Sahih Bukhari - Book of Fasting

Volume 3, Book 31, Number 206:

Narrated Abu Huraira:
I heard the Prophet saying, "None of you should fast on Friday unless he fasts a day before or after it."

Volume 3, Book 31, Number 205:

Narrated Muhammad bin 'Abbas:
I asked Jabir "Did the Prophet forbid fasting on Fridays?" He replied, "Yes." (Other narrators added, "If he intends to fast only that day.")

Volume 3, Book 31, Number 207:

Narrated Abu Aiyub from Juwairiya bint Al-Harith:
The Prophet visited her (Juwairiya) on a Friday and she was fasting. He asked her, "Did you fast yesterday?" She said, "No." He said, "Do you intend to fast tomorrow?" She said, "No." He said, "Then break your fast." Through another series of narrators, Abu Aiyub is reported to have said, "He ordered her and she broke her fast."

Islamic private equity: An untapped opportunity

Thursday - Islamc Finance News of the Week

Islamic private equity: An untapped opportunity

As the economies of the oil producing countries of the Middle East and North Africa (Mena) region have boomed over recent years most areas of finance have witnessed spectacular growth rates. Islamic private equity, however, has not been a particularly large beneficiary of this growth. The reasons for this are hard to fathom.

There is a close relationship between Islamic tenets of investing and private equity.
By its nature private equity is participatory and inevitably it must lead to the sharing of both risks and rewards.

As long as the company seeking the private equity infusion is not operating in a haram area of business such as pornography or liquor, or is not heavily indebted, then few forms of co-investing could be more pure from a Shariah compliance perspective.

The reality of the matter is that there is a close relationship between Islamic private equity and conventional private equity and therefore as private equity has grown in size across the globe then we might have expected its Islamic counterpart to have done the same.

Immediately prior to the financial crisis, conventional private equity had become the whipping boy of the financial world and there was much talk of the need for increased legislation and greater transparency in the industry. Too many people were making enormous amounts of money out of private equity transactions that were, in essence, being fuelled by excessive cheap debt.

Islamic private equity never fell into quite the same trap, largely because of the prohibitions inherent in the Islamic financial system against too much debt.

The Shariah requirement that transactions have a productive activity underpinning them, and that financial flows and assets remain correlated, meant that debt simply never had the chance to balloon out of control in the Islamic sphere to the same extent that it did in the conventional market.

Size of the marketIndustry estimates suggest that the global private equity market is worth around $2,200bn at present although the volume of transactions completed in the first quarter of 2009 is miniscule. According to Greenpark Capital, a specialist secondary investor in private equity, deals closed in the first quarter of 2009 amounted only to $2bn. A market with too many sellers and too few buyers inevitably means depressed asset prices.

Figures for the Islamic private equity industry are much harder to come by, but estimates from Yasaar Media research suggest that the industry is approaching $3bn in funds raised and deals done, much of it in the Mena region. This is a far cry from the $40bn that pundits suggested was the kind of level that the industry would reach by 2011. For an overall Islamic finance industry, whose size is estimated at around $800bn, it is not hard to see that private equity does not play a very significant part yet.

Before the credit crisis some observers had postulated that there were not enough potential Shariah compliant target portfolio companies around to be able to soak up the Islamic private equity funds available. Remember that at this time there seemed to be money for even the most speculative of investments, redolent of the dot.com boom where there was too much money chasing too few opportunities.

The picture that has emerged since the collapse of Lehman Brothers is still far from clear but there is now much less of a mismatch between the financial heft of investors and potential Shariah compliant private equity targets and the undeniable conclusion is that the Islamic private equity sector is particularly well placed for expansion at present.

Long-term viewThe Islamic private equity model is very similar to the classic Mudarabah model with the alliance of general partner and limited partner being a straightforward example of what a Mudarabah is supposed to be. Equally importantly, the long time frame involved in most private equity transactions is complementary to the overall tenets of Shariah investing.

