On Tuesday December 2, 2014, Hazrat Mufti Ebrahim Desai Saheb was the guest speaker at the Al Mabroor Investment Scheme in which Mufti Saheb presented to Mr Wiaan Smith, CEO of Al Mabroor Investments Scheme, the certificate for Al Mabroor Motor Vehicle Finance Scheme.
Hereunder is a summary of Mufti Sahebs talk.
Mufti Saheb commenced with an anecdote of a person looking for his lost pearl under a street lamp whereas the pearl was lost in the house. Mufti Saheb stated how is it possible to find the ideals of Islamic finance (lost pearl) in the conventional finance system.
Mufti sahib spoke about the rich heritage of Islamic Finance in the Quran and Ahadith. 35 verses on Islamic Finance. 23 years of wahy ended with a verse discussing rights of creditors and compassion to debtors. 471 Ahadith on economics in Bukhari Sharif alone, let aside the Ahadith in other books of Hadith.
Mufti sahib said, Shariah does not prohibit us from acquiring wealth and enriching ourselves. He spoke about how wealthy some Sahaba were that even by today’s standards, they would supercede the ultra-rich. He then quoted few examples. Zubayr ibn al Awaam (Radhi Allahu anhu’s) estate was 2 million 2 hundred thousand gold coins. If that is calculated in today’s time, it will be approximately 400 Million Dollars. Consider the inflation rate of 1500 years with that. In spite of so much wealth, they were those whom Allah described in the Quran:
رِجَالٌ لَّا تُلْهِيهِمْ تِجَارَةٌ وَلَا بَيْعٌ عَن ذِكْرِ اللَّهِ وَإِقَامِ الصَّلَاةِ وَإِيتَاءِ الزَّكَاةِ ۙ يَخَافُونَ يَوْمًا تَتَقَلَّبُ فِيهِ الْقُلُوبُ وَالْأَبْصَارُ
“They were such men that trade and business did not make them unmindful of the Dhikr of Allah, establishing Salaah and dispensing Zakaat. They feared the day (Day of Judgment) when hearts and eyes will turn (out of fear).” (24:37)
Mufti Saheb mentioned that we work so hard to build our empires but we destroy our empires with our own hands. Mufti sahib pointed out some issues that are common in the business sector and requires reformation.
- Pride and arrogance – he gave a thought provoking example of how a millionaire lost his wealth in his lifetime contrary to his claim that his grandchildren will outlive the wealth.
- Sin and Zina – Mufti Saheb explained how a multi-millionaire shared his personal experience of losing his wealth through Zina.
- Monopolizing the market – becoming an obstacle for new comers in the market. Mufti sahib cautioned the Businessmen to unite and support each other. Mufti Saheb touched on how economics dominate politics and the need for us to be united.
- Honesty, Truthfulness and Trustworthiness of our Businessmen.
After the program many people stated they needed such a talk – straight and frank.
The recording of the program can be downloaded here.