Often I hear statements like … ‘Why is it that most investment options are haram.‘ Or ‘In Islam everything is haram and we don’t have an option.’
The answer to this is very simple …. because the modern day economic system is not based on Islamic shariah principles but on riba, gharar and lack of moral restrictions and therefore most of the financial products and instruments it offers are not congruent with the Islamic values.
Muslims should keep in mind that this system has not been designed and developed based on shariah principles and hence it is bound to be non- shariah compliant.
Unfortunately, we as a community have not been able to develop the alternates based on our choices and religious preferences. Due to which all that we are left with as options are these non-compliant sources of investment.
We have already been very slow and lax when it comes to such issues. There is a misconception amongst many Muslims that being righteous means living the life of a hermit and not pursuing wealth. Infact earning wealth through halal means has been encouraged.
So the need of the hour is to recognize the importance of such alternatives and to demand them from our scholars and leaders.
This has to be done in phased manner.
First and foremost we have to acknowledge that it is haram. We need to understand rather than question.
As Allah Swt says in the Quran .
ذَٰلِكَ بِأَنَّهُمْ قَالُوٓا۟ إِنَّمَا ٱلْبَيْعُ مِثْلُ ٱلرِّبَوٰا۟ ۗ وَأَحَلَّ ٱللَّهُ ٱلْبَيْعَ وَحَرَّمَ ٱلرِّبَوٰا۟
………That is because they say, “Trade is [just] like interest.” But Allāh has permitted trade and has forbidden interest. ( Al Baqarah 2:275)
Only, when we recognize a problem that we can seek its solution.
Once we have done that we take steps to create awareness and search for solutions. We should write and talk to the reputed local mufti, ulema and religious education centers, ask them to provide alternatives, raise our voices with the political leaders for providing enabling laws to suit Islamic finance, engage with professionals in the field of Islamic finance, organize seminars and lectures with them to create awareness even if in small groups, educate the younger generation about the prospects of a career in this developing and upcoming field of Islamic finance.
Remember, the needs and requirements of the community will have to be fulfilled from within the community itself, we have to identify the gap areas raise our voices with the concerned to provide alternates.
So let each one of us try to do our part and begin with educating ourselves and creating awareness about this very important aspect of our life.
May Allah guide us all towards the right path. Ameen.
