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Biodata dan Sejarah Ringkas Nabi Muhammad S.A.W

2012-02-03T18:33:00.004+08:00

BIODATA RASULULLAH S.A.W:

1. Nama: Muhammad bin ‘Abdullah bin ‘Abdul Muttalib bin Hashim
2. Tarikh lahir: Subuh Isnin, 12 Rabiulawal / 20 April 571M (dikenali sebagai tahun gajah; sempena peristiwa tentera bergajah Abrahah yangmenyerang kota Mekah)
3. Tempat lahir: Di rumah Abu Talib, Makkah Al-Mukarramah
4. Nama bapa: ‘Abdullah bin ‘Abdul Muttalib bin Hashim
5. Nama ibu: Aminah binti Wahab bin ‘Abdul Manaf
6. Pengasuh pertama: Barakah Al-Habsyiyyah (digelar Ummu Aiman. Hamba perempuan bapa Rasulullah SAW)
7. Ibu susu pertama: Thuwaibah (hamba perempuan Abu Lahab)
8. Ibu susu kedua: Halimah binti Abu Zuaib As-Sa’diah (lebih dikenali Halimah As-Sa’diah. Suaminya bernama Abu Kabsyah)

SEJARAH RINGKAS RASULULLAH S.A.W:

USIA 5 TAHUN
* Peristiwa pembelahan dada Rasulullah SAW yang dilakukan oleh dua malaikat untuk mengeluarkan bahagian syaitan yang wujud di
dalamnya.

USIA 6 TAHUN
* Ibunya Aminah binti Wahab ditimpa sakit dan meninggal dunia di Al-Abwa’ (sebuah kampung yang terletak di antara Mekah dan Madinah)
* Baginda dipelihara oleh Ummu Aiman (hamba perempuan bapa Rasulullah SAW) dan dibiayai oleh datuknya ‘Abdul Muttalib.

USIA 8 TAHUN
* Datuknya, ‘Abdul Muttalib pula meninggal dunia.
* Baginda dipelihara pula oleh bapa saudaranya, Abu Talib.

USIA 9 TAHUN (Setengah riwayat mengatakan pada usia 12 tahun).
* Bersama bapa saudaranya, Abu Talib bermusafir ke Syam atas urusan perniagaan.
* Di kota Busra, negeri Syam, seorang pendita Nasrani bernama Bahira (Buhaira) telah bertemu ketua-ketua rombongan untuk menceritakan tentang pengutusan seorang nabi di kalangan bangsa Arab yang akan lahir pada masa itu.

USIA 20 TAHUN
* Terlibat dalam peperangan Fijar. Ibnu Hisyam di dalam kitab ‘Sirah’ , jilid 1, halaman 184-187 menyatakan pada ketika itu usia Muhammad SAW ialah 14 atau 15 tahun. Baginda menyertai peperangan itu beberapa hari dan berperanan mengumpulkan anak-anak panah sahaja.
* Menyaksikan ‘ perjanjian Al-Fudhul’; perjanjian damai untuk memberi pertolongan kepada orang yang dizalimi di Mekah.

USIA 25 TAHUN
* Bermusafir kali kedua ke Syam atas urusan perniagaan barangan Khadijah binti Khuwailid Al-Asadiyah.
* Perjalanan ke Syam ditemani oleh Maisarah; lelaki suruhan Khadijah..
* Baginda SAW bersama-sama Abu Talib dan beberapa orang bapa saudaranya yang lain pergi berjumpa Amru bin Asad (bapa saudara Khadijah) untuk meminang Khadijah yang berusia 40 tahun ketika itu.
* Mas kahwin baginda kepada Khadijah adalah sebanyak 500 dirham.

USIA 35 TAHUN
* Banjir besar melanda Mekah dan meruntuhkan dinding Ka’abah.
* Pembinaan semula Ka’abah dilakukan oleh pembesar-pembesar dan penduduk Mekah.
* Rasulullah SAW diberi kemuliaan untuk meletakkan ‘Hajarul-Aswad’ ke tempat asal dan sekaligus meredakan pertelingkahan berhubung perletakan batu tersebut.

USIA 40 TAHUN
* Menerima wahyu di gua Hira’ sebagai perlantikan menjadi Nabi dan Rasul akhir zaman.

USIA 53 TAHUN
* Berhijrah ke Madinah Al-Munawwarah dengan ditemani oleh Saidina Abu Bakar Al-Siddiq.
* Sampai ke Madinah pada tanggal 12 Rabiulawal/ 24 September 622M.

USIA 63 TAHUN
* Kewafatan Rasulullah SAW di Madinah Al-Munawwarah pada hari Isnin, 12 Rabiulawal tahun 11H/ 8 Jun 632M.

ISTERI-ISTERI RASULULLAH S.A.W
1. Khadijah Binti Khuwailid
2. Saudah Binti Zam’ah
3. Aisyah Binti Abu Bakar (anak Saidina Abu Bakar)
4. Hafsah binti ‘Umar (anak Saidina ‘Umar bin Al-Khattab)
5. Ummi Habibah Binti Abu Sufyan
6. Hindun Binti Umaiyah (digelar Ummi Salamah)
7. Zainab Binti Jahsy
8. Maimunah Binti Harith
9. Safiyah Binti Huyai bin Akhtab
10.Zainab Binti Khuzaimah (digelar ‘Ummu Al-Masakin’; Ibu Orang Miskin)

ANAK-ANAK RASULULLAH S.A.W
1. Qasim
2. Abdullah
3. Ibrahim
4. Zainab
5. Ruqaiyah
6. Ummi Kalthum
7. Fatimah Al-Zahra’
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Mutiara kata: Masa

2012-02-02T23:53:00.001+08:00

Demi masa sesungguhnya manusia itu berada di dalam kerugian, kecuali mereka yang beriman dan beramal soleh dan mereka yang menyeru kepada kebenaran dan mereka yang menyeru dengan kesabaran. (Quran, surah Al–Asr 1-3)

Kekayaan yang hilang dapat dikejar kembali dengan kerajinan dan jimat cermat. Kesihatan yang hilang boleh direbut kembali dengan ubat-ubatan. Akan tetapi waktu yang hilang pasti tidak akan kembali.

Masa itu ibarat pedang. Jika kamu tidak memotongnya, ia akan memotong kamu. --- Pepatah Arab

Masa itu emas. --- Pepatah Melayu

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Mutiara kata: Istiqomah (konsisten)

2012-02-02T08:40:00.001+08:00

Setitik air boleh membelah batu bukan kerana derasnya tetapi dengan seringnya ia menitik.

Rasulullah saw, dengan indah bersabda:

Amalan-amalan yang paling disukai Allah ialah yang berterusan (lestari) meskipun sedikit.

(HR. Bukhari)

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Words of wisdom: Positive

2012-02-02T08:16:00.000+08:00

Having a positive mental attitude is asking how something can be done rather than saying it can't be done.

Like success, failure is many things to many people. With positive mental attitude, failure is a learning experience, a rung on the ladder, a plateau at which to get your thoughts in order and prepare to try again.

Always focus on the positive, you will attract more of it in your life!

You've done it before and you can do it now. See the positive possibilities. Redirect the substantial energy of your frustration and turn it into positive, effective, unstoppable determination.

If you have a positive attitude and constantly strive to give your best effort, eventually you will overcome your immediate problems and find you are ready for greater challenges.

Every bad situation will have something positive, even a broken clock shows the correct time twice a day.

Surround yourself with positive people, places, and things, if you want positive outcomes in life. Think positive. Live positive.

Positive thinking will let you do everything better than negative thinking will.

There's power in positive thinking! If you think positive about things, then good things will happen. If you're constantly in fear of what could, or may happen, it usually does.

A positive attitude causes a chain reaction of positive thoughts, events and outcomes. It is a catalyst and it sparks extraordinary results.

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The longest verse in the Holy Quran

2012-01-30T17:42:00.003+08:00

The longest verse in the Holy Quran is verse 282 of surah Al-Baqarah (the second chapter) which prescribes the rules on commercial transactions and related matters.

يَا أَيُّهَا الَّذِينَ آمَنُوا إِذَا تَدَايَنتُم بِدَيْنٍ إِلَىٰ أَجَلٍ مُّسَمًّى فَاكْتُبُوهُ ۚ وَلْيَكْتُب بَّيْنَكُمْ كَاتِبٌ بِالْعَدْلِ ۚ وَلَا يَأْبَ كَاتِبٌ أَن يَكْتُبَ كَمَا عَلَّمَهُ اللَّهُ ۚ فَلْيَكْتُبْ وَلْيُمْلِلِ الَّذِي عَلَيْهِ الْحَقُّ وَلْيَتَّقِ اللَّهَ رَبَّهُ وَلَا يَبْخَسْ مِنْهُ شَيْئًا ۚ فَإِن كَانَ الَّذِي عَلَيْهِ الْحَقُّ سَفِيهًا أَوْ ضَعِيفًا أَوْ لَا يَسْتَطِيعُ أَن يُمِلَّ هُوَ فَلْيُمْلِلْ وَلِيُّهُ بِالْعَدْلِ ۚ وَاسْتَشْهِدُوا شَهِيدَيْنِ مِن رِّجَالِكُمْ ۖ فَإِن لَّمْ يَكُونَا رَجُلَيْنِ فَرَجُلٌ وَامْرَأَتَانِ مِمَّن تَرْضَوْنَ مِنَ الشُّهَدَاءِ أَن تَضِلَّ إِحْدَاهُمَا فَتُذَكِّرَ إِحْدَاهُمَا الْأُخْرَىٰ ۚ وَلَا يَأْبَ الشُّهَدَاءُ إِذَا مَا دُعُوا ۚ وَلَا تَسْأَمُوا أَن تَكْتُبُوهُ صَغِيرًا أَوْ كَبِيرًا إِلَىٰ أَجَلِهِ ۚ ذَ‌ٰلِكُمْ أَقْسَطُ عِندَ اللَّهِ وَأَقْوَمُ لِلشَّهَادَةِ وَأَدْنَىٰ أَلَّا تَرْتَابُوا ۖإِلَّا أَن تَكُونَ تِجَارَةً حَاضِرَةً تُدِيرُونَهَا بَيْنَكُمْ فَلَيْسَ عَلَيْكُمْ جُنَاحٌ أَلَّا تَكْتُبُوهَا ۗ وَأَشْهِدُوا إِذَا تَبَايَعْتُمْ ۚ وَلَا يُضَارَّ كَاتِبٌ وَلَا شَهِيدٌ ۚ وَإِن تَفْعَلُوا فَإِنَّهُ فُسُوقٌ بِكُمْ ۗ وَاتَّقُوا اللَّهَ ۖ وَيُعَلِّمُكُمُ اللَّهُ ۗ وَاللَّهُ بِكُلِّ شَيْءٍ عَلِيمٌ

O you who believe! When you contract a debt for a fixed period, write it down. Let a scribe write it down in justice between you. Let not the scribe refuse to write as Allah has taught him, so let him write. Let him (the debtor) who incurs the liability dictate, and he must fear Allah, his Lord, and diminish not anything of what he owes. But if the debtor is of poor understanding, or weak, or is unable to dictate for himself, then let his guardian dictate in justice. And get two witnesses out of your own men. And if there are not two men (available), then a man and two women, such as you agree for witnesses, so that if one of them (two women) errs, the other can remind her. And the witnesses should not refuse when they are called (for evidence). You should not become weary to write it (your contract), whether it be small or big, for its fixed term, that is more just with Allah; more solid as evidence, and more convenient to prevent doubts among yourselves, save when it is a present trade which you carry out on the spot among yourselves, then there is no sin on you if you do not write it down. But take witnesses whenever you make a commercial contract. Let neither scribe nor witness suffer any harm, but if you do (such harm), it would be wickedness in you. So be afraid of Allah; and Allah teaches you. And Allah is the All-Knower of each and everything.

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Words of wisdom: Focus

2012-01-29T09:40:00.001+08:00

"Most people have no idea of the giant capacity we can immediately command when we focus all of our resources on mastering a single area of our lives." — Tony Robbins

"My success, part of it certainly, is that I have focused in on a few things." — Bill Gates

“The successful warrior is the average man, with laser-like focus.” — Bruce Lee

"You can’t depend on your eyes when your imagination is out of focus." — Mark Twain

"Goals provide the energy source that powers our lives. One of the best ways we can get the most from the energy we have is to focus it. That is what goals can do for us; concentrate our energy." — Denis Waitley

"It is during our darkest moments that we must focus to see the light." — Aristotle Onassis

"The three pillars on which I believe any business success is based are: Persistence, Enthusiasm and Focus." — Max Markson

"The key to success is to focus our conscious mind on things we desire not things we fear." —

Brian Tracy

"To create something exceptional, your mindset must be relentlessly focused on the smallest detail." — Giorgio Armani

“One reason so few of us achieve what we truly want is that we never direct our focus; we never concentrate our power. Most people dabble their way through life, never deciding to master anything in particular.” ---- Anthony Robbins

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Words of wisdom: Concentration

2012-01-28T22:00:00.001+08:00

Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus.

Success in any endeavor requires single-minded attention to detail and total concentration.

Concentration and mental toughness are the margins of victory.

The concentration and dedication- the intangibles are the deciding factors between who won and who lost.”

“Concentration is the secret of strength” - - Ralph Waldo Emerson

"What do I mean by concentration? I mean focusing totally on the business at hand and commanding your body to do exactly what you want it to do." -- Arnold Palmer

“There can only be one state of mind as you approach any profound test; total concentration, a spirit of togetherness, and strength.” -- Pat Riley

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Ibn Khaldun, Father of Economics

2012-01-28T12:08:00.000+08:00

In his Prolegomena (The Muqaddimah), 'Abd al-Rahman Ibn Muhammad Ibn Khaldun al-Hadrami of Tunis (A.D. 1332-1406), commonly known as Ibn Khaldun, laid down the foundations of different fields of knowledge, in particular the science of civilization (al-'umran). His significant contributions to economics, however, should place him in the history of economic thought as a major forerunner, if not the "father," of economics, a title which has been given to Adam Smith, whose great works were published some three hundred and seventy years after Ibn Khaldun's death. Not only did Ibn Khaldun plant the germinating seeds of classical economics, whether in production, supply, or cost, but he also pioneered in consumption, demand, and utility, the cornerstones of modern economic theory.

Before Ibn Khaldun, Plato and his contemporary Xenophon presented, probably for the first time in writing, a crude account of the specialization and division of labor. On a non-theoretical level, the ancient Egyptians used the techniques of specialization, particularly in the era of the Eighteenth Dynasty, in order to save time and to produce more work per hour. Following Plato, Aristotle proposed a definition of economics and considered the use of money in his analysis of exchange. His example of the use of a shoe for wear and for its use in exchange was later presented by Adam Smith as the value in use and the value in exchange. Another aspect of economic thought before Ibn Khaldun was that of the Scholastics and of the Canonites, who proposed placing economics within the framework of laws based on religious and moral perceptions for the good of all human beings. Therefore all economic activities were to be undertaken in accordance with such laws.

Ibn Khaldun was cognizant of these ideas, including the one relating to religious and moral perceptions. The relationship between moral and religious principles on one hand and good government on the other is effectively expounded in his citation and discussion of Tahir Ibn al-Husayn's (A.D. 775-822) famous letter to his son 'Abdallah, who ruled Khurasan with his descendants until A.D. 872. From the rudimentary thoughts of Tahir he developed a theory of taxation which has affected modern economic thought and even economic policies in the United States and elsewhere.

This paper attempts to give Ibn Khaldun his forgotten and long overdue credit and to place him properly within the history of economic thought. He was preceded by a variety of economic but elemental ideas to which he gave substance and depth. Centuries later these same ideas were developed by the Mercantilists, the commercial capitalists of the seventeenth century-Sir William Petty (A.D. 1623-1687), Adam Smith (A.D. 1723-1790), David Ricardo (A.D. 1772-1823), Thomas R. Malthus (A.D. 1766-1834), Karl Marx (A.D. 1818-1883), and John Maynard Keynes (A.D. 1883-1946), to name only a few-and finally by contemporary economic theorists.

Labor Theory of Value, Economics of Labor, Labor as the Source of Growth and Capital Accumulation

With the exception of Joseph A. Schumpeter, who discovered Ibn Khaldun's writings only a few months before his death, Joseph J. Spengler, and Charles Issawi, major Western economists trace the theory of value to Adam Smith and David Ricardo because they attempted to find a reasonable explanation for the paradox of value. According to Adam Smith and as further developed by David Ricardo, the exchange value of objects is to be equal to the labor time used in its production. On the basis of this concept, Karl Marx concluded that "wages of labour must equal the production of labour" and introduced his revolutionary term surplus value signifying the unjustifiable reward given to capitalists, who exploit the efforts of the labor class, or the proletariat. Yet it was Ibn Khaldun, a believer in the free market economy, who first introduced the labor theory of value without the extensions of Karl Marx.

