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AGENDA
Islam- An Abrahamic religion
The Prophet & The Quran Essential Muslim Beliefs Diversity of Islam More about Islam-Key issues Islamic Finance Modern Perspectives- the world ahead
Ashraf, Aug 2012
Islam
Islam = peace, submission Muslim = submitter Not Mohammedanism An Abrahamic Religion- A direct continuation of Judaism and Islam
Muslims They
believe in the Judeo- Christian God, who is called by the name Allah. Muslims believe that the Torah and the Bible, like the Quran, is the word of God.
Abrahams Genealogy
HAGAR Ishmael 12 Arabian Tribes ABRAHAM Isaac SARAH
Esau
Jesus
Prophet Muhammad
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The Prophet
His background
An orphan of a noble, but not well-to-do, family that
lived in Mecca. His father died before his birth. His mother died when he was six. His uncle raised him. He was known for being honest and truthful before prophethood. Worked as a shepherd and later as a trader Married his first wife Khadija, and the mother of his surviving children, when he was 25. She was 40.
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The Prophet
His prophethood
In 610, he received his first revelation at 43. These
revelations were compiled later into the Quran; the holy book of Muslims The nobles of Mecca refused his call, ostracized and persecuted him and his followers. After 12 difficult years, he immigrated in 622 to Medina whose people welcomed him. In Medina, he was a prophet and a statesman. In 633, he died in Medina after 11 years at 63 Islam would rapidly spread in the next few years Ashraf, Aug 2012 across the world
The Quran
The revelation of God to
Muhammad It has been preserved as revealed 14 centuries ago. It consists of 114 chapters of various lengths. In Arabic, it numbers about 604 pages. The translation of its meaning is available in English, Urdu, Hindi and most of the worlds languages. However most commentators believe the translations loose meaning and context
The Quran
Appeals to the mind to reflect
on creations and the creator Glad tidings for the believers Admonitions to the nonbelievers Stories of previous messengers of God such as Noah, Abraham, Isaac, Moses, Jesus, Mary, etc. Rulings on social and commercial issues.
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during month of Ramadan Hajj Pilgrimage to Mecca (at least once in a Muslims life, if able)
Key Beliefs
One God (Allah) Spiritual beings: Angels, Jinn and the Devil (Iblis, Shaitan) Prophets & Messengers: Adam, Abraham, Moses, David, Jesus, Muhammad Holy Books: Torah, Psalms, Gospels, Quran Decrements (destiny) Inshallah (if God wills) End Times (eschatology) Resurrection, Judgment day, Heaven & Hell
These beliefs are key to understanding how ethics flow in
the world.
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Diversity of Islam
Sects & sub beliefs
The Divisions
http://en.wikipedia.org/wiki/Islamic_schools_and_br
respected, leaders chosen by shura Muhammad died in 632 A.D. without a male heir or a designated successor Abu Bakrs selection as first caliph by Prophets small inner circle went against tribal consensus, alienated Alis followers Uthmans selection as third caliph after Umar reflected ongoing Mecca-Medina tribal rivalry Ali eventually becomes fourth (and last rightly-guided) caliph, but challenged by Muawiyah and assassinated by Kharijites Death of Ali and his son Hasan leads to transfer of caliphate to Damascus, start of first Muslim dynasty (Umayyads) Tragedy of Yazids massacre of Alis son Husayn at Karbala in 680 A.D. marks beginning of Shiism as a religio-political movement
attain inner ecstasy, self-enlightenment, and emulate the Prophets own example of frugality and self-discipline Arose in opposition to social trends in the early expanding Muslim empire such as opulence, overindulgence in worldly pleasures, excessive emphasis on legalism, and pageantry Faith in God experienced through meditation, chanting, selfless love for others, self-denial, and pilgrimage to shrines of past Sufi masters Were not respected by many traditional ulema (Islamic scholars), and reformers such as Wahhabis/Salafis still consider them to be outside the Muslim faith
Festivals
Eid-ul-fitr & Eid-ul-Adha are the most important
festivals
Eid-ul-fitr is the celeberation after a month of
fasting
Eid-ul-Adha is the festival of sacrifice. s Muharram is not a festival
Central to Shiaism
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components:
Rulings mentioned in the Quran Precedents in the life of Muhammad
as it explains and complements the Quran in more details- Sunna & Hadith Opinions (fatwa) of Muhammads prominent companions. Opinions of previous jurisprudents Opinions of contemporary scholars Importance of majority nsensus
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Shariah - Covers
