Date post: | 29-Jan-2018 |
Category: |
Business |
Upload: | mohammad-yunus-md-facp |
View: | 930 times |
Download: | 0 times |
SOME OF THE IDEAS PRESENTED IN THIS
BOOK
Founder of Grameen Bank in
Bangladesh, introduced microcredit.
Innovative banking program provides small loans to
poor people specially women to start their own
business
In the past 30 years, microcredit has spread to all
the continents and has helped 100 million people
and lifted them out of poverty
Now, he has pioneered the idea of social business
This idea takes vibrancy of business to tackle the
problems of poverty, pollution, healthcare and lack
of education.
CAUSES OF PRESENT FINANCIAL CRISIS
Greed,
Exploitation of society (by creating
needs, advertisements, interest based loans etc)
Profit driven businesses regardless of its ill effects
on the society ( alcohol, gambling, porn)
Inequality in opportunities
Unchecked individual liberties
Excessive indulgence in non affordable luxuries
SPIRITUAL
1- Purpose of life is Ibadah.
2- Whatever you have is from and belongs to Allah (SWT) and is an amanah.
3- Whatever is in your hand is going to end and whatever is with Allah (SWT) is going to last for ever.
4- You are going to be tested in different circumstances ( poverty and affluence).
5- No one will die before getting the last part of sustenance destined for him/her.
6- So, do not have prioritize this material world neglecting your hereafter.
ISLAMIC GUIDELINES RELATED TO PRACTICAL
LIFE
1) Macroeconomic System – the
economics of states
2) Microeconomic System – the
economics of individual households
GUIDING PRINCIPLES AT STATE LEVEL
1) Macroeconomic
System
(These guidelines also apply at
family level since family is like a
mini state)
AIM #1
RIGHT OF EVERY PERSON TO HAVE BASIC
NECESSITIES
118 "There is therein (enough provision) for
thee not to go hungry nor to go naked" 2642
119"Nor to suffer from thirst nor from the sun's
heat.
Surah Taha 20:118-119
1-SIMPLE LIVING AND AVOID EXCESSES AND
SPENDING BEYOND MEANS
eat and drink: but waste not by excess for
Allah loves not the wasters. Araaf 7:31
DO NOT BE SPENDTHRIFT
And render to the kindred their due rights as (also) to
those in want and to the wayfarer: but squander not
(your wealth) in the manner of a spendthrift.
Verily spendthrifts are brothers of the Evil Ones; and the
Evil One is to his Lord (Himself) ungrateful.
Bani Isarael 17:26-27
ISLAMIC ECONOMIC SYSTEM
1) Simple LivingProhibits luxuries and indulgences specially if these
are beyond your means.
Do not get loans unless absolutely necessary
Rich will contribute surplus to relief of poor
Poor will not be tempted to imitate the rich
2) FORBIDS LENDING OF MONEY ON INTEREST
Those who devour usury will not stand except as stands one whom the
Evil One by his touch hath driven to madness. That is because they say:
"Trade is like usury but Allah hath permitted trade and forbidden usury.
Those who after receiving direction from their Lord desist shall be
pardoned for the past; their case is for Allah (to judge); but those who
repeat (the offence) are companions of the fire: they will abide therein (for
ever).
276 Allah will deprive usury of all blessing but will give increase for
deeds of charity: for He loves not creatures ungrateful and wicked. Al
Baqarah 2:275-276
RIBA OR INTEREST BASED TRANSACTIONS ARE LIKE
DECLARATION OF WAR AGAINST ALLAH (SWT) AND
HIS PROPHET (SAW)
O ye who believe! fear Allah and give up what remains of
your demand for usury/interest if ye are indeed believers.
If ye do it not take notice of war from Allah and his
Apostle: but if ye turn back ye shall have your capital sums;
deal not unjustly and ye shall not be dealt with unjustly.
Al Baqarah 2:278-279
WHY IS RIBA/INTEREST FORBIDDEN?
To prevent accumulation of wealth in few hands
To prevent gradual crippling of poor
To narrow the gap between haves and have not.
3- ZAKAT- RIGHT OF THE POOR
So establish regular Prayer and give regular Charity: and
obey the Apostle; that ye may receive mercy. An Noor 24:56
4- ISLAM DISCOURAGES HOARDING OF MONEY
AND BUKHAL ( MISERLINESS)
Make not thy hand tied (like a miserly person) to thy neck nor
stretch it forth to its utmost reach so that thou become
blameworthy and destitute.
Verily thy Lord doth provide sustenance in abundance
for whom He pleases and He provides in a just measure: for He
does know and regard all His servants.
5) ENCOURAGES VOLUNTARY CONTRIBUTIONS
TO CHARITY
It is not thy responsibility to make them follow the right path;
But Allah guides whomsoever He pleases. And whatever of
wealth you spend, the benefit of it will be for yourselves, for,
you spend not but to seek the favor of Allah. And whatever of
wealth you spend, it shall be paid back to you in full and you
shall not be wronged (2:272)
CHARITY WILL BRING EXPIATION OF YOUR
SINS
If ye disclose (acts of) charity even so it is well but if ye conceal
them and make them reach those (really) in need that is best for
you: it will remove from you some of your (stains of) evil. And
Allah is well acquainted with what ye do
Al Baqarah 2:271
ISLAMIC ECONOMIC SYSTEM
5) Encourages voluntary
contributions to charity
To provide relief for poor
Care for others
GUIDING PRINCIPLES FOR MANAGING
FAMILY FINANCES
Men and Women are equal in Islam
Created from the same species:
“He has made for you mates of your own kind” (42:12)
E.g. spiritual capacity, reward in the hereafter, rights to education
ECONOMIC PEACE IN THE HOUSEHOLD
Islam recognizes men and women have been created differently, and their roles are different:
Financial burden of household falls on men
Women responsible for future generation of mankind
WOMEN IN ISLAM
Honors women Priority – husband and children May work Financial responsibility not her
obligation May contribute to upkeep of
household Example of Khadija (RA).