This article is based entirely on the original research and scholarly work of: Muhammad Rizwan-ul-Haque - Founding Chairman, Dawood Family Takaful, CEO of an Investment Bank and Director of a Trust The content, analysis, Quranic references, and conclusions presented here are derived from his research and writings. Full credit for the intellectual work belongs to the author. 🔗 Original Source / Reference:https://www.linkedin.com/pulse/mention-riba-interest-usury-religion-abrahamic-faiths-haque/ Introduction Riba is one of the most discussed and, unfortunately, misunderstood concepts in Islamic economics. Linguistically, the Arabic word Riba refers to increase, excess, growth, elevation, or swelling. However, in its ethical and legal sense, Riba represents an unjust increase that leads to exploitation and imbalance within society. The Qur’an does not address Riba merely as a financial issue, but as a moral, social, and economic disorder that disrupts justice and equality. A deeper understanding of Riba requires reflection upon multiple Quranic verses where the concept of increase (Riba) is discussed in different contexts. Riba in the Qur’an: Linguistic and Conceptual References The Qur’an uses the root of the word Riba to describe growth and elevation, often in a neutral or positive physical sense. These references help us understand the linguistic meaning before addressing its prohibition in financial dealings. Surah-e-Haj, verse no. 5 (Extract): "it was freshened and swelled up and grew every beauteous pair: (22:5). Similarly, in Surah Al-Mu’minoon (23:50) and Surah Al-Baqarah (2:265), elevation and growth are used to describe fertile land blessed with productivity. These examples clarify that increase itself is not condemned, rather, it is the unjust and exploitative increase that Islam forbids. Riba as a Moral and Economic Warning When the Qur’an discusses Riba in financial terms, the tone changes drastically. In Surah Al-Baqarah (2:276), Allah states: “Allah destroys interest and increases charity and Allah loves not any ungrateful big sinner" (2:276) This verse establishes a powerful contrast between Riba, which leads to spiritual and societal decay, and charity, which brings real growth and divine blessing. In Surah Ar-Rum (30:39), Allah further clarifies that wealth gained through exploitative increase does not grow in His sight, while charity given sincerely multiplies in reward. The message is clear: true prosperity does not come from financial manipulation but from ethical conduct and generosity. Riba Al-Fadl and Clear Prohibitions The commandment regarding Riba al Fadl is with respect to commodities (famous Hadith i.e. the sale/purchase of two different quality of dates) While, what we are experiencing more today in view of prevailing financial & banking system, and which is more challenging to eradicate is Riba al Nasi'ah which is with respect to delayed payments. Even scholars, whilst giving weightage to 'TVM' (Time Value of Money) have endorsed & approved the use prevailing interest rate in a country, which is actually in a blatant violation of message of Quran & Sunnah on Riba. Loans, Exploitation, and Social Injustice The Qur’an emphasizes that loans are meant to support those who are financially weak, not to exploit their vulnerability. Riba, on the other hand, enables individuals and institutions to profit from another person’s hardship, leading to widening inequality and injustice. Allah warns believers that Riba is so severe that it invites a declaration of war from Allah and His Messenger, a warning unmatched by most other prohibitions in Islam. Riba Across Abrahamic Faiths The prohibition of Riba is not exclusive to Islam. It is also strongly condemned in other Abrahamic faiths, reinforcing the idea that usury has always been recognized as a moral and social evil, regardless of time or civilization. A Recipe for Economic Disaster Those working in finance, banking, economics, and business can clearly witness the devastating impact of interest-based systems. Riba not only destroys individuals through debt but also destabilizes corporations and entire national economies, pushing them toward inequality, recession, and moral decline. Ignorance or Vested Interests? Despite clear Quranic guidance, many still argue that modern interest is different from Riba. Such arguments often stem from ignorance or vested interests, rather than sincere reflection. If confusion persists, the Qur’an urges believers to seek Allah’s guidance with humility and honesty. The Responsibility Lies With Us Islam provides comprehensive guidance for every aspect of life, including economics. The responsibility lies with us to recognize that interest is Riba, and that removing this curse is essential for restoring justice, balance, and harmony in society. True prosperity does not lie in multiplying wealth through exploitation, but in walking the path of ethical trade, charity, and accountability before Allah. Final Reflection May Allah SWT guide us all to understand the true nature of Riba and protect us from its harmful consequences. Only by abandoning Riba can societies achieve equity, justice, and sustainable economic balance. Aameen.

