The Wonders it did for all Humanity

Islam provided guidance and admonition to individuals in general and to societies as a whole

It gave guidance for human spiritual life and helped him strengthening their ties to God.

Islam originated from Makkah and it bore fruits for Iraq, Persia, India, Austria, Northern Africa, crossing Gibraltar and reached to the distant land of the Iberian peninsula.

With the advent of the Islam world experienced the production of the books, it founded libraries and intellectual centers in the world.

Great architecture and the studies of different subjects of science came into being due to the Muslims and by the Grace of Quran, the master key.

Theological colleges, calligraphy, and textiles were also introduced by Muslims.

“During the Middle Ages, when Europe had sunk to the lowest depths of barbarity, the Arabs excelled all other nations of the earth in sciences and crafts, mathematics, civilization, governance, and other arts. The Educator and Prime Mover of the tribes of the Arabian Peninsula, and the Founder of a civilization of human perfections among those contending clans, was an illiterate Man, Muhammad.” Abdu’l – Baha

By the end of today’s discussion, the state of Islam which originated from mecca and Medina inspired the whole world and it is still inspiring the whole lot. 

In a narration, reported by Thawbān (RA), “Indeed, Allah gathered up the earth for me so that I saw its east and its west; and indeed the dominion of my nation will reach what was gathered up for me from it.”

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Impact of Islam

Islam is the complete version of what Adam, Noah, Abraham, Moses, and Jesus presented to the world by the grace of Allah Almighty. Islam reshaped religion, politics and the whole society in a new and perfect form.

Islam uprooted the injustice, poverty, killings of innocents especially women. It discussed and defined the rights of the men and women in society. And Islam ordered its followers to submit their will to only one God and worship none other than Him and ordered to follow the Prophet Muhammad SAW as the last prophet to mankind.

As discussed Islam focused especially on basic human rights and especially the rights of the women, who were killed before Islam without any reason. 

“When the sun shall be darkened, when the stars shall be thrown down, when the mountains shall be set moving, when the pregnant camels shall be neglected, when the savage beasts shall be mustered, when the seas shall be set boiling, when the souls shall be coupled, when the buried infant (mawudatu) shall be asked for what sin she was slain, when the scrolls shall be unrolled…”

Islam uprooted fornication, adultery, and theft from society, and it turned the society into a peaceful society that was otherwise into wrongdoings and was following the ignorant path. 

To cut the long story short, the state of Islam and the state of Madina impacted human life in a brilliant way that was matchless and still unopposed at out time.

Commonly Islam is considered simply a religion but it is not only a religion. It surely encompasses every aspect of human life. Let it be politics, economics, legislation, science, health sociology and all other fields of human beings. Islam did not preach discrimination on the basis of color, race or class but according to the Quran as is mentioned in Sura Hujrat,

O mankind! Lo! We have created you male and female, and have made you nations and tribes that ye may know one another. Lo! the noblest of you, in the sight of Allah, is the best in conduct. Lo! Allah is Knower, Aware. (Sura Hujrat 49:13)

Islam is very different from what is socialism and capitalism because Islam put the same emphasis on individual as well as the society in general. Islam talks about equality. The capitalist theory focuses on private ownership, on the other hand, Socialist theory talks for state control, both are facing inherent and systematic flaws. 

Islam gives solutions to humanity on each end and the world has seen the society prevalent at the times of Muhammad SAW. The world has seen the rule of Abu Bakar RA, Umr ibn e Khattab RA, Usman e Ghani RA, Abu Bakr RA. Islam had a great impact on the world as a whole.

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The Islamic State of Medina

Human beings from the start of their time tried to develop a system that could help them make their worldly life a better place to live in. For that, it kept on trying to shape and reshape different sets of rules and it also tried to constitute different institutions. A state and a well-developed state was one of the basic institutions he could think of.

The state is not only to provide basic necessities of life but one of its main roles is to protect its people and to provide justice and peace at any cost.