In its most basic form, Shariah finance is about participatory investing for the long term health of both parties in the transaction as well as to the overall Islamic financing system.

The reality, however, is that that the Islamic private equity industry is still in its infancy both in terms of overall size and the number of players in the market. One of the core developments that will be needed for the mature development of the industry is for more and better qualified human capital: More people with a higher level of training. This is a requirement that afflicts much of the Islamic finance industry and the same dilemma applies here: Does the private equity firm employ private equity experts and teach them Shariah? Or does it employ people who understand Shariah and then teach them the art of private equity?

In order to address this issue fully, however, there needs to be a greater level of standardisation across countries to ensure common levels of compliance. In this way the Gulf-based Islamic private equity practitioner can engage staff from Islamic markets in Asia and vice versa without the usual culture shock that so badly affects Islamic retail banks trying to ferry staff in from overseas to meet demand.

As the financial sector leaves the realm of excessive cheap debt and enters a world where any form of financing is much harder to come across, then Islamic private equity becomes a much more attractive beast when compared to its conventional cousin. Expensive debt is burdensome and paying down debt has been a real focus for most finance houses of late. The beauty of Islamic private equity is that it has no tolerance for high levels of debt and in practice if a private equity fund takes a stake in a portfolio company whose debt level is too high then the first priority has been to refinance conventional debt through Shariah compliant instruments.
Dependence on Shariah adviceIndeed this kind of refinancing manoeuvre illustrates the 'intrusive' influence of Islamic financing principles in a private equity transaction. The Shariah involvement in an investment does not end when the documents are signed and money exchanged but rather it carries on for the length of the portfolio investment. If a company has been taken over as part of an Islamic private equity portfolio then it must remain Shariah compliant in all significant respects throughout the duration of the investment.

The Shariah advisers on the transaction will have an ongoing duty to ensure that the tenets of Shariah are not strayed from: The portfolio company will not incur excessive debt or begin trading in haram areas of business.

While this need for an extra level of oversight might be interpreted as an extra level of cost, it is absolutely essential in maintaining the integrity of the Islamic private equity system as well as the credibility of all those involved in the transaction.

(AMEInfo)

Laylat al-Nusf min Sha’baan (the middle of Sha’baan) should not be singled out for worship

Wednesday - Islam Q & A of the Week

I read in a book that fasting on the middle of Sha’baan is a kind of bid’ah, but in another book I read that one of the days on which it is mustahabb to fast is the middle of Sha’baan… what is the definitive ruling on this?



Praise be to Allaah.

There is no saheeh marfoo’ report that speaks of the virtue of the middle of Sha’baan that may be followed, not even in the chapters on al-Fadaa’il (chapters on virtues in books of hadeeth etc.). Some maqtoo’ reports (reports whose isnaads do not go back further than the Taabi’een) have been narrated from some of the Taabi’een, and there are some ahaadeeth, the best of which are mawdoo’ (fabricated) or da’eef jiddan (very weak). These reports became very well known in some countries which were overwhelmed by ignorance; these reports suggest that people’s lifespans are written on that day or that it is decided on that day who is to die in the coming year. On this basis, it is not prescribed to spend this night in prayer or to fast on this day, or to single it out for certain acts of worship. One should not be deceived by the large numbers of ignorant people who do these things. And Allaah knows best.

Shaykh Ibn Jibreen.

If a person wants to pray qiyaam on this night as he does on other nights – without doing anything extra or singling this night out for anything – then that is OK. The same applies if he fasts the day of the fifteenth of Sha’baan because it happens to be one of the ayyaam al-beed, along with the fourteenth and thirteenth of the month, or because it happens to be a Monday or Thursday. If the fifteenth (of Sha’baan) coincides with a Monday or Thursday, there is nothing wrong with that (fasting on that day), so long as he is not seeking extra reward that has not been proven (in the saheeh texts). And Allaah knows best.