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 is similar to trade, even though the two are fundamentally different. Trading and Real Economic Activity True trade and economic activity involve all sections of society. Without genuine participation in productive economic activity, financial transactions may continue in isolation within corporate offices while workers and laborers remain excluded from fair opportunities to earn a living. Wealth Should Not Remain Concentrated Based on the principles of equality and justice, wealth should not become concentrated in the hands of a small group of capitalists who dominate an economy. Leveraging and Wrongful Appropriation According to the author’s argument, capitalists often gain control over wealth through: Banking systems, and Loans and leveraging. This concentration of financial power is viewed as harmful because it may lead to the wrongful appropriation of wealth and economic imbalance. Surah An-Nisa (4:161) “And for their taking of interest while they had been forbidden from it, and for consuming people’s wealth unjustly…” The author argues that excessive leveraging contradicts the principles of fairness and justice emphasized in Islamic teachings. Similarities Between Conventional and Islamic Banking The article suggests that, in practice, many Islamic banking systems around the world operate in ways similar to conventional banks, with financing structures and portfolios that often resemble one another. Advantage to Large Capital Holders Large corporations and wealthy individuals are often able to access the majority of available liquidity from banks. This strengthens their financial position further, allowing wealth to become increasingly concentrated. An Unfair Economic Structure In simpler terms, the savings of ordinary people deposited in banks are often utilized primarily to benefit large borrowers. The author argues that a more equitable arrangement would involve giving depositors ownership participation or shares in projects financed through their funds. Interest and Loans According to the article, interest and loans are interconnected elements of an unequal financial system. Without interest, money itself would not be treated as a commodity to be bought, sold, or rented out for profit. Laws Supporting Financial Exploitation The article further argues that prevailing financial laws and regulations enable large corporations and entrepreneurs to continuously expand through leveraged financing, including loans, leases, Murabaha structures, and other banking arrangements. Proposed Remedy To create greater economic balance, the author proposes that contributions toward businesses and projects should be treated as equity participation or genuine Musharakah arrangements rather than debt-based financing. The first step, according to this perspective, is to eliminate dependence on interest-based systems. A Fairer Economic Model The article concludes that a fully equity-based economic structure would create a fairer system by enabling broader ownership participation among the public. It also suggests that funds could instead be managed under a Modaraba-style structure, where managers earn service fees rather than profits derived from interest spreads or interest-based benchmarks. Author Credit: This article is written by Muhammad Rizwan-ul Haque, Founding Chairman of Dawood Family Takaful and a researcher in Islamic finance.

