Azmeen Rasheed
@AxmeenR
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Islamic Banker | Islamic Economics | Sharia Advisor | Lawyer | Let's Talk about Reforming Financial Sector |
Maldives
Joined March 2016
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Pinned Tweet
Rationale Behind Late Penalty Clause in Islamic Financial Contracts Visualized via an Infographic.
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Islamic Banking from the eyes of a conventional Banker.
A short story. 📖
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To all my friends, colleagues, people I know and all citizens of Maldives afflicted with Covid.
I pray that you never have to see the inside of a Medical Facility ever.
May the effects be mild and give all of you a speedy recovery.
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Umar bin Abdul Aziz, the then Ruler of Islamic Empire eradicated poverty within a span of two years with an effective tax rate of 2.5% per annum.
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Islamic banking from the eyes of a Learned Scholar.
A comprehensive story. 📚
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As a Practitioner, The following are the issues I have encountered in the Maldives' Islamic Banking and Finance Industry.
Thread/
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How does a nation rich of land, resources and in a strategic location with 20 million people go bankrupt?
The people sat back, looked in awe at the development via debt finance , that was taken through engineered consent.
Thread/
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It's about time someone said this.
Waiving off fines completely rewards delinquent behavior.
Defer it. Delay it. Pay in installments. But waive off? No.
Frustrating to those law abiding businesses who pay taxes on time.
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Effects of Interest based Loans on Society
Interest/Riba based Conventional Loans have a deeper impact on the community, below are a few negative impacts directly caused by such loans which Islamic Financial System seeks to provide a remedy.
[THREAD]
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I've been studying this phenomenon.
The 'critics' of Islamic Banking and Finance.
We have seen prominent bankers, Islamic financial professionals criticize Islamic banking.
Why though?
The Figure sums up the findings.
Let me explain. Thread/
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Do you how know many people depend on the income of that corner shop near your house.
How many depends on the income of that little Sai Hotaaa. That taxi driver. That construction worker. That labourer.
They will all go hungry. Please don't force a lockdown. It isn't the same.
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A tale of 6 (Six) siblings.
Meet Ziya, he and his 5 siblings recently inherited a 700sq/ft land in Male' City. Having no means for the construction, the land has an ancient single storey building which all of them have fond memories growing up.
Times have changed now. +
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To maintain a decent lifestyle in Male', a family requires approximately MVR 60,000.00 or USD 4,000.00.
If you, as a public official, receive this amount, consider those who live on minimum wage before deciding on any salary increments for yourself.
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Normalize Women stating their Dowries in;
1. Actual Gold - which appreciates value overtime
2. Crypto Currency / NFTs
3. Shares and stocks - which generates yearly dividends
4. Actual Tangible Assets
5. Partnerships / Ownership of businesses
Etc; which gives them real wealth.
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Punishment for Rape under Islamic Law
There are a lot of cliches about how there is no punishment for the crime of Rape under Islamic Law. And indication that Islamic Law is inadequate to address modern social issues.
Is it so?
Let us go to the definition of Rape.
THREAD
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Come. September 26, 2022.
A Historical moment.
3,000 families granted land from gulheefalhu and Hulhumale'.
Instant millionaires the recipients are they said.
Let's take a walk through the process.
Start/
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As we approach Ramadan and begin fasting, we must take a moment to reflect and think about ourselves.
How privileged are we? We get to eat food in abundance. Nothing's amiss.
Let us give thanks and share what we have.
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How much can you relate to the story? Because if it does, means Islamic Banks need an Overhaul.
Stay tuned for the Next story.
Islamic Banking from the eyes of the Learned Scholar.
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Analysis of The Ayah of Hijab, in Surah Al Ahzab, chapter 33, verse 59, as a deterrent to rape.
The Ayah was sent down to a multi cultural, multi faith and ethnic society.
There were;
1. Independent free women;
2. Slaves;
3. Women of different religions;
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You want to change existing Islamic finance system. Become the person to change the status quo. Not side with the bankers and it's established norms.
We need to devise separate norms for Islamic banks. Not bend rules to fit in.
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National Health Insurance Scheme - Aasandha reveals that they have spent over MVR 16 billion within the last ten years since it's inception.
What does that tell you about the health of a nation of 400K population?
Public health crisis?
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I am neither for or against any particular group of people. What I am is, Pro-Sharia.
I believe Sharia encompasses all solutions to the problems faced by humanity.
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Let's talk numbers.
The government loses MVR 57,290,000/- per month totalling to MVR 171,870,000/- with the decision to increase the grace period of Hiyaa Flats for another 3 consecutive months.
That is the cost of this decision.
Who bears this burden?