Crime: theft, murder, slander
inheritance Warfare: treaties, civilians Ritual: how should I pray, do pilgrimage? Pleasing God: what acts please or dont please God? Boundaries of Community: what makes you Muslim or not? Ashraf, Aug 2012
Types of Actions
2. Required (wajib): ex. five daily prayers
1. Recommended (mandub): ex.extra charity 0. Permitted (mubah): ex. wearing a blue dress instead of a green one
1. Disliked (makruh): not returning the greeting of another person 2. Prohibited (haram): drinking alcohol,
Prohibitions
Halal (permissible) and Haram (prohibited) No eating of pork (other dietary regulations = halal) No gambling No intoxicants No usury (charging or paying interest on loans) (the rich shall not profit from helping the poor)
evil Outer: struggle to maintain proper social setting according to Gods will Struggles in the Holy Land Palestinian vs. Israeli, not Muslim vs. Jew (political, not religious)
At times solidarity because of feeling of injustice
and oppression
Women
Respected and Protected by Men Modest dress for both men and women
Hijab differs from culture to culture Heavy cover and veil not a religious requirement
Right to vote (citizenship) Right to inherit Right to work, earn and keep her own money Right to keep her own name in marriage Right to initiate divorce Right to refuse additional wives Female infanticide outlawed or state.
Islam historically gave women more rights than any other religion
Quran
Reliable hadith
Rulings of Companions Best judgment Ashraf, Aug 2012
hand in retribution for what they have done, an exemplary punishment from God, for God is mighty and wise (Quran 5:38). Hadith: Do not cut off the hand of the thief for less than dinar Companion Ruling: Umar suspended the punishment during famine (aims of the Shariah) Madhhab Difference: Hanafis say no amputation for the theft of any food or substance that was licit to begin with, such as animals or vegetables Mitigation: some argue that punishment for theft cannot be established without two confessions; its reported that Umar and Abu Darda would encourage the accused to deny the charge, then handle the problem privately.
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Islamic Finance
The growth
Islamic finance
The Islamic law (Shariah) prohibits taking or
giving interest (Riba) which is the most essential feature of Islamic banking Profit sharing and fee-based financing approaches have developed in compliance with Shariah laws. These special modes of financing have emerged in retail, private and commercial banking for debt and capital markets, insurance, asset management, structured and project financing, derivates, etc.
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behaviour
Consequent Prohibitions
Riba, which is taking or giving of interest
and gambling transactions Gharar, which is uncertainty about the terms of contract or the subjectmatter, e.g. prohibits selling something which one does not own Investment in businesses dealing in alcohol, drugs, gambling, armaments, etc. which are considered unlawful or undesirable
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Timelines
Major Developments
Modern Perspectives
Islamic Finance and the world ahead
Wahhab (1920s-1960s): Abul ala Mawdudi, Hasan al-Banna, and Sayyid Qutb Charismatic publicists apply, expand on and redirect earlier radical Islamist thought (1980s to present): Muhammad abd alSalam Faraj, Abdullah Azzam, Ayman al-Zawahiri, and Osama bin Laden Instigating events 1979 was a key year: - Iranian revolution brings Khomeinis militant theocracy to power, gives hope to Shia and Sunni Islamists everywhere - Soviet invasion of Afghanistan ignites regional jihad and plants the seeds for its global expansion Dispersion of mujahidin, durability of madrassas, and widespread receptivity to radicals distortions of the faith will ensure that violence will continue
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behaviour
Huge market exist for Halal products, Islamic
finance.
Tread lightly for religious sensibilities can be easily
Thank you
Suggested Readings: Karen Armstrong, Wikipedia, Upton on Islamic Finances , Muslims invest
Alternative Governance
Decision-making Basis Legal concept of firm: decision making By whom?
Approaches
Managed corporation model CEO and senior management Socially responsive corporation
to
Corporate
Islamic corporate governance Shuratic decision making process: consultation and Consensus seeking Institution of Hisba Role of mutasib
Economic concept of firm: decision-making for whom? Accounting concept of firm: decision-making with what resources and to whom is accountability due? 49
Maximize profits Maximize shareholder value Financial governance by shareholders and suppliers of finance
Stakeholders
Corporate responsibility Triple bottom line: economic, social and environmental accountability
29 November 2013