According to Ibn Khaldun, labor is the source of value. He gave a detailed account of his labor theory of value, presenting it for the first time in history. It is worth noting that Ibn Khaldun never called it a "theory," but had skillfully presented it (in volume 2 of Rosenthal translation) in his analysis of labor and its efforts. Ibn Khaldun's contribution was later picked up by David Hume in his Political Discourses, published in 1752: "Everything in the world is purchased by labour."7 This quotation was even used by Adam Smith as a footnote. "What is bought with money or with goods is purchased by labour, as much as what we acquire by the toil of our body. That money or those goods indeed save us this toil. They contain the value of a certain quantity of labour which we exchange for what is supposed at the time to contain the value of an equal quantity. The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities." If this passage which was published in A.D. 1776 in Adam Smith's major work, is carefully analyzed, one can find its seeds in Ibn Khaldun's Prolegomena (The Muqaddimah). According to Ibn Khaldun, labor is the source of value. It is necessary for all earnings and capital accumulation. This is obvious in the case of craft. Even if earning "results from something other than a craft, the value of the resulting profit and acquired (capital) must (also) include the value of the labor by which it was obtained. Without labor, it would not have been acquired."

Ibn Khaldun divided all earnings into two categories, ribh (gross earning) and kasb (earning a living). Ribh is earned when a man works for himself and sells his objects to others; here the value must include the cost of raw material and natural resources. Kasb is earned when a man works for himself. Most translators of Ibn Khaldun have made a common mistake in their understanding of ribh. Ribh may either mean a profit or a gross earning, depending upon the context. In this instance, ribh means gross earning because the cost of raw material and natural resources are included in the sale price of an object.

Whether ribh or kasb, all earnings are value realized from human labor, that is, obtained through human effort. Even though the value of objects includes the cost of other inputs of raw material and natural resources, it is through labor and its efforts that value increases and wealth expands, according to Ibn Khaldun. With less human effort, a reversal to an opposite direction may occur. Ibn Khaldun placed a great emphasis on the role of "extra effort," which later became known as "marginal productivity," in the prosperity of a society. His labor effort theory gave a reason for the rise of cities, which, as his insightful analysis of history indicated, were the focal points of civilizations.

Whereas labor may be interpreted from Ibn Khaldun's ideas as both necessary and sufficient conditions for earnings and profit, natural resources are only necessary. Labor and its effort lead to production, which is in turn used for an exchange through barter or through the use of money, that is, gold and silver. The process therefore creates incomes and profits which a man derives from a craft as the value of his labor after having deducted the cost of raw material. Long before David Ricardo published his significant contribution to the field of economics in 1817, The Principles of Political Economy and Taxation, Ibn Khaldun gave the original explanation for the reasons behind the differences in labor earnings. They may be attributed to differences in skills, size of markets, location, craftsmanship or occupation, and the extent to which the ruler and his governors purchase the final product. As a certain type of labor becomes more precious, that is, if the demand for it exceeds its available supply, its earnings must rise.

High earnings in one craft attract others to it, a dynamic phenomenon which will eventually lead to an increase in its available supply and consequently lower profits. This principle explains Ibn Khaldun's original and insightful analysis of long-term adjustments within occupations and between one occupation and another. However, this point of view was attacked by John Maynard Keynes in his famous statement that in the long run we are all dead. Nevertheless, Ibn Khaldun's analysis has not only proved to be historically correct but has also constituted the core thinking of classical economists.

Ibn Khaldun succinctly observed, explained, and analyzed how earnings in one place may be different from another, even for the same profession. Earnings of judges, craftsmen, and even beggars, for example, are directly related to each town's degree of affluence and standard of living, which in themselves are to be achieved through the fruits of labor and the crystallization of productive communities. Adam Smith explained differences in labor earnings by comparing them in England and in Bengal along the same lines of reasoning given by Ibn Khaldun four centuries earlier as he compared earnings in Fez with those of Tlemcen. It was Ibn Khaldun, not Adam Smith, who first presented the contribution of labor as a means of building up the wealth of a nation, stating that labor effort, increase in productivity, and exchange of products in large markets are the main reasons behind a country's wealth and prosperity. Inversely, a decline in productivity could lead to the deterioration of an economy and the earnings of its people. "A large civilization yields large profits [earnings] because of' the large amount of [available] labor which is the cause of [profit]."

It was also Ibn Khaldun, long before Adam Smith, who made a strong case for a free economy and for freedom of choice.

Among the most oppressive measures, and the ones most deeply harming society, is the compelling of subjects to perform forced work unjustly. For labour is a commodity, as we shall show later, in as much as incomes and profits represent value of labour of their recipients...nay most men have no source of income other than their labour. If, therefore, they should be forced to do work other than that for which they have been trained, or made to do forced work in their own occupation, they would lose the fruit of their labour and be deprived of the greater part, nay of the whole, of their income.

To maximize both earnings and levels of satisfaction, a man should be free to perform whatever his gifted talents and skilled abilities dictate. Through natural talents and acquired skills, man can freely produce objects of' high quality, and, often, more units of labor per hour.

Demand, Supply, Prices, and Profits

In addition to his original contribution to the economics of labor, Ibn Khaldun introduced and ingeniously analyzed the interplay of several tools of economic analysis; such is demand, supply, prices, and profits.

Demand for an object is based on the utility of acquiring it and not necessarily the need for it. Utility is therefore the motive force behind demand. It creates the incentives for consumer spending in the marketplace. Ibn Khaldun had therefore planted the first seed of modern demand theory, which since been developed and expanded by Thomas Robert Malthus, Alfred Marshall, John Hicks, and others. As a commodity in demand attracts increased consumer spending, both the price and the quantity sold are increased. Similarly, if the demand for certain crafts decreases, its sales fall and consequently its price is reduced.

Demand for a certain commodity also depends upon the extent to which it will be purchased by the state. The king and his ruling class purchase much larger quantities than any single private individual is capable of purchasing. A craft flourishes when the state buys its product. With his ingenious analytical mind, Ibn Khaldun had further discovered the concept known in modern economic literature as "derived demand." "Crafts improve and increase when the demand for their products increases." Demand for a craftsman is therefore derived from the demand for his product in the marketplace.

As is commonly known, modern price theory states that cost is the backbone of supply theory. It was Ibn Khaldun who first examined analytically the role of the cost of production on supply and prices. In observing the differences between the prices of foodstuffs produced in fertile land and of that produced in poor soils, he traced them mainly to the disparity in the cost of production.

[In] the coastal and hilly regions, whose soil is unfit for agriculture, (inhabitants) were forced to apply themselves to improving the conditions of those fields and plantations. This they did by applying valuable work and manure and other costly materials. All this raised the cost of agricultural production, which costs they took into account when fixing their price for selling. And ever since that time Andalusia has been noted for its high prices ....The position is just the reverse in the land of the Berbers. Their land is so rich and fertile that they do not have to incur any expenses in agriculture; hence in that country foodstuffs are cheap.

Besides individual and state demand and cost of production, Ibn Khaldun introduced other factors which affect the price of goods or services, namely, the degree of affluence and the prosperity of districts, the degree of concentration of the wealthy, and the degree of customs duties being levied on middlemen and traders. The direct functional relationship between income and consumption as presented by Ibn Khaldun paved the road to the theory of consumption function as a cornerstone of Keynesian economics.

Ibn Khaldun also made an original contribution in his concept of profits. In economic literature, a theory of profit as a reward for undertaking risk in a future of uncertainties is generally attributed to Frank Knight, who published his ideas in 1921. There is no doubt that Frank Knight substantially advanced a well-established theory of profit. Nevertheless, it was Ibn Khaldun, not Frank Knight, who originally planted the seed of this theory: "Commerce means the buying of merchandise and goods, storing them, and waiting until fluctuation of the market brings about an increase in the prices of (these goods). This is called profit (ribh)." In another context, Ibn Khaldun stated again the same idea: "Intelligent and experienced people in the cities know that it is inauspicious to hoard grain and to wait for high prices, and that the profit (expected) may be spoiled or lost through (hoarding)." Profit is therefore a reward for undertaking a risk. In the face of future uncertainties, a risk-bearer may very well lose instead of gain. Similarly, profits or losses may accrue as a result of speculation which is carried out by profit-seekers in the marketplace. To maximize profits, Ibn Khaldun introduced a gospel for traders, "Buy cheap and sell dear," which has been widely quoted ever since. In his translation of the Muqaddimah of Ibn Khaldun, Franz Rosenthal stated in a footnote, "In 1952 a book by Frank V. Fischer appeared, entitled Buy LowSell High: Guidance for the General Reader in Sound Investment Methods and Wise Trade Techniques."

If Ibn Khaldun's gospel is applied to cost analysis, it becomes obvious that profit may be increased, even for a given price of a final product, when one reduces the cost of raw material and other inputs used in production by buying them at a discount or, in general, at a low price even from distant markets, as he indicated in his account of benefits of foreign trade. Nevertheless, Ibn Khaldun concluded that both excessively low prices and excessively high prices are disruptive to markets. It is therefore advisable that states not hold prices artificially low through subsidies or other methods of market intervention. Such policies are economically disastrous because the low-priced goods will disappear from the market and there will be no incentive for suppliers to produce and sell whenever their profits are adversely affected. Ibn Khaldun also concluded that excessively high prices will not be compatible with market expansion. As the high-priced goods sell less in the market, the policy of excessively high pricing becomes counterproductive and disrupts the flow of goods in markets. Ibn Khaldun had thus laid down the foundations of ideas which later led to the formulation of disequilibrium analysis. He also cited several factors affecting the upward general price level, such as increase in demand, restrictions of supply, and increase in the cost of production, which includes a sales tax as one of the components of a total cost. After his analysis of what stimulates overall demand in it growing economy, Ibn Khaldun stated the following:

Because of the demand for (luxury articles), they become customary, and thus come to be necessities. In addition, all labor becomes precious in the city, and the conveniences become expensive, because there are many purposes for which then, are in demand in view of the prevailing luxury and because the government makes levies on market and business transactions. This is reflected in the sales prices. Conveniences, foodstuffs, and labor thus become very expensive. As a result, the expenditures of the inhabitants increase tremendously in proportion to the civilization of (the city). A great deal of money is spent. Under these circumstances, (people) need a great deal of money for expenditures, to procure the necessities of life for themselves and their families, as well as all other requirements.

As to the impact of restricted supply on the price level, Ibn Khaldun summed it up thus: "When goods are few and rare, their prices go up."

By carefully reading the above two passages, it becomes obvious that Ibn Khaldun discovered what is now known as cost-push and demand-pull causes of inflationary pressures. In fact, he was the first philosopher in history who systematically identified factors affecting either the price of a good or the general price level.

Macroeconomics, Growth, Taxes, Role of Governments, and Money

In macroeconomics, Ibn Khaldun laid the foundations of what John Maynard Keynes called "aggregate effective demand," the multiplier effect and the equality of income and expenditure.25 When there is more total demand as population increases, there is more production, profits, customs, and taxes. The upward cycle of growth continues as civilization flourishes and a new wave of total demand is created for the crafts and luxury products. "The value realized from them increases, and, as a result, profits are again multiplied in the town. Production there is thriving even more than before. And so it goes with the second and third increase." People's "wealth, therefore, increases and their riches grow, the customs and ways of luxury multiply, and all the various kinds of crafts are firmly established among them." The concept of the multiplier was later developed and expanded by several economists, in particular by John Maynard Keynes. However, it was discovered for the first time in history by Ibn Khaldun.

Modern national income accounts were also developed and expanded using the equality of income and expenditures. Expenditures of one citizen are income to others; therefore total expenditures are equal to total incomes. This equality was first discovered by Ibn Khaldun. In fact, he used both terms as synonymous to one another after having established the equality between them. "Income and expenditure balance each other in every city. If the income is large, the expenditure is large, and vice versa. And if both income and expenditure are large, the inhabitants become more favourably situated, and the city grows."

Ibn Khaldun introduced the pioneering theory of growth based on capital accumulation through man's efforts.

(Man) obtains (some profits) through no efforts of his own, as, for instance, through rain that makes the fields thrive, and similar things. However, these things are only contributory. His own efforts must be combined with them, as will be mentioned. (His) profits will constitute his livelihood, if they correspond to his necessities and needs. They will be capital accumulation it they are greater than (his needs)."

Ibn Khaldun gave his account of the stages of economic development, from nomadic to agricultural to more "cooperation in economic matters" which occur through an expansion of a town to a city, where demand increases and skilled labor congregates and expands production both ill quantity and in "refinement." Economic growth continues so long as there is an extra effort which creates capital accumulation, which in turn, combined with effort, leads to more production and the development of crafts in the cities. As was presented earlier, wealth expands through labor and its efforts, whereas with less human effort there may occur a reversal to stagnation, followed by a downward trend in people's standard of living.

Governments play an important role in growth and in the country's economy in general through their purchases of goods and services and through their fiscal policy of taxation and expenditures. Governments may also provide an environment of incentives for work and prosperity or, inversely, a system of oppression which is ultimately self-defeating. Even though Ibn Khaldun regards governments as inefficient, "not so much calculation" is carried out by them of what is contemporarily known as cost and benefit; they still play an important role in the country's economy through their big purchases. Government expenditures stimulate the economy by increasing incomes, which are further hiked through a multiplier effect. However, if the king hoards the amount he collects in taxes, business slackens and the economic activities of the state are adversely affected through the multiplier effect. In addition to its welfare program for the poor, the widows, the orphans, and the blind, provided there is no overburden for the treasury, the government should spend its tax revenue wisely to improve conditions of its "subjects, to safeguard their rights and to preserve them from harm."

Ibn Khaldun was the first major contributor to tax theory in history. He is the philosopher who shaped the minds of several rulers throughout history. More recently his impact was evident on John F. Kennedy and later on Ronald Reagan. "Our true choice is not between tax reduction on the one hand and avoidance of large federal deficits on the other. An economy stilled by restrictive tax rates will never produce enough revenue to balance the budget, just as it will never produce enough jobs or enough profits." John F. Kennedy said that back in 1962, when he was asking for a tax decrease, a cut in tax rates across the board. But when John Kennedy said those words, he was echoing the words of Ibn Khaldun, a Muslim philosopher back in the fourteenth century, who said the following: "At the beginning of the dynasty taxation yields large revenues from small assessments. At the end of the dynasty taxation yields small revenue from large assessments….This is why we had to have the tax program as well as the budget cuts, because budget cuts, yes, would reduce government spending."

According to Ibn Khaldun, tax revenues of the ruling dynasty increase because of business prosperity, which flourishes with easy, not excessive taxes. He was therefore the first in history to lay the foundation of a theory for the optimum rate of taxation, a theory which has even affected contemporary leading advocates of supply-side economics such as Arthur Laffer and others. The well-known Laffer curve is nothing but a graphical presentation of the theory of taxation developed by Ibn Khaldun in the fourteenth century.

"When tax assessments and imposts upon the subjects are low, the latter have the energy and desire to do things. Cultural enterprises grow and increase, because the low taxes bring satisfaction. When cultural enterprises grow, the number of individual imposts and assessments mount. In consequence, the tax revenue, which is the sum total of the individual assessments, increases"; whereas with large tax assessments, incomes and profits are adversely affected, resulting, in the final analysis, in a decline in tax revenue. Ibn Khaldun made a strong case against any government attempt to confiscate or otherwise affect private property. Governments' arbitrary interferences in man's property result in loss of incentives, which could eventually lead to a weakening of the state. Expropriation is self-defeating for any government because it is a form of oppression, and oppression ruins society.

In macroeconomics Ibn Khaldun also contributed to the theory of money. According to him, money is not a real form of wealth but a vehicle through which it can be acquired. He was the first to present the major functions of money as a measure of value, a store of value and a "numeraire." "The two mineral 'stones,' gold and silver as the (measure of) value for all capital accumulations ... [are] considered treasure and property. Even if under certain circumstances, other things are acquired, it only for the purpose of ultimately obtaining [them]. All other things are subject to market fluctuations from which (gold and silver) are exempt. They are the basis of profit, property and treasure." The real form of wealth is not money, however; wealth is rather created or otherwise transformed through labor in the form of capital accumulation in real terms. It was, therefore, Ibn Khaldun who first distinguished between money and real wealth, even though he realized that the latter may he acquired by the former. Yet money plays a much more efficient role than barter in business transactions in a society where man exchanges the fruits of his labor, whether in the form of goods or of services, with another to satisfy the needs which he cannot fulfill alone on his own. Money also facilitates the flow of goods from one market to another, even across the border of countries.

Foreign Trade

Ibn Khaldun also contributed to the field of international economics. Through his perceptive observations and his analytical mind, he undoubtedly shed light on the advantages of trade among nations. Through foreign trade, according to Ibn Khaldun, people's satisfaction, merchants' profits, and countries' wealth are all increased.

The merchant who knows his business will travel only with such goods as are generally needed by rich and poor, rulers and commoners alike. (General need) makes for a large demand for his goods...it is more advantageous and more profitable for the merchants' enterprise... (that he will be able to take advantage of) market fluctuations, if he brings goods from a country that is far away...merchandise becomes more valuable when merchants transport it from one country to another.