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How "Islamic" are Islamic banking products in the Maldives? 🌙
Thread/
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Hiyaa Flat agreement is formulated in a way that is Sharia Complaint. This is a huge step forward by
@hdcmaldives
.
Imagine all those people having received the flat only to be forced to a conventional Riba loan for monthly payment. As is the case for previous flat agreements.
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King Forex Scheme taught us one thing above all. That crowd funding and consortium finance would work and the masses are desperately in need of a secure and safe investment platform that provides them with attractive returns.
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Modern Banking system and its connection to Jews. 🏦
Thread/
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I've been asked whether the students loans as offered by
@bankofmaldives
is Sharia Complaint or not.
Is it?
For starters, I would strongly advise taking on debt unless necessary even if it's totally interest free.
[THREAD]
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If you want to spot a wealthy person. Look for his style. Simple. Elegant and consistent. Maintains it, without changing.
Anyone who shows off is simply living on borrowed currency. Either inheritance, loans or ill gotten.
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Thank you all for those who texted, called and wished well. I am a firm believer in the power of Dua. Know that your prayers kept me going. It helped more than you can think of.
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Born into Male' privilege, acquired a high-income skillset, an intellectual, held lofty high paying government positions, well connected and allegedly built two successful businesses.
Yet, despite these, accumulated MVR 7+ million in debt.
A very interesting case study, indeed.
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I sell a product.
For you to purchase my product, you have to fulfill certain criteria, you also need to disclose a lot of personal and private information for me to know whether you meet the criteria.
Despite this being absurd, I make billions in profit.
I am a bank.
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Unpopular Opinion: PCR testing in Maldives can be done free of charge.
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Scholars are experts only in the interpretation of the sacred texts and law, which is why a religious ruling on a matter can only be deduced via consultations from the professionals. Neither the scholar nor the professional can give a standalone ruling.
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I've been asked a lot of queries regarding this. Let me make it clear.
'Gedhoruveriyaa' loan scheme is not Sharia Compliant as it is now.
But it can easily be made compliant. How?
Why not allow people to build their houses under Islamic Finance! As of now the below scheme is not Shari'ah Compliant!
#EliminateRiba
#IslamicFinanaceFirst
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Abdul Al-Rahman ibn Awf, (May Allah be pleased with him) - One of the Sahaba among the 10 promised paradise.
Emigrated twice in his lifetime.
One to the present day Ethiopia, when life became unbearable under the then existing rule of Quraish.
Two, to Medina.
[Thread]
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Islamic Empire that lasted a millennia was the Epitome of Civilization.
Do you want to know why they were able to reach such heights of Power and Technology?
They were masters of Science, Philosophy, Mathematics, Law and garnered knowledge wherever they could find it.
[Thread]
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We need housing policies to be formulated with proper research and assessment, as it's the most sensitive issue directly linked to election pledges.
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As Riba is explicitly forbidden, it was unlikely for any sane Muslim to subscribe to the services of the bank.
Not because they are aware of the debt traps.
But because they believe in divine inspirational guidance and strongly adhere to their faith.
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The conventional Banker, sinister as he, looks around the community and finds that many do not wish to be considered bankable.
He ponders to himself.
How can I get these Muslims to opt for banking services?
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I'll be blunt and say this.
The lender always have a degree of control/power over the borrower.
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Islam encourages productivity, wealth creation and business growth.
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If Zakath cannot be enforced on the same level as Tax, then there is no need for statues that merely entertain the reader.
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We have 200+ scholars in Maldives. But the average person has nothing academic to cite for their academic research.
There should come a time, where they should be able to cite academic references detailing implications and proper applications from the text of Quran and Sunnah.
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Join me tonight in Club House and be sure to ask your most controversial questions. Let's have a frank discussion.
The Sheikh will be talking about Riba and it's affects. I'll talk about the technical aspects, practical application and future prospects of Islamic Finance.
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When you open up a loan scheme that is contrary to the established belief of the natives, then you aid in marginalizing a segment of the population.
@MoNPHImv
At the very least, the choice of choosing Islamic Facility should be there. Especially when the whole system is in place.
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Islamic banks need to start realizing the immense economic power of global Muslim population, once they do, they would know, compromising on core values and mirroring conventional banking products ain't worth it.
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When you become the smartest person in the room and has little power or authority to influence the people in the room, then it's time to leave the room.
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BML Personal Financing Facility via BML Islamic.
Amount: upto MVR 1.2 million
Tenure: 5 years
Rate: 15%
Equated Monthly Payment: MVR 28,547.82/- (approx.)
Total Income required to be qualified for full amount: MVR 100,000/- equivalent monthly or more.
Collateral: NA
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#LetsTalkNumbers
MVR 85 million in Zakath collected for the year 2021, which is a YOY increase, yet number of people below pverty line increases.
