Today, we only have You.

Assalamu 'Alaikum

Today, we only have You.

We scream for help but the wind drowns our voice

We cry many tears but the rain washes them away

We try and live with our sorrow but the pain does not go

We only have You dear God, make them hear us.

The Egyptian Revolution.m4v

Can Islamic finance save the world economy?

Islamic finance & world economy

View more presentations from Zahid Aziz.

When Risk is Four Letter Word (The Edge, Malaysia January 17 2011)

My Say : When risk is a four-letter word

Written by Zahid Aziz  Monday 17 January 2011

This article appeared in Forum page of The Edge Malaysia, Issue 841, Jan 17-23, 2011

The objection of Islamic Syariah to riba has never been about the size of the interest charged. It is also not confined to consumption loans; it is prohibited also to investment loans.

Investment loans, isn’t that a misnomer in the first place? How could an investment be a loan, and how could a loan be an investment? That is the objection of Syariah to riba, an investment cannot be a loan, and a loan cannot be an investment. But we have accepted the fraud and spun it that a loan is an investment without question. For how else could we have agreed to a guaranteed return to someone who has lent us capital?

When risk is a four letter word

Assalamu ‘Alaikum

When risk is a four letter word

The objection of Islamic Syariah to riba has never been about the size of the interest charged. It is also not confined to consumption loans; it is prohibited also to investment loans. Investment loans, isn’t that a misnomer in the first place? How could an investment be a loan, and how could a loan be an investment? That is the objection of Syariah to riba, an investment cannot be a loan, and a loan cannot be an investment. But we accepted the fraud and spun, that a loan is an investment without question anymore.

Excerpt on Shaikh Imran Hosein’s writing on “The Importance of the Prohibition of Riba in Islam”

Assalamu 'Alaikum

Excerpt on Shaikh Imran Hosein’s writing on “The Importance of the Prohibition of Riba in Islam”

(Imran N. Hosein

Shaykh Imran Hosein was born in the Caribbean island of Trinidad in 1942 from parents whose ancestors had migrated as indentured labourer from India. He is a graduate of the Aleemiyah Institute in Karachi and has studied at several institutions of higher learning including the University of Karachi, the University of the West Indies, Al Azhar University and the Graduate Institute of International Relations in Switzerland.

Kelantan Launches Gold Dinar

Subject: Kelantan Launches Gold Dinar (see below)
From: zahid aziz (zaziz@hotmail.com)
Sent: Saturday, August 21, 2010 6:20:52 AM
To: mcoba google (mcoba-mail@googlegroups.com)

Assalamu "alaikum,
On the above subject I would like to share my conversation with a batchmate.

Zahid
Class of '72, Sulaiman House

http://zahidsay.blogspot.com/

Assalamu 'Alaikum,

There is a lot of literature on this. I will forward some to you. Its quite complicated but there's truth behind it once you understand it. Basically it is money backed by gold vs money not backed by gold. Money backed by gold theres some discipline and no room for injustices by nations. USD was once backed by gold; now no longer so. they created a situation where USD is international currency and therefore have permanent demand for it. So US govt pay international debts by simply printing more and more USD. This is bad news and will explode soon.

The Emperor Has No Clothes!

America is Insolvent. Why Would China's Rating Agency Rate US Sovereign Debt AA When it is No Better Than Junk?

By Matthias Chang

URL of this article: www.globalresearch.ca/index.php?context=va&aid=20176

Global Research, July 19, 2010

For all intent and purposes, the United States is insolvent.

This is not my personal assessment but that of world renowned “experts” and economists, and financial institutions. Just google “US Debts” and you can find thousands of analysts stating that there is no way that the US can ever pay off its debts. The US cannot even liquidate the accumulated interest on the outstanding debts. The debts are in the trillions!