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 disbelieve dispute through falsehood in order to defeat the truth thereby, and they take My signs and warnings in mockery.” Do Not Speak to the Spiritually Dead Those who blindly pursue worldly gains and reject divine guidance often become difficult to reform. Allah (SWT) reminds us that such people may refuse to hear or accept the truth. Surah An-Naml (27:80) “Indeed, you cannot make the dead hear, nor can you make the deaf hear the call when they turn their backs.” Signs for People of Understanding Allah (SWT) presents examples and lessons throughout the Qur’an for guidance. Those who understand them should help create awareness among others. Surah Al-Ankabut (29:43) “And these examples We present to the people, but none understand them except those of knowledge.” How Warners Were Treated Throughout history, many communities rejected those who came to warn and guide them. Surah Saba (34:34) “And We did not send a warner to any town except that its wealthy people said, ‘Indeed, we disbelieve in what you have been sent with.’” Divine Laws Cannot Be Changed All Prophets conveyed the same fundamental message regarding right and wrong so that humanity could live together with justice and harmony. However, powerful individuals and those driven by worldly interests have often created unjust systems for personal gain. Such pursuits may bring temporary benefits, but they cannot bring lasting peace or success. Surah Fatir (35:43) “Behaving arrogantly in the land and plotting evil. But evil plotting only encompasses its own people. So are they waiting for anything except the way of the former peoples? And you will never find any change in the way of Allah, nor will you find any alteration in the law of Allah.” Allah (SWT) Hears Our Duas It is never too late to seek forgiveness and change one’s ways. Allah (SWT) always listens to sincere prayers and repentance. Blessed times such as the month of Ramadan offer an opportunity to renew one’s commitment and seek forgiveness (Astaghfar). Surah Al-Mu’min (40:60) “And your Lord says, ‘Call upon Me; I will respond to you. Indeed, those who are too arrogant to worship Me will enter Hell in humiliation.’” Author Credit: This article is written by Muhammad Rizwan-ul Haque, Founding Chairman of Dawood Family Takaful and a researcher in Islamic finance.

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 become richer. However, Allah (SWT) teaches that spending in charity — such as Zakat, Khairat, and Sadaqah — removes worries and brings greater rewards and blessings. Surah Al-Baqarah (2:274) “Those who spend their wealth in charity by night and day, secretly and openly — they shall have their reward with their Lord. No fear shall come upon them, nor shall they grieve.” Surah Al-Baqarah (2:276) “Allah destroys interest and increases charity, and Allah does not love any ungrateful sinner.” Worldly Logic vs Divine Commandment In worldly mathematics, addition means increase and subtraction means decrease. Yet Allah (SWT) teaches that when wealth is spent in His path, He returns it multiplied many times over. Surah Al-Baqarah (2:245) “Who is it that will lend to Allah a goodly loan so that He may multiply it for him many times over? And Allah decreases and increases, and to Him you shall return.” The Divine Law of Rizq According to this divine principle, spending in the way of Allah does not diminish sustenance. Rather, it becomes a source of increase and multiplication. A Formula to Strengthen Faith True guidance and blessings in provision come through seeking direction from the Qur’an. Otherwise, in pursuit of worldly gains alone, a person may easily go astray. Surah Al-Ankabut (29:17) “You worship idols besides Allah and fabricate falsehood. Surely, those whom you worship besides Allah have no power to provide for you. So seek your provision from Allah, worship Him, and be grateful to Him. To Him you shall return.” Spread the Message It is therefore important to spread the true message so that people may recognize and follow the straight path. Surah Al-Ankabut (29:68) “And who is more unjust than one who invents lies against Allah or denies the truth when it comes to him? Is there not a dwelling in Hell for the disbelievers?” This World Is a Trial It is essential to understand that this world is a testing ground. Following the straight path does not necessarily guarantee worldly luxuries or unlimited wealth. However, it ensures lawful and purified earnings that carry Barkaa (blessings). Surah Al-Ankabut (29:69) “And those who strive in Our cause — We will surely guide them to Our ways. Indeed, Allah is with those who do good.” What Is ‘Barkaa’? The term Barkaa does not have a precise English translation, but it may be understood as an increase in the usefulness and blessings of something. For example, a curry prepared from one kilogram of meat may normally feed a family of five or six people. If unexpected guests arrive and the same food still becomes sufficient for everyone, this is often regarded as Barkaa. Such blessings are believed to come from lawful earnings and regular spending in the path of Allah (SWT). What Is ‘Bai Barakat’? Bai Barakat refers to the opposite situation — where earnings may be high, but blessings and utility are missing. A person may earn significantly more yet fail to give charity or neglect the purification of wealth. As a result, unexpected expenses may repeatedly arise: illness, accidents, breakdowns, theft, or other losses that reduce the benefit and peace associated with one’s Rizq. Author Credit: This article is written by Muhammad Rizwan-ul Haque, Founding Chairman of Dawood Family Takaful and a researcher in Islamic finance.

