Islamic banking, Islamic finance, or Sharia-compliant finance is banking or financing activity that complies with Sharia and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah, Wadiah (safekeeping), Musharaka, Murabahah (cost-plus), and Ijara (leasing).
Sahih Muslim is a 9th-century hadith collection and a book of sunnah compiled by the Persian scholar Muslim ibn al-Ḥajjāj (815–875). It is one of the most valued books in Sunni Islam after the Quran, alongside Sahih al-Bukhari. Sahih Muslim is also one of the Kutub al-Sittah, the six major Sunni collections of hadith of the Islamic prophet Muhammad. It consists of approximately 7,500 hadith narrations across its introduction and 56 books.
Riba is an Arabic word that can be roughly translated as "usury", or unjust, exploitative gains made in trade or business under Islamic law. Riba is mentioned and condemned in several different verses in the Qur'an. It is also mentioned in many hadith.
Muhammad Taqi Usmani SI, OI, is a Pakistani jurist and a leading scholar in the fields of Qur'an, Hadith, Islamic law, Islamic economics, and comparative religion. He was a member of the Council of Islamic Ideology from 1977 to 1981, a judge of the Federal Shariat Court from 1981 to 1982, and a judge in the Shariat Appellate Bench of the Supreme Court of Pakistan from 1982 to 2002. In 2020, he was selected as the most influential Muslim personality in the world. He has been conferred the title of Shaykh al-Islām for his knowledge in Islamic studies. He is considered a leading intellectual of the contemporary Deobandi movement, and his opinions and fatwas are widely accepted by Deobandi scholars and institutions worldwide, including the Darul Uloom Deoband in India. Since 2021, he has been serving as the Chairman of Wifaq ul Madaris Al-Arabia. His father, Shafi Usmani, was the Grand Mufti of Darul Uloom Deoband and migrated to Pakistan with his family after the partition of India in 1948.
Muhammad Rafi Usmani was a Pakistani Muslim scholar, jurist and author who served as the President of Darul Uloom Karachi. He was an alumnus of Darul Uloom Deoband, University of the Punjab and the Darul Uloom Karachi. He authored books including Ahkām-e-Zakāt, Al-Tālīqāt al-nāfi'ah alā fath al-mulhim, Islām mai aurat ki hukmrāni and Nawādir al-Fiqh. He was a syndicate member of the University of Karachi, vice-president and a member of the executive council of Wifaq-ul-Madaris. His brother Muhammad Taqi Usmani is also a senior scholar.
Khilafat o Mulukiyat is a book written by Abul Ala Maududi in October 1966 as a refutation of the book, The Caliphate of Mu'awiyah and Yazid by Pakistani scholar Mahmood Ahmad Abbasi.
Murabaḥah, murabaḥa, or murâbaḥah was originally a term of fiqh for a sales contract where the buyer and seller agree on the markup (profit) or "cost-plus" price for the item(s) being sold. In recent decades it has become a term for a very common form of Islamic financing, where the price is marked up in exchange for allowing the buyer to pay over time—for example with monthly payments. Murabaha financing is similar to a rent-to-own arrangement in the non-Muslim world, with the intermediary retaining ownership of the item being sold until the loan is paid in full. There are also Islamic investment funds and sukuk that use murabahah contracts.
Muḥammad Shafī‘ ibn Muḥammad Yāsīn ‘Us̱mānī Deobandī, often referred to as Mufti Muhammad Shafi, was a Pakistani Sunni Islamic scholar of the Deobandi school of Islamic thought.
Ma'ariful Qur'an is an eight-volume tafsir (exegesis) of the Quran written by Islamic scholar Mufti Muhammad Shafi (1897–1976). Originally written in Urdu, it is the most prominent work of its author.
Profit and Loss Sharing refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Muslims subscribe to. Mudarabah (مضاربة) refers to "trustee finance" or passive partnership contract, while Musharakah refers to equity participation contract. Other sources include sukuk and direct equity investment as types of PLS.
Ijarah,, is a term of fiqh and product in Islamic banking and finance. In traditional fiqh, it means a contract for the hiring of persons or renting/leasing of the services or the “usufruct” of a property, generally for a fixed period and price. In hiring, the employer is called musta’jir, while the employee is called ajir. Ijarah need not lead to purchase. In conventional leasing an "operating lease" does not end in a change of ownership, nor does the type of ijarah known as al-ijarah (tashghiliyah).
The bibliography of Muhammad Taqi Usmani includes books, translations, commentaries, articles written by Pakistani Muslim jurist and scholar Muhammad Taqi Usmani. Usmani is an authority in Islamic finance, law and scholarship.