Risk Managing An Islamic Bank Beyond Fear of Monetary Loss

Assalamu 'Alaikum

A Risk Management Assignment UIAM Postgraduate Studies in Islamic Banking  and Finance by Muhammad Zahid Abdul Aziz

Task

Identify and discuss the concept of risk management described by the following verses of Al-Quran and Hadiths. Based on the concept you have discussed, give the most appropriate definition of risk and risk management of IFIs:

Surah Ta Ha : Verses 115 to 119

Al-Shu’ara : Verses 60 to 63

Surah Maryam : Verses 22 to 25

Hadiths as described below.

 Using the concept and definition of risk and risk management you have developed; draw up a comprehensive Enterprise-wide Risk Management Framework for a typical Islamic Commercial bank operating in a country you are most familiar with its external and internal environment.

An act of God's children

Dear World,
They claim they are God's children ; the rest of mankind aren't. Perhaps thats why they feel they are entitled to massacre unarmed civilians as they have done so many times before.

For how long will ordinary American citizens who probably feel the pain we feel, allow their leaders to be subservient to this despicable regime?!

The Risks of Risk Management

Assalamu ‘Alaikum,

The Risks of Risk Management

A Class Paper on Risks Associated with Islamic Financial Institutions (IFIs) [UIAM]
by Muhammad Zahid Abdul Aziz

In my view the biggest risk associated with IFIs is the risk of non compliance with Syariah. This risk is not just a subset of so many risks faced by the IFI but it is a risk that permeates every aspect of the IFI’s being as an entity. Let’s tackle the issue from the top, the risk of misinterpreting the shape and form of an IFI truly endorsed by Syariah. In our rush to have an alternative Financial System generally and an Islamic Financial Institution in particular we never truly addressed the philosophy, the epistemology and the ontology of the new knowledge we are about to create for it is in indeed a knowledge we are about to create in as much as it is a new financial system.

Riba the Untold Story

Riba the untold story

View more presentations from Zahid Aziz.

School's out

Assalamu ‘Alaikum,

School’s out

It’s been a long while since I had the happy ‘after the exams feeling’. That’s how it was Sunday noon when we dropped pens after the last semester finals paper. We were a motley bunch including Islamic bankers, former Islamic bankers, freshie grads, those who returned to U after a while in the real world, former newspaper journalists, young Sharia scholars and a bunch of practicing lawyers. It had been a tough semester for us this time with no easy ride subjects; all core topics in the development of the Islamic worldview.

ISLAMIC PERSPECTIVES ON THE CONVENTIONAL WORLD ECONOMIC CRISIS

THE CURRENT FINANCIAL CRISIS EMANATING FROM THE FAILURE OF THE CONVENTIONAL ECONOMIC/FINANCIAL SYSTEM HAS CAUSED GREAT DAMAGE TO MANY ECONOMIES. WOULD AN ISLAMIC ALTERNATIVE BE BETTER?

(Author : Muhammad Zahid Abdul Aziz, Director, Muamalah Financial Consulting Sdn Bhd - February 11 2010.

(A term paper for Islamic Economics Msc Islamic Banking & Finance IIUM)

Abstract

The paper will argue that the Western originated subprime crisis is a crisis that emanates from the fundamental flaws in the conventional system. Western analysts writing on it are still missing the point; they do not address the issue of the world view. They do not know what they do not know. Application of the Islamic world view and the resultant Islamic system will heal all the pains. However it’s a gigantic task to get the world to listen and appreciate the Islamic world view. A journey of a thousand miles begin with the first steps.

As far as Sukuk is concerned, the Islamic Financiers will inherit the Western ills for so long as they do not move away from debt Sukuk and focus on the more Shariah compliant equity Sukuk. Sukuk with equity names but decidedly debt features pleases the Sukuk players but contributes naught or little to the achievement of Maqasid AlShariah in Islamic Finance.

