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« on: Jun 12, 2008 03:48 PM »


Musharakah

'Musharakah' is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution.

'Interest' predetermines a fixed rate of return on a loan advanced by the financier irrespective of the profit earned or loss suffered by the debtor, while Musharakah does not envisage a fixed rate of return. Rather, the return in Musharakah is based on the actual profit earned by the joint venture. The financier in an interest-bearing loan cannot suffer loss while the financier in Musharakah can suffer loss, if the joint venture fails to produce fruits. Islam has termed interest as an unjust instrument of financing because it results in injustice either to the creditor or to the debtor. If the debtor suffers a loss, it is unjust on the part of the creditor to claim a fixed rate of return; and if the debtor earns a very high rate of profit, it is injustice to the creditor to give him only a small proportion of the profit leaving the rest for the debtor.

In the modern economic system, it is the banks, which advance depositors' money as loans to industrialists and traders. If industrialists having only ten million of their own, acquire 90 million from the banks and embark on a huge profitable project, it means that 90% of the project has been created by the money of the depositors while only 10% has been created by their own capital. If this huge project brings enormous profits, only a small proportion i.e. 14 or 15% will go to the depositors through the bank, while the industrialists whose real contribution to the project is not more than 10% will gain all the rest. The industrialists take even this small proportion of 14 or 15% back, because they include this proportion in the cost of their production. The net result is that all the profit of the enterprise is earned by the persons whose own capital does not exceed 10% of the total investment, while the people owning 90% of the investment get no more than the fixed rate of interest which is often repaid by them through the increased prices of the products. On the contrary, if in an extreme situation, the industrialists go insolvent, their own loss is no more than 10%, while the rest of 90% is totally borne by the bank, and in some cases, by the depositors. In this way, the rate of interest is the main cause for imbalances in the system of distribution, which has a constant tendency in favour of the rich and against the interests of the poor.

Conversely, Islam has a clear-cut principle for the financier. According to Islamic principles, a financier must determine whether he is advancing a loan to assist the debtor on humanitarian grounds or he desires to share his profits. If he wants to assist the debtor, he should resist from claiming any excess on the principal of his loan, because his aim is to assist him. However, if he wants to have a share in the profits of his debtor, it is necessary that he should also share him in his losses. Thus the returns of the financier in Musharakah have been tied up with the actual profits accrued through the enterprise. The greater the profit achieved by the enterprise, the higher the rate of return to the financier. If the enterprise earns enormous profits, all of it cannot be secured by the industrialist exclusively, but they will be shared by the common people as depositors in the bank. In this way, Musharakah has a tendency to favour the common people rather than the rich only.

Source:
“Musharakah & Mudarabah” - Taqi Usmani

The Almighty Allah says,

"When a servant thinks of Me, I am near.
When he invokes Me, I am with him.
If he reflects on Me in secret, I reply in secret,
And if he acknowledges Me in an assembly,
I acknowledge him in a far superior assembly."

- Prophet Muhammad (SAW), as reptd by Abu Huraira
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« Reply #1 on: Mar 02, 2009 03:16 PM »

Firasah

Firasah is a sense of visual acumen, perception and insight.The firasah is a light which Allah, subhanahu wa ta`ala, deposits in the heart of His servant. By this light, His servant distinguishes between truth and falsehood and between right and wrong.

The reality of firasah is a sharp thought that enters the heart and dominates its opinion. It overwhelms the heart just as the lion does to its pray, fareesah. Note the similarity between firasah and fareesah in Arabic. However, in their linguistic forms, fareesah is an object whereas firasah is similar in form to wilayah (authority and power), imarah (authority and command) and siyasah (administration and leadership).

The strength of firasah is dependent on the strength of faith. A person with stronger faith has sharper firasah. Amr bin Nujaid used to say that whoever lowers his gaze away from prohibitions, restrains himself from vain desires, constructs his interior according to muraqabah (knowledge that Allah is watching over us), his exterior according to the Sunnah, and accustoms himself to eat only halal, his firasah will never be wrong.

Firasah is linked to three human organs: the eye, ear and heart. His eye examines the look and the signs, his ear examines the speech, the over expressions, oblique inferences and hints, content, logic and tone of voice. And his heart analyzes both what is seen and heard to perceive hidden thoughts of others. His analysis and examination of the interior compared to the exterior is like one who examines currency to see if it is counterfeit after examining the outside. It is also similar to Ahlul-Hadeeth (scholars who specialize in the knowledge of the hadeeth), who will read a hadeeth that has a sound isnad (chain of narrators) but upon examination of the matn (text of the hadeeth), it is found that it is a fabricated hadeeth.

There are two factors in firasah. One is the quality of one's mind, the sharpness of the heart and the intelligence. The second is the appearance of the signs and indications on others. When both factors are present then one's firasah may not be wrong.