The italicized word, valuable, indicates Ibn Khaldun's perception of the gains of trade. If a good becomes more valuable by being transported from country A to country B and still sells at a profit in B after the cost of transportation and all other costs are taken into account, then it is (1) cheaper than the same good produced internally, (2) of better quality, or (3) a totally new product. If the foreign good is cheaper than that produced internally, foreign trade will serve to economize labor and other resources by having them diverted from the high-cost good which cannot face competition to other low-cost products. The resources which are saved from this process of diversion may be used to produce other goods or may add another layer of capital accumulation. Foreign trade may therefore contribute positively to the country's level of income as well as to its level of growth and prosperity. If the foreign good is of a better quality than that produced internally, the imported good will add to the level of satisfaction of those who purchase it. In the meantime, internal producers facing the competitive high-quality product must attempt to improve their production or accept a reduction in their sales and revenues. There will be a welfare gain in either case: a rise in the quality of internal products or a diversion of resources from the production of a high-cost good to a low-cost good, as in the first case. In the last case, when the imported good is a totally new product, the welfare gain from foreign trade may be expressed in terms of an increase in the level of satisfaction of those who purchase it or in terms of an increase in quantity or quality of production of other goods if the imported item is a new tool or a modification of an existing one. Furthermore, an introduction of a totally new product through foreign trade may attract internal producers, if it is feasible, to produce it once they are capable to compete with the foreign product.

Ibn Khaldun was conscious of what was later termed the "opportunity cost." Applying valuable labor to improving poor soils means that the labor could have been better used in the production of other goods. Resources in general should be put to the best possible use. Otherwise there will be a cost which will surface in a loss in value. Foreign trade provides further incentives in the attempts to optimize the use of labor and other natural resources.

Ibn Khaldun's originality in his perceptive observations and analysis of foreign trade deserves proper recognition in the field of international economics. The subject of gains from trade has been substantially developed and expanded, in particular, since the publication of Political Discourses by David Hume in 1752. But the first original seed of the subject was planted by Ibn Khaldun four centuries earlier.

Ibn Khaldun and Adam Smith

In spite of Ibn Khaldun's overall contribution to the field of economics, it is Adam Smith who has been widely called the "father of economics." Schumpeter's view of Smith's economics is more critical than admiring. "Personally, I do not share such a view, for I still consider Adam Smith one of the great philosophers who has significantly contributed to the field of economics even by having been a mere collector of previous economic thoughts. He eloquently presented these ideas in detail in an excellent new form and style. Nevertheless, by comparison, Ibn Khaldun was far more original than Adam Smith, in spite of the fact that the former had also restructured and built upon foundations laid down before him, such as Plato's account of specialization, Aristotle's analysis of money, and Tahir Ibn al-Husayn's treatment of government's role. Still, it was Ibn Khaldun who founded the original ideas in numerous areas of economic thought.

Despite Ibn Khaldun's contributions, some economic ideas as well as some economic philosophy of the freedom of choice, as presented above, were later attributed to Adam Smith without giving due credit to the original thinker Ibn Khaldun. "Smith's great economic treatise contains both his 'preaching' of the 'gospel' of economic liberalism, i.e., economic freedom for all individuals."39 Since there is such a striking similarity in the economic thought of Ibn Khaldun and of Adam Smith, it must be left to the economic historian to ascertain direct or indirect links between these two great thinkers who were four centuries apart. However, I would like to suggest some possible and likely points of contact. Even though Adam Smith did not explicitly refer to Ibn Khaldun's contributions, it may well be argued that there were several channels through which he may have encountered the latter's pioneering and original economic thought.

Adam Smith graduated from Glasgow University, where he was influenced by his teacher Francis Hutcheson, who was in turn affected by Antony Ashley Cooper, known as Lord Shaftesbury in the late seventeenth century and early eighteenth century, and other philosophers who were concerned with "liberal enlightenment," all of whom may have been directly or indirectly affected by Ibn Khaldun's thought. After his graduation, Adam Smith devoted six years to research at Oxford University's library, where he may have been exposed to Ibn Khaldun's contributions even without having been aware of the author's name. It was not uncommon in early times that ideas were circulated, discussed, and delivered from one generation to another without the name of an author. Furthermore, ever since the Crusades, which lasted from the eleventh to the thirteenth centuries, most Western philosophers attempted to discount the impact of Muslim scholars through a multiplicity of approaches, which included using Muslim ideas without mentioning the name of a Muslim author. The protracted war waged by the Crusaders to capture the Holy Land from the Muslims created a strong antagonistic feeling, well embedded in the Western mind, from which Western scholars were not immune and which lasted for centuries, probably until modern times. Another possible channel through which Adam Smith may have been directly or indirectly exposed to Ibn Khaldun's economic thought was through his tour of Europe. During this tour he encountered Quesnsay, other Physiocrats in Paris, and other European intellectuals who may have been influenced by Ibn Khaldun in one way or another.

Adam Smith could also have been exposed to the economic contributions of Ibn Khaldun through the dominant influence of the Ottoman Empire. Ever since the Ottoman Empire rose in the fourteenth century-and vastly extended its boundaries at its peak in the sixteenth century to include much of southeast Europe, southwest Asia, and northern Africa-a new bridge was erected linking intellectuals in the Continent with their counterparts in the vast territories of the empire, of which Egypt became a part in 1517. It was in Egypt that Ibn Khaldun spent the latter part of his life revising manuscripts of his works which he had originally completed in Tunis in November of 1377. His thoughts were then transmitted from one generation to another, from one century to another, and from one country to another. Influenced by Ibn Khaldun's idea that craftsmen and industrialists play a significant role in a country's growth, prosperity, and power, Sultan Selim 1, after having successfully extended his domain of influence over Egypt in 1517, took back with him from Cairo to Constantinople the best-known artisans at that time. In modern terminology, this was a case of a "transfer of technology."

The impact of Ibn Khaldun was extensive and profound, not only in the minds of some rulers and statesmen, but also among intellectuals and educators long before his books were even translated into other languages, In response to great interest in his works, his books were finally translated to the Turkish language in 1730, exactly forty-six years before the publication of Adam Smith's The Wealth of Nations.

Concluding Remarks

Even if Adam Smith was not directly exposed to Ibn Khaldun's economic thoughts, the fact remains that they were the original seeds of classical economics and even modern economic theory. Ibn Khaldun had not only been well established as the father of the field of sociology, but he had also been well recognized in the field of history, as the following passage from Arnold Toynbee indicates:

In his chosen field of intellectual activity [Ibn Khaldun] appears to have been inspired by no predecessors ... and yet, in the Prolegomena ... to his Universal History he has conceived and formulated a philosophy of history which is undoubtedly the greatest work of its kind that has yet been created by any mind in any time or place.

Through his great sense and knowledge of history, together with his microscopic observations of men, times, and places, Ibn Khaldun used an insightful empirical investigation to analyze and produce original economic thought. He left a wealth of contributions for the first time in history in the field of economics. He clearly demonstrated breadth and depth in his coverage of value and its relationship to labor; his analysis of his theory of capital accumulation and its relationship to the rise and fall of dynasties; his perceptions of the dynamics of demand, supply, prices, and profits; his treatment of the subjects of money and the role of governments; his remarkable theory of taxation, and other economic subjects. His unprecedented contributions to the overall field of economics should make him, Ibn Khaldun, the father of economics.

(Dr. Ibrahim M. Oweiss/Islamic World.net)

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Ahmad Sanusi Husain : www.ahmad-sanusi-husain.com
Alfalah Consulting - KL : www.alfalahconsulting.com
Islamic Investment Malaysia : www.islamic-invest-malaysia.com

Tokoh Islam - Ibn Khaldun: Bapa Ekonomi dan Sosiologi - pembangunan dan tamadun

2012-01-28T11:46:00.002+08:00

Ibn Khaldun atau nama sebenarnya Wali al-Din Abd al-Rahman bin Muhammad bin Abu Bakar Muhammad bin al-Hasan lahir di Tunis pada 1 Ramadan 732H Keluarganya berasal daripada keturunan Arab Hadramaut yang pernah menetap di Serville, Itali, dan Sepanyol. Akhirnya berpindah dan menetap di Afrika Utara semasa pemerintahan Hafs Abu Zakariyya, pemerintah Tunis pada waktu itu.

Seperti yang dinyatakan sebelum ini, Ibn Khaldun mendapat pendidikan dalam pelbagai ilmu Islam seperti al-Quran, al'Hadith, perundangan Islam, kesusasteraan, falsafah, bahasa, dan mantik. Antara gurunya ialah Muhammad Ibrahim al-Abili, Abu Abd Allah al-Jayyani, Abd Allah Muhammad bin Abd al-Salam.Ibn Khaldun menjadi cendekiawan yang agung sehingga disanjung oleh Barat kerana buah fikirannya, Walau bagaimana pun jarang umat Islam mengkajinya. Sebenarnya, sumbangan pemikiran Ibn Khaldun dalam ekonomi banyak dimuatkan dalam hasil karya agungnya, al Muqaddimah. Antara teori ekonomi yang terdapat dalam karyanya masih lagi relevan dengan masalah ekonomi semasa.

Ibn Khaldun telah membincangkan beberapa prinsip dan falsafah ekonomi seperti keadilan (al adl), hardworking, kerjasama (cooperation), kesederhanaan (moderation), dan fairness.Berhubung dengan keadilan (Justice), Ibn Khaldun telah menekankan bahawa keadilan merupakan tulang belakang dan asas kekuatan sesebuah ekonom. Apabila keadilan tidak dapat dilaksanakan, sesebuah negara akan hancur dan musnah.Menurut beliau, ketidakadilan tidak sahaja difahami sebagai merampas wang atau harta orang lain tanpa sebarang sebab yang diharuskan. Malah, mengambil harta orang lain atau menggunakan tenaganya secara paksa atau membuat dakwaan palsu terhadap orang lain. Begitu juga kalau meminta seseorang melakukan sesuatu yang berlawanan dengan Islam.

Beliau mengkategorikan perampas harta orang lain secara tidak sah hingga memberi kesan kepada kehidupan isteri dan keluarga sebagai paling tidak adil. Menurut beliau lagi, seseorang yang membeli harta seseorang dengan harga yang paling murah termasuk dalam kategori memiliki harta cara yang tidak betul. Ketidakadilan seumpama di atas membawa kepada kejatuhan sesebuah negara dan keruntuhan sesebuah tamadun dengan segera. Menurut Ibn Khaldun, atas sebab sebab tersebutlah semua bentuk ketidakadilan dilarang oleh Islam.

Manusia dan Ekonomi

Berdasarkan analisis mendalam, didapati kesemua teori ekonomi dan idea Ibn Khaldun tentang manusia berdasarkan kepada prinsip-prinsip dan falsafah Islam. Ibn Khaldun tidak melihat fungsi utama manusia dalam aktiviti perekonomiannya seumpama haiwan ekonomi (economic animal). Sebaliknya beliau menganggap manusia itu sebagai manusia Islam (Islamic man/homo Islamicus) yang memerlukan pengetahuan ekonomi untuk memenuhi misinya di atas muka bumi ini.Dalam hal ini, Ibn Khaldun menekankan perlunya manusia menjauhi perbuatan jahat. Sebaliknya manusia wajib mengikuti ajaran Islam sebagai model untuk memperbaiki dirinya dan mesti memberikan keutamaan kepada kehidupan akhirat.

Teori Pengeluaran

Ibn Khaldun mengemukakan teori bahawa kehidupan perekonomian sentiasa menghala ke arah pelaksanaan keseimbangan antara penawaran dengan permintaan. Menurut beliau pengeluaran berasaskan kepada faktor buruh dan kerjasama masyarakat. Bahkan beliau menganggap buruh merupakan faktor terpenting dalam proses pengeluaran walaupun faktor-faktor lain seperti tanah tersedia, tenaga buruh perlu untuk menghasilkan matlamat akhir.

Selain itu beliau berpendapat bahawa kenaikan yang tetap pada paras harga amat perlu untuk mengekalkan tahap produktiviti. Dalam hal ini beliau menyarankan agar masyarakat melakukan perancangan supaya setiap bidang pekerjaan dilakukan oleh orang yang mahir dan cekap.

Walau bagaimanapun, pertumbuhan ekonomi (economic growth) dan pembahagian tenaga buruh bergantung rapat dengan pasaran. Di sini dapatlah dinyatakan bahawa teori pembahagian tenaga buruh, pengkhususan tenaga buruh, dan pertukaran yang dikemukakan oleh Ibn Khaldun 100 tahun lebih awal daripada Adam Smith yang juga mengemukakan teori yang sama.

Teori Nilai, Wang dan Harga

Ibn Khaldun tidak secara jelas membezakan antara teori nilai diguna (use value) dengan nilai pertukaran (exchange value). Tetapi beliau dengan tegas berhujah bahawa nilai sesuatu barangan bergantung kepada nilai buruh yang terlibat dalam proses pengeluaran."Semua usaha manusia dan semua tenaga buruh perlu digunakan untuk mendapatkan modal dan keuntungan. Tidak ada jalan lain bagi manusia untuk mendapatkan keuntungan melainkan melalui penggunaan buruh, kata Ibn Khaldun.

Teori Pengagihan

Menurut Ibn Khaldun harga barangan terdiri daripada tiga elemen utama iaitu gaji atau upah, keuntungan, dan cukai. Ketiga-tiga elemen ini merupakan pulangan kepada masyarakat. Oleh sebab itu, beliau membahagikan ekonomi kepada tiga sektor iaitu sektor pengeluaran, pertukaran, dan perkhidmatan awam. Menurut Ibn Khaldun, nilai atau harga sesuatu barangan sama dengan kuantiti buruh yang terlibat dalam pengeluaran barangan berkenaan. Harga buruh merupakan asas kepada penentuan harga sesuatu barangan dan harga buruh itu sendiri ditentukan oleh mekanisme permintaan dan penawaran dalam pasaran.Manakala keuntungan terhasil daripada perbezaan yang diperoleh oleh peniaga antara harga jualan dengan harga belian. Namun begitu perbezaan antara kedua-dua harga itu.

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Ahmad Sanusi Husain : www.ahmad-sanusi-husain.com
Alfalah Consulting - KL : www.alfalahconsulting.com
Islamic Investment Malaysia : www.islamic-invest-malaysia.com

Islamic financial, business & management events in Kuala Lumpur in 2012

2012-01-23T22:12:00.000+08:00

21-22 February 2012: KL Conference on Islamic Wealth Management

20-21 March 2012: KL Conference on Islamic Finance

9-10 April 2012: Workshop on Islamic Trade Financing

To register or reserve a seat online, please go to:
http://www.alfalahconsulting.com/p/registration-form.html

Glossary of Islamic Financial Terms - List No.3

2012-01-21T21:19:00.000+08:00

adadiyyah (pl. `adadiyyat) Countables i.e. things which are measured in individual units rather than by volume, weight, or length. An example of `adadiyyat are eggs which are customarily purchased in unit, (half dozen, dozen, etc.) rather than by weight.

`adl `Adl is a general term which conveys the meanings of justice, equity and fairness.

`amil One who performs a task, an agent. One who deserves compensation for some task which he does, such as the mudarib (manager) in a mudarabah contract or a zakat collector.

`aqar Real estate; Immovable property such as land, buildings, trees and so forth.

`aqd `Aqd is a central term in Islamic financial law, which essentially means, "contract."

`ard Land.

`arif An expert who is consulted in situations which require an impartial, informed decision, such as the appraisal of property.

`ariyah A contract in which one party loans another the use of some item for an indefinite period of time. Ariyah is generally used to refer to the neighborly lending of small articles.

`ayn `Ayn is term used by the classical jurists to refer to currency or ready money. The term `ayn refers to gold, silver, coins, notes and any other form of ready cash. `Ayn is often contrasted with dayn.

`inah A sale in which a purchaser buys merchandise from a seller for a stipulated price on a deferred payment basis and then sells the same merchandise back to the original seller for a price lower than the original purchase price.

