ISLAM- a deeper perspective

BySyed Ashraf Husainashraf.h13@fms.eduF-140FMS 2011-13 batchISLAM- a deeper perspectiveAGENDAAshraf, Aug 2012Islam- An Abrahamic religionAshraf, Aug 2012IslamIslam = peace, submissionMuslim = submitterNot Mohammedanism

An Abrahamic Religion- A direct continuation of Judaism and IslamMuslims are strict monotheists. They believe in the Judeo- Christian God, who is called by the name Allah. Muslims believe that the Torah and the Bible, like the Quran, is the word of God. Peoples of the BookAshraf, Aug 2012Abrahams GenealogyABRAHAMSARAHHAGARIsaacEsauJacob12 Tribes of IsraelIshmael12 Arabian TribesAshraf, Aug 2012The Prophetic TraditionAdamNoahAbrahamMosesJesusProphet MuhammadAshraf, Aug 2012The Prophet & The QuranA historical perspectiveAshraf, Aug 2012The ProphetHis backgroundAn orphan of a noble, but not well-to-do, family that lived in Mecca.His father died before his birth. His mother died when he was six. His uncle raised him.He was known for being honest and truthful before prophethood.Worked as a shepherd and later as a trader Married his first wife Khadija, and the mother of his surviving children, when he was 25. She was 40.Ashraf, Aug 2012The ProphetHis prophethoodIn 610, he received his first revelation at 43. These revelations were compiled later into the Quran; the holy book of MuslimsThe nobles of Mecca refused his call, ostracized and persecuted him and his followers.After 12 difficult years, he immigrated in 622 to Medina whose people welcomed him.In Medina, he was a prophet and a statesman.In 633, he died in Medina after 11 years at 63Islam would rapidly spread in the next few years across the worldAshraf, Aug 2012The QuranThe revelation of God to MuhammadIt has been preserved as revealed 14 centuries ago.It consists of 114 chapters of various lengths. In Arabic, it numbers about 604 pages.The translation of its meaning is available in English, Urdu, Hindi and most of the worlds languages.However most commentators believe the translations loose meaning and context

Ashraf, Aug 2012The QuranAppeals to the mind to reflect on creations and the creatorGlad tidings for the believersAdmonitions to the non-believersStories of previous messengers of God such as Noah, Abraham, Isaac, Moses, Jesus, Mary, etc.Rulings on social and commercial issues.

Ashraf, Aug 2012Essential Muslim BeliefsAshraf, Aug 2012The Five Pillars of IslamShahada Witness:There is no God but The God (Allah) and Muhammad is the Prophet of GodSalat Prayer, five times every dayZakat alms giving to the poor and needySawm(Roza) fasting, sun-up to sun-down during month of RamadanHajj Pilgrimage to Mecca (at least once in a Muslims life, if able)

Ashraf, Aug 2012Key BeliefsAshraf, Aug 2012One God (Allah)Spiritual beings:Angels, Jinn and the Devil (Iblis, Shaitan)Prophets & Messengers:Adam, Abraham, Moses, David, Jesus, MuhammadHoly Books:Torah, Psalms, Gospels, QuranDecrements (destiny) Inshallah (if God wills)End Times (eschatology)Resurrection, Judgment day, Heaven & Hell

These beliefs are key to understanding how ethics flow in the world.Diversity of IslamSects & sub beliefs

