutional mandate, it becomes essential to reflect on whether Pakistan has truly operated in the right direction during the past four to five decades, pa

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful | CEO of an Investment Bank | Director of a Trust Originally published: August 21, 2015 Introduction Ijma is an Arabic term that refers to consensus or collective agreement. Within Islamic jurisprudence, it broadly signifies the consensus of the earliest generations of Muslims, particularly the first three generations, or, in a wider sense, the agreement of qualified jurists and scholars across the Muslim w

By Muhammad Rizwan-ul Haque Founding Chairman, Dawood Family Takaful | CEO of an Investment Bank | Director of a Trust Originally published: June 29, 2015 Introduction The central objective behind Allah SWT’s message on Riba is the eradication of exploitation and the establishment of balance and equilibrium within society. Islam does not merely prohibit Riba in isolation; rather, it presents a comprehensive framework aimed at ensuring justice, fairness, and socioeconomic har