Ajr Generally ajr means compensation or wage. In an ijarah (lease) contract, the ajr is the price paid by the hirer to the hired party in exchange for the services which the latter renders.

akl al-suht Unlawful acquisition of wealth.

al-ajir al-khas A hired-worker who is contracted to perform a specific task in a specific amount of

time by one party, such as a cook or a servant.

al-ajir al-mushtarak A worker, such as a tailor, who offers his services to many and thus may be contracted by several clients at once.

al-ajr al-mithl The prevailing rate; the price which is normally paid for a given service.

al-akl bi l-batil Unlawful acquisition of wealth.

al-amin al-`amm One who has been entrusted with the property of another for a reason other than safe-keeping (wadi`ah), such as a tenant who rents an apartment or the mudarib in the mudarabah contract.

al-amin al-khas One who has been entrusted with the property of another and is responsible for it, as is the case in the wadi`ah (safe-keeping) transaction.

al-amwal al-ribawiyah The six kinds of substances (gold, silver, dates, wheat, salt and barley) which, when exchanged in kind, must be exchanged in equal measure and with immediate transfer of possession. If these conditions are not met, then the exchange is considered to be riba (interest).

al- kharaj bildaman The Islamic legal principle that means entitlement to revenue follows assumption of responsibility. Profits, therefore, are based on the ownership of, and responsibility for, capital.

al-hajjah al-asliyyah Lit: Basic needs. Tech: In relation to the law of zakat, the shariah has exempted those assets which are required to fulfill one's basic needs. Also spoken with regard to economic role of the Islamic state. The Islamic state is responsible to provide for the basic needs of all citizens, should some of them fall short of the means.

amanah Trust, with associated meanings of trustworthiness, faithfulness and honesty. As an important secondary meaning, the term also identifies a transaction where one party keeps another’s funds or property in trust. This is in fact the most widely understood and used application of the term, and has a long history of use in Islamic commercial law. By extension, the term can also be used to describe different financial or commercial activities such as deposit taking, custody or goods on consignment.

arbun Earnest money/Down payment; a non-refundable deposit paid by the client (buyer) to the seller upon concluding a contract of sale, with the provision that the contract will be completed during the prescribed period.

ayah The term refers to a passage from the Holy Qur'an.

bai al-dayn Sale of debt or receivables.

bai al-'inah A loan in the form of a sale, called 'inah (facade) because it is a sale in appearance only. This is accomplished by one's buying back what one has sold for a lower price than that for which one originally sold it. The difference, ostensibly profit, is actually a loan.

bai al-wafa' A sale with the right of redemption, literally, a sale of honour. Typically, such a sale takes place when a commodity is sold on the condition that the seller be allowed to redeem the commodity upon paying its price; and the buyer agrees to honour the condition.

bai al-bithaman ajil Deferred-payment sale, credit sale.

batil Void, invalid. Said of a transaction, a contract which governs a transaction or an element in a such a contract when they are null and void. opp. sahih.

bay` Sale; an agreement between two parties (the seller and the buyer) to the effect that the ownership of the sale item is transferred from the seller to the buyer in exchange for a price.

bay` `ajil bi-ajil Lit.Delayed-for-immediate sale. A type of sale in which the sale price is paid immediately and delivery of the sale item is delayed. Syn. bay` al-salam.

bay` al-kali bi-kali (Lit. Sale of a debt for a debt) Bay`al- kali' bi-kali' is a type of sale which is prohibited. Islamic jurists use this term to describe several different types of debt-for-debt exchanges. The most well-known of these is the exchange in which a lender extends his debtor's debt repayment period in return for an increase on the principal i. e. interest. The term kali' is a synonym for debt.

bay` al-mu'ajjal Deferred payment sale, credit sale; a sale in which payment is delayed and delivery of the contracted goods is immediate

bay` al-salam Deferred delivery sale; A type of sale in which the sale price is paid immediately and delivery of a specified sale item is deferred for a stipulated period. Syn. salaf.

bay` bi-thaman ajil Deferred payment sale. Some Islamic banks carry out a transaction of this name in which goods are requested by a client, purchased by the bank and then sold to the client at an agreed upon price which includes the bank's mark-up profit. Often the client is offered the option of paying in installments. This is essentially identical to the murabahah financing used throughout the Islamic banking sector. Syn. bay` `ajil bi-ajil and bay` al-mu'ajjal.

bay`atan fi bay` Lit. Two sales in one. A type of transaction, which was explicitly prohibited by the Prophet. The meaning of the expression "two sales in one" is explained by the fuqaha' in various ways. Also called "safaqatan fi safaqah."

bayt al-mal The treasury of the Muslim Community; historically, the bayt al-mal as an institution was developed by the early Caliphs but which soon fell into disrepair. The funds contained in the bayt al-mal were meant to be spent on the needs o the Ummah e. g. supporting the needy.

daman Responsibility for financial coverage in the case of destruction or damage.

daman/kafala Guaranty or surety

darura Overriding necessity

dayn Debt; some form of wealth which one is required to pay back to another.

dhimmah Dhimmah is a basic term in fiqh al-mu`amalat which roughly corresponds to the concept of liability. A debt is said to be "established in someone's dhimmah" if he is in debt to someone else. The fuqaha' also speak about a person's dhimmah "being occupied " and "being cleared." The concept of dhimmah may be likened to a virtual liability container which it may be said that every responsible person has. These containers, it may be imagined, are constantly being filled with rights and obligations--such as the obligation to repay someone.

dinar A gold coin used by Muslims throughout Islamic history. The standard mass of the dinar which is referred to in Fiqh is 1 mithqal (app. 4.25 grams.)

faqih Muslim jurist; A Muslim who is an expert in Fiqh; a Muslim who is knowledgeable of the rules of the Shari`ah and knows how these rules are related to the source texts upon which they are based.

faqir (pl. fuqara') A poor person.

faskh Undoing, dissolving, cancellation. Faskh is a term used by the classical fuqaha to refer to the dissolution of a contract or agreement. It has been described as the cancellation of a contract, such that affairs return to the state in which they were before the closing of the contract, without any addtition or subtraction. Many of the classical fuqaha' apply the term faskh to instances in which a previously valid (sahih) contract is cancelled voluntarily by the contractual parties--such as in iqalah, khiyar al-`ayb (option to return in case of a defect) and khiyar al-shart (stipulated option of return)--and use the term infisakh for cancellations which occur outside of the will of each of the contractual parties--such as the cancellation of a sale contract when the sale item is destroyed, before the seller can hand it over to the purchaser or the dissolution of certain partnerships (see shirkah) upon the death of one of the participating parties.

fatwa (pl. fatawa A formal response issued by an expert faqih, called a mufti in response to a question.

fatwa An authoritative legal opinion based on the Shari'a (Islamic law)

fiqh Practical jurisprudence, or human articulations of divine rules encompassing both law and ethics. As such, fiah may be understood as the jurists' understanding of the Shari'a, or jurists' law.

fiqh al-mu'amalat Islamic commercial jurisprudence, or the rules of transacting in a Shari'a compliant manner

fuduli A party is described as "fuduli" whenever it transacts (e. g. sells, rents, etc.) with someone else's property without the permission of the Shari`ah (e. g. wakalah). Such is the case when a party does not own the property with which it transacts and is not the wakil (authorized representative) or wali (guardian) of the true owner. For example, if a person were to negotiate and "close" a deal with a buyer in which he sold some machinery without the owner of the machinery having made him his wakeel (authorized representative) the "seller" would be described as fuduli.

fuqaha pl. of faqih, qualified specialists in fiah, or jurists.

gharar Uncertainty in a contract of exchange as to the existence of the subject-matter of the contract and deliverability, quantity or quality of the subject-matter. It also involves contractual ambiguity as to the consideration and the terms of the contract. Such ambiguity will render most contracts void.

gharim (pl. gharimun) Orig. A debtor who does not possess the funds with which to repay his debt. According to the Hanifi jurists, a gharim is one who whose funds, after repayment of his debt, would not equal the nisab. The Shafi`i and Maliki jurists divide the gharimun into two types: 1) those whose debts were incurred in their own benefit and 2) those whose debts were incurred benefiting others. The gharimun are one of the eight groups mentioned in the Qur'an as legitimate recipients of zakah funds.

ghasb The wrongful appropriation of property by force.

habal al-habalah A type of sale practiced by the Arabs during the Jahiliyyah, in which the essence of the agreement between the two transacting parties, depended on a pregnant she-camel giving birth to a female calf which would subsequently become pregnant itself. The habal al-habalah transaction was prohibited by the Prophet, according to several well-known reports, ostensibly because of the extreme uncertainty (see gharar) in the essence of the contract, given that neither of the contractual parties can be even remotely certain that a pregnant she-camel would successfully give birth to a another she-camel, which would subsequently mature and become pregnant itself.

hadith (pl. ahadith) A successively transmitted report of an utterance, deed, affirmation or characteristic of the Prophet Muhammad. The ahadith are the source texts by which the Sunnah is preserved.

halal Permissible, lawful; said of a deed which is not prohibited by Allah, opp. haram.

halal lawful; one of the five major Shari'a a categorizations of human acts

hamish gedyyah security deposit. An amount of money paid by the purchase orderer upon request of the seller to make sure that the orderer is serious in his order of the asset. However, if the promise is binding and the purchase orderer declines to purchase the asset, the actual loss incurred to the seller shall be made good form this amount.

haqq lit. truth, right. Al-Haqq, the Truth, is one of the names of Allah. In the Fiqh of financial transactions, the term haqq signifies a right which a party possesses, for example the creditors right to payment.

haram Impermissible, unlawful, opp. halal.

hawalah Bill of exchange, promissory note, cheque, draft. Tech: A debtor passes on the responsibility of payment of his debt to a third party who owes the former a debt. Thus the responsibility of payment is ultimately shifted to a third party. hawalah is a mechanism which can be usefully employed for settling international accounts by book transfer. This obviates, to a large extent, the necessity of physical transfer of cash. The term was also used, historically, in the public finance during the Abbaside period to refer to cases where the state treasury could not meet the claims presented to it and it directed its claimants to occupy a certain region for a certain period and procure their claims themselves by taxing the people. This method was also known as tasabbub. The taxes collected and transmitted to the central treasury were known as mahmul (i.e. carried to the treasury) while those assigned to the claimants or provinces were known as musabbab.

hawl The term hawl is used by the jurists to describe the amount of time which must pass before a Muslim in possession of funds equaling or exceeding the exemption limit (nisab) must pay Zakah on his wealth. In the case of cash, gold and silver it is one Islamic year i.e. a lunar year of app. 354 days.

hibah Gift, donation. Tech: Transfer of a determinate property (mal) without any material consideration. Muslims have been exhorted by the Prophet to donate gifts to others. This is one of the important values of a Muslim society. It is intended to cultivate love and co-operation among citizens rather than rivalry and competition.

hisbah Hisbah is a term used by the classical jurists, among them Ibn Taymiyyah, to describe the function of regulating the market place which is to be carried out by the Islamic authority (often called the muhtasib in this sense). Hisbah includes taking whatever steps may be needed in order to maintain a fair and orderly market place. Historically, various Islamic rulers have undertaken the duty of hisbah by supervising activities ranging from the inspection of eateries for sanitary conditions to the investigation of fraud. The basis of hisbah is the Prophet's customary inspection of the marketplace of Madinah.

hukm (pl. ahkam) In Fiqh, the Shari'ah ruling (e. g. obligatory, recommendable, neutral, reprehensible, or forbidden) associated with any action.

husah (lit. pebbles) A type of sale practiced by the Arabs in the Jahiliyyah and prohibited by the Prophet Mohammed in which the sale was determined by the casting of pebbles. Classical commentators mention three forms of the husah sale: 1) the seller would say to the would-be purchaser, "when I throw the pebbles in my hand, then the deal is closed and binding on you," 2) the seller would say to the would-purchaser, "I shall sell you the commodity which your pebbles hit" or 3) in a land sale, the seller would say, "I shall sell you the plot of land whose dimensions are defined by the extent to which you throw this pebble." The husah sale--like the habal al-habalah sale was ostensibly prohibited because of the gharar (uncertainty) which characterized the contract which governed it.

ihtikar Hoarding; the prohibited practice of purchasing essential commodities, such as food and storing them in anticipation of an increase in price.

ijara Ijara is a form of leasing in which there is a transfer of ownership of a service for a specified period for an agreed upon lawful consideration. Instead of lending money and earning interest, Ijarah allows the financial institution to earn profits by charging rentals on the asset leased to the customer.

ijarah wa-iqtina Lease-and-purchase transaction; a financing instrument used by practitioners of contemporary Islamic finance in which a financier purchases reusable merchandise (e.g. airplane, buildings, cars) and then leases them to clients in return for an agreed upon rental fee (to be paid for the length of the lease period) and an agreement that the client will purchase the merchandise at the end of the lease period.. There are similar transactions of various names, among them al-ijarah al-muntaha bi-tamlik.

ijma` (lit. consensus) The unanimous consensus of the Muslim Ummah on a given issue, usually as represented by the agreement of the jurists. Ijma' has traditionally been recognized as an independent source of law, along with the Qur'an, Sunnah and Qiyas (analogical deduction), by most of the jurists.

ijtihad (Lit. effort, exertion, diligence) The process by which a qualified Islamic jurist (called a mujtahid) endeavors to arrive at the correct ruling on a given issue by reflecting on source texts from the fundamental sources of the Shari`ah: the Qur'an and Sunnah.

ikhtikar Monopoly

ikhtilaf Divergence of opinions among jurists

iktinaz Hoarding wealth by not paying zakah on it.

iman Conviction, faith or belief; the acceptance and affirmation of Allah, His Books, His Messengers, His Angels, the Hereafter and Divine Decree.

Infaq Spending, normally in the path of Allah. Among the various praiseworthy types of infaq are spending on one's family, spending in preparation for jihad and feeding and clothing orphans and other underprivileged individuals.

iqtisad Lit. moderation. The term is used in modern standard Arabic to denote the field of economics.

Islam (Lit. submission to Allah) The religion of Allah (God) i. e. the worship of Allah alone. Islam is (1) shahadah i. e. testifying that there is no god but Allah and that Muhammad is the Messenger of Allah, (2) establishing Salah i. e. prescribed prayer, (3) paying Zakah i. e. giving a portion of one's wealth to the needy, (4) the Sawm of Ramadan i. e. fasting during the 9th month of the Islamic calendar and (5) Hajj i. e. making pilgrimage to the sacred precincts of Makkah (Mecca) in Arabia once in a lifetime if one is able. A person whose religion is Islam is a Muslim. A person becomes Muslim by declaring the shahadah i.e. " Ashhadu an la ilaha illallah wa ashhadu anna Muhammadan rasulullah" ("I tesify that there is nothing rightfully worshipped except Allah and I testify that Muhammad is the Messenger of Allah").

Islah Reform

Islamic banking Financial services that meet the requirements of the Shariah, or Islamic law. While designed to meet the specific religious requirements of Muslim customers, Islamic banking is not restricted to Muslims: both the financial services provider and the customer can be non-Muslim as well as Muslim. Also called Islamic finance or Islamic financial services.'

Istihsan Judicial preference for one legal analogy over another, usually in view of the public welfare

istisna'a A contract of sale of specified goods to be manufactured, with an obligation on the manufacturer to deliver them upon completion. It is a condition in istisna'a that the seller provides either the raw material or cost of manufacturing the goods

jahala Lack of knowledge or ambiguity in the terms of contract.

jahiliyyah (exp. ayyam al-jahiliyyah lit. the days of ignorance) The so-called "pre-Islamic period." The period between the Prophethood of `Isa bin Maryam (Jesus) and the Prophethood of Muhammad. Jahiliyyah is the term Muslims use to refer to the era just before the coming of the Prophet Muhammad and more generally to the state of affairs which characterized this era, which was plagued by shirk (the crime of associating partners with Allah), infanticide, tribal strife, etc.

ji'alah Service fee; a fee paid for any service rendered, also known as ju'l.

kafalah Assumption of the responsibility for debt repayment; a standard Islamic financial transaction in which X (the kafil) agrees to assume responsibility for the debts of Y (the makful `anhu). Similar but not identical to hawalah.

khiyar (lit. Option, choice) the option extended to one or more of the parties in a sales contract to rescind the sale, upon the appearance of a defect, for example. The jurists have traditionally recognized several different types of khiyar, including khiyar al-ru`yah, khiyar al-`ayb, khiyar al-shart, khiyar al-majlis.

khiyar al-shart An option in a sale contract concluded at the time of signing the agreement, giving one of the two parties to the contract a right to cancel the sale within a stipulated time.

madhhab (lit. way of going, pl. madhahib) A fiqh school or orientation characterized by differences in the methods by which certain source-texts are understood and therefore differences in the Shari`ah rulings which are deduced from them. There are four well-known madhahib among Sunni Muslims whose names are associated with the classical jurists who are said to have founded them (Hanafi, Maliki, Shafi`i and Hanbali).

makruh Lit.detested; technical term used by the fuqaha' to classify actions with regard to their desirability. Makruh is said of an action which one is rewarded for avoiding, but not punished for committing.

mal Wealth, money, property; any valuable thing which can be possessed.

manfa`ah (lit. benefit) The yield which a utilizable property produces. The term is often used by the fuqaha' to describe the usufruct associated with a given property, especially in leasing transactions. In an automobile lease for example, the term manfa`ah might be used to describe the benefit which the lessee derives from the use of the car for the duration of the lease (as opposed to the actual ownership of the vehicle).

maqasid the general objectives of Islamic law

maqasid al-Shari`ah (lit. The objectives of the Shari`ah). The term maqasid al-shari`ah refers to a juristic-philosophical concept developed by the later generations of the classical jurists, who attempted to formulate the goals and purposes of the Shari`ah in a comprehensive manner to aid in the process of investigating new cases and organizing previous existing rulings.

maysir Gambling, a game of chance. Originally a game of chance played by the Arabs before Islam, maysir came to refer to any game of chance One of three fundamental prohibitions in Islamic finance (the other two being riba and gharar). The prohibition on maysir is often used as the grounds for criticism of conventional financial practices such as speculation, conventional insurance and derivatives.

miskin A poor, indigent person. The miskin is mentioned in the Qur'an as one of the recipients of zakah.

mu`amalah A financial transaction. Fiqh al-mu`amalat is the traditional Islamic discipline concerned with the jurisprudence of financial transactions.

mudaraba A Mudarabah is an Investment partnership, whereby the investor (the Rab ul Mal) provides capital to another party/entrepreneur (the Mudarib) in order to undertake a business/investment activity. While profits are shared on a pre-agreed ratio, loss of investment is born by the investor only. The mudarib loses its share of the expected income.

mudarib: The mudarib is the entrepreneur or investment manager in a mudarabah who invests the investor's funds in a project or portfolio in exchange for a share of the profits. For example, a mudarabah is essentially similar to a diversified pool of assets held in a Discretionary Asset Management Portfolio.