State and Islam

Islam as a religion put great emphasis on the need for a state that is very vital. And the root of its ideology is the oneness of God. All the prophets of Allah tried to help their followers to submit their will to one God, as in Surah- Al A’raf it is mentioned, 

And to ‘Aad , We sent forth their brother Hud. He said: ‘0 my people! Serve Allah; you have no other god than Him. Will you, then, not avoid evil?’ (Quran, 7:65)

The importance of state can be better assessed from the mentioned Dua taught to Muhammad SAW by Allah SWT, 

And Say, “My Lord, cause me to enter a sound entrance and to exit a sound exit and grant me from Yourself a supporting authority.” (Bani Israel:80)

The authority itself in Islam, not the main purpose but it is told in the Quran about those who reigned at the time of Muhammad SAW, the Quran says,

“Those who if we give them power in the land, establish worship and pay the poor-due and enjoin kindness and forbid iniquity. And Allah’s is the sequel of events.” (Quran, 22:40)

State before Islam was just a part of one’s personal life but at the time of Muhammad SAW the concept given was completely changed. According to the teachings of Islam religion is not only a small and personal part of one’s life but a complete code of life in every sense. It dominates and should lead an individual’s life and also it should be the driving force for the whole of society.

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Reasons for the Importance of First 10 Days of Dhul Hijjah

Below we can talk a few motives why each Muslim needs to take the primary ten days of Dhul Hijjah critically and attempt to carry out as many precise deeds as one could to get toward Almighty Allah and earn awesome rewards from Him.

The importance of the primary ten days of Dhul Hijjah is also discussed in the Holy Quran.

Dhul Hijjah is one of the four sacred months noted withinside the Holy Quran. The four sacred months are Dhul Qadah, Dhul Hijjah, Muharram, and Rajab.

The first 10 days of Dhul Hijjah are the maximum advanced days to carry out precise deeds. Ibn Abbas said our Beloved Prophet Muhammad (SAW) stated in certainly considered one among His hadiths: “No precise deeds performed on different days are advanced to the ones performed on those (first ten days of Dhul Hijjah).” Then a few partners of the Prophet (peace and advantages be upon him) stated, “Not even Jihad?” He replied, “Not even Jihad, besides that of a person who does it via way of means of placing himself and his belongings in danger (for Allah’s sake) and does now no longer go back with any of these things.” (Tirmidhi)

In this Holy month, one of the maximum critical pillars of Islam the Hajj takes vicinity wherein Muslims from all over the globe acquire to worship Allah Almighty. Many different deeds also are carried out including voluntary fasts and charity on this blessed month especially in the first ten days of Dhul Hijjah.

On the day of Arafat Islam became perfected as Allah Almighty says in Holy Quran: “This day I even have perfected for you your faith and finished My desire upon you and feature authorized for you Islam as faith.” (Quran,5:3)

Fasting on the day of Arafat forgives sins. Abu Qatadah said that Holy Prophet (SAW) stated: “Fasting on the day of ‘Arafat is an expiation (of sins) for two years, the yr previous it and the yr following it.” (Ibn Majah)

Muslims had been advised to glorify the call of Allah excessively. Known as Takbeer Tashreeq, we need to recite the subsequent after each Fardh salah starting from the Fajr of the ninth of Dhul Hijjah till after Asar of the thirteenth of Dhul Hijjah.

In this holy month, Udhhiyyah (Qurbani) is carried out in remembrance of Hazrat Ibrahim (AS). Qurbani is carried out in 3 prescribed days 10th, eleventh, and twelfth Dhul Hijjah.

In short, allow us to all attempt to boom our prayers and the remembrance of Allah Almighty on those ten blessed days of Dhul Hijjah. We need to fast, especially on the day of Arafat, it isn’t always for folks that are appearing on Hajj because of their hardships at some point in Pilgrimage.

May Allah supply us the energy to do precise deeds withinside the first ten days of Dhul Hijjah! Ameen

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How Important Is The Sacred Month Of Dhul Hijjah

In today’s blog post “How Important Is The Sacred Month Of Dhul Hijjah” we will try to see why dhul hijjah is an important month in the life of the muslims.

The Holy Month Of Dhul Hijjah, Introductory Bullet Points

Dhul Hijjah is the twelfth month of the Islamic calendar.

This holy month has importance because of Pilgrimage

According to our cherished Prophet Muhammad (SAW), the primary 10 days of Dhul Hijjah are a unique time for devotion

For folks that aren’t capable of the tour for the pilgrimage, that is a unique time to recollect Allah and spend more time in devotion and precise deeds.

