[drgshmcm]

Click here to see full Fatwa against paper money and 'Islamic Banks'

The "Islamic Bank" is a completely usurious institution used as a means to lure the Muslim who still reject the banks to enter in the banking system. The "Islamic Bank" is a Trojan horse in Dar al-Islam.

Note: a warning against the Modernist Movement and the allowance of usury

The inspiration behind the Modernist Movement is said to have been Jamal-ud-Din al Afgani (1839-1897), its brain was Muhammad 'Abdou (1845-1905) and the one who extended it was Rashid Reda (1865-1935). It appeared as a rejection of the colonialism, but their emotional rejection of the West was accompanied by a deep and not discriminated admiration of the West. This movement is responsible for the introduction of a false teaching that said banking and insurance transactions are not usury and are allowed in our Muslim community.

Muhammad 'Abdou because of his position - he was posted as Shaykh (Director) of the renowned University of Al-Azhar by Lord Cromer, Brithish Governor of Egypt - was the most damaging of all. His first fatwa as Shaykh al-Azhar was: "interest in saving funds is allowed". He wrote (5th of Dec. of 1903):

"The stipulated usury is not permisible in any case; whereas the Post Office invest monies taken from the people, which are not taken as loans based on need, it would be possible to apply the investment of such monies on the rules of a partnership in commendan"

("Al-Manar", vol. VI, part 18, pag. 717)

The door to the using of the banks and their banking money was therefore opened. The basis of the "Islamic Bank" had also been delineated by which the interest can be considered as if it were part of parnership in qirad.

Muhammad Rashid Reda was the founder of the magazine "Al-Manar" distributed around all the Muslim World. He participated in the same circle of people as Lord Cromer and 'Abdou. He opposed the traditional position of the Madhhabs to impose his own opinions. He also bitterly opposed the traditional Sufis. His opinions are clearly exposed in his writing:

"There is nothing in our religion which is incompatible with the current civilisation, especially those aspects regarded as useful by all civilised nations, except with regard to a few questions of usury [riba] and I am ready to sanction [from the point of view of the Shari'a] everything that the experience of the Europeans before us shows to be needed for the progress of the state in terms of the true Islam. But I must not confine myself to a school of law, only the Qur'an and the authentic Hadith" ("Al-Manar", vol. XII, p.239)

"Except with regard to a few questions of usury [riba]" What he meant by a "few questions" is for example that he saw nothing wrong with taking up a life insurance policy ("Al-Manar", vol. XXVII, pag. 346, also vol.VII, pags. 384-8, and vol. VIII, pag. 588). He also decries the jurists' misuse of Qiyas to extend to the area of prohibition on taking interest on capital and suggests that the taking of interest on monies left in the bank or post office does not come under the prohibited usury. ("Al-Manar", vol. VII, pag. 28).

The teaching of this people or other people who use their arguments in their judgement have to be rejected. With it the restoration of the traditional fiqh that clearly forbids usury in all its forms.

[drgshmcm]

This is important with regard to the Ikwani Muslimeen (modernists) and can be discussed further in this thread if people wish.