Ashraf, Aug 2012The World of Islam

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The Divisionshttp://en.wikipedia.org/wiki/Islamic_schools_and_branchesAshraf, Aug 2012Islams Two BranchesSUNNI:85-90% of MuslimsLeadership by consensus (of Muhammads followers)No organized clergy; author- ity from below to aboveLiteral interpretation of the Quran (apparent meaning)Majority status throughout duration of the caliphateSHIITE (SHIA):10-15% of MuslimsLeaders only descended from family of MuhammadAuthoritarian: guidance from Imams (above) to belowLeadership determines (hidden) meaning of QuranOppressed, tragic minority: greater emphasis on martyrdom, and use of dissimulation (taqiyyah)Ashraf, Aug 2012The Great SplitResulted partly from pre-Islamic tribal customs: age and wisdom respected, leaders chosen by shuraMuhammad died in 632 A.D. without a male heir or a designated successorAbu Bakrs selection as first caliph by Prophets small inner circle went against tribal consensus, alienated Alis followersUthmans selection as third caliph after Umar reflected ongoing Mecca-Medina tribal rivalryAli eventually becomes fourth (and last rightly-guided) caliph, but challenged by Muawiyah and assassinated by KharijitesDeath of Ali and his son Hasan leads to transfer of caliphate to Damascus, start of first Muslim dynasty (Umayyads)Tragedy of Yazids massacre of Alis son Husayn at Karbala in 680 A.D. marks beginning of Shiism as a religio-political movementAshraf, Aug 2012Divisions Within SunnismFour schools of Islamic law (madhhab):Hanafi: oldest, most liberal and flexible of the schools; founded in Iraq; introduced legal opinion based on analogy (qiyas); concentrates more on juridical opinion and less on tradition; its 400 million adherents are concentrated in Central/South/Southeast Asia and TurkeyMaliki: founded in Medina; produced the first law manual; focuses on ahadith and emphasizes living legal tradition; its 50 million followers located mainly in North and West Africa, Persian Gulf, Upper Egypt Shafii: founded in Iraq, this school concentrates on the scientific interpretation of law; defined community consensus (ijma) as the strongest of the four roots of law, since it determines how other three are used; 100 million adherents are in the Levant, SE Asia, E. AfricaHanbali: smallest and strictest, most conservative of the four schools; rejects consensus and only follows the Quran and tradition; basis of reforms by Ibn Taymiyya and Muhammad ibn Abd al-Wahhab, and still influences Salafis and radical Islamist movements today; its 12 million followers are the Wahhabis of Saudi Arabia and QatarAshraf, Aug 2012Divisions Within ShiismDifferences over hereditary succession of Imams:Zaydis (Fivers): differed with most Shia in that any descendant of Ali could become imam, not just descendants of Ali by Fatimah (Prophets daughter); named for Zayd bin Ali, grandson of Husayn; closest to Sunnis since they do not regard their imams as more than humanIsmaelis (Seveners): recognize an unbroken chain of imams down to present, but focus adoration on seventh in the line, Ismail (not recognized by majority as an imam); early Ismaelis were revolutionaries who attacked, assassinated Sunni political and religious leadersDruze (Unitarians): offshoot from Ismaelis centered on the Fatimid caliph al-Hakim, who believed he was a divine incarnation and cosmic intellect; followers believe al-Hakim went into seclusion to test their faith, return to restore justice in the world; have own scripture and lawIthna-Asharis (Twelvers or Imamis): Majority of Shiite community, believe that imamate succession ended in 874 A.D. when 12th Imam went into seclusion; he will return as a messianic figure (the Mahdi) at the end of the world to restore the Shiite community to its rightful place, usher in a perfect Islamic society where truth and justice prevailAshraf, Aug 2012Sufis the Mystics of IslamNot a sect, but a spiritual orientation in both branchesAdherents are introspective, highly spiritual people who seek to attain inner ecstasy, self-enlightenment, and emulate the Prophets own example of frugality and self-disciplineArose in opposition to social trends in the early expanding Muslim empire such as opulence, overindulgence in worldly pleasures, excessive emphasis on legalism, and pageantryFaith in God experienced through meditation, chanting, selfless love for others, self-denial, and pilgrimage to shrines of past Sufi mastersWere not respected by many traditional ulema (Islamic scholars), and reformers such as Wahhabis/Salafis still consider them to be outside the Muslim faithAshraf, Aug 2012More about Islam-Key issuesAshraf, Aug 2012FestivalsEid-ul-fitr & Eid-ul-Adha are the most important festivals

Eid-ul-fitr is the celeberation after a month of fasting

Eid-ul-Adha is the festival of sacrifice. s

Muharram is not a festivalCentral to ShiaismAlso recognized by Sunni Islam

Ashraf, Aug 2012The Muslim legal code ShariaConsists of the following components:Rulings mentioned in the QuranPrecedents in the life of Muhammad as it explains and complements the Quran in more details- Sunna & HadithOpinions (fatwa) of Muhammads prominent companions.Opinions of previous jurisprudentsOpinions of contemporary scholarsImportance of majoritynsensus

Ashraf, Aug 2012Shariah - CoversCrime: theft, murder, slanderTransactions: buying, selling, interestFamily Law: marriage, divorce, inheritanceWarfare: treaties, civiliansRitual: how should I pray, do pilgrimage?Pleasing God: what acts please or dont please God?Boundaries of Community: what makes you Muslim or not?

Ashraf, Aug 2012Aims of the ShariahThe 5 rights that the Shariah seeks to protect:LifePropertyHonorReasonReligion

Its a way to live your life. Shariah is optional & fatwas are just opinions of scholars

Countries with Shariah as law have their own interpretations of Shariah which need not be similar.Ashraf, Aug 2012Types of Actions2. Required (wajib): ex. five daily prayers

1. Recommended (mandub): ex.extra charity

0. Permitted (mubah): ex. wearing a blue dress instead of a green one

Disliked (makruh): not returning the greeting of another person

Prohibited (haram): drinking alcohol, Ashraf, Aug 2012ProhibitionsHalal (permissible) and Haram (prohibited)No eating of pork (other dietary regulations = halal)No gamblingNo intoxicantsNo usury (charging or paying interest on loans) (the rich shall not profit from helping the poor)Ashraf, Aug 2012What about Jihad?Word means Struggle not Holy WarInner: spiritual and moral struggle between good and evilOuter: struggle to maintain proper social setting according to Gods willStruggles in the Holy LandPalestinian vs. Israeli, not Muslim vs. Jew (political, not religious)