mufti A highly qualified jurisconsult who issues fatawa (sing. fatwa, informed legal pronouncements), usually in response to questions posed to him.

mugharasah A type of agricultural contract in which a land owner and a worker agree that, in return for the worker's planting and tending of fruit-bearing trees on the land owner's field, the landowner will assign to him a share of the orchard's harvest. Both Hanafi and Hanbali jurists (the latter also call the transaction munasabah) discuss mugharasah in their fiqh works. Two valid forms of the contract have been mentioned: 1) The landowner supplies the necessary materials (e. g. twigs) and bears related expenses (e. g. fixture transportation) while the worker tends the trees for a fixed period. After the expiration of this period, the worker receives a fixed wage or a fixed portion of the orchard. 2) The worker supplies the materials and bears related expenses and receives a share of the harvest. The second more closely resembles muzara`ah.

mujtahid Legal expert, or a jurist who expends great effort in deriving a legal opinion or interpreting the sources of the law.

murabahah (phr. bay` al-murabahah) Originally a term describing any sale in which the seller sells his merchandise for more than the price at which he acquired it, the term murabahah is now used in contemporary Islamic finance to describe a financing scheme in which a financial institution agrees to purchase merchandise for a client provided that the client promises to purchase it from the financial institution at an agreed upon mark-up. This transaction, called simply murabahah or murabahah financing, is widely used in contemporary Islamic finance.

murabaha Purchase and resale. Instead of lending out money, the capital provider purchases the desired commodity (for which the loan would have been taken out) from a third party and resells it at a predetermined higher price to the capital user. By paying this higher price over instalments, the capital user has effectively obtained credit without paying interest.

musaqah A type of partnership in which the owner of an orchard agrees to share a stipulated portion of the produce of the orchard's trees with a worker, in exchange for the latter's irrigation of the garden.

musharakah Partnership. A standard Islamic transaction in which two or more parties enter into any one of several related types of partnerships (see shirkah, mudarabah, musaqah, muzara`ah). In a typical musharakah agreement, two or more parties agree to provide capital (ra's mal) towards the financing of a commercial venture, share profits according to a stipulated ratio and share losses on the basis of equity participation.

muzabanah Essentially, muzabanah is a transaction in which the owner of fruit trees agrees to sell his fruit for an estimated equivalent amount of the dried fruit, such as palm fruit for dates or grapes for raisins. Muzabanah was an agricultural practice known to the people of Madinah and prohibited by the Prophet (see hadith of Jabir b. `Abd Allah), ostensibly because of the strong element of gharar present in such a transaction. The special case of araya (see entry) was exempted from this prohibition. Some fuqaha', particularly Maliki jurists, use the term muzabanah to describe any sale in which the weight or volume of the exchange items is unspecified.

muzara`ah Share-cropping; an agreement between two parties in which one agrees to allow a portion of his land to be used by the other in return for a part of the produce of the land.

najash The prohibited practice of deceiving and inciting a potential buyer during the course of pre-sale negotiations or bidding by egging him on, either through insincere bidding on the part of a spectator (such as bidding with no intention of buying and merely in order to have the would-be buyer raise his bid), or false statements on the part of the seller himself (such as the seller claiming that the commodity is of greater value than its true worth).

nisab The exemption limit for the payment of zakah. A Muslim who possesses wealth below the nisab is exempted from paying zakah, while a Muslim who possesses wealth at or above this exemption limit is obliged to pay zakah. The nisab differs depending on the type of wealth in question.

PLS Profit and Loss Sharing. The term is used to describe any one of several financial schemes (but particularly the banking system of Pakistan) based on the principle of interest-free lending and featuring the use of mudarabah and musharakah (see entries) as financing instruments.

qabd (lit. seizing) taking possession of the exchange commodity in an exchange transaction, such as the exchanger taking possession of the silver which he traded for his own gold. Its being immediate is a necessary condition for the validity of currency exchange.

qard hassan a loan per amore in which there is no interest. In Islamic law, all loans are gratuitous contracts

qimar A type of prohibited arrangement in which the acquisition of property is contingent upon the occurrence of an uncertain event, as is the case in gambling.

qirad Qirad is a synonym for mudarabah.

Qur'an the Book of Divine Revelation that was delivered to humankind by the Prophet Mohammed, peace be upon him.

ra's al-mal Capital. The money or property which an investor (rabb al-mal) invests in a profit-seeking venture, often in a partnership (musharakah) such as a mudarabah or shirkah arrangement.

rabb al-mal In the mudarabah, the investor.

rahn Collateral; a pledge or the transaction which governs such a pledge.

riba (lit. increase) any increase in a loan or sale transaction which accrues to the lender, seller or buyer, without the provision of an equivalent counter-value to the other party. In Islam, riba is one of the most abhorrent of all sins and is absolutely prohibited. Riba encompasses various types of illict gain, of which banking interest is one example.

riba al-fadl The riba of exchange surplus. Any commodity-for-commodity exchange transaction (i. e. barter) in which the exchanged commodities are of the same type but of unequal measure, or the delivery of one commodity is postponed.

riba al-nasi'ah Postponement riba. Riba al-nasi`ah is one of the two categories into which riba (see entry) is often divided by the fuqaha', the other being riba al-fadl (see entry). Riba al-nasi'ah takes place when two ribawi substances (see al-amwal al-ribawiyyah) are exchanged, one immediately and the other with a delay. An example of riba al-nasi'ah: two parties agree to exchange 10 kilos of gold for 2 kilos of silver such that the former is handed over immediately and the latter is to be delivered 2 weeks from the date the contract is signed. Another example: two traders exchange 1 metric ton of wheat for 2 metric tons of barley such that the latter is delivered after one year.

rishwah Bribery.

rukn (lit. pillar, pl. arkan) In fiqh, an integral part of an act, such as a transaction, without which the act can not be said to have been performed.

sadaqah (pl. sadaqat) Charitable giving.

sahih (lit. sound, healthy, correct) said of a valid contract, opp. of bƒtil. A hadith of the highest level of authentication.

salah Ritual prayer; the second pillar of Islam after the shahadah.

salam A type of sale in which the full price of the goods is paid in advance and the goods are delivered at a specified date in the future.

salam A contract for the purchase of a commodity for deferred delivery in exchange for immediate payment according to specified conditions

sarf Currency exchange.

shahadah Testimony to the fact that Allah has the unique right to be worshipped to the exclusion of anything or anyone else and that the Prophet Muhammad is the Messenger of Allah by declaring, "Ashhadu an la ilaha illallah wa ashhadu anna Muhammadan rasulullah" (i.e. "I testify that there is no one or thing rightfully worshipped except Allah and that Muhammad is the Messenger of Allah).

Shariah: Islamic law as revealed in the Quran and through the example of Prophet Muhammad (PBUH). A Shariah compliant product meets the requirements of Islamic law. A Shariah board is the committee of Islamic scholars available to an Islamic financial institution for guidance and supervision in the development of Shariah compliant products.

Shariah advisor An independent professional, usually a classically trained Islamic legal scholar, that advises an Islamic bank on the compliance of its products and services with the Shariah, or Islamic law. While some Islamic banks consult individual Shariah advisors, most establish a committee of Shariah advisors (often know as a Shariah board or Shariah committee).

Shariah compliant An act or activity that complies with the requirements of the Shariah, or Islamic law. The term is often used in the Islamic banking industry as a synonym for "Islamic"—for example, Shariah compliant financing or Shariah compliant investment.

shart (pl. shurut) A necessary condition, something which needs to exist or be present in order for something (like a transaction) to be valid. Also a condition or stipulation in a contract.

shirkah Any contract between two or more persons in which they agree to jointly enter into a financial enterprise whose profits will be divided between them. syn. musharakah.

shuf`ah The right of pre-emption in sale transactions, for example, a real estate sale in which some party possesses the right to force the seller to sell him all or part of the real estate in the event of a sale.

sighah (sighat al-`aqd) Sighah is a term used by the fuqaha' to refer to the formal exchange which takes place between the contractual parties indicating their willingness to enter into the contractual agreement and therefore constitutes the contract itself. The sighah is a rukn (integral element) of the Islamic contract and essentially consists of a proposal (ijab) on the part of one contractual party and an acceptance (qabul) on the part of the other, either of which may be verbal, written or even gestural, depending on the circumstances under which the contract is closed. An accepatable sighah in a sale contract, for example, may consist of a purchaser saying to a seller, "do you agree to sell me this merchandise for this price?" followed by the seller replying "Yes." The ijab and qabul may be reversed so that the seller proposes and the purchaser accepts. Signing a written contract which details the conditions of the transaction which it governs, constitutes acceptance on the part of the signer.

suftajah (Orig. Persian) A debt transfer transaction, practiced in Islamic societies since the `Abbasi period in which A, a debtor authorizes his agent (wakil) or someone who owes him a debt, to pay a given amount to C to whom A owes a debt. Suftajah is related to and may be considered a special case of the standard Islamic debt transfer transaction known as hawalah (see entry).

sukuk Similar characteristics to that of a conventional bond with the difference being that they are asset backed, a sukuk represents proportionate beneficial ownership in the underlying asset. The asset will be leased to the client to yield the return on the sukuk.

Sunnah The actions, deeds, affirmations and characteristics of the Prophet Muhammad. The customary practice of the Prophet which informs the life of a Muslim.

takaful Islamic insurance. Structured as charitable collective pool of funds based on the idea of mutual assistance, takaful schemes are designed to avoid the elements of conventional insurance (i.e., interest and gambling) that are prohibited by Islamic law.

tawarruq Reverse murabahah. As used in personal financing, a customer with a genuine need buys something on credit from the bank on a deferred payment basis and then immediately resells it for cash to a third party. In this way, the customer can obtain cash without taking an interest-based loan

Ulema pl. of 'alim, Shariah a scholars or jurists.

Ummah The Muslim Community.

urboun Earnest money. It is the amount paid by the client (orderer) to the seller after concluding a contract of sale, with the provision that the contract is completed during the prescribed period. The urboun amount will be counted as part of the price; otherwise the urboun will be kept by the seller if the buyer fails to execute the contract.

usul al-fiqh Islamic legal theory.

wadia Safe-keeping/resale of goods with a discount on the original stated cost

wadi`ah (lit.) Safe-keeping deposit. The standard Islamic financial transaction in which X entrusts property to Y for safe-keeping. Wadi`ah refers to the deposited property.

wakalah Agency; a standard Islamic practice wherein X (the wakil) acts as the agent of Y. In this capacity X may execute the affairs of Y. Wakalah is a widely applicable phenomena in Islamic practice which is often used in financial transactions: whenever a party cannot personally supervise a given affair, it deputizes another party to execute it on its behalf.

waqf pl. (awqaf) lit. cessation; A standard Islamic transaction in which one 'freezes' his property such that it is considered to have been arrested in perpetuity and can neither be sold, inherited or donated. The term waqf frequently refers to the property itself. The use of a waqf (e.g. a park) is often dedicated to the relief of the poor, the public at large or other charitable ends.

wasiyyah Will, testament, bequest. The statement of a Muslim in which he details the manner in which his wealth is disposed of after his death.

zakah literally, it means blessing, purification, increase, or cultivation of good deeds. In Shariah, it is an obligation in respect of funds paid for a specified type of purpose and for specified categories. It is a specified amount prescribed by Allah the Almighty for those who are entitled to Zakah as specified in the Qur'an. The word Zakah is also used to indicate the amount paid from the funds that are subject to Zakah.

(by Mohammad Imad Ali/Finance in Islam)

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Glossary of Islamic Financial Terms - List No.2

2012-01-21T21:14:00.000+08:00

The principles and precepts of Islamic Shari'ah governing commercial and financial transactions are both extraordinary complex and also elegantly simple. The existence and doctrinal enunciations of different schools of Islamic jurisprudence render it challenging to summarize those principles and precepts in a succinct fashion. To familiarize the reader of these materials with the terminology used in Islamic Finance transactions, however, we are providing brief and generalized summaries of the key concepts (primarily embodied in certain Arabic words) that describe the structures and philosophy underlying modern Islamic Finance. We also set forth a few abbreviations for organizations that are currently prominent in the field of Islamic Finance.

AAOIFI means the Accounting and Auditing Organization for Islamic Financial Institutions.

Adl (pl. is adlan) means a trusted person selected by the parties to the transaction to serve as a type of trustee-arbitrator.

Arboon (also Arbun or Arboun or Bai al Arboon) means a sale involving a down payment in respect of the purchase price and complete performance of the contract at a future date. The down payment will be applied in respect of the purchase price, if the purchaser shall subsequently consummate the sale, or forfeited, if the purchaser shall not subsequently consummate the sale (including as a result of an election by the purchaser).

Bai Dayn means debt financing.

Dayn means debt. Certain schools of Islamic thought prohibit the sale of debt (bai' al-dayn) except where the purchase price does not reflect a discount from the face value of the debt.

Fatwa (pl. is fatawa) is an opinion or pronouncement on Islamic law issued by an Islamic scholar or Shari'ah Supervisory Board.

Fiqh means understanding or human comprehension of the divine law (Shari'ah). Different schools of Fiqh developed over time within Islam, and these schools often have varying views on whether a particular action is permitted under Shari'ah.

Gharar means uncertainty and ambiguity and, separately, can also include elements of deceit. Under Shari'ah, parties may not enter into an agreement that is subject to excessive uncertainty and ambiguity.

Halal means lawful under Shari'ah.

Hawala is a transfer agreement whereby an obligation is transferred from one person to another; bill of exchange, remittance.

Haram means unlawful under Shari'ah.

Hissas means equity shares or ownership interests.

IDB means the Islamic Development Bank.

IFSB means the Islamic Financial Services Board.

Ijara (also Ijarah) means lease or leasing of assets or services. In Islamic finance transactions, a financial institution or a special purpose entity receiving financing may purchase an asset and lease it to the customer at an agreed rental and for an agreed term.

Ijara wa iqtina means a lease of an asset couple with a right in the lessee to purchase the asset at the end of the lease term. This arrangement is often quite similar, structurally, to a conventional "hire/purchase" scheme, in which the lessee/customer has the right to buy an asset at the end of the asset's lease term.

Ijtihad means, literally, "effort" or legal reasoning or the making of a legal decision by independent interpretation of the usul al-fiqh, particularly the revealed sources.

Islamic finance refers to investment and financing that are structured to comply with the requirements of the Shari'ah.

Istisna'a (also Istisna) is variously referred to as a commissioned manufacture and sale, a commissioned future sale and purchase/sale transaction in which a buyer/customer places an order for the construction or manufacture of an object to be delivered at a future date (which can range from something as simple as an item of jewelry to something as large as a liquefied natural gasification project) at a pre-agreed price.

Masnou means that which is manufactured or constructed pursuant to an istisna'a arrangement or contract.

Maysir (also maisir) means gambling.

Mudaraba is a type of joint venture in which one venturer (the investor, or rabb ul-maal) provides capital to another (the working or service venturer, or mudarib) in order to undertake a business activity. Profits are shared at a pre-determined ratio, but losses of capital are borne by the investor.

Mudarib (also Mudareb) means the joint venturer providing services in a mudaraba and who manages the mudaraba.

Murabaha means "a profitable sale", a cost-plus sale. In modern financial practice involving bank mediation, it has come to mean a mode of financing whereby the financier purchases a specific asset/commodity chosen by the financier's customer and re-sells it to that customer at a predetermined price. The selling price is higher than the purchase price, and the difference between the financier's acquisition price and resale price is the financier's profit (i.e., the reward for the financier's risk). The customer's payment obligation can become due and payable at the time of the financier's transfer of the asset/commodity or can be deferred and paid over time.

Musharaka (also Musharakah or Musharaqah) is a joint venture (frequently a partnership) in which each of the joint venturers contribute capital to a particular business undertaking. The joint venturers share profits as they may agree, but the losses must always be shared in accordance with the contributed capital of the respective joint venturers.

Musharaka Mutanaqisa means a musharaka in which sharing of one joint venturer diminishes over time with performance by the other joint venturer and is frequently referred to as a "diminishing partnership".

Mussallam means the purchaser of the commodity or item to be delivered on a deferred basis pursuant to a salam contract.

Mussallam fiihi means the commodity or item that is the subject of a salam contract.

Musallam ilayhi means the seller of the commodity or item to be delivered on a deferred basis pursuant to a salam contract.

Mustasne' means the purchaser under an istisna'a arrangement.

Qur'an (also Quran or Koran) is the holy book of Islam as revealed to the Prophet Mohammad (sawf).

Qard hassan means a benevolent loan in which the lender is afforded no monetary return, and in current parlance frequently refers to an interest-free loan.

Rabb ul-maal means the venturer providing funds in and to the mudaraba and will not have the right to manage the mudaraba.

Rahn means a mortgage (with respect to real property) and pledge (with respect to personal property).

Riba means, literally, "increase" and is used to connote an unjustified increase in capital; the term is often used to refer to interest, usury or unjust enrichment). A key tenet of Shari'ah requires that participants in a commercial transaction undertake a risk in the endeavor. A borrower's obligation to pay interest in a conventional loan transaction is viewed as assuring a "riskless" return on the financier's investment, and thus is not permitted under the Shari'ah.