Commendable Act but its no saviour

Commendable Act but its no saviour


Introduction

The Central Bank Act 2009 was gazetted on September 3 2009 to replace and repeal the Central Bank of Malaysia Act 1958. The Act create international history as being the first Central Banking Legislation anywhere in the world to openly declare a nation is operating under a dual financial system, conventional and Islamic. Although acknowledged as the country with the most advance and comprehensive Islamic banking and finance legislation, local players understand the complexity, and I daresay, helplessness of the situation they sometimes find themselves in.

Will the real Islamic Finance please stand up

How Islamic finance missed heavenly chance

By John Foster Former editor, Islamic Businesss & Finance magazine

Amid the confusion and consternation of the global financial crisis, Islamic banking had a gilt-edged chance to step into the breach. It is hard to remember amid screaming headlines proclaiming record bonuses for the bankers of Wall Street and the City. But just over a year ago, the conventional financial system was on its knees.

Who will free Aafia Siddiqui?

http://www.khilafah.com/index.php/comment/8572-who-will-free-aafia-siddiqui

An exchange between friends on the church attacks in Malaysia

From: Zahid Aziz <zaziz@hotmail.com>
Date: January 11, 2010 7:01:23 AM SST
To: Khoo Cheng Hean <chkhoo8@gmail.com>
Subject: Re: Global news - 715,000 articles on church attacks in Malaysia.

Dear Khoo,

All right minded Muslims deplore the desecration of all places of worship, no matter churches or temples. We disassociate ourselves with such acts as forbidden by our religion.

However non-Muslims of all faith should also understand the real reason why Muslims abhor the use of the word Allah by Catholics and Christian missionaries.

Is it wrong?

Assalamu ‘Alaikum

Is it wrong?

Is it wrong for me to shun the power crowd and not read or hear distorted news? Is it wrong for me to choose to live in a coccoon to contain my seething anger? Is it wrong for me to choose justice over corrupted largesse? You say you fight for my race but you steal from my country.

Singapore Swing

Singapore Swing

Assalamu ‘Alaikum,

If it’s Tuesday I must be teaching. Heck I don’t know what day it is anymore. I never thought life is going to be so full signing up to be a full time post grad university student. But I forgot the full time lectures are held in part time hours. So hectic is an understatement. Last time I was a student I was a carefree twenty something whose only responsibility in life is to pass exams. Now responsibility is my middle name.

He cannot sing he cannot dance

Assalamu 'Alaikum,

MCOBA: 11124] Fwd: [MCKK64] (unknown)‏
From:mcoba-mail@googlegroups.com
Sent:Sunday, September 13, 2009 3:13:34 PM
To: mcoba-mail@googlegroups.com
---------- Forwarded message ----------From: Hussein Hamid <husseinhamid@y7mail.com>Date: Sun, Sep 13, 2009 at 8:30 PMSubject: [MCKK64] (unknown)To: MCKK64@yahoogroups.com

Saudara,Something I posted about our friend....Anwar Ibrahim - he cannot sing he cannot dance....
Anwar Ibrahim was born in August 1947. Me in October 1947. Two months separates us at birth-enough for me to be able to say that he is older, but possibly two or three lifetimes separates us knowing what he has gone through in his life

Soulful in Seoul

Assalamu 'Alaikum,

Soulful in Seoul

I thought it might have been contrived but it doesn’t appear to be so. They are friendly; at least they try very hard to be. We are quite familiar with Japan and Japanese, we are informed about China and the Republic Chinese but Korea and Koreans are really a mystery to most of us.

The Confusion that is Malaysia

Assalamu ‘Alaikum,

The Confusion that is Malaysia

We strive for certain objectives but we make it unnecessarily difficult for us to achieve the objectives. The classic example is the wish of almost every Muslim parent to have religion abiding children. On top of the Islamic classes at school we send them to extra Islamic schools in the morning or in the afternoon depending on when their regular schooling session is. Coming back from overseas it surprised me that even my two preschool children are offered the option of extra Islamic classes in the afternoon after they have finished their regular school in the morning. It so obvious we wish to imbibe adequate religious knowledge and etiquette in our children so they do not go astray as they approach teenage and adulthood.