Tauzeeh Al-Qur'an Asan Tarjuma Quran is a three-volume tafsir (exegesis) of the Quran written by Pakistani Islamic scholar Mufti Taqi Usmani. The book was originally written in Urdu and has been translated into at least two languages, Bengali and Hindi.
Islam and Modernism is a book originally written in Urdu by Pakistani scholar Taqi Usmani on Islam and modernity. The original title is "Islam aur Jiddat Pasandi". Two years later it was translated into English with the title Islam and Modernism. It was first published in 1990. In this book the author discusses many western issues that have been brainwashing Muslims for a long time. He is not against progress per se, but believes that common Western practices have nothing to do with material and industrial progress. It gives a logical idea of Islamic law and also describes how people have tried to change it to suit themselves in the past and also in the present. The book challenged the modern mindset with logical arguments. It gives a meaning to modernism and discusses how Islam encourages modernism. In this book, the author has also presented that, in the name of progress and modernity, the terrible fitnah of anti-Islamic beliefs and destruction of character that is engulfing the world, is actually stupidity and backwardness. It has discussed modernity, science, industrial revolution, Jihad etc. with Islam. The author has done considerable research to compile situations from the past to make his argument comprehensive. The book is foreworded by the author himself.
Deobandi fiqh is a school of Islamic jurisprudence that is based on the Hanafi school of Islamic law. It is associated with the Deobandi movement, which originated in India in the late 19th century and has since spread to other parts of the world, particularly in South Asia. Deobandi fiqh emphasizes a strict adherence to the Quran and the Sunnah, and seeks to ensure that all aspects of daily life are guided by Islamic law. It places a strong emphasis on the principles of fiqh, or Islamic jurisprudence, and is known for its strict interpretation of Islamic law. It also emphasizes the importance of Islamic ethics and morality, and emphasizes the need for Muslims to lead a pious and virtuous life. Deobandi fiqh has had a significant influence on Islamic education and scholarship, particularly in South Asia and among the global South Asian diaspora. It plays a foundational role in the judiciary of Afghanistan. It has also been associated with various Islamic political movements and has been a subject of controversy and debate within the Muslim community.
I'la al-Sunan is a work that aims to clarify the role and importance of hadiths in the Hanafi school of Islamic thought, particularly in response to criticisms from the Ahl-i Hadith movement in India. Zafar Ahmad Usmani, the author, dedicated over twenty years to crafting the book, which includes more than 6,100 hadiths and their sources, along with evaluations of their chain of transmission and text. Ashraf Ali Thanwi, Usmani's teacher, entrusted him with the task of writing the book. In addition to its scholarly value, I'la al-Sunan also addresses contemporary issues and opposes certain movements, such as the Qadiani movement and efforts to make interest halal. The book has received praise for its objective evaluation of the opinions of the schools of Islamic law.
Usul al-Ifta wa Adabuhu is a guide to the principles and etiquette of issuing fatwas in Islamic law, authored by Taqi Usmani, a Pakistani scholar and former judge of the Federal Shariat Court and the Supreme Court of Pakistan. The book is considered one of the primary textbooks for advanced Fiqh students and is widely used in Islamic seminaries. It covers various aspects of fatwa, including its definition, types, and conditions for issuance, as well as providing guidelines for those seeking fatwas and the role of the mufti in the process. Drawing on a variety of sources, including the Quran and the teachings of Islamic scholars and the Prophet's companions, the book provides a thorough overview of the subject matter, including the history and development of Islamic jurisprudence and the importance of adopting a particular school of thought.
The Noble Quran: Meaning With Explanatory Notes (2007) is a two-volume translation of the Quran, authored by Pakistani Islamic scholar Taqi Usmani. Usmani served as judge of the Sharia Appellate Bench of the Supreme Court of Pakistan. In addition to the original Arabic text, the translation includes brief English explanatory notes. It is the first English translation of the Quran authored by a traditionalist Deobandi scholar.
Takmilah Fath al-Mulhim bi-Sharh Sahih al-Imam Muslim is a six-volume Arabic commentary on Sahih Muslim, authored by Taqi Usmani. It serves as a supplement to Fath al-Mulhim bi-Sharh Sahih al-Imam Muslim, a work initially written by Shabbir Ahmad Usmani, who completed three volumes before his demise. Taqi Usmani commenced writing this scholarly work in 1976, inspired by his father, Shafi Usmani, to carry on and complete the unfinished endeavor. After an 18-year journey, he finalized the book in 1994, earning widespread recognition for its quality. The commentary covers essential topics, including fiqh, justice, politics, economics, social policy, morality, virtues, and other aspects of Islamic teachings. Taqi Usmani's work is particularly known for its analysis, incorporation of diverse languages, inclusion of biographies, fiqh methodologies, and relevant fiqh rulings, making it a reference for both students and scholars alike.