At times solidarity because of feeling of injustice and oppressionAshraf, Aug 2012WomenRespected and Protected by MenModest dress for both men and womenHijab differs from culture to cultureHeavy cover and veil not a religious requirement

Right to vote (citizenship)Right to inheritRight to work, earn and keep her own moneyRight to keep her own name in marriageRight to initiate divorceRight to refuse additional wivesFemale infanticide outlawed

Islam historically gave women more rights than any other religion or state.Ashraf, Aug 2012How do we apply Quran and Sunna? The First two CenturiesQuranSunna InterpretationPrinciples applied in reasoningTexts to be followed literallyPartisans of ReasonQuran Reliable hadithRulings of CompanionsBest judgment

Partisans of Hadith:QuranReliable HadithRuling of CompanionsWeak hadithanalogyCompanionsAshraf, Aug 2012Case Study: The Hand of a ThiefQuranic Verse: The thief, male or female, cut off their hand in retribution for what they have done, an exemplary punishment from God, for God is mighty and wise (Quran 5:38). Hadith: Do not cut off the hand of the thief for less than dinar Companion Ruling: Umar suspended the punishment during famine (aims of the Shariah)Madhhab Difference: Hanafis say no amputation for the theft of any food or substance that was licit to begin with, such as animals or vegetablesMitigation: some argue that punishment for theft cannot be established without two confessions; its reported that Umar and Abu Darda would encourage the accused to deny the charge, then handle the problem privately.

Ashraf, Aug 2012Islamic FinanceThe growthAshraf, Aug 2012Islamic financeThe Islamic law (Shariah) prohibits taking or giving interest (Riba) which is the most essential feature of Islamic banking Profit sharing and fee-based financing approaches have developed in compliance with Shariah laws. These special modes of financing have emerged in retail, private and commercial banking for debt and capital markets, insurance, asset management, structured and project financing, derivates, etc.Ashraf, Aug 2012PRINCIPLES OF ISLAMIC FINANCE Prohibition of Interest

Risk sharing

Social Mission

Prohibition of speculative behaviour

Sanctity of contracts

Shariah-approved activities.

Ashraf, Aug 201236Consequent Prohibitions Riba, which is taking or giving of interest Masir, which is involvement in speculative and gambling transactions Gharar, which is uncertainty about the terms of contract or the subjectmatter, e.g. prohibits selling something which one does not own Investment in businesses dealing in alcohol, drugs, gambling, armaments, etc. which are considered unlawful or undesirableAshraf, Aug 2012Timelines

Ashraf, Aug 2012Major Developments

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Modern PerspectivesIslamic Finance and the world aheadAshraf, Aug 2012Rise of the extremistsOriginal thinkers builtdon the ideas of Ibn Taymiyya and Abd al-Wahhab (1920s-1960s): Abul ala Mawdudi, Hasan al-Banna, and Sayyid QutbCharismatic publicists apply, expand on and redirect earlier radical Islamist thought (1980s to present): Muhammad abd al-Salam Faraj, Abdullah Azzam, Ayman al-Zawahiri, and Osama bin LadenInstigating events 1979 was a key year: - Iranian revolution brings Khomeinis militant theocracy to power, gives hope to Shia and Sunni Islamists everywhere - Soviet invasion of Afghanistan ignites regional jihad and plants the seeds for its global expansion Dispersion of mujahidin, durability of madrassas, and widespread receptivity to radicals distortions of the faith will ensure that violence will continue Ashraf, Aug 2012Final Opportunities & (Threats)The global Muslim population is 1.6 billion people.

Opportunity in consumption & purchasing behaviour

Huge market exist for Halal products, Islamic finance.

Tread lightly for religious sensibilities can be easily upset. Its a different standard & allow for the diversity

May you live in interesting timesAshraf, Aug 2012Thank youSuggested Readings: Karen Armstrong, Wikipedia, Upton on Islamic Finances , Muslims investAshraf, Aug 2012Alternative Approaches to Corporate GovernanceDecision-makingBasisManagedcorporationmodelSociallyresponsivecorporationIslamic corporategovernanceLegal concept offirm: decision makingBy whom?CEO and seniormanagementExecutive andsupervisoryprocessesShuratic decision makingprocess:consultation andConsensus seekingEconomicconcept of firm:decision-makingfor whom?Maximize profitsMaximize shareholdervalueStakeholdersInstitution ofHisba

Role of mutasibAccountingconcept of firm:decision-makingwith whatresources and towhom isaccountabilitydue?Financialgovernance byshareholders andsuppliers offinanceCorporateresponsibilityTriple bottomline: economic,social andenvironmentalaccountabilityShariahsupervisionprocessReligious audit4 September 201249