prophet muhammed on economic justice ppt
TRANSCRIPT
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Prophet Muhammad (s) onProphet Muhammad (s) onEconomic JusticeEconomic Justice
A Review of The Islamic Economic System
that Changed the World
By: Dr. Yahia Abdul-Rahman
[email protected] 626-255-2181
Sunday March 16th, 2003
The Islamic Center of S. California
434 S. Vermont Ave, L.A., CA
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The Islamic Economic SystemThe Islamic Economic System
JUSTICE:JUSTICE:
Al-Nisaa (4) vs. 58, Al-Maida (5) vs. 8,
Al-Anaam (6) vs. 152, Al-Nahl (16) vs. 90
THE FOUNDATION:THE FOUNDATION:
1. Prepare the Individual Through Firm Belief in God andEmulation of Prophet Muhammads Example
2. Instilling the Values of Halal & Haram in the Individual
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The Islamic Economic SystemThe Islamic Economic System
Self Policing by Applying the Teachings of the HolySelf Policing by Applying the Teachings of the Holy
Quraan and The Sunnah:Quraan and The Sunnah:
1. The Qur1. The Quraan:aan:
Qaf Chapter (50) vs. 16 to 18, Taha Chapter (20) vs. 7
2. The Sayings & Example of The Prophet (s):2. The Sayings & Example of The Prophet (s):Faith is What is Entrenched Deeply in ones heart and
is Manifested by ones deeds.
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The Islamic Economic SystemThe Islamic Economic System
The Five Pillars of Islam
1. Shahada Pronouncement of One God and the Prophet Muhammad is
His Final Prophet.
2. Salah - Prayers
3. Siyam Fasting
4. THE ECONOMIC SYSTEM that Includes: Zakah,Miraath (inheritance) & The Riba-Free System ofTransactions
5. Hajj Pilgrimage to Makkah for those Who Can Afford To.
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New Trends That Captured The
Imagination of The People of Madinah
Protection of Property Rights & Title of Ownership
Originators of the Free Market System, later popularized
by Adam Smith. Originators of the Concept of Insurance (Takaful or
Mutual Benefit & Protection.)
Originators of Labor Rights Payment Before WorkersSweat Dries (Prophet Muhammad S)
Prohibition of Hoarding (Ihtikar), Misrepresentation ofFacts About Products & Services (Fraud, Cheating and
Forgery) and Transparency.
The Islamic Economic SystemThe Islamic Economic System
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1. Money Is Not a Commodity. It Also Does Not Reproduce. It Only
Grows When Used in an Economic Activity. Money Is Measuring
Device.
2. Wealth Should Be Circulated Within the Community by Investing It
to Help Develop the Community in Order to Create Jobs, Economic
Growth and Prosperity.
3. The Islamic System of Economics, Finance and Monetary Theory Is
Based on Three Important Pillars :
Wealth and property (Assets) are God's properties.
Man (male/female) are appointed as its trustees and custodians.
The system of "Zakah" or "alms" giving. The system of "Miraath" or inheritance.
The Islamic Economic SystemThe Islamic Economic System
CONCEPTSCONCEPTS
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Behavior & Life Style
Live Below / Within Your Means:Live Below / Within Your Means:
Wasting, Extravagance and Overspending is the
Work of satan Al-Araf Ch. 7 vs. 31
Greed, Miserly and Love of Money is Also Not
Accepted. Al-Furqan Ch. 25 vs. 67
Signs of Gods Gifts & Blessings to Man (M/F) Should
be Expressed and Enjoyed Within Reason
The Islamic Economic SystemThe Islamic Economic System
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Pillars of The Economic System:
1. Miraath Inheritance
Trickle-Down Economics. Al-Hashr, Chap.59 vs. 7
Detailed Distribution Rates Among Heirs
Al-Nisaa Chap. 4
Restriction on Changes in The Will Limited
to 1/3 But Without Interfering With TheEstablished Ratios
Every Muslim Should Have A Will/Living
Trust. (Prophet Muhammad S)
The Islamic Economic SystemThe Islamic Economic System
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Pillars of The Economic System:2. Zakah The Purification of Ones Assets:
Sources: Designed to Encourage Investing
1. Savings2. Investments
3. Assets Outside What is Necessary
Applications: 8 Outlests (12.5% Each)Al-Taubah Ch. 9 vs. 60
1. The Poor (Fuquaraa)
2. The Needy (Miskeen)
3. The Collectors & Administrators
4. New Reverts to Islam &/or Candidates for Revert
5. The slaves to Gain Their Freedom
6. The Heavily Indebted.
7. The Way of God
8. Wayfarer Refugees & Travelers
The Islamic Economic SystemThe Islamic Economic System
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RibaRiba--Free BankingFree Banking
WHAT ISWHAT IS RibaRiba??