Salam is a sale agreement in which the seller undertakes to supply the buyer with specific goods at a future date in exchange for, and as a liability against, full payment in advance at the current time.

Sane' means the seller who agrees to supply the item to be manufactured or constructed pursuant to the istisna'a arrangement or contract. The sane' may or may not be the entity or person that actually manufactures or constructs that item.

Shari'ah (also Shari'a or Sharia) means the perfect, immutable, divine Islamic "law" as revealed in the Qur'an and the Sunna.

Shari'ah Supervisory Board (also Shari'ah Board or Shari'ah Committee) is a body of Islamic scholars that reviews Islamic financing transaction documents and approve them as being compliant with the Shari'ah.

Sharika means a partnership (or similar joint venture) or a contract between two or more parties pertaining to capital and work (management) for the purpose of making a profit.

Sharika al-masrafiyya means, in current usage, musharaka.

Sharikat ul-amwaal means a property partnership or property joint venture.

Sukuk (pl. of sakk or saak) are capital market instruments which may be "Islamic bonds", "Islamic asset securitizations" or "Islamic whole business securitizations". The sukuk holder is granted a fractional undivided ownership in the assets or business being financed. AAOIFI recognizes 14 categories of sukuk.

Sunna means the practices and traditions of the Prophet Mohammad; the binding authority of his dicta and decisions.

Takaful means "guaranteeing each other" and the sharing of risk on a cooperative basis and mutual assistance (ta'awun). It is an Islamic insurance system that is based on mutual co-operation and assistance among groups. Such Islamic insurance has been devised to avoid fundamental prohibitions under Islamic Shari'ah such as riba, gharar and maysir.

Tandeed means conversion of musharaka assets into money.

Taqlid means "imitation" in the following of precedent and is particularly relevant to the period of Islamic history (approximately 950 ? 1900 (possibly 1970) C.E.) during which it is said that there was a "closing of the gate of ijtihad".

Usul al-fiqh means the "roots of the law", which are (a) the Qur'an, (b) the Sunna, (c) the ijma, or "consensus" of the community of Islamic scholars, and (d) the qiyas, or analogical deductions and reasoning of the Islamic scholars with respect to the foregoing. The Qur'an and the Sunna are often referred to as the "revealed" sources.

Wakala is an agency agreement or arrangement.

Wakil (also Wakeel) is the agent in a Wakala relationship.

(Dechert LLP)

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Ahmad Sanusi Husain : www.ahmad-sanusi-husain.com

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Glossary of Islamic Financial Terms - List No.1

2012-01-21T21:09:00.000+08:00

Bai Bithaman Ajil

A contract of sale and purchase for the financing of an asset on a deferred payment and installment basis with a pre agreed payment period. The sales price includes a profit margin.

Bai Inah

A financing facility involving two separate contracts. In the first contract a financier sells an asset to a customer on deferred payment terms. Immediately after, the financier repurchases the same asset from the customer on cash terms at a price lower than that of the deferred payment sale.

It can also be applied vise versa where a financier buys an asset from a customer on cash terms. Immediately after, the financier sells back the same asset to the customer on deferred payment terms at a price higher than that of the cash sale.

Bai Dayn

Refers to the buying and selling in the secondary market of debt certificates, securities, trade documents and papers that conform with the Syariah. The trade documents are issued by debtors to creditors as evidence of indebtedness. Only documents evidencing real debts arising from bona fide merchant transactions can be traded.

Bai Istijrar

A contract between a supplier and a client whereby the supplier supplies a particular item on an ongoing basis on an agreed mode of payment until they terminate the contract. It is also applied between a wholesaler and a retailer for the supply of a number of agreed items.

Bai Muzayadah

A sale of an asset in public through the process of bidding among potential buyers and the asset is sold to highest bidder.

Bai Wafa’

A contract with the condition that when the seller pays back the price of the property sold, the buyer returns the property to the seller. It is a Bai in form but a pledge in substance.

Bai Salam

A purchase contract for the delivery of an item on a certain future date with the full payment of the purchase price in cash at the point of contract.

Bai Istisna’

A purchase order contract where a buyer orders a seller or contractor to manufacture an item according to specification in the purchase contract to be delivered on a certain future date. The settlement of the purchase price is according to the agreement between the two parties.

Dhaman or Kafalah

A contract of guarantee where a person underwrites any claims or obligations that should be fulfilled by a debtor, supplier or contractor in the event that the debtor, supplier or contractor fails to fulfill his obligation.

Gharar

An unknown fact or condition. In a commercial transaction, the fact or condition of either of the contracting parties or the item in the contract or the price of the item is not known giving rise to an uncertain status or result of the contract, i.e. whether it is valid or void. An excessive gharar makes a contract null and void.

Ghish, ghurur

Cheating, fraud, deception. Both are prohibited by the Shariah.

Haq Maliy

A right on a financial asset. Examples of rights are haq dayn (right to the claim of a debt) and haq tamalluk (right of ownership).

Hibah

Gift, something given to a person without exchange.

Hiwalah

A contract of transferring a debt obligation from the debtor to a third person.

Ibra’

Giving up of a right. In a commercial transaction a creditor gives up part or all of his right to a debtor usually for early settlement of the debt.

Ijarah

A sale or purchase of usufruct. A sale or purchase of the use of another person’s property. The ownership of the property remains with the lessor while the lessee only owns the right of the use of the property.

Ijarah Thumma Bai

Refers to an Ijarah (leasing/renting) contract to be followed by a Bai (purchase) contract. Under the first contract, the hirer leases the property from the owner at an agreed rental over a specified period. Upon expiry of the leasing period, the hirer enters into a second contract to purchase the property from the owner at an agreed price.

Ittifaq Dhimni

An agreement between parties concerned on the sale price and repurchase price of an asset prior to the execution of the sale and repurchase contracts for the purpose of bidding process in Bai’ Muzayadah (bidding or auction).

Ju’alah

A unilateral contract promising a reward for the accomplishment of a specified task.

Khilabah

A form of fraud, either in words or deed by a party to a trading contract with the intention of inducing the other party to make a contract. This is prohibited by the Shariah.

Khiyanah

A breach of trust, betrayal or treachery. It is prohibited by the Shariah.

Maisir

Gambling. Any activity the involves betting money or an item on the outcome of an unpredictable event. The bet is forfeited if the outcome is not as predicted by the bettor and the person against whom the bet is made takes the bet. This activity is prohibited by the Shariah.

Mal

A thing which is naturally desired by man, and can be stored for times of necessity; it has use and it is permissible by the Shariah to enjoy its benefit.

Mudharabah

(trustee financing)

An agreement between a provider of fund who provides 100% capital for the financing and an entrepreneur who manages the business applying his expertise; profit is to be shared between them according to an agreed ratio, while loss is to be borne solely by the provider of capital.

Muqasah

Debt settlement by a contra transaction; setting off.

Bai Murababah

(cost plus)

A sale based on cost price where the cost price, the profit margin and other costs to the seller are stated at the time of the contract. The settlement of the price is normally made on deferred lump sum payment terms.

Musharakah

(joint venture)

An agreement between two or more parties whereby all parties contribute capital either in the form of cash or in kind to form a company to carry on commercial activities. The profit is shared based on equity participation or as agreed between the parties; loss is shared according to equity participation.

Qabadh

Qabadh means taking possession. Generally qabadh follows urf, viz. the common practices of the local community where it varies from one kind of good to another recognizing the way the possession of a good takes place.

Qardh Hasan

It is a benevolent loan, i.e. a loan contract between two parties with no extra payment over and above the loan. Any extra payment imposed by the lender or promised by the borrower is prohibited. However the borrower is permitted to pay extra on payment at his absolute discretion as a token of appreciation.

Rahnu

Making a property a security for a debt or a right of claim, the payment in full of which is permitted from the sale of the property in the event of default by the debtor.

It is also used as a name for a kind of borrowing with collateral.

Riba

In lending, it is the extra payment imposed by the lender or promised by the borrower over and above the loan. In trading it is mostly the difference in weight in the exchange of gold of different measures of purity, e.g. 10g. of 750 gold with the 8g. of 835 gold; or the difference in time between payment and delivery in foreign currency exchange, e.g. payment of RM10,000 at 10.00 a.m. and delivery of USD3,800 at 3.00 p.m on the same date.

Sarf

A contract of exchange between two currencies.

Shariah

Shariah means fiqh or Islamic Law comprising the whole body of rulings pertaining to human conduct derived from the rulings’ respective particular evidences. The respective particular evidences are the sources of the Shariah, the primary sources being the Quran, the Sunnah, ijma’ and qiyas, the secondary sources being the method of reasoning applied by Muslim jurist in their ijtihad (personal reasoning)

Shariah requirement

It is a general phrase or expression which generally means abstinence from prohibition and fulfillment of essential elements and necessary conditions in performing a human act.

Suftajah

Bill of Exchange

Sukuk

Plural of sok. It is being used as singular. It is a document or certificate evidencing an undivided pro rata ownership of an underlying asset; a capital market financial instrument tradable in the secondary market.

Ta’widh

A compensation agreed upon by the contracting parties as a payment that can be claimed by the creditor when the debtor defaults in the payment of his debt.

Tadlis al-‘aib

An act of a seller intentionally hiding the defects of goods; it is prohibited by the Shariah.

Takaful

It is a protection plan based on Shariah principles. It is Islamic insurance. A person becomes a participant by undertaking a contract of tabarru’ and paying a participative contribution (tabarru’) to a common takaful fund whereby he allows his contributions to be used to help other participants whenever they suffer defined losses. The commercial contracts of Mudharabah and Wakalah are incorporated into tabarru’ contracts to increase the size of the takaful fund.

Tanajush

A conspiracy between a seller and a buyer wherein a buyer purchases an item from the seller at a price higher than that of the market thereby enticing other buyers to buy the items at a price higher than the market price. The seller thus makes a big profit. This act is prohibited by the Shariah.

Ujrah

A payment for manfaah, usufruct on the use of another’s property. Another term related to ujrah is ajr (plural ujur), which is a payment for a service. It is also applied to salary, wage, pay, fee(s), charge, enrolment, honorarium, remuneration, reward, etc.

Uqud Ishtirak

Contracts of participation or partnership

Uqud Mu’awadat

Contracts of exchange

Uqud Tabarru’at

Contracts of gift or donation

Urbun

A deposit or earnest money paid as an installment to confirm contract. If the contract continues to its conclusion the seller realizes it as part of the selling price. If the contract fails the seller forfeits it as penalty for the breach of the contract.

Wadi’ah

Safe custody. Originally safe custody is Wadiah Yad Amanah, i.e. trustee custody where according to the Shariah the trustee custodian has the duty to safeguard the property held in trust. Wadiah Yad Amanah changes to Wadiah Yad Dhamanah (guaranteed custody) when the trustee custodian violates the conditions to safeguard the property. He then has to guarantee the property.

Wakalah

A contract of appointment of an agent where a person appoints another as his agent to act on his behalf.

Zakat

A religious obligation of alms-giving on a Muslim to pay 2.5% of certain kinds of his wealth annually to one of the eight categories of needy Muslims.

(IBFIM)

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Qiyas in Islamic Law – A Brief Introduction

2012-01-21T20:49:00.000+08:00

Qiyâs is a method that uses analogy – comparison – to derive Islamic legal rulings for new developments. Qiyâs can be defined as taking an established ruling from Islamic Law and applying it to a new case, in virtue of the fact that the new case shares the same essential reason for which the original ruling was applied. Qiyâs, therefore, is a method that Muslim jurists use to derive a ruling for new situations that are not addressed by the Qur’ân and Sunnah, like many new developments of our age and like the customs of people not encountered in Arabia during the time of the Prophet (peace be upon him). By way of qiyâs, these issues can be referred back to those that are explicitly mentioned in the sacred texts. When we know the reason why something in Islamic Law is obligatory, preferred, permitted, disliked, or forbidden, then if something else shares the same reason, it can be given the same legal ruling.

Categories of Qiyâs:
There are two major categories of qiyâs with respect to its strength as evidence: overt and obscure.
A. Obvious Comparison (qiyâs jaliyy): This is where the new situation being investigated is clearly no different in its essentials from a matter that Islamic Law has a clear and established ruling for. This is especially the case where the sacred texts clearly spell out the reason for the original ruling or where there is unanimous agreement among Muslims as to what that reason is. In such cases, there is no need for the jurist to try to deduce a quality in the new situation that he can use to make a comparison with some precedent in Islamic Law. Everything is clear and up-front.

Consider the following examples:
1. What is the ruling when the guardian of the orphan’s estate burns all the orphan’s property? Though there is no direct textual evidence that discusses burning the orphan’s property, the ruling is patently clear. It takes the same ruling as when the guardian squanders the orphan’s wealth on himself. Allah says: “Lo! Those who devour the wealth of orphans wrongfully, they do but swallow fire into their bellies, and they will be exposed to burning flame.” [Sûrah al-Nisâ’: 10] It is prohibited for the guardian of the orphan’s estate to wrongfully spend the orphan’s wealth on himself. The reason for this ruling is obvious – it brings loss to the orphan’s property. This is precisely what would happen if the guardian burns the orphan’s property. The orphan will suffer the loss. There is no material difference between the two cases. Since the two cases share the reason for the ruling, they share the same ruling. It is unquestionably prohibited for the guardian to burn or otherwise vandalize the orphan’s property.
2. What is the ruling on giving one’s parents a good smack? We will not find any text in our scriptures that directly addresses this question. However, we are in no doubt that it is absolutely prohibited and sinful to do so. We find in the Qur’ân that it is sinful to even mutter “ugh” or “uff” to our parents in exasperation when they ask us to do something for them. Allah says: “And your Lord has commanded that you shall not worship any but Him, and that you show kindness to your parents. If either or both of them reach old age with you, say not to them so much as “ugh” nor chide them, but speak to them a generous word.” [Sûrah al-Isrâ’: 23] We are prohibited to say “ugh” to our parents, because it is abusive behavior. At the very least, it hurts their feelings. We can have no doubt that shoving them or smacking them is even more abusive and hurtful. Since the reason for prohibition is even more evident here, we can be certain that smacking our parents is unlawful and very sinful. From these examples, there should be no question that qiyâs should be accepted as a legal means for establishing Islamic legislation whenever the comparison is overt and clear. Some scholars do not consider these examples to even fall under the heading of qiyâs, due to how clear and obvious they are, but consider such rulings to constitute part of what the texts themselves communicate.
B. Obscure Comparison (qiyâs khafiyy): This is where the new situation being investigated is not so overtly similar in its essentials to the established matter in Islamic Law that it is being compared to. This is especially the case where the sacred texts do not spell out the reason for the original ruling or where there is disagreement among Muslims as to what that reason is. Scholars cite as an example that the criminal liability for murder with a bludgeon is the same as that for murder with a knife, since in both cases there is “an intentional and hostile act of killing”. The difference here to the examples above is that the shared reason for the ruling is one that has been deduced by the jurists from the ruling prohibiting murder. The formula “an intentional and hostile act of killing” is a legal construct developed by legal theorists to define when a killing is legally an act of murder. It is not something that is explicitly stated in the texts, but rather something that is deduced from them. In such cases, there is a greater burden upon the jurist, who is required to extrapolate and explain the cause of the established ruling and then explain how that cause is also present in the new matter under investigation. All scholars agree on calling this kind of reasoning by the name qiyâs.

Areas of Scholarly Agreement Regarding the Validity of Qiyâs as a Form of Reasoning:Muslims are all agreed that qiyâs is a valid approach to reasoning in the following areas of inquiry:
1. Worldly matters: for instance, comparing one medicine to another or pricing one product on the basis of the price of similar products in the market.
2. Any qiyâs that was carried out by the Prophet (peace be upon him): since its consideration become certain on account of its taking place in a context of certainty. The scholars of Ahl al-Sunnah are also in agreement that qiyâs cannot be applied to certain matters. It cannot be used to answer essential questions of belief or to investigate matters relating to Allah’s nature and attributes if it leads to comparing Allah to His creation. Qiyâs can only be validly applied in these matters to extent of demonstrating that Allah is superior and transcendent to created things. Otherwise, the use of qiyâs will lead to the mistake of considering both Creator and His creation equally under the aegis of more general concepts. It will also lead to considering Allah as being similar to created things. Allah says: “To Allah applies the highest similitude: for He is the Exalted in Power, full of Wisdom.” [Sûrah al-Nahl: 60] Allah says: “There is none like unto Him, and He is the All-Hearing, the All-Seeing.” [Sûrah al-Shûrâ: 11] As Muslims, we must believe that Allah is free from every deficiency that exists in created beings. By contrast, every aspect of perfection applies more to the Creator than it can to anything in creation. These matters are agreed upon.