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 brother Haroon with Our signs and clear authority.” The Responsibility of Those in Authority There are always individuals blessed with power and authority whose words become law, compelling the masses to follow their rules and regulations. Therefore, it is essential that such laws are formulated with justice and fairness rather than being used for personal advantage by those in power. Surah Al-Muminun (23:46) “To Firawn (Pharaoh) and his chiefs, but they acted arrogantly, and they were a people given to dominance.” Believe in Justice, Not Personalities Throughout history, tyrants have rejected those courageous enough to speak against oppression and injustice. Surah Al-Muminun (23:47) “They said, ‘Shall we believe in two men like ourselves while their people are serving us?’” It Is Only a Matter of Time Truth alone will endure, while falsehood will eventually disappear. Therefore, we should neither support injustice nor remain silent in the face of wrongdoing merely to protect worldly interests. Surah Al-Muminun (23:48) “So they denied them both, and thus became among those who were destroyed.” The Ultimate Guidance Is the Message of Allah (SWT) For true guidance, all matters should be referred back to the Book of Allah. If it permits something, we should adopt it; if it forbids something, we should reject it — regardless of whether worldly benefits may be affected. Surah Al-Muminun (23:49) “And indeed, We gave Musa the Book so that they might be guided.” Author Credit: This article is written by Muhammad Rizwan-ul Haque, Founding Chairman of Dawood Family Takaful and a researcher in Islamic finance.

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 and my companions follow”.  ‘Abd-Allaah ibn ‘Amr (al-Albaani in Saheeh al-Tirmidhi).  What Should be Our Goal?  In above is a clear guiding principle for Ummah. Therefore, we must follow the teachings of Al-Quran and the ways of Prophet Muhammad SAW, which was strictly adopted by HIS Companions RAA.  We should beware of every sect that differs from the main body of religion by introducing and following innovation (or bidat). The Prophet SAW said: “Whoever among you lives after I am gone will see a great deal of dissent .” Abu Dawood (4067); al-Albaani in Saheeh Abi Dawood.  The Current Scenario:  Today we (Muslim) are  divided in four broad categories , which are briefly defined below. Ideologist:   They spend time & energy to understand and spread the message of Quran & Sunnah  with the sole objective that; (a) how we have to live as a family (b) as a society (c) what economic system, we need to adopt and (d) what sort of political and governance system will ensure socioeconomic justice for the masses living in a society.  The number of such people is limited  and they don't have a large number of followers, because they do not / cannot offer worldly attractions to their followers.  Such people maybe very rigid, and to some extent arrogant as well . Orthodox:   They represent religious leaders who have a large number of followers, because they own & operate either; (a) Masjids (b) Madrasas (c) Specialized institutions (like; Islamic banks, Islamic funds etc) (d) Mazars etc.  Their primary objective is associated with worldly gains. Of course, they may also be making an effort to spread the message of religion, but the worldly attractions always have better of them.  Perhaps, for such people Allah SWT has said that ‘they have sold the signs for a meager price’. Modern / Enlightened:   They have kept 'Deen' (religion) and 'Dunya' (this world) in two separate compartments in their lives.  They are well educated professionals and maybe performing all religious duties,  but are also engaged in other social activities, which maybe forbidden, as per the religion . Secular:  They are born to Muslim families, but for them religion is not too important and  they regard 'love with humanity / nature' as the supreme religion . Their mannerism is exemplary, they work for noble cause and their business dealings are also impeccable. They interact and do not mind performing social activities with people of other religions without any formality,  so much so that they don't mind themselves and / or their kids to get married to men and women outside the religion . An Ideal Scenario:  Ideally, we wish that  the ideologist will be able to present a clearer picture of; family, social, economic and political laws as per Quran & Sunnah , which will be accepted &  adopted by the orthodox, while rejecting Bidat . The  enlightened will professionally & personally adopt those laws  and the best practices of social & business  norms will be learnt from the secular group,  while latter are expected to follow the religion in letter and in spirit.  Dua:  May Allah SWT help & guide us to become  one united Ummah  (Aameen).