RibaRiba:: Renting Money (Interest)Renting Money (Interest)
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WHAT IS RIBAWHAT IS RIBA--FREE BANKING?FREE BANKING?CREDIT IS A BASIC HUMAN RIGHTCREDIT IS A BASIC HUMAN RIGHT
Socially Responsible Ethical Banking
Asset-Based Financing A Commodity, Tangible Asset &/or
Service Must Change Hands Investments in Specific Activities
Community Development
Discrimination Is A Sin
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1. The Foundation1. The Foundation FaithFaith
All Abrahamic Faiths Prohibited RibaAll Abrahamic Faiths Prohibited Riba
Riba in Jewish Faith www.LARIBA.com
Passage in Exodus, chapter 22, verses 24 26,
Rabbinical Teachings: Bava Metzia, Chapter 5,
Mishna 2,
Talmud (Bava Metzia 70b 71a),
Moses Maimonidies, in his great Jewish legalcode (Laws of Loans, chapter 5, law 2)
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1. The Foundation1. The Foundation FaithFaith
All Abrahamic Faiths Prohibited RibaAll Abrahamic Faiths Prohibited RibaRiba in The Christian Faith
www.LARIBA.com
Exodus 22:25,
Leviticus 25:35-37, Deuteronomy 23:19-20,
Nehemiah 5: 1-13,
Psalm 15Proverbs 28: 8,
Ezekiel 18:5-18,
Habakkuk 2:6-7, Luke 6:27-36
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1. The Foundation1. The Foundation FaithFaith
Sources of Islamic LARIBA BankingSources of Islamic LARIBA BankingSocially Responsible Ethical BankingSocially Responsible Ethical Banking
Riba in The Islamic Faith www.LARIBA.com
Islamic Ethics is Derived from Shariaa
(Islamic Jurisprudence), Derived from:
The Holy Quraan (Chapters 2,3,4 & 30.)
The Sunna; Body of Customs and Practices of AllProphets and Prophet Muhammad (s).
Islamic Law.
Conscience of the Individual If answers notAvailable.
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MONEY
Paper Money & The Islamic Currency
The US DollarThe Euro
The British Pound
The Japanese Yen
THE GOLD DINARTHE GOLD DINAR
The Islamic Economic SystemThe Islamic Economic System
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The Gold DinarThe Gold Dinar
FIAT MONEYFIAT MONEYGOLD DINARGOLD DINAR
The Final Leg To Remove Riba From Our LivesThe Final Leg To Remove Riba From Our Lives
Islamic Monetary Laws Are Based Entirely on the BimetallicReference Point. The LaRiba Laws stipulate that Measurements,Zakah, Marriage Dowry, Hudud, Compensation Payments and otherForms of Trade All were Revealed Using Gold and Silver as theStandard. It is an Islamic Obligation to Use the Gold/Silver BimetallicSystem.
The Gold Dinar and the Silver DirhamThe Gold Dinar and the Silver Dirham -- Gold and SilverGold and Silver
As Money:As Money:Gold was used as Money Well into the 20th Century and for at leastTwo Centuries Before. Most Bonds, Including Government BondsWere Gold Bonds. But After WWI Convertibility of Paper Money Into
Gold Was Suspended for the Most Part and Was Finally TerminatedBy President Nixon in 1971.
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The Gold DinarThe Gold DinarThe Dirham and DinarThe Dirham and Dinar were used as the Official Islamic Currency Beginning with
the Second Khalifah Omar Ibn Al-Khattab (634-644 CE.) The Dinar is the Weight
of 22 Karat Gold Equivalent to 4.3 grams and the Dirham is the Weight of Silver
Equivalent to 3.0 grams. He Established the Well Known Standard Relationship
As: 7 Dinars Must Be Equivalent to 10 Dirhams.These were coins used by the
Romans (The Dinar) and the Persians (The Dirham) and the Muslim Authorities
Stamped In the Name of Allah onto the.
The First Muslim CoinsThe First Muslim Coins were struck during the Khalifah Uthman Ibn Affan (644-656CE.)
The First Original Minting of Islamic DirhamThe First Original Minting of Islamic Dirham was done in 695 CE (75 AH) duringthe Khalifah Abdul-Malik Ibn Marwan Rule.