Areas of Scholarly Disagreement Regarding the Validity of Qiyâs:Scholars disagree regarding the applicability of the second type of qiyâs (qiyâs khafiyy) in matters of Islamic Law. The discussion that follows will be dealing specifically with this second type. All of the leading scholars from among the Prophet’s Companions, as well as the Islamic legal scholars from all the major schools of thought agree that qiyâs is a source of Islamic legislation. It can be used as evidence to establish Islamic legal rulings on matters that are not directly addressed by the sacred texts. Ahmad b. Hanbal said: “No one can entirely dispense with qiyâs.” Some legal theorists of the Mu`tazilî persuasion denied the validity of qiyâs. The leading proponent of this line of thinking was al-Nazzâm, who was followed by Ja`far b. Harb, Ka`far b. Mubashshir, and Muhammad b. `Abd Allah al-Iskâfî. This line of thinking was also adopted by some scholars of Ahl al-Sunnah, most notably Dâwûd al-Zâhirî. These scholars, in turn, differed among themselves regarding the reasons why they dismissed qiyâs. Some of them argued that qiyâs is contrary to reason. One argument given in this light was that: “Delving into this method is intellectually repugnant in its own right”. Another argument was: “Islamic legal rulings are based on human well-being, and no one knows human well-being except the One who gave us the sacred law. Therefore, the only way we can know the sacred law is from the revelation.” Other scholars said that qiyâs is not contrary to reason, but prohibited by the sacred law itself.

There were two schools of though that propounded this general idea.
1. The first was that of Ibn Hazm, the most prominent scholar of the Zâhirî school of law. He argued that the Qur’ân and Sunnah came with everything that is needed, so there is no need for qiyâs.
2. A second school of thought considered it a sin to even acknowledge the validity of qiyâs. The Hanafî jurist

Abû Zayd al-Dâbûsî summarizes the opinions of those who reject qiyâs as follows:
Those who reject qiyâs are four groups. First, there are those who reject all rational evidence, and reject qiyâs because it is based on reason. Then there are those who hold that the only valid source of knowledge is that which is founded in rational necessity, and they argue that qiyâs is not founded on rational necessity. Then there are those who do not regard qiyâs as a valid source of evidence for matters of Islamic Law. Finally, there are those who argue that qiyâs would only a valid source of evidence for matters of Islamic Law in cases of necessity. However, there is never a need to resort to qiyâs, because in the absence of direct textual evidence, the default legal ruling is one of permissibility.The truth is that qiyâs is a valid source of Islamic Law. The disagreements that developed regarding its validity came about after the Companions agreed unanimously that it is a valid approach, and after the Successors – the students of the Companions – applied qiyâs and endorsed it without hesitation.. This means that the disagreement came about after it had been a matter of consensus (ijmâ`).

General Rules for the Valid Application of Qiyâs: There are a number of guidelines that must be observed for qiyâs to be correctly applied. We will mention these in a very brief and summarized form: 1. Qiyâs can never be used to establish a ruling that contravenes a ruling or legal principle established by direct scriptural evidence. This is because qiyâs is not to be resorted to in a matter where we have a text that gives a ruling. 2. The person who engages in deriving a ruling through qiyâs must have the qualifications to engage in independent juristic reasoning (ijtihâd). 3. The qiyâs itself must be reasoned through properly. It must comply with all of the considerations that Islamic legal theorists have discussed in the books of jurisprudence. Otherwise, the qiyâs will not be valid. It will be of the type that the earliest scholars condemned. However, they did not ever categorically condemn qiyâs. Al-Ghazâlî writes: “Whoever rejects qiyâs in principle is certainly mistaken in his thinking, and should be deemed as sinful.”

by Sheikh Walîd b. Ibrâhîm al-`Ujajî, professor at al-Imam Islamic University

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Taubat Nasuha - kembali kepada Allah

2012-01-19T19:06:00.004+08:00

Taubat adalah kembali kepada Allah setelah melakukan maksiat. Taubat marupakan rahmat Allah yang diberikan kepada hamba-Nya agar mereka dapat kembali kepada-Nya.

Agama Islam tidak memandang manusia bagaikan malaikat tanpa kesalahan dan dosa sebagaimana Islam tidak membiarkan manusia berputus asa dari ampunan Allah, betapa pun dosa yang telah diperbuat manusia. Bahkan Nabi Muhammad telah membenarkan hal ini dalam sebuah sabdanya yang berbunyi: "Setiap anak Adam pernah berbuat kesalahan/dosa dan sebaik-baik orang yang berbuat dosa adalah mereka yang bertaubat (dari kesalahan tersebut)."

Di antara kita pernah berbuat kesalahan terhadap diri sendiri sebagaimana terhadap keluarga dan kerabat bahkan terhadap Allah. Dengan segala rahmatnya, Allah memberikan jalan kembali kepada ketaatan, ampunan dan rahmat-Nya dengan sifat-sifat-Nya yang Maha Penyayang dan Maha Penerima Taubat. Seperti diterangkan dalam surat Al Baqarah: 160 "Dan Akulah yang Maha Penerima Taubat lagi Maha Penyayang."

Taubat dari segala kesalahan tidaklah membuat seorang terhina di hadapan Tuhannya. Hal itu justru akan menambah kecintaan dan kedekatan seorang hamba dengan Tuhannya kerana sesungguhnya Allah sangat mencintai orang-orang yang bertaubat dan mensucikan diri. Sebagaimana firman-Nya dalam surat Al-Baqarah: 222, "Sesungguhnya Allah menyukai orang-orang yang taubat dan menyukai orang-orang yang mensucikan diri."

Taubat dalam Islam tidak mengenal perantara, bahkan pintunya selalu terbuka luas tanpa penghalang dan batas. Allah selalu menbentangkan tangan-Nya bagi hamba-hamba-Nya yang ingin kembali kepada-Nya. Seperti terungkap dalam hadis riwayat Imam Muslim dari Abu musa Al-Asy`ari: "SesungguhnyaAllah membentangkan tangan-Nya di siang hari untuk menerima taubat orang yang berbuat kesalahan pada malam hari sampai matahari terbit dari barat."

Merugilah orang-orang yang berputus asa dari rahmat Allah dan membiarkan dirinya terus-menerus melampaui batas. Padahal, pintu taubat selalu terbuka dan sesungguhnya Allah mengampuni dosa-dosa semuanya kerana sesungguhnya Dialah yang Maha Pengampun lagi Maha penyayang.

Tepatlah kiranya firman Allah dalam surat Ali Imran ayat: 133-135, "Bersegaralah kepada ampunan dari Tuhanmu dan kepada syurga yang luasnya seluas langit dan bumi yang disediakan untuk orang-orang yang bertakwa iaitu orang-orang yang menafkahkan hartanya baik di waktu lapang maupun sempit dan orang-orang yang menahan amarahnya dan memaafkan kesalahan orang dan Allah menyukai orang-orang yang berbuat kebajikan. Dan juga orang-orang yang apabila mengerjakan perbuatan keji atau menganiaya diri sendiri mereka ingat akan Allah, lalu memohon ampunan terhadap dosa-dosa mereka dan siapa lagi yang dapat mengampuni dosa selain daripada Allah? Dan mereka tidak meneruskan perbuatan kejinya itu, sedang mereka mengetahui."

Taubat yang tingkatannya paling tinggi di hadapan Allah adalah "Taubat Nasuha", iaitu taubat yang murni. Sebagaimana dijelaskan dalam surah At-Tahrim: 66, "Wahai orang-orang yang beriman, bertaubatlah kepada Allah dengan taubat yang semurni-murninya, mudah-mudahan Tuhan kamu akan menghapus kesalahan-kesalahanmu dan memasukkan kamu ke dalam syurga yang mengalir di bawahnya sungai-sungai, pada hari ketika Allah tidak menghinakan Nabi dan orang-orang yang beriman bersamanya, sedang cahaya mereka memancar di depan dan di sebelah kanan mereka, sambil mereka mengatakan 'Ya Tuhan kami, sempurnakanlah bagi kami cahaya kami dan ampunilah kami, sesungguhnya Engkau Maha Kuasa atas segala sesuatu'".

Taubat Nasuha adalah bertaubat dari dosa yang diperbuatnya saat ini dan menyesal atas dosa-dosa yang dilakukannya di masa lalu dan berjanji untuk tidak melakukannya lagi di masa mendatang. Apabila dosa atau kesalahan tersebut terhadap bani Adam (sesama manusia), maka caranya adalah dengan meminta maaf kepadanya. Rasulullah pernah ditanya oleh seorang sahabat, "Apakah penyesalan itu taubat?", "Ya", kata Rasulullah (H.R. Ibnu Majah). Amr bin Ala pernah mengatakan: "Taubat Nasuha adalah apabila kamu membenci perbuatan dosa sebagaimana kamu pernah mencintainya".

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Ahmad Sanusi Husain: www.ahmad-sanusi-husain.com

Alfalah Consulting: www.alfalahconsulting.com

Islamic investment: www.islamic-invest-malaysia.com

Words of wisdom: Time

2012-01-18T21:29:00.001+08:00

Wisdom is the power to put our time and our knowledge to the proper use.

Time = Life, Therefore, waste your time and waste of your life, or master your time and master your life.

Time is free, but it's priceless. You can't own it, but you can use it. You can't keep it , but you can spend it. Once you've lost it, you can never get it back.

By the time.
Verily, man is in loss,
Except those who believe and do righteous deeds,
and recommend one another to the truth,
and recommend one another to patience.
(Quran: Surah Al-Asr, 103)
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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Mutiara kata: Kecemerlangan

2012-01-17T13:14:00.000+08:00

Kecemerlangan adalah hasil daripada sikap yang ingin sentiasa melakukan yang terbaik.

Orang yang cemerlang melihat setiap halangan sebagai peluang untuk mengasah potensi, manakala orang yang tidak cemerlang menganggap setiap halangan sebagai alasan yang menyebabkan kemundurannya.

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CEO / Consultant: http://ahmad-sanusi-husain.com
Alfalah Consulting: http://alfalahconsulting.com
Islamic investment: http://islamic-invest-malaysia.com

10 adab dalam menuntut ilmu - panduan dari Imam al-Ghazali

2012-01-15T08:49:00.001+08:00

Dalam penulisan agung “Ihya’ `Ulum al-Din” karangan Hujjatul Islam, Imam al-Ghazali, beliau telah membuat satu garis panduan adab pelajar dalam menuntut ilmu. Dalam penulisannya, beliau telah mengenalpasti 10 panduan yang boleh dijadikan asas pedoman kepada para pelajar. Asas-asas ini perlu dihayati dan dicernakan dalam diri para pelajar dalam usaha mereka menuntut ilmu sama ada di peringkat rendah atau di peringkat pengajian tinggi.

Pertama, menjauhi perkara-perkara yang boleh merosakkan akhlak yang murni, kerana ilmu amat mudah mendekati orang yang baik budi pekertinya dan jiwa yang sentiasa bersih dan tenang. Sekiranya, hati seseorang itu dicemari dengan elemen-elemen yang negatif yang boleh merosakkan kemurnian hati dan jiwa menyebabkan pelajar tersebut sukar untuk menguasai ilmu. Ini kerana secara prinsipnya, ilmu itu bersifat suci. Sebagaimana firman Allah dalam al-Quran yang bermaksud:

“Sesungguhnya orang-orang musyriq itu najis” (at-Taubah:28).

Istilah najis yang dijelaskan oleh al-Quran merupakan simbolik yang mengertikan sifat kotor tersebut mesti dijauhi dan dihindari disebabkan sifat tersebut boleh merosakkan manusia.

Kedua, para pelajar disarankan tidak terlalu terikat dengan hal-hal keduniaan yang berkecenderungan melalaikan fikiran daripada menumpukan perhatian sepenuhnya terhadap pelajaran. Unsur-unsur ini boleh menyebabkan pelajar tidak dapat menunaikan tanggungjawabnya sebagai pelajar yang hakiki dan memalingkan fikirannya dalam usaha menuntut ilmu. Hal ini sebagaimana yang dijelaskan oleh Allah dalam al-Quran yang bermaksud:

“Allah sekali-kali tidak menjadikan bagi seseorang dua organ hati dalam rongganya” (al-Ahzab:4).

Oleh yang demikian, sekiranya fikiran para pelajar dipengaruhi oleh elemen-elemen yang boleh mencemari mentalitinya menyukarkan untuk mengetahui hakikat ilmu. Menurut Imam al-Ghazali, “Seseorang itu tidak dapat menguasai ilmu secara sebahagian, melainkan ia memberi perhatian dan tumpuan yang sepenuhnya”. Beliau memberi perumpamaan terhadap pemikiran yang dipengaruhi oleh hal-hal yang tidak berkait dengan ilmu seperti air yang mengalir dari sungai kecil, sebahagiannya diserap oleh tanah dan sebahagian lagi diserap oleh udara sehingga tidak ada lagi yang sampai ke ladang.

Ketiga, para pelajar tidak boleh bersikap angkuh dan bongkak terhadap golongan intelektual dan guru. Adalah menjadi kewajipan pelajar untuk menyerahkan segala urusan berkaitan ilmu dan mematuhi serta menghormati guru seperti orang sakit yang mematuhi arahan dan nasihat doktor. Para pelajar dituntut bersifat rendah diri, baik sangka dan setia kepada guru serta sedia menawarkan perkhidmatan kepadanya. Oleh yang demikian, pelajar tidak boleh bersikap sombong dengan guru seperti tidak mengambil manfaat ilmu yang disampaikannya dengan alasan antaranya, beranggapan guru tersebut tidak mempunyai kelayakan akademik yang tinggi. Sikap seperti ini menunjukkan kebodohan dan kedangkalan pemikiran yang ada dalam diri seseorang pelajar. Sebaliknya, para pelajar seharusnya merasa terhutang budi terhadap guru yang mencurahkan ilmu yang memandunya ke arah kebenaran.

Keempat, orang yang bersifat tekun dalam menuntut ilmu pada tahap awalnya perlu mengelakkan diri mendengar perselisihan dan perbezaan pendapat di kalangan manusia sama ada yang melibatkan ilmu keduniaan atau ilmu akhirat. Secara rasionalnya, ia boleh mengelirukan pemikirannya terhadap disiplin ilmu yang baru dipelajarinya dan membantutkan usahanya untuk membuat penyelidikan yang mendalam. Namun begitu, bagi seseorang yang telah menguasai sesuatu bidang disiplin ilmu secara mahir dan mendalam tidak menjadi halangan untuk mengkaji perbezaan pendapat tentang sesuatu perkara. Ini kerana, perbezaan pendapat tentang sesuatu perkara merupakan salah satu daripada metodologi medan penyelidikan ilmu.

Kelima, seseorang pelajar tidak boleh meninggalkan sesuatu disiplin ilmu yang terpuji melainkan ia telah mempertimbangkan dengan sebaik mungkin. Sekiranya faktor usia mengizinkan untuk menuntut ilmu, ia harus mengambil peluang untuk meningkatkan kepakarannya ke peringkat yang lebih tinggi. Sebaliknya jika faktor usia menjadi kekangan terhadap usaha menimba ilmu pengetahuan maka seseorang itu perlu mengetahui perkara asas dan penting dalam ilmu yang dikuasainya berdasarkan kemampuannya.

Keenam, tidak memaksa untuk menguasai semua disiplin ilmu secara sekaligus. Tindakan yang bijak ialah dengan menguasai sesuatu bidang ilmu itu mengikut tahap dan tingkatan ilmu berdasarkan kemampuan dan keupayaan yang ada pada diri seseorang. Kompetensi yang ada pada manusia adalah terbatas oleh pelbagai faktor dari aspek pengalaman, realiti semasa, kepakaran dan keupayaan mentaliti seseorang.

Ketujuh, seseorang tidak boleh mencampuradukkan sesuatu cabang ilmu sebelum menguasai dan memahami dengan mahir cabang ilmu yang sebelumnya. Ini kerana tertib dalam ilmu adalah tersusun dan berkait rapat antara satu sama lain. Oleh yang demikian, sekiranya seseorang pelajar memahami sesuatu ilmu dengan tertib dan tersusun maka ia dapat menguasai sesuatu konsep ilmu dengan baik. Pemahaman manusia tentang konsep ilmu akan lebih sempurna dan konsisten jika setiap cabang ilmu dihadam dan dicernakan mengikut tahap-tahap dan fasa yang tersusun dan terancang.

Kelapan, seseorang pelajar perlu mengetahui hakikat dan objektif sesuatu disiplin ilmu yang dipelajari. Ia bertujuan untuk menilai sesuatu kepentingan ilmu dan faedahnya kepada para pelajar supaya ilmu tersebut dapat diaplikasi dalam kehidupan dan memberi manfaat kepada masyarakat. Matlamat utama ilmu yang dipelajari itu tidak bertentangan dengan syariat dan membawa kemudharatan kepada umat manusia.