"The Greater Sin Is Not A Country Who Do Not Implement Allah's Law ; The Greater Sin Is a Country Whose People Question Allah's Wisdom"

Assalamu ‘Alaikum,

An exchange between friends.

Wassalam,
Zahid



To: classof72@yahoogroups.com
From: zaziz@hotmail.com
Date: Thu, 12 Mar 2009 06:13:53 +0000
Subject: RE: [classof72] He Aint Heavy

Salam Zaki,

Thought you'd say that. Zahid silly me, made the wrong one! :) Truth is my bro you have made the right choice in any party if you uphold Allah's command to implement His Law. It is not compulsory for you to succeed but it is compulsory for you to try.

Conversations with an Academic

Assalamu 'alaikum,

Conversations with an Academic

Musyarakah

Assalamu 'Alaikum

Musyarakah

Joint venture profit sharing goes the English translation. An Islamic equity concept where business partners contribute capital, not necessarily only in cash, not necessarily in equal portions.

The Politics of Arrogance

[MCOBA: 3028] The Politics of Arrogance‏

From: zahid aziz (zaziz@hotmail.com)
Sent:Friday, February 06, 2009 5:32:37 PM
To: mcoba google (mcoba-mail@googlegroups.com); class of 72 _ (classof72@yahoogroups.com)


Assalamu ‘Alaikum

Sir,

I have always thought that politics is about winning the hearts and minds of the people. I didn’t know it is about winning the hearts and minds of the party members, at the expense of the people. Even Abe Lincoln that great father of democracy described his government as the government of the people, for the people and by the people.

The Price of a Belief

Assalamu 'Alaikum

Excerpt from "This Is Probably My Last Message to Malaysians."

From Raja Petra Kamaruddin
18th February 2009

My friends and family want me to leave the country and to seek political asylum in another country. They feel I can still continue with the struggle in a foreign land. But I am against that as much as my wife pleads that I consider this. I am no quitter and I do not run.

War Crimes of a Heinous Regime

(UNRWA SCHOOL IN BEIT LAHIA, GAZA, PALESTINE)

Understanding Zionism & the Origin of the Palestinian conflict

A Synopsis of the Israel/Palestine Conflict

Courtsey of www.ifamericansknew.org

http://www.ifamericansknew.org/history/

For centuries there was no such conflict. In the 19th century the land of Palestine was inhabited by a multicultural population – approximately 86 percent Muslim, 10 percent Christian, and 4 percent Jewish – living in peace.

Zionism

In the late 1800s a group in Europe decided to colonize this land. Known as Zionists, they represented an extremist minority of the Jewish population. Their goal was to create a Jewish homeland, and they considered locations in Africa and the Americas, before settling on Palestine.

Understanding Palestine

"As the Arabs see the Jews" By His Majesty King Abdullah of Jordan

Courtsey of :The American Magazine, November, 1947

Summary

This fascinating essay, written by King Hussein’s grandfather King Abdullah, appeared in the United States six months before the 1948 Arab-Israeli War. In the article, King Abdullah disputes the mistaken view that Arab opposition to Zionism (and later the state of Israel) is because of longstanding religious or ethnic hatred. He notes that Jews and Muslims enjoyed a long history of peaceful coexistence in the Middle East, and that Jews have historically suffered far more at the hands of Christian Europe.

A Crime Against Humanity

UNABATED SAVAGERY: A Palestinian toddler, who was wounded in Israeli shelling, is rushed to Gaza City’s Al-Shifa Hospital on Sunday. (Reuters)

Gaza

Assalamu 'Alaikum,
Received this in my email recently. Lets do it.

Current Financial Crisis and Islamic Economics

CURRENT FINANCIAL CRISIS AND ISLAMIC ECONOMICS

Courtsey of Well Known Islamic Economist Dr. Mohammed Nejathullah Siddiqui

[31 October 2008]

The current crisis emanating from US financial markets and spreading to other developed and fast developing countries like China, India and Brazil, is threatening a global meltdown leaving the entire world poorer and full of forebodings regarding future .