Hadith Rasool SAW

Abu Hurairah (RA) said that the Prophet (SAW) stated,

“There are no days more loved to Allah for you to worship Him therein than the (first) ten days of Dhul Hijjah. Fasting any day during these days is equivalent to fasting for one year. And to offer Salatul Tahajjud (late-night prayer) during one of its nights is like performing the late-night prayer on the night of Qadr. ” (Tirmidhi)

Allah Almighty will increase His forgiveness on the day of Arafat, as Prophet Muhammad (SAW) stated in certainly considered one among His hadiths: “There isn’t any day on which Allah frees greater human beings from the Fire than the day of Arafat. He comes near and expresses His delight to the angels saying, ‘What do those human beings (the pilgrims) want?’” (Muslim)

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What Is the Accounting and Auditing Organization for Islamic Financial Institutions?

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is a not-for-profit organization that was established to maintain and promote Shari'ah standards for Islamic financial institutions, participants, and the overall industry. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) was created on February 26, 1990, to ensure that participants conform to the regulations set out in Islamic finance.

The founding and associate members, as well as the regulatory and supervisory authorities of the Accounting and Auditing Organization for Islamic Financial Institutions, define the acceptable standards for various functions. This includes areas such as accounting, governance, ethics, transactions, and investment.

KEY TAKEAWAYS

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) oversees Islamic banking to ensure its members follow the rules and prohibitions set forth by Shari'ah law.

In Islamic banking, the collection of interest (riba) is forbidden, and sharing of profits and losses amongst the community is mandated.

Due to the increased role of global finance, and the importance of Arabic and Muslim regions in the world economy, the AAOIFI is constantly updating its best practices and guidelines to adjust for new innovations such as hedging instruments and derivatives.

Understanding the Accounting and Auditing Organization for Islamic Financial Institutions

In Islamic finance, there are unique rules, restrictions, and requirements regarding business and investing. In order to be considered acceptable, transactions must adhere to the principals under Shariah. The Accounting and Auditing Organization for Islamic Financial Institutions sets compliance standards for institutions that wish to gain access to the Islamic banking market.

The AAOIFI is continually updating its scope to include the various new financial instruments entering markets around the world. For example, new hedging mechanisms would first need to be discussed and accepted by the AAOIFI before any member would offer these services.

Islamic Finance Basics

Two fundamental principles of Islamic (shari'ah) banking are the sharing of profit and loss, and the prohibition of the collection and payment of interest by lenders and investors. Islamic law prohibits collecting interest, known as "riba." Although Islamic finance began in the seventh century, it has been formalized gradually since the late 1960s. This process was driven by the tremendous oil wealth that fueled renewed interest in and demand for Sharia-compliant products and practice.

To earn money without the use of charging interest, Islamic banks use equity participation systems. Equity participation means if a bank loans money to a business, the business will pay back the loan without interest, but instead gives the bank a share in its profits. If the business defaults or does not earn a profit, then the bank also does not benefit.

For example, in 1963, Egyptians formed an Islamic bank in Mit Ghmar. When the bank loaned money to businesses, it did so on a profit-sharing model. To reduce its risk, the bank only approved about 40% of its business loan applications, but the default ratio was zero.

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Islamic Banks vs. Islamic Windows

While an Islamic bank is one that is entirely operated using Islamic principles, an Islamic window refers to services that are based on Islamic principles that are provided by a conventional bank. Some commercial banks offer Islamic banking services through dedicated windows or sections.

Example of Islamic Banking

The Mit-Ghamr Savings Bank, established in 1963 in Egypt, is commonly referred to as the first example of Islamic banking in the modern world. When Mit Ghamr loaned money to businesses, it did so on a profit-sharing model. The Mit-Ghamr project was closed in 1967 due to political factors but during its year of operations the bank exercised a great deal of caution, only approved about 40% of its business loan applications. However, in economically good times, the bank's default ratio was said to be zero.

In general, Islamic banking institutions tend to be more risk adverse in their investment practices. As a result, they typically avoid business that could be associated with economic bubbles.

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