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 brother Haroon with Our signs and a clear authority ” (23/45). 3.  The Onus is More on People with Authority:               There are always a few, who are blessed with power & authority, because their words become law, and the masses are compelled to abide by rules & regulations passed by them . Hence, it is vital that such laws must be justly formulated for people and not to unfairly take advantage by men vested with authority.   4.  Surah Al-Muminun verse no. 46:              “To Firawn (Pharaoh) and his courtiers, but they boasted and they were a people already possessed with dominance ” (23/46). 5.     Don’t Believe in People, but in Laws based on Justice:         Earlier also the tyrant denied men, who had the courage to raise their voice against cruelty .  6.  Surah Al-Muminun verse no. 47:              “Then they said, ' shall we believe in two men like ourselves while their people are serving to us ” (23/47). 7.   It’s Only a Matter of Time:              Only truth will prevail and falsehood will disappear . Therefore, we should not support and / or keep a blind eye towards falsehood to protect our worldly interests. 8.  Surah Al-Muminun verse no. 48:                       “Then they belied both of them they were then of those who were destroyed ” (23/48). 9.  Sole Guidance is Message of Allah SWT:           With a view to take guidance, we must refer everything to Book of Allah . If it says yes, we must adopt it and it says no, then we must reject it without thinking that it may jeopardize worldly gains. 10.  Surah Al-Muminun verse no. 49:              “And undoubtedly, We gave Musa the Book that they might be guided ” (23/49).

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 spend in charity (e.g. zakat, khairat, sadaqat), then we will have no worries and will also earn benefits . (3) Surah Al-Baqara, verse no. 274:             “Those who spend their wealth (in charity) in the night and in the day secretly and openly. They have their reward with their Lord. There is neither any fear nor any grief to them . (4) Surah Al-Baqara, verse no. 276:               Allah destroys interest and increases charity and Allah loves not any ungrateful big sinner (2/276). (5) World Vs the Commandment:                  Additions means more, while subtraction means reduction . Whereas, Allah SWT says that if we spend in HIS path, then HE will return it by increasing it by many times. (6) Surah Al-Baqara, verse no. 245:                       “Is there any who should give a goodly loan to Allah so that Allah may increase many times for him. And Allah scants and amplifies, and you are to return unto Him ” (2/245). (7) Law of Allah SWT on ‘Rizq’:          As per the above law, a subtraction doesn’t lead to a reduction; instead it results in a multiplication .   (8) Formula to Strengthen Faith:                    If we seek guidance from Al-Quran, only then we may reap provisions. Otherwise, in pursuit of worldly gains, we may go astray . (9) Surah Al-Ankabut, verse no. 17:               “You indeed worship idols besides Allah and you fabricate pure lie. Undoubtedly, those whom you worship besides Allah have no power to provide. For you, then seek your provision from Allah and worship Him and be grateful to Him . You are to return towards Him” (29/17). (10) Spread the Message:               It is therefore essential to spread the true message to create awareness amongst all men, so that they may identify and follow the straight path . (11) Surah Al-Ankabut, verse no. 68:              “ And who is more unjust than one who forged lie against Allah or belies the truth when it comes to him? Is there not an abode of the infidels in the Hell? (29/68) (12) World is a Trial:           It is vital to understand that this world is a testing ground. By following the straight path does not mean that we will acquire all the worldly benefits. But it will definitely ensure that we accumulate legitimate gains, which will offer ‘Barkaa’ . (13) Surah Al-Ankabut, verse no. 69:              “ And those who struggled in Our path, surely We shall guide them in Our ways . And no doubt, Allah is with the righteous” (29/69). (14) ‘Barkaa’:              ‘Barkaa’ does not have an exact translation in English, however it can be referred as ‘an increase in utility of a product’. It can best be with following narration. For example a curry prepared from 1-kg of meat can easily feed a family of 5-6. Now this household receive 4-5 guests and upon serving, if the same curry remains sufficient to fully nourish them all; then it is regarded as ‘barkaa’ and it happens because the living was not only legitimately earned, but a regular amount was being spent in the path of Allah SWT . (15) ‘Bai Barakat’:     It is the opposite of ‘Barakaa’ e.g. a person earning much more than the previous household (as mentioned above), but doesn’t give away in charity and is also not careful to purify his living. Such families may often experience accidental expenses e.g. car may break-down, or there can be illness in the household, or someone may snatch mobile / wallet resulting in a loss, hence diluting the utility of ‘rizq’.

