ISLAMI BANKARI URDU PDF

An intellectual leader of the Deobandi movement, he has authored more than 80 books many multi-volumes in Urdu, Arabic and English, including a translation of the Qur'an in both English and Urdu as well a 6-volume commentary on the Sahih Muslim in Arabic, [5] having written and lectured extensively on hadith , and Islamic finance. From to he was a member of Zia's Council of Islamic Ideology and was involved in drafting the Hudood Ordinances. He was the fifth and youngest son of Mufti Muhammad Shafi — The forefathers of Miyanji Shukr Allah are unknown, but the family claims descent from Uthman , the third caliph and a companion of the Islamic prophet Muhammad , hence the nisbat " Usmani ". Usmani was born to several generations of educators.

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The client purchases the commmodity on behalf of the institution and takes possession as the agent of the institution. The client informs the institution that he has purchased the commodity and simultaneously makes an offer to purchase it from the institution. Thus the process of debit and credit goes on upto the date of maturity,and the interest is.

Can such an arrangement be possible under the musharakah. If such an arrangement is agreed upon between the parties,it does not seem to violate any basic. Therefore the capital contributed by each partner is unknown at the time of entering into Musharakah which should render the Musharakah invalid.

The answer to the above objection is that the classical scholars of Islamic Fiqh have different views about whether it is necessary for a valid Musharakah that the capital is pre-known to the partners. The Hanafi Scholars are unaminous on the point that it is not a pre-condition. Al-kasani, the famous Hanafi jurist writes :. Our argument is that Jahalah uncertainty in itself does not render a contract invalid, unless it leads to disputes. And the uncertainty in the capital at the time of Musharakah does not lead to disputes,because it is generally known when the c o m m o d i t i e s a r e p u r c h a s e d f o r t h e Musharakah,therefore it does not lead to uncertainty in the profit at the time of distribution.

Because the business may have earned huge profits during a period when a particular investor had no money invested in the business at all or had a very insignificant amount investsd,still,he will be treated at par with other investors who had huge amounts invested in the business during that period. Conversely,the business may have suffered a great loss during a period when a particular investor had huge amounts invested in it.

Still,he will pass on some of his loss to other investor who had no investment in that period or their size of investment was insignificant. Once a Musharakah pool comes into existence all the participants,regardless of whether their money is or is not utilized in a particular transaction earn the profits accruing to the joint pool. This is particularly true of the Hanafi school,which does not deem it necessary for a valid Musharakah that the monetary contribution of the partners are mixed up together.

The profit of each partner is calculated on the basis of the period for which his money remained in the joint pool.

There is no doubt that the aggregate profits accrued to the pool is generated by the joint utilization of different amounts contributed by the participants at different times. Therefore,if all of them agree with mutual consent to distribute the profits on daily products basis, there is no i n j u n c t i o n o f s h a r i a h w h i c h m a k e s i t. Similarly,no body will be able to subscribe to the joint pool except at the paticular dates of the commencement of a new term. This arrangement is totally impracticable on the deposit side of the banks and financial institutions where the accounts.

The rejection of the concept of the daily products will compel them to wait for months before they deposit their surplus money in a profitable account. This will hinder the utilization of savings for development of industry and trade,and will keep the wheel of financial activities jammed for long periods.

There is no other solution for this problem except to apply the method of daily products for the calculation of profits,and since there is no specific injunction of Shariah against it,there is no reason why this method should not be adopted. Learn more about Scribd Membership Home. Much more than documents.

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