Something to do with how the fund is managed perhaps?
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How wealthy would you consider one who uses all his time to make money yet neglect life's little pleasures. Perhaps smile at your spouse. Play with your children.
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Private companies should not gamble the lives and health of it's staff just to maintain their profits.
Maximizing shareholder revenue as the sole focus is thing of the past now.
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What would be the costs of a public referendum?
@ElectionsMv
Say. 70 million.
What is the opportunity cost of the 70 million?
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The norms of the society have changed to such an extent that those who strive to resort to halal means are considered the odd one among us.
Halal means of income, halal relationships and halal food are difficult to attain.
Nonetheless, halal is how blessings are attained.
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Home Construction Loan Vs Istisna' Islamic Financing Facility
Suppose you have a plot of land and wish to construct on it, but have no means and are forced to the only option of bank finance.
[THREAD]
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As an Islamic Banker, I've literally sanctioned hundreds of millions of Rufiyaa (MVR) construction projects over a span of six+ years.
Most of them were under the concept of Istisna'.
Thread/
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Individuals who have been allocated Hulhumale' phase II land, might find immediate prospects for its utilization.
Especially given the established infrastructure such as roads and other essential services.
This might seem like a big win at first.
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Science is an explanation of how things work and not why things exist.
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So we have a health crisis which triggered and economic crisis and our solution to avert this are resorting to heavy borrowings which could lead to a potential financial/debt crisis.
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The "Haze" as a begining of something far worse.
Remnants of continuous industrial pollution on a unprecedented scale have travelled thousands of miles via air currents to affect Maldives, also classified as the paradise on earth. +
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What they really required was access to finance, and possibly at a cheaper rates that would have provided a solution to their housing issue, and the flats be given to people with no land or title to their name.
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How does the introduction of other currencies lessen our reliance on the dollars (USD)? 💵
A step by step explanation.
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2016 - Maldives Center for Islamic Finance was materialized.
2021 - It was dissolved.
Let's talk issues. Why?
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Practice Pilates as an alternative to Yoga, contains all benefits of yoga, while removing its controversial elements.
As a secondary benefit, It maintains stability within the nation and prevents further divide and chaos.
Less tax payers money to be spent on law and order.
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MIB increases the USD limit from 100 to 250 amidst talks of BML lowering it. This is part of their MiB9 benefits for routing salary via MIB account.
އެމްއައިބީން ރުފިޔާ ކާޑަށް ބޭނުންކުރެވޭ ޑޮލަރު ލިމިޓު ބޮޑުކޮށްފި
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National Day: Three brothers from the islands (RT) restored the Sovereignty back to Maldivians.
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Five years into Law practice in the Maldives, and having training in both Sharia Law and Common Law separately in different jurisdictions.
I give you three KEY observations.
Thread/
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What if I told you that you have been given access to a powerful tool that materializes everything you ask for?
Yes.
It is Dua.
During this Ramadan, aim to ask for your heart's desires.
The best of this world and the next.
And see it materialized.
In one form or the other.
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Two years, and Afghans currency is stronger and is able to repay its debt obligations.
"We are a nation dignified, given glory by Islam, and whenever we try to seek this glory/dignity other than Islam, we will be faced by humiliation".
Today
@shakirjalaly
, an Islamic financial expert is appointed as the head of Afghan Mille Bank.
If he can abolish the interest system prevalent in the banking sector, perhaps we maybe able to see the rise of Afghanistan as an economic world power.
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You guys want to change the Financial Sector. Become self sufficient.
Come! let's be enlightened together and demand a real change to the system. I will be going live in an hour or so.
ALI GE LOANAH VAA GOTHAKEE
-------------------------
by Uz. Azmeen Rasheed
⏰ 16:00 | In sha Allah
🗓 27 June 2021 | Sunday | Today
HALAL FINANCE EP - 01
Join:
Follow us on:
🌐
↗️
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Little over 50 years ago, homosexual tendencies were considered mental illnesses and it was treated via psychological conditioning.
Today, those who are against it are considered having a psychosocial disorder and subject to the same treatment towards it's acceptance.
THREAD /
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How many of you earn considerable amounts as income and yet towards the end of the month, retain nothing.
How many of you live unfulfilled lives regardless of your income capacity and material wealth?
Perhaps you might want to stop and question your process of earning?
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Land owners who have acquired Giraavaru Falhu plots have come together to establish a unified entity via a Viber group.
This collective effort holds potential to introduce significant transformative dynamics.
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The idea is not to have multiple small mosque scattered everywhere. This enables sectarianism and divide. The idea is to have one big mosque, multi storey, (10 floors, multi purpose,) per neighborhood where everyone can meet five times a day or more, get to know each other.
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We can already be classified as a Welfare state.