Compiled From:
Madarij As-Salikeen, "The Station of Firasah" - Ibn ul Qayyim al Jawziyyah, Translated by Yahya Ibrahim

The Almighty Allah says,

"When a servant thinks of Me, I am near.
When he invokes Me, I am with him.
If he reflects on Me in secret, I reply in secret,
And if he acknowledges Me in an assembly,
I acknowledge him in a far superior assembly."

- Prophet Muhammad (SAW), as reptd by Abu Huraira
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« Reply #2 on: Jun 30, 2009 06:58 AM »

Religion and State

"Human beings require cooperation for the preservation of the species, and they are by nature equipped for it. Their labour is the only means at their disposal for creating the material basis for their individual and group existence. Where human beings exist in large numbers, a division of activities becomes possible and permits greater specialization and refinement in all spheres of life. The result is umran (civilization or culture), with its great material and intellectual achievements, but also with a tendency toward luxury and leisure which carries within itself the seeds of destruction."
- From 14th-century Ibn Khaldun's Muqaddimah

On of Ibn Khaldun's best-known studies relates to the rise and decline of civilizations, and it is this that laid down the foundations of social science, the science of civilization and sociology. He explains how civilization and culture breed their own decline. They have a natural development into luxury, which produces moral laxity and depravity, until decay sets in, ending the dissolution of the formerly healthy society, which gradually becomes corrupted and hurries to its extinction.

He saw that society or civilization had a cyclical nature. It rose up because of a common need for protection and domination, reached a peak when the social bonds were at their strongest, before declining, and perished when group support and social bonds became diluted because of unhealthy competition and corruption at times of prosperity.

In Ibn Khaldun's mind, the only thing that could counteract the disintegrative forces, inherent in every nation, was religion. He said that Islam gave a community a lasting spiritual content, a complete answer to all problems of life; that it furnished the complete answer to his empirical inquiry into the organization of the human race. He saw religion as an absolute necessity for a really united and effective state.

Compiled From:
"1001 Inventions: Muslim Heritage in Our World" - Salim T S Al-Hassani, pp. 275 - 277
http://click.icptrack.com/icp/relay.php?r=1049602440&msgid=31053429&act=216G&c=68038&admin=0&destination=http://www.1001inventions.com/index.cfm?fuseaction%3Dmain.viewSection%26intSectionID%3D405

The Almighty Allah says,

"When a servant thinks of Me, I am near.
When he invokes Me, I am with him.
If he reflects on Me in secret, I reply in secret,
And if he acknowledges Me in an assembly,
I acknowledge him in a far superior assembly."

- Prophet Muhammad (SAW), as reptd by Abu Huraira
Halima
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« Reply #3 on: Aug 17, 2009 12:00 PM »

What's a Principle?

Principles are natural laws. Gravity is a principle. If you toss an apple into the air, it will come down, regardless of whether you live in New York or New Delhi, or whether you're alive today or in 2,000 B.C.

Just as there are principles that govern the physical world, there are principles that govern human interaction. Honesty, for example, is a principle. If you are honest with other people, you will earn their trust. If you are dishonest, you may fool people for some time but you'll eventually be found out - always. Other examples of principles are hard work, respect, service, focus, patience, responsibility, love, renewal, choice, and justice. There are dozens more.

The following is a transcript of an apocryphal radio conversation between a U.S. naval ship and Canadian authorities off the coast of Newfoundland. It illustrates what we mean by principles.

Americans: "Please divert your course 15 degrees to the north to avoid a collision."

Canadians: "Recommend you divert your course 15 degrees to the south to avoid a collision."

Americans: "This is the captain of a U.S. Navy ship. I say again, diver YOUR course."

Canadians: "No, I say again, you divert YOUR course."

Americans: "This is the aircraft carrier USS Abraham Lincoln, the second largest ship in the United States Atlantic fleet. We are accompanied by three destroyers, three cruisers, and numerous support vessels. I Demand that you change your course 15 degrees north. That's one-five degrees north, or countermeasures will be taken to ensure the safety of this ship."

Canadians: "This is a lighthouse. Your call."

Principles are like lighthouses. They're timeless, universal, and self-evident. You can't break principles; you can only break yourself against them, no matter who you are.

Since principles can never fail us, they are the best possible things to center our lives on. By centering on principles, all the other important aspects of our lives - friends, boyfriends and girlfriends, school and family - find their proper place. Ironically putting principles first is the key to doing better in all these other areas.

Compiled From:
"The 6 Most Important Decisions You'll Ever Make" - Sean Covey, pp. 17, 18
http://click.icptrack.com/icp/relay.php?r=1049602440&msgid=31079841&act=216G&c=68038&admin=0&destination=http://shopping.franklincovey.com/shopping/catalog/productbooks.jsp?navAction%3Dpush%26crc%3Dcat30019%26navCount%3D0%26id%3Dprod1640022

The Almighty Allah says,

"When a servant thinks of Me, I am near.
When he invokes Me, I am with him.
If he reflects on Me in secret, I reply in secret,
And if he acknowledges Me in an assembly,
I acknowledge him in a far superior assembly."

- Prophet Muhammad (SAW), as reptd by Abu Huraira
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