Saturday 12 May 2012

Is Muhammad (PBUH) The Greatest Economist?

Prophet Muhammad (PBUH) was no economist great or otherwise. He is the Prophet and Messenger of Allah (SWT). He came to teach people the Deen Islam - submission and servitude to Allah, to give glad tidings about Jannah (Paradise) and to warn people about Jahannam (Hellfire). This is the mission of all the Prophets and Messengers. However he also brought some guidelines to protect this mission and to protect the individuals and the communities of people who are governed by that mission. One such example is his strong condemnation of greed for wealth and status.

Prophet Muhammad (PBUH) said: "Two hungry wolves let loose among sheep are not more harmful than a person’s craving after wealth and status to his Deen" [Tirmidhi]

Today the whole economy is geared towards the fulfilment of such greed. This is reflected in every aspect of the economy from micro levels (individuals, families, businesses) to macro levels (national, international, global). The Islamic banking and finance industry was born in this economic philosophy. The difference with Islamic banking and finance was that it espoused the use of shariah based rules to structure its products and services instead of the conventional interest based rules. It proposed to offer an alternative to the interest based banking and finance. Intriguingly some of the multinational banks and financial institutions, the core players of the modern economy, have also embraced it.

There is praise and criticism for Islamic banking and finance. But the real questions for anyone concerned are:
  • whether it is really an alternative or just the same but with different terminology?
  • if it is a real alternative does it fit within the philosophy and ethics of Islam? i.e. is it helping people turn away from greed or is it simply helping them fulfil their greed in an alternative way?
  • if the Prophet Muhammad (PBUH) were to be here today, would he have encouraged it or discouraged it?
  • if he discouraged it, then what would he have proposed?
These are questions that should trouble every Muslim, whether they are Islamic finance professionals or ordinary people, as they affect all of us.

The forthcoming seminar on trade, banking and finance by Shaykh Dr Mohammed Akram Nadwi and Tarek El-Diwany is an essential step towards finding answers. You will also learn in this seminar why it might be an insult to call the Prophet an economist! Only 5 days to go, book your places now.

Islamic Banking & Finance - A Myth or A Reality?

By Shaykh Dr Mohammed Akram Nadwi and Tarek El-Diwany

When: Saturday 19th May 2012     Time: 10AM - 7PM

Venue: Cambridge University




"Jazak'Allah khair for a fabulous seminar. I truly enjoyed it and it was very much worth the trek from London to Cambridge" - Antti Kangaslahti, London

"This was an excellent course. The course progressed at a good pace and the amount of time allowed for questions was appropriate. In addition to the content, much of the benefit of these courses is from the aproach, experience and perspective of the shaykh. He is humble, approachable and good-humoured. He is clearly steeped in knowledge but his courses are never purely about information - he emphasises the fact that our purpose is to live for the afterlife. Jazakumullahu khayran for your efforts." - Naveed Khan, Cambridge

"MashaAllah the course was excellent so JazakAllah khair for arranging it. Shaykh was brilliant as expected" - Hammad Hanif, Bristol University

"Of all the scholars I have had the opportunity to study with, I have found Shaikh Akram Nadwi to be the closest, in knowledge, manners and teaching, to how I would imagine some of the great Hadith scholars of the past would have been. He has a vast knowledge of Qur'an, Hadith and Fiqh, a down-to-earth, humble, approachable style, and great teaching ability. His classes are not just beneficial from a learning perspective, but also to marvel at the awe-inspiring wealth of knowledge of our scholars masha Allah. His 40 volume work going through the biographies of some 8,000 women scholars of Hadith is a monumental endeavour. The mere fact of its existence can be a major talking point in discussion with Muslims and non-Muslims, and is almost a stand-alone proof of Islam's unparalleled wealth of female scholarship." - Dr Omar Mahroo, Cambridge/London

More Testimonials:


Previous Posts
Money, Trade, Insurance & Finance in Islam - You Must Know!
Islamic Principles on Business, Banking & Finance

Islamic Banking & Finance - A Myth or A Reality?

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