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. 2. A Humble Request With utmost respect, the writer humbly requests that the term “Islamic” be reconsidered in “Islamic Banking & Finance” (IB&F) institutions unless such systems fully eliminate interest and avoid paper-based transactions that do not result in real economic activity or meaningful job creation, particularly for lower-income segments of society. 3. Awareness of Realities It is understood that the real economic objectives of Islam cannot be achieved through transactional structures that are overly formal or detached from productive economic activity. According to the author, there is a need to critically reassess such systems if genuine relief for the masses is to be achieved. 4. Naïve or Opportunists The author suggests that individuals in this field may broadly fall into two categories: those unaware of deeper issues, and those who may benefit from the current system. This includes professionals, Shariah advisors, regulators, and market participants. 5. IB&F and Capitalism The argument is made that IB&F in its current form functions largely as a support system for conventional capitalism, differing mainly in: product labeling contractual documentation Shariah endorsement mechanisms 6. Divine Guidance Over Desires “And O believers! Judge according to what Allah has revealed and do not follow their desires…” (Surah Al-Ma’idah 5:49) 7. Interest and Its Associated Structures The letter asserts that Riba (interest), along with loans, leveraging, and conventional banking mechanisms, continues to exist in various forms within IB&F structures. 8. Growing Wealth Inequality The system, according to the author, disproportionately benefits wealthy individuals, corporations, and governments who are able to leverage depositor funds to expand their wealth, often at the expense of balanced economic development. 9. Economic Consequences The letter argues that when capitalism is supported by interest-based systems, it contributes to inflation, unemployment, poverty, low productivity, and widening inequality, which may also lead to broader social instability. 10. Rejecting Systems of Ignorance “Do they then seek judgment of the days of ignorance? And who is better in judgment than Allah for a people who have certainty?” (Surah Al-Ma’idah 5:50) 11. Social Impact The author further expresses concern that economic hardship and inflation may push individuals toward compromising principles, potentially increasing social problems within society. 12. Regret and Apology The writer apologizes if any part of the letter causes discomfort, stating that speaking truth (as understood) is preferred even if it causes temporary disagreement in this world, in hope of benefit in the Hereafter. 13. A Reminder “O you who believe! Whoever among you turns back from his religion, Allah will bring forth a people whom He loves and who love Him…” (Surah Al-Ma’idah 5:54) 14. Capitalism vs Islamic Economic System The author encourages readers to explore comparative perspectives between capitalism and an Islamic economic framework, as discussed in his writings: A Tale of Two Economies (Part I) https://www.linkedin.com/pulse/tale-two-economies-societies-part-i-muhammad-rizwan-ul-haque A Tale of Two Economies (Part II) https://www.linkedin.com/pulse/tale-two-economies-societies-part-ii-muhammad-rizwan-ul-haque 15. Closing Note The author mentions an intention to forward this letter through mutual contacts and expresses gratitude for any attention given to its key points. May Allah (SWT) guide us all toward implementing the true economic system based on the Qur’an and Sunnah. Aameen. Author Credit: This letter is written by Muhammad Rizwan-ul Haque, researcher and commentator on Islamic economics and finance.

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 argue with them in the best manner. Indeed, your Lord knows best who has strayed from His way, and He knows best those who are guided.” Fatwas, Interpretations, and Fiqh Opinions The article argues that many fatwas and interpretations may originally have been written with good intentions. However, over time and through changing circumstances, some opinions may require reassessment. According to the author, many people continue to follow these interpretations either out of habit, lack of awareness, or to protect worldly interests. A Statement Attributed to Imam Abu Hanifa Imam Abu Hanifa is reported to have said: “Do not write down everything you hear from me, for surely I may hold an opinion today and leave it tomorrow, hold another tomorrow and leave it the day after.” This statement is often referenced to emphasize the importance of continuous reflection and scholarly review. Benchmarking to Interest Rates The author argues that the use of conventional interest-rate benchmarks causes Islamic Banking & Finance institutions to closely resemble conventional financial systems in terms of approach, implementation, and outcomes. A Historical Perspective According to the article, there is no known precedent showing that prevailing market interest rates during the time of the Prophet Muhammad (SAW) were used to benchmark commercial transactions. Reference to Muhammad Taqi Usmani The article references the views of Muhammad Taqi Usmani, a prominent scholar in Islamic finance, noting that even certain Islamic financial tools such as Murabaha have limitations in achieving broader economic objectives. Imperfections in the Existing System The author maintains that the present Islamic Banking & Finance framework remains imperfect from a pure Shariah perspective because, in his view, it avoids genuine business risk while continuing to rely on interest-based benchmarks. Our Responsibility The article emphasizes that Muslims are encouraged in the Qur’an and Sunnah to discourage practices they believe to be harmful or forbidden and to promote awareness through peaceful dialogue and education. Difference of Opinion The author clarifies that his disagreement is directed toward practices within Islamic Banking & Finance that he believes conflict with Qur’anic teachings, particularly the continued reliance on interest-rate benchmarking. Beyond Interest The article further argues that, according to the author’s interpretation, concerns extend beyond interest alone and include: Loans used primarily for profit generation, Excessive leveraging, and Banking structures that depend on interest-based systems. A Reflection The article concludes with a quote: “There are three classes of people: those who see, those who see when they are shown, and those who do not see at all.” Surah Saba (34:34) “And We did not send a warner to any city except that its affluent people said, ‘Indeed, we reject what you have been sent with.’” May Allah (SWT) guide us all toward understanding and implementing the true message of the Qur’an and Sunnah. Aameen. Author Credit: This article is written by Muhammad Rizwan-ul Haque, a researcher and commentator on Islamic finance and economic systems.

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.