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Welcome Holy Book Banking

By: Camille Paldi

Riba(interest) was prohibited in both Judaism and Christianity long before Islam.

The Qu’ran is just re-stating what the two previous Holy Books have already mentioned.

In fact, many of the economic principles in Islam can be traced back through the Holy Books to the messages expounded by Jesus (p.b.u.h.) and Moses (p.b.u.h.).

God sent down His message at three different times in history to humanity through the messengers Moses (p.b.u.h.), Jesus (p.b.u.h.), and Muhammad (s.a.w.). Moses delivered the message in 1525 – 1405 BC, Jesus in 4BC – 30AD, and Muhammad in 570 - 632 AD.

The deliverance of these messages through different messengers at different times in history was not meant to divide the believing people, however, believers should be unified through the stories of the Book, which correspond and correlate with each other in terms of events, characters, and messages and is in fact a continuation of the same story through different periods of time and history.

He has ordained for you in the Faith what He had enjoined upon Noah and what We have revealed to you and what We had enjoined upon Abraham and Moses and Jesus, saying: “Establish the Faith, and be not divided in it” (Qu’ran 42:13).

The core concept in Islam and Islamic finance is Risalah, which entails to heed all of God’s messengers equally and without differentiation.

Currently, Islamic finance is solely based around the teachings of Prophet Muhammad (p.b.u.h.).

By failing to acknowledge the relevance of the Bible and Torah to the teachings of Islam and incorrectly acknowledging Risalah, Muslim academics have misled Islamic economics into a narrow development focusing solely on the primary and secondary sources of knowledge derived solely from the Qu’ran, completely ignoring the first two Divine messages sent through Moses and Jesus to the detriment of the development of Islamic finance and banking.

In Islam, “the individual is perceived to be the vice-regent of God on earth, a khalifah, to fulfill the expected duties in their social, economic, financial and other behaviours in order to make their decisions through a moral filter” (Asutay). The moral filter is supported by the Qu’ran and Sunnah, the Shari’ah, Fiqh, and Risalah.

You are only here because God allowed you to be here and you are merely an extension of God’s will.

Fulfil your assigned task here on earth before returning home.

I believe that this notion of serving God’s will and acting according to a divine code of moral conduct strikes resonance with all of the brothers and sisters of the Holy Book.

Chapra explains that “He has sent His guidance to all people at different times in history through a chain of His Messengers including Abraham (p.b.u.h.), Moses (p.b.u.h.), Jesus (p.b.u.h.), and Muhammad (p.b.u.h.)... Thus, there is a continuity and similarity in the basic worldview and value system of all Revealed religions.”

The mission of all of the Prophets including Moses (p.b.u.h.), Jesus (p.b.u.h), and Muhammad (s.a.w.) was to perform tazkiyah (purification plus growth) of an individual in her relationship with God, with other people, and with the environment, society, and the state. This purification process would lead to the purification of the capitalist system into a moral economy.

“As khalifas of God…the freedom of human beings is bounded by moral values to ensure not just their own well-being but also the well-being of all God’s creatures. When the angels realized at the time of man’s creation that he was going to be God’s khalifah on earth with freedom to act on his own initiative, they had an apprehension that this freedom might lead him to corrupt the earth and to shed blood (Qu’ran, 2:30).

To help them avoid such a fall, God has Himself provided them with the second precious asset, which is the guidance sent by Him to all human beings and nations at different times in history through a chain of His Messengers.

The purpose of this guidance is to assist them in managing their affairs in this world in a way that would help ensure the well- being of all in harmony with their mission as khalifas of God. Their freedom is, therefore, within the bounds of the guidance provided by Him.” (Chapra)

It is time for the mutual and concerted effort by all the people of the Book, Jewish, Christians, and Muslims to work together under the principle of Risalah in the new movement of

HOLY BOOK BANKING.

“Well, I don't know what will happen now. We've got some difficult days ahead. But it doesn't really matter with me now. Because I've been to the mountaintop. I don't mind. Like anybody, I would like to live - a long life; longevity has its place. But I'm not concerned about that now. I just want to do God's will. And He's allowed me to go up to the mountain. And I've looked over. And I've seen the Promised Land. I may not get there with you. But I want you to know tonight, that we, as a people, will get to the Promised Land. So I'm happy, tonight. I'm not worried about anything. I'm not fearing any man. Mine eyes have seen the glory of the coming of the Lord.” Martin Luther King Jr.