Clear Signs for Shariah Advisors and Islamic Bankers

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 have acquired education and professional expertise. However, knowledge brings responsibility. When Allah (SWT) gives a command, especially in matters of ethics and justice, ignoring it becomes a serious moral failure.

Allah (SWT) says:

“It is He who made the sun a shining light and the moon a derived light and determined for it phases that you may know the number of years and account [of time]. Allah has not created this except in truth. He details the signs for people who know.”(Surah Yunus, 10:5)

These signs are meant for people of knowledge, not merely to admire, but to understand and act upon.

Signs for Those Who Reflect and Fear

We easily recognize worldly signs: a smile of approval, a word of praise, or a gesture of disappointment. Yet we often ignore the greater signs, the signs of accountability before Allah (SWT).

“Indeed, in the alternation of night and day and in what Allah has created in the heavens and the earth are signs for a people who fear Him.”(Surah Yunus, 10:6)

The Qur’an repeatedly reminds us that we will return to our Creator. However, the attractions of this temporary world distract us from that certainty.

“Indeed, those who do not expect to meet Us and are satisfied with the life of this world and feel secure therein, and those who are heedless of Our signs…”(Surah Yunus, 10:7)

The Issue of Riba

The Qur’an clearly distinguishes between lawful trade and forbidden Riba (interest). While sale and purchase are permitted, Riba is prohibited. Yet modern financial systems, including many institutions labeled as “Islamic”, continue to rely heavily on interest rate benchmarks in banking, corporate, individual, and government transactions.

When concerns are raised that such practices:

1. Incorporate an element linked to interest, and

2. Undermine socioeconomic justice,

The response is often defensive rather than reflective.

The Words of the Qur’an Cannot Be Altered

Allah (SWT) warns:

“And when Our clear verses are recited to them, those who do not expect to meet Us say, ‘Bring us a Qur’an other than this or change it.’ Say, ‘It is not for me to change it of my own accord. I only follow what is revealed to me. Indeed, I fear, if I should disobey my Lord, the punishment of a tremendous Day.’”(Surah Yunus, 10:15)

Divine guidance is not subject to modification to suit contemporary preferences.

A Modern Theory Under Scrutiny

The contemporary framework of Islamic banking and finance, developed roughly over the past five decades, is a human effort. Like all human constructs, it must be evaluated in light of divine guidance. If any aspect conflicts with the clear message of the Qur’an and Sunnah, it requires reassessment.

Allah (SWT) further reminds:

“Say, ‘If Allah had willed, I would not have recited it to you, nor would He have made it known to you. I had already remained among you a lifetime before it. Then will you not reason?’”(Surah Yunus, 10:16)

A Question of Accountability

In promoting financial systems that rely on interest benchmarks while claiming compliance, what are we ultimately achieving? Are we advancing justice and real economic activity or merely securing worldly gains?

“So who is more unjust than one who invents a lie about Allah or denies His signs? Indeed, the criminals will not succeed.”(Surah Yunus, 10:17)

A Powerful Reminder

Allah (SWT) gives an example:

“The example of worldly life is like rain which We have sent down from the sky that the vegetation of the earth absorbs from which men and livestock eat until when the earth has taken on its adornment and is beautified, and its people suppose that they have capability over it, there comes to it Our command by night or by day, and We make it as a harvest, as if it had not flourished yesterday. Thus do We explain in detail the signs for a people who reflect.”(Surah Yunus, 10:24)

Worldly systems, no matter how sophisticated, are temporary. Accountability before Allah (SWT) is permanent.

Conclusion

For Shariah advisors and Islamic bankers, the signs are clear. Knowledge demands integrity. Authority requires responsibility. Divine commands cannot be adjusted to accommodate financial models.

True success lies not in institutional labels, but in sincere adherence to the Qur’an and Sunnah. Reflection, humility, and willingness to reassess are essential so that we may stand accountable before Allah (SWT) without excuse.