We don't need election pledges promoting more welfare.
Rather, we need to transition from asking for necessities to voting for policies.
It should be a contest of policies. And the methodology of achieving it.
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Banks build their whole businesses in making us indebted to them.
The more we are indebted , the profitable the banks are.
#IslamicBanks
destroy this debtor/creditor relationship and establishes Investor relationship. You will not be indebted. You are a partner to the bank.
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The month of Ramadan yields the highest ROI in comparison to all other months of the year.
It is the season of Harvest.
It is the time of Investment.
You invest with your time and effort.
The returns are in the form of ultimate currency for the hereafter, Savaab / Rewards.
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Islamic banking from the eyes of the banking Executive. The Manager.
A continuation of the story. 📜
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Keeping your funds in an Islamic bank account yields profits less than that of Zakath payment required on the funds.
There is absolutely no reason to keep funds invested in a bank account.
Islamic Banks need to do better. In terms of providing better profit rates.
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How many are there with the necessary skillset and expertise but lack capital to bring about something wonderful to the society? Perhaps provide required solutions.
We need more finance houses and investment firms to fill the gaps left by the banks.
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Throughout the history of the Maldives, women have been active contributors to the economy. They did so without compromising the Islamic values.
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Beautifully said.
Recurrent expenditure should not be financed on deficit or debt.
ޤައުމީއުފެއްދުންތެރިކަމުން ލިބޭ އެއްޗަކުން ނޫން ގޮތަކަށް މަޖިލިސް ކިޔެއްކުރަން، ސިފައިން، ފުލުހުން، ޑަކުޓަރުން، ނަރުހުން، ޓީޗަރުން، ފަނޑިޔާރުން އަދި ކާތިބުންގެ މުސާރަވިޔަސް ބޮޑު ކޮށްފިނަމަ، ދިރިއުޅުން ފަހިވުމުގެ ބަދަލުގައި ޑޮލަރު އަގުބޮޑުވެ ރައްޔަތުންގެ ޖުމްލަ ޙާލަތު ދާނީ ދަށަށް
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Muslims dominated the world for a millennia after it's advent. If their laws are as barbaric as it is portrayed today, they wouldn't have established and flourished. They were at the pinnacle of civilization when Europe was at the dark ages.
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Age of Maturity under Islamic Law
Much debate and discussion has been going on about the Age of Maturity, as to when a child becomes and adult and thus be capable of marriage.
When is the person or a child considered mature?
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The conventional Banker, now happy that his plan worked. Scoffs at the Muslims.
He thinks he fooled them.
Tricked them into taking finance, where the products though in essence are different, yields the same results.
Similar pricing. Same profits. Similar end.
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Among the many Islamic Financial products offered by Islamic Financial Institutions in Maldives, Murabaha is the simplest and the easiest one for the masses to understand it's modus operandi.
[THREAD]
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What shall we call it? They pondered.
1. Interest free banking
2. Commercial banking
3. Halal banking
4. Islamic Banking
Whatever the nomenclature is, how are we going to establish one?
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Islamic Legal System recognized the medical sciences available at the time of the prophet and admitted their usage for establishing paternity 1400 years before the advent of DNA.
Let that sink in.
Why are we denying the usage of established medical practices today?
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There are two ways a company can raise money to undertake it's projects.
1. Equity financing
2. Debt financing
Equity financing requires to sell a portion of the company's shares that would raise the required capital to undertake the desired business venture or expand. +
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There is virtue in living within the means.
The current development model based on debt is unsustainable.
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After all, his shareholders doesn't care if it's called interest or profit or rent.
As long as the quantifiable amounts are the same, in fact, increase with the increase in new customers. They are happy. They want to maintain the status quo.
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If you really do want to increase your wealth, and ensure it remains blessed. You need to structure your transactions with the established Principles of Sharia.
END/
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Digital banking is not to be confused with online banking services.
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He asks them.
If this is non halal, how can we make it halal?
"Surely there must be something you can do?"
We need them to be civilized. It's medieval to carry cash around now. Consider it's adverse effects. Muslims need banking as much as banks need them.
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Having sole freehold rights to a plot of land equivalent to 1,000 sq/ft or more in the greater Male' area makes you a millionaire in Maldivian context.
In that perspective, giving away 3000 plots of lands is essentially creating three thousand (3000) millionaires.
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We need to have a robust Fatwa council,
@MVIaffairs
take on each sensitive matter prevailing in the society and do a through research whereby they detail every instance to provide a solution to the masses, to follow. It would limit religious discord.
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The banker knows that no amount of self interest, personal benefits would appeal the Muslim into becoming bankable as per his principles.
Muslims view it as remnants from the colonial era. An era bygone.
The banker starts his elaborate schemes.
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