prophet muhammed on economic justice ppt

8/9/2019 Prophet Muhammed on Economic Justice Ppt

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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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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 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.



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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.


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



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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)



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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



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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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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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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



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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

[email protected]

+1 - 626 - 818 - 0855

+1 - 626 - 255 - 2181

prophet muhammed on economic justice ppt

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