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Price of Gold per Ounce
0 .0 0
1 0 0 .0 0
2 0 0 .0 0
3 0 0 .0 0
4 0 0 .0 0
5 0 0 .0 0
6 0 0 .0 0
7 0 0 .0 0
8 0 0 .0 0
J a n -
6 7
J a n -
6 9
Jan-
7 1
Jan-
7 3
Jan-
7 5
J a n -
7 7
J a n -
7 9
J a n -
8 1
Jan-
8 3
Jan-
8 5
Jan-
8 7
Jan-
8 9
J a n -
9 1
J a n -
9 3
J a n -
9 5
Jan-
9 7
Jan-
9 9
Jan-
0 1
J a n -
0 3
J a n -
0 5
J a n -
0 7
Jan-
0 9
Date
Dollarsp
eroz.O
fGold
Gold Price HistoryGold Price History
The Politicization of GoldThe Politicization of Gold
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Gold vs. US Median Housing Prices
0
1,000
2,000
3,000
4,000
5,000
Jan-
67
Jan-
69
Jan-
71
Jan-
73
Jan-
75
Jan-
77
Jan-
79
Jan-
81
Jan-
83
Jan-
85
Jan-
87
Jan-
89
Jan-
91
Jan-
93
Jan-
95
Jan-
97
Jan-
99
Jan-
01
Jan-
03
Jan-
05
Jan-
07
Jan-
09
Date
oz
.OfGoldper1H
ouse
oz. Of Gold per 1 House Various oz. Of Gold per 1 House $35 Constant
How Much Gold Needed To BuyHow Much Gold Needed To Buy
A House in America?A House in America?
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Gold vs. Rough Rice
0.00
0.25
0.50
0.75
1.00
Jan-
67
Jan-
69
Jan-
71
Jan-
73
Jan-
75
Jan-
77
Jan-
79
Jan-
81
Jan-
83
Jan-
85
Jan-
87
Jan-
89
Jan-
91
Jan-
93
Jan-
95
Jan-
97
Jan-
99
Jan-
01
Jan-
03
Jan-
05
Jan-
07Date
oz.OfGoldfor1cwt.ofRo
ughRice
Per 1 oz. Of Gold Various Per 1 oz. Of Gold $35 Constant
How Much Gold Needed To BuyHow Much Gold Needed To BuyRough Rice (CWTRough Rice (CWT Hundred Wts.)?Hundred Wts.)?
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Gold vs. Live Cattle
0.00
0.01
0.02
0.03
Jan-
67
Jan-
69
Jan-
71
Jan-
73
Jan-
75
Jan-
77
Jan-
79
Jan-
81
Jan-
83
Jan-
85
Jan-
87
Jan-
89
Jan-
91
Jan-
93
Jan-
95
Jan-
97
Jan-
99
Jan-
01
Jan-
03
Jan-
05
Jan-
07
Jan-
09Date
oz.OfGoldfor1LiveC
attle
Per 1oz. Of Gold Various Per 1oz. Of Gold $35 Constant
How Much GoldHow Much Gold Needed to BuyNeeded to Buy
One Pound of Live CattleOne Pound of Live Cattle
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Gold vs. Crude Oil
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Jan-
67
Jan-
69
Jan-
71
Jan-
73
Jan-
75
Jan-
77
Jan-
79
Jan-
81
Jan-
83
Jan-
85
Jan-
87
Jan-
89
Jan-
91
Jan-
93
Jan-
95
Jan-
97
Jan-
99
Jan-
01
Jan-
03
Jan-
05
Jan-
07
Jan-
09
Date
oz.
OfGold
for1Barre
l
ofOil
Pe r 1 oz. Of Gold Var ious Pe r 1 oz. Of Gold $35 Cons tant
How Much Gold Needed To BuyHow Much Gold Needed To BuyA Barrel of Oil ?A Barrel of Oil ?
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Gold vs. Natural Gas
0.00
0.05
0.10
0.15
0.20
0.25
0.30
Jan-
67
Jan-
69
Jan-
71
Jan-
73
Jan-
75
Jan-
77
Jan-
79
Jan-
81
Jan-
83
Jan-
85
Jan-
87
Jan-
89
Jan-
91
Jan-
93
Jan-
95
Jan-
97
Jan-
99
Jan-
01
Jan-
03
Jan-
05
Jan-
07
Jan-
09Date
oz.OfGoldfor1mmBTUofN
aturalGas
Pe r 1 oz. Of Gold Various Pe r 1 oz. Of Gold $35 Cons tant
How Much Gold Needed To BuyHow Much Gold Needed To Buy
Natural Gas (1 Mill BTU)?Natural Gas (1 Mill BTU)?
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THANK YOU
Dr. Yahia Abdul-Rahman
+1 - 626 - 818 - 0855
+1 - 626 - 255 - 2181