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. In such a situation, how can we confidently claim that actions taken today will guarantee results in one year or even fifty years? Surah Al-Anbiyaa (21:55) “They said, ‘Have you brought us the truth, or are you playing?’” True Success Lies in the Straight Path Our limited understanding may help us achieve short-term goals. However, in the long run, it is not wealth, business, authority, status, marriage, or children that grant true peace of mind. Rather, it is inner satisfaction and tranquility, gained by following the straight path, that prepares us for the Hereafter. Surah Al-Hijr (15:96) “Those who set up another deity besides Allah will soon come to know.” Limits of Human Wisdom Our education, expertise, logic, and intellect hold little value if they fail to help us understand and follow the message of the Qur’an and Sunnah — a message that guides us toward harmony and justice. Surah Al-Anbiyaa (21:67) “Shame upon you and upon those you worship besides Allah! Do you not then understand?”

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 remain patient until the judgment of Allah (SWT) prevails. Surah Al-A’raf (7:87) “And if there is a party among you who believes in that with which I have been sent and another party who does not believe, then be patient until Allah judges between us; and He is the best of judges.” Take It or Leave It Throughout every era, there have been oppressors who warned the righteous to either conform to their ways or face exclusion from society. Surah Al-A’raf (7:88) “The arrogant leaders among his people said, ‘O Shu‘ayb, we will surely drive you out of our town, you and those who believe with you, unless you return to our faith.’ He said, ‘Even if we detest it?’” Truth Will Remain, and Falsehood Will Disappear The trials of life are continuous. Even when one recognizes the truth, worldly temptations may lead a person astray. In such circumstances, one must strive to remain steadfast and seek the help of Allah (SWT). Surah Al-A’raf (7:89) “We would have certainly fabricated a lie against Allah if we returned to your faith after Allah had saved us from it. It is not for us to return to it unless Allah, our Lord, wills. Our Lord encompasses everything in knowledge. Upon Allah we rely. Our Lord, decide between our people and us in truth, and You are the best of those who give decision.” Faithful Will Be Confronted Walking on the straight path inevitably brings challenges. Therefore, those who seek truth should resist worldly pressures and place their trust and hope solely in Allah (SWT). Surah Al-A’raf (7:90) “And the disbelieving leaders of his people said, ‘If you follow Shu‘ayb, you will surely be among the losers.’” Author Credit: This article is written by Muhammad Rizwan-ul Haque, Founding Chairman of Dawood Family Takaful and a researcher in Islamic finance.