Iqtisad Al Islamy - Introduction to Islamic Economics

Courtsey of Islamic-World.Net


Islam uniquely considers distribution as the economic problem, and Muslims do not share the obsession of capitalists and communists with production. Because Islam differentiates between the basic needs and luxuries, there exists no concept of relative scarcity of resources in Islam.

Islamic banking escapes fallout of global financial crunch

Islamic banking escapes fallout of global financial crunch

Source: AFP

Islamic banking has largely escaped the fallout from the global financial crisis, thanks to rules that forbid the sort of risky business that is felling mainstream institutions.

An Ode To a Friend

Assalamu ‘Alaikum,

An Ode To A Friend

Every so often comes a man who many fail to judge the strength of his conviction. He’s no perfection, he’s full of weaknesses and sometimes display incomplete knowledge on matters of Islam but the honest amongst us will see a glittering beacon of fearlessness in his pursuit of justice and fairness.

Hadiths to Live By

Assalamu 'Alaikum

Hadiths to Live By

Translated From Sahih Bukhari by IslamicCity.com


Narrated Hudhaifa:

Allah's Apostle narrated to us two narrations, one of which I have seen (happening) and I am waiting for the other. He narrated that honesty was preserved in the roots of the hearts of men (in the beginning) and then they learnt it (honesty) from the Qur'an, and then they learnt it from the (Prophet's) Sunna (tradition). He also told us about its disappearance, saying, "A man will go to sleep whereupon honesty will be taken away from his heart, and only its trace will remain, resembling the traces of fire. He then will sleep whereupon the remainder of the honesty will also be taken away (from his heart) and its trace will resemble a blister which is raised over the surface of skin, when an ember touches one's foot; and in fact, this blister does not contain anything. So there will come a day when people will deal in business with each other but there will hardly be any trustworthy persons among them. Then it will be said that in such-and-such a tribe there is such-and-such person who is honest, and a man will be admired for his intelligence, good manners and strength, though indeed he will not have belief equal to a mustard seed in his heart." The narrator added: There came upon me a time when I did not mind dealing with anyone of you, for if he was a Muslim, his religion would prevent him from cheating; and if he was a Christian, his Muslim ruler would prevent him from cheating; but today I cannot deal except with so-and-so and so-and-so. (See Hadith No. 208, Vol. 9)

Mudharabah

Assalamu 'Alaikum

Mudharabah

The icon of pure Islamic banking and the most maligned concept. Fourteen centuries ago a very special young man entered into a business relationship with a widowed noble lady of Makkah. She provides the capital; he buys goods and brings them for trade in Sham (Syria). Profits from the venture are shared based on a ratio as preagreed between them; any and all business losses are borned by the noble lady. The young man, Prophet Muhammad s.a.w, an icon of trustworthiness, captured the heart of the noble lady, Siti Khadijah r.a. She became his wife, and the rest, as they say is history.

Hounding Hudud : the abysmal failure of Muslims to do dakwah

Assalamu 'Alaikum

Hounding Hudud : The abysmal failure of Muslims to do dakwah

Let’s not even begin to discuss the merits or demerits of Hudud. That’s not where we should begin any discussion on Hudud. We need to explore and identify, the world view of the debaters before we begin the debate. If one is well learned, enlightened and knowledgeable on the subject and the other is well, none of the above, we should first focus on bringing that party’s world view up to scratch before commencing the debate. If we are debating the subject of physics we can see the folly of a university professor debating the subject with a sixth former.

Murabahah

Assalamu ‘Alaikum

Murabahah

This is another type of sale, also known as cost plus sale. You buy something then you sell it to some else at cost to you plus a profit margin. It is a rule of Murabahah that you must tell the buyer your cost and profit margin. That’s Islamic transparency for you.

