Letter to Justice (R) Maulana Taqi Usmani (Sb)

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.