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 dispute and the message in the Qur’an and Sunnah is clear that Riba (interest) is forbidden, then there is no need to justify its use — especially within institutions that are named “Islamic.” Only Upon Doing Away With Interest It is a bitter reality that only by eliminating interest will we be able to find a new pathway toward genuine economic success. Otherwise, we will remain trapped in the same old maze of interest, loans, leverage, banking systems, and in short — capitalism. Strict Shariah Rules No matter how sincere, competent, or religious we may be, no law or command in the Qur’an and Sunnah gives us the authority to declare a haram act as halal. A Verse Which Shows Us a Mirror “And say not what your tongues falsely describe: ‘This is lawful and this is unlawful,’ so as to invent lies against Allah. Indeed, those who invent lies against Allah will never prosper.” (16:116) This World Is Temporary In the following verse, Allah (SWT) reminds us that we may gain temporary benefits in this world — such as fame, wealth, power, or authority — but these are fleeting.“There is only a brief enjoyment, and for them is a painful punishment.” (16:117) A Window of Forgiveness If we have made mistakes unknowingly and failed to understand the message of Allah (SWT) regarding Riba, Allah provides a path toward repentance:“Then indeed, your Lord — for those who did wrong out of ignorance and then repented after that and corrected themselves — indeed, your Lord thereafter is Forgiving and Merciful.” (16:119) Forbidden Practices of Riba Must Be Stopped Allah (SWT) instructs believers to spread His message with wisdom and good counsel:“Call to the way of your Lord with wisdom and good instruction, and argue with them in a way that is best. Indeed, your Lord knows best who has strayed from His path, and He knows best those who are guided.” (16:125) Be Patient During the Process Allah further instructs believers to remain patient:“And O beloved, be patient — and your patience is only through Allah. Do not grieve over them and do not be distressed by their plots.” (16:127) Do Your Best and Leave the Rest We can only make a humble effort to discourage the sinful practices of Riba or interest. When, where, and how these practices will be stopped is known only to Allah (SWT). However, it remains our responsibility to raise awareness and continue striving against such practices, because the Qur’an and Sunnah have clearly forbidden Riba.

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 such as the police and the courts rather than taking matters into our own hands or putting up fights in the streets. Shariah Likewise, if there is a blatant violation of Shariah in a matter, then we must make the regulator, council, or institution cognizant of the issue. They must then carry out the necessary procedures to ensure the cessation of such practices. A Reminder The Qur’an and Sunnah have guided us adequately to understand the difference between halal and haram. However, if we still persist in wrongdoing, then the responsibility falls not only on ourselves but also on Shariah authorities, regulators, and professionals if they turn a deaf ear and a blind eye. Surah Al-Maidah (5:62) “And you will see many of them run towards sin and transgression and eating what is forbidden. Undoubtedly, they are practicing evil things.” Surah Al-Maidah (5:63) “Why do their clergymen not forbid them from uttering sinful words and consuming forbidden things? Indeed, what they are doing is evil.” Riba We are blatantly consuming Riba, and it is perplexing how conveniently it is being justified by some Shariah scholars to continue practices that are clearly forbidden. Whether it is: Loans are used as a money-making option for wealthy entrepreneurs, or Banking systems where depositors are unlawfully exploited, The result is that capitalists leverage their position to control a large portion of wealth and power, creating widespread economic difficulties. Islamic Financial Institutions In many cases, the word “Islamic” is used merely as a marketing term. A Reality My brothers and sisters in Islam, the only thing carved in stone is the message of Allah (SWT) and the Sunnah of the Prophet Muhammad (SAW). Fatwas and rulings of individuals or institutions are human interpretations that can change over time. It is therefore necessary to reflect and reconsider our practices, as we may be increasingly getting involved in Riba. Meaning of Riba Riba means increase, excess, or growth — and so does interest. Interest continuously increases over the principal amount, whereas real trading profits fluctuate and can even result in losses. If we truly want to trade, then trade should involve real commodities rather than money itself. The Qur’an clearly distinguishes between trade and interest (2:275). Benchmarking Another issue arises when Islamic financial deals are benchmarked against conventional interest rates. If a transaction is genuinely Islamic, then why not benchmark it against the price of the commodity involved in the sale or purchase? The reason often given is that interest always increases above the principal amount, while commodity prices fluctuate and may even wipe out the principal. Because of this, many Islamic financial institutions peg their deals to prevailing interest rates while avoiding real business risks. A Bitter Fact Endorsements from scholars or institutions cannot convert something forbidden into something permissible. In these testing times, it is our responsibility to raise our voices and fulfill our duty. Otherwise, we risk misleading the general public and contributing to further harm.