Of Islamic Financing and Abandoned Housing

Assalamu ‘Alaikum,

Of Islamic Financing and Abandoned Housing

You took your little daughter and young wife to the housing site. Nothing there but cranes and a big hole in the ground. But you get all excited; this is the place you’d imagine would be the start of your life as a family, building up happy memories amid much love and fondness. That was 3 years ago. You are now back at the scene. It is still a big hole in the ground, but the cranes and construction workers have long gone.

It is a Sale (Commentary on Bai' Bithaman Ajil Part II)

Assalamu ‘Alaikum,

It’s a Sale ( Commentary on Bai’ Bithaman Ajil Part II)

One really has to grasp the principle or we can get confused and mixed up with a conventional term loan. A conventional loan is a loan of money, the lender is not really concerned what you do with the money, just pay the regular interest or agreed repayments and they are happy. They also do not wish to know what difficulties you are facing, just pay as agreed and let’s get on with our lives, that seems to be the attitude.

And you too, Pet!

And you too, Pet, our prayers are with you.

Our hearts go out to Anwar Ibrahim

Our hearts go out to Anwar Ibrahim. May Allah take care of you my brother. Hasbunallahu wa ni'mal wakil.

Commentary on Bai' Bithaman Ajil

Assalamu ‘Alaikum

Commentary on Bai' Bithaman Ajil

A sale where the payment of the price is deferred. This is the most familiar concept of Islamic Financing so much so it has almost become the de facto definition of Islamic banking in Malaysia. Which is a shame because Islamic Financing is so rich in concepts other than Al Bai' Bithaman Ajil.

Getting familiar with Islamic Financing

Getting Familiar with Islamic Financing

Approved Syariah Concepts for Islamic Economic Transactiions

Primary principles

Deferred-Payment Sale [ Bai’ Bithaman Ajil (BBA)]

A contract that refers to the sale and purchase transaction for the financing of an asset on a deferred and an instalment basis with a pre-agreed payment period. The sale of price will include a profit margin.

The Politics of Being Abroad

[classof72] The Politics of Being Abroad‏
From:zahid aziz (zaziz@hotmail.com)
Sent:Tuesday, May 20, 2008 11:33:19 AM
Reply-to:classof72@yahoogroups.com
To: classof72@yahoogroups.com; melayu_riyadh@yahoogroups.com

Assalamu 'Alaikum,
Nothing ever happens when you’re living in Malaysia but the minute you decide to leave and live abroad all manner of fun takes place. Its like when you were kids straining your eyes at the night sky hoping to glimpse at a shooting star you’ve read so much about but you never see it do you. But the minute you take your eyes of it the heavens blow up like a fire at a fireworks factory.

A Breathe of Fresh Air

[classof72] A Breathe of Fresh Air‏
From:zahid aziz (zaziz@hotmail.com)
Sent:Wednesday, March 12, 2008 10:55:19 PM
Reply-to:classof72@yahoogroups.com
To: melayu_riyadh@yahoogroups.com; classof72@yahoogroups.com

Assalamu ‘alaikum,

To me it was a simple choice. As a Muslim nothing but nothing is separable from Islam. As Muslims we should live and breathe Islam, for what higher title do we hold than to be the Vice Regent of Allah on this Earth. So it’s a foregone conclusion I will support whichever party upholds the command of Islam.

Sukuk in three jurisdictions, Malaysia, Gulf and Saudi Arabia

Sukuk in three jurisdictions, Malaysia, Gulf and Saudi Arabia

When Allah swt declared war on riba humans interpret it as ok to have it fifty fifty. In other words we say it’s ok to begin Islamic banking slowly, let it coexist with conventional banking so that the beauty of Islamic banking will shine through and eventually everyone will convert to it. That’s what we thought and assumed acceptable under Shariah. However a clear interpretation of Shariah does not support such a notion ; what is haram is haram and cannot be condone or allowed to exist in any form or manner.