Kesembilan, para pelajar perlu bersikap ikhlas dalam menuntut ilmu. Kepentingan nilai ikhlas bertujuan untuk membersihkan jiwa seseorang yang bersifat riak dan takabur sesama manusia. Hakikatnya, manusia yang berilmu memiliki jiwa yang bersih dan sentiasa mendekatkan diri kepada Allah. Meskipun manusia dituntut menguasai ilmu-ilmu agama, namun ilmu-ilmu yang berkaitan dengan keduniaan tidak boleh diabaikan, kerana ia sebahagian daripada fardhu kifayah. Dalam era globalisasi ini, ilmu yang dikategorikan sebagai fardhu kifayah sangat penting bagi masyarakat Islam kerana ia dianggap sebagai satu kemaslahatan ( keperluan ) yang perlu dikuasai oleh umat Islam. Sekiranya manusia mengabaikan bidang disiplin ilmu ini menyebabkan umat Islam ketinggalan dalam zaman yang serba canggih. Dalam al-Quran, Allah berfirman yang bermaksud:

“ Allah akan meninggikan orang-orang yang beriman di antara kamu dan orang-orang yang diberi ilmu pengetahuan beberapa darjat. Dan Allah Maha Mengetahui apa yang kamu kerjakan” (al-Mujadalah:11)

Kesepuluh, setiap pelajar perlu mengetahui perkaitan ilmu yang dipelajari bertujuan supaya mengutamakan keperluan ilmu yang perlu didahulukan daripada ilmu yang berbentuk sampingan. Keutamaan ilmu ini penting kerana ia dapat mengukuhkan pemahaman pelajar tentang sesuatu perkara. Di samping itu, ia menjadi asas utama untuk mempelajari disiplin ilmu yang lain disebabkan ia mempunyai kesinambungan di antara satu cabang ilmu dengan disiplin ilmu yang lain.

Berdasarkan garis panduan yang telah diberikan oleh Hujjatul Islam, Imam al-Ghazali dalam kitabnya “Ihya’ `Ulum al-Din” diharapkan dapat memberi pedoman yang berfaedah kepada mereka yang bergelar pelajar. Mutiara kata-kata yang dicurahkan oleh ulama’ silam perlu diambil perhatian dan diamalkan oleh individu yang bergelar pelajar, agar ilmu yang dipelajari diberkati oleh Allah dan dapat memberi faedah besar kepada umat sejagat.

---CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Words of wisdom: Patience

2012-01-14T08:50:00.001+08:00

Patience is the companion of wisdom.

Patience is waiting. Not passively waiting. That is laziness. But to keep going when the going is hard and slow - that is patience.

Patience is not passive; on the contrary, it is active; it is concentrated strength.

Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish.

One moment of patience may ward off great disaster. One moment of impatience may ruin a whole life.

Learn the art of patience. Apply discipline to your thoughts when they become anxious over the outcome of a goal. Impatience breeds anxiety, fear, discouragement and failure. Patience creates confidence, decisiveness, and a rational outlook, which eventually leads to success.

Patience is virtue.

"No one can be given a blessing better and greater than patience." --- Prophet Muhammad (peace be upon him) [Sahih Al-Bukhari]
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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Mutiara kata: Kejayaan

2012-01-13T21:14:00.000+08:00

Orang yang berjaya dalam hidup adalah orang yang nampak tujuannya dengan jelas dan menjurus kepadanya tanpa menyimpang.

Mereka yang berjaya bukanlah mereka yang gagal dalam mencuba, bukan juga mereka yang sering gagal tetapi mereka yang tidak pernah gagal mencuba dan terus mencuba sehingga kejayaan yang dikecapi.

Kejayaan tidak datang kepada manusia yang leka.

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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Words of wisdom: Management

2012-01-12T13:22:00.002+08:00

"Effective leadership is putting first things first. Effective management is discipline, carrying it out." (Stephen Covey)

"Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall." (Stephen Covey)

"I believe the real difference between success and failure in a corporation can be very often traced to the question of how well the organization brings out the great energies and talents of its people." (Thomas J. Watson, Jr)

"The conventional definition of management is getting work done through people, but real management is developing people through work." (Agha Hasan Abedi)

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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Words of wisdom: Success

2012-01-11T22:50:00.007+08:00

The great successful men of the world have used their imagination. They think ahead and create their mental picture in all its details, filling in here, adding a little there, altering this a bit and that a bit, but steadily building - steadily building.

Success does not consist in never making blunders, but in never making the same one a second time.

If you wish success in life, make perseverance your bosom friend, experience your wise counselor, caution your elder brother, and hope your guardian genius.

The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year.

The toughest thing about success is that you've got to keep on being a success.

Most successful men have not achieved their distinction by having some new talent or opportunity presented to them. They have developed the opportunity that was at hand.

Don't wait until everything is just right. It will never be perfect. There will always be challenges, obstacles and less than perfect conditions. So what. Get started now. With each step you take, you will grow stronger and stronger, more and more skilled, more and more self-confident and more and more successful.

For success, attitude is equally as important as ability.

Success is simple. Do what's right, the right way, at the right time.

Success means doing the best we can with what we have. Success is the doing, not the getting; in the trying, not the triumph. Success is a personal standard, reaching for the highest that is in us, becoming all that we can be.

Every success is built on the ability to do better than good enough.

Success is doing ordinary things extraordinarily well.

Some people dream of success while others wake up and work hard at it.

Patience, persistence and perspiration make an unbeatable combination for success.

Success will not lower its standard to us. We must raise our standard to success.

The best way to succeed in this world is to act on the advice you give to others.

Before everything else, getting ready is the secret of success.

Success in any endeavor requires single-minded attention to detail and total concentration.

Desire is the key to motivation, but it's determination and commitment to an unrelenting pursuit of your goal - a commitment to excellence - that will enable you to attain the success you seek.

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CEO / Consultant: www.ahmad-sanusi-husain.com

Alfalah Consulting: www.alfalahconsulting.com

Islamic investment: www.islamic-invest-malaysia.com

Words of wisdom: Excellence

2012-01-10T18:43:00.000+08:00

Excellence is the gradual result of always striving to do better.

The will to win, the desire to succeed, the urge to reach your full potential, the commitment and discipline are the keys that will unlock the door to personal excellence.

Excellence is in the details. Give attention to details and excellence will come.

Excellence is the unlimited ability to improve the quality of what you have to offer.

Persistence is the twin sister of excellence. One is a matter of time, the other, a matter of quality.

"Excellence is doing ordinary things extraordinarily well."

“It is the excellence of a man’s faith that he gives up meaningless work.” -- Prophet Muhammad s.a.w [Tirmidhi, Ahmad]

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CEO / Consultant: www.ahmad-sanusi-husain.com

Alfalah Consulting: www.alfalahconsulting.com

Islamic investment: www.islamic-invest-malaysia.com

Words of wisdom: Discipline

2012-01-07T00:28:00.000+08:00

Discipline is the bridge between goals and accomplishments.

Self-discipline is the ability to get yourself to take action regardless of your emotional state.

Self-discipline is the ability to make yourself do what you should do, when you should do it, whether you feel like it or not.

The will to win, the desire to succeed, the urge to reach your full potential, the commitment and discipline are the keys that will unlock the door to personal excellence.

Self-discipline begins with the mastery of your thoughts. If you don't control what you think, you can't control what you do.

There is great power in having discipline and a positive attitude!

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CEO / Consultant: www.ahmad-sanusi-husain.com

Alfalah Consulting: www.alfalahconsulting.com

Islamic investment: www.islamic-invest-malaysia.com

Speaker & consultant: my top 10 topics

2012-01-04T22:01:00.001+08:00

My top 10 topics as a speaker & consultant

1) Islamic finance
2) Islamic banking

3) Islamic wealth management

4) Islamic financial planning

5) Islamic investment
6) Islamic economic system
7) Risk management

8) Positive mental attitude

9) Alfalah success principles
10) Motivation and inspiration

---------------------------------
Ahmad Sanusi Husain (IFP,AIBM,FPAM,BSc,MIMM,DiT)
Profile:Profile in English I Profile in Malay (Bahasa Melayu)

Contact me:

Ahmad Sanusi Husain
CEO, Alfalah Consulting

Level 14-11, GTower

Jalan Tun Razak
50400 Kuala Lumpur, Malaysia

e-mail:
sanusi@alfalahconsulting.com c.c. sanusi.my@gmail.com

Tel: +603-2168 1879 Mobile No: +6019-234 8786

Motivasi Pelajar - Azali Azlan - Pelajar Terbaik SPM 2007 dengan 21A - Rekod Terbaik SPM

2012-01-04T14:27:00.000+08:00

PUTRAJAYA: Cuba bayangkan bagaimana seorang pelajar boleh memperoleh 21A dalam Sijil Pelajaran Malaysia (SPM) 2007 yang keputusannya diumumkan, semalam.Adakah dia mengulang kaji pelajaran berjam-jam setiap hari tanpa sebarang kegiatan riadah seperti anak muda lain yang gemar bersukan?Pencapaian menakjubkan itu turut memecahkan rekod Nur Amalina Che Bakri yang mendapat 17 1A pada 2004.

Bagaimanapun, bagi Azali Azlan, 18, dari Sekolah Menengah Kebangsaan Agama (SMKA) Yan, Kedah, dia berpuasa, memakan buah kurma, minum madu dan susu sepanjang tempoh peperiksaan menjadi amalan utamanya.

Dia memperoleh 20 1A dan satu 2A mengatasi rekod Nur Amalina Che Bakri yang hanya memperoleh 17 1A. Menurut Azali, dia mengambil 21 mata pelajaran bukan untuk memecahkan rekod, sebaliknya melakukan untuk kepuasan diri sendiri.“Tujuan asal saya bukan untuk mengatasi mana-mana rekod, tapi saya buat untuk diri sendiri serta cikgu. Bagi saya, jika buat semata-mata untuk memecahkan rekod, ia tidak memberi apa-apa makna.“Ini sebagai hadiah kepada semua guru saya,” katanya ketika ditemui selepas pengumuman pelajar cemerlang SPM di Kementerian Pelajaran di sini, semalam.

Azali mendapat 20 1A bagi mata pelajaran:

1- Bahasa Melayu,

2- Bahasa Inggeris,

3- Bahasa Arab Tinggi,

4- Pendidikan Syariah Islamiah,

5- Pendidikan Al-Quran dan Al-Sunnah,

6- Biologi,

7- Kimia,

8- Fizik,

9- Matematik Tambahan,

10- Sejarah,

11- Geografi,

12- Perdagangan,

13- Ekonomi Asas,

14- Matematik Moden,

15- Prinsip Akaun,

16- Sains Asas,

17- Pendidikan Seni,

18- Pendidikan Islam,

19- Tasawwur Islam dan

20- Kesusasteraan Melayu.

Dia mendapat 2A dalam Bahasa Inggeris untuk Sains dan Teknologi.

Azali berkata, ketika membuat keputusan mengambil 21 mata pelajaran, guru banyak memberi nasihat dengan menerangkan kebaikan dan keburukannya jika mengambil banyak mata pelajaran.“Cikgu tidak pernah cakap jangan (ambil 21 mata pelajaran), tapi cikgu menjelaskan kebaikan dan keburukannya. Ini kerana mereka bimbang saya tidak boleh menguasai semua mata pelajaran. “Namun, saya percaya dengan diri sendiri, Saya percaya pada Tuhan. Alhamdulillah, cikgu banyak membantu. Mereka tolong dapatkan buku teks yang diperlukan. Itu sebab saya katakan ini (kejayaan) bukan untuk diri sendiri tapi untuk guru dan ibu bapa,” katanya.Dia lebih banyak belajar sendiri dengan bantuan guru dan tidak menghadiri tuisyen di luar sekolah berikutan tinggal di asrama.

Anak ketiga dari lima beradik itu mendapat 9A dalam Penilaian Menengah Rendah (PMR), selain aktif dalam kegiatan sekolah, malah pernah dinobatkan sebagai Tokoh Nilam Kebangsaan 2007.Anak pasangan guru, Azlan Othman, 51, dan Rozita Sanapi, 46, dari Tikam Batu, Kedah, itu berkata pendorong utama untuk belajar datang daripada kakak sulung yang ketika ini melanjutkan pelajaran dalam bidang perubatan di Cook Universiti, Ireland.

Ditanya mengenai resipi kejayaan dan cara belajar yang dilakukan hingga memperoleh keputusan cemerlang, dia berkata: “Saya belajar dengan sabar. Bagi saya dalam perjuangan mesti ada dugaan dan cabaran daripada Allah, jadi sebagai pelajar Islam adalah perlu bagi saya untuk sabar dengan dugaan kerana setiap kesusahan itu ada kesenangan.“Cuma ketika musim peperiksaan, pengetua menyarankan saya makan kurma, minum madu dan susu, malah sebagai persediaan menghadapi peperiksaan saya berpuasa dari hari pertama peperiksaan hingga hari terakhir.“Bagi saya, itu usaha terakhir yang boleh dilakukan selepas berusaha,” katanya yang bercita-cita menjadi profesor.

Azali juga mengakui pernah berputus asa, bagaimanapun menganggapnya sebagai satu dugaan yang perlu dihadapi sebelum mencapai kejayaan yang diingini.“Pernah juga rasa tak boleh menguasai (mata pelajaran). Itulah dugaan yang saya alami sebenarnya. Untuk pulihkan keyakinan saya jumpa kaunselor, selain berbincang dengan ayah dan keluarga.“Mereka banyak bagi kekuatan untuk saya. Biasanya ayah akan nasihatkan saya supaya melakukannya selagi ia bukan satu dosa. Kemudian, saya akan cuba bina keyakinan diri untuk meneruskan usaha,” katanya.

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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Motivasi Pelajar - Siti Fatimah Mokhtar - Pelajar terbaik SPM 2006 (18A)

2012-01-04T14:24:00.003+08:00

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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Masjid Putra (Putra Mosque) - Putrajaya Malaysia

2012-01-02T09:40:00.000+08:00

Masjid Putra

Putrajaya

Malaysia

Masjid Putra (Putra Mosque) steals the limelight as one approaches the city of Putrajaya with three quarter of the beautiful dusky pink mosque floats on Putrajaya Lake. Putrajaya is the administrative capital of Malaysia.

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consultant: www.ahmad-sanusi-husain.com
consulting: www.alfalahconsulting.com
investment: www.islamic-invest-malaysia.com

The virtues of "SubhanAllahi wa biHamdihi" (Glory be to Allah and Praise Him)

2012-01-02T00:44:00.002+08:00

سُبْحَانَ اللّهِ وَ بِحَمْدِهِ - SubhanAllahi wa biHamdihi (Glory be to Allah and Praise Him).

Whoever says (the above) at morning and evening time, one hundred times, none shall come on the Day of Resurrection with anything better except someone who has said the same or more.
[Sahih Muslim, 4:42071.]

سُبْحَانَ اللّهِ وَ بِحَمْدِهِ - SubhanAllah wa biHamdihi (Glory be to Allah and Praise Him).

Whoever says (the above) a hundred times during the day, his sins are wiped away, even if they are like the foam of the sea.
[Sahih al-Bukhari; 7:168, Sahih Muslim; 4:2071]

سُبْحَانَ اللّهِ وَ بِحَمْدِهِ - SubhanAllahi wa biHamdihi (Glory be to Allah and Praise Him)

Abu Dharr reported that the Prophet (salAllahu alayhi wasalam) said, "Shall I tell you the words that Allah loves the most?" I said: "Yes, tell me, O Messenger of Allah." He said: "The words dearest to Allah are: subhanAllah wa bihamdihi.
[Muslim and at-Tirmidhi]

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consultant: www.ahmad-sanusi-husain.com
consulting: www.alfalahconsulting.com
investment: www.islamic-invest-malaysia.com

Beautiful photos of Masjidil Haram in Makkah (night time)

2011-12-31T09:33:00.001+08:00

Masjidil Haram
Makkah
Saudi Arabia
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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Hazratbal mosque - Srinagar Jammu Kashmir

2011-12-29T07:45:00.000+08:00

Hazratbal mosque
Srinagar
Jammu Kashmir

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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Sultan Ahmed Mosque - Istanbul Turkey

2011-12-23T18:30:00.002+08:00

Sultan Ahmed Mosque (Blue Mosque)
Istanbul
Turkey

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CEO / Consultant: www.ahmad-sanusi-husain.com
Alfalah Consulting: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Vacancy @ Alfalah Consulting - Kuala Lumpur

2011-12-23T08:12:00.004+08:00

Vacancy @ Alfalah Consulting : www.alfalahconsulting.com
Services for international clients: consulting, training and conference services on Islamic finance, wealth management, business, management and professional & personal development.

Location: Kuala Lumpur
Posts:
1) Business development specialist
2) Marketing & PR specialist
3) Consultant & trainer
Qualification:

-- Candidates should possess excellent tertiary qualification from any field of study related to business, management, accounting, finance, Islamic finance, Islamic wealth management, Syariah, IT etc.

-- Fresh university graduates with CGPA of 3.0/4.0 and above are encouraged to apply.

-- Determined, detail-focused and results-oriented, with strong initiative for developing effective solutions to problems or situations.

-- Well-organized, constantly maintaining energetic, positive and inspiring outlook within the team.
-- Tactical, strategic and proactive – anticipates and takes initiative.
-- Highly disciplined, responsible and honest, with strong personal integrity and high personal standards for quality.
Pls submit your resume/cv to: hr@alfalahconsulting.com

Beautiful place - A reflection of Mount Moran (USA)

2011-12-23T07:48:00.001+08:00

A reflection of Mount Moran on the Snake River Grand Tetons National Park, Wyoming (USA).

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Consultant/trainer: www.ahmad-sanusi-husain.com
Consulting/training: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com

Mevlana Mosque - Rotterdam Netherlands

2011-12-23T00:42:00.000+08:00

Mevlana Mosque
Rotterdam
Netherlands

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Consultant/trainer: www.ahmad-sanusi-husain.com
Consulting/training: www.alfalahconsulting.com
Islamic investment: www.islamic-invest-malaysia.com