Sheikh Muhammed Salih Al-Munajjid

Source: Islam Q & A

Al-Isra’ and Al-Mir‘raj

Monday - Seerah of Prophet Muhammad (SAW)

Al-Isra’ and Al-Mir‘raj
(The Miraculous Night Journey from Makkah to the Farthest Mosque in Jerusalem, and the Ascent through the Spheres of Heavens)
The last days of the Makkan phase of the Prophet’s life are noted for alternate fortunes ranging between two extremes: gradual success and continual persecution. However, glimpses of propitious lights were looming on the distant horizon, to ultimately materialize in the event of the Prophet’s Night Journey to Jerusalem and then Ascension through the spheres of the heavens.

As for its exact date, it is still controversial and no common consent has been reached. However, the majority of jurists is in favour of a date between 16-12 months prior to migration to Madinah. The following is a epitome of the details of that miraculous event narrated on the authority of Ibn Al-Qayyim.

The Messenger of Allâh (Peace be upon him) was carried in body from the Sacred Mosque in Makkah to the Distant Mosque in Jerusalem on a horse called Al-Buraq in the company of Gabriel, the archangel. There he alighted, tethered the horse to a ring in the gate of the Mosque and led the Prophets in prayer. After that Gabriel took him to the heavens on the same horse. When they reached the first heaven Gabriel asked the guardian angel to open the door of heaven. It was opened and he saw Adam, the progenitor of mankind. The Prophet (Peace be upon him) saluted him and the other welcomed him and expressed his faith in Muhammad’s Prophethood. He saw the souls of martyrs on his right and those of the wretched on his left.
Gabriel then ascended with the Prophet to the second heaven, asked for opening the gate and there he saw and saluted John, son of Zachariya (Yahya bin Zakariya) and Jesus, son of Mary. They returned the salutation, welcomed him and expressed their faith in his Prophethood. Then they reached the third heaven where they saw Joseph (Yusuf) and saluted him. The latter welcomed the Prophet and expressed faith in his Prophethood. The Prophet, in the company of Gabriel, then reached the fourth heaven where he met the Prophet (Idris) and saluted him. Prophet Enoch returned the salutation and expressed faith in his Prophethood. Then he was carried to the fifth heaven where he met the Prophet Aaron (Harun) and saluted him. The latter returned the salutation and expressed faith in his Prophethood. In the sixth heaven he met Moses (Musa) and saluted him. The latter returned the salutation and expressed faith in his Prophethood. Muhammad (Peace be upon him) on leaving, saw that Moses began to weep. He asked about the reason. Moses answered that he was weeping because he witnessed a man sent after him as a Messenger (Muhammad) who was able to lead more of his people to the Paradise than he himself did. Then Prophet Muhammad (Peace be upon him) reached the seventh heaven and met Abraham (Ibrahim) (Peace be upon him) and saluted him. The latter returned the salutation and expressed faith in his Prophethood. Then he was carried to Sidrat-al-Muntaha (the remotest lote tree) and was shown Al-Bait-al-Ma‘mûr [(the much frequented house) which is like the Ka‘bah (Sacred House) encompassed daily by seventy thousand angels, so that the angels who once encompassed it would not have their turn again till the Resurrection]. He was then presented to the Divine Presence and experienced the thrill of witnessing the Divine Glory and Manifestation at the closest possible propinquity. There the Lord revealed unto His servant that which He revealed, and ordained fifty daily prayers for him. On his return, he spoke to Moses that his followers had been enjoined to pray fifty times a day. Moses addressing the Prophet (Peace be upon him) said: “Your followers cannot perform so many prayers. Go back to your Lord and ask for a remission in number.” The Prophet (Peace be upon him) turned to Gabriel as if holding counsel with him. Gabriel nodded, “Yes, if you desire,” and ascended with him to the Presence of Allâh. The All-Mighty Allâh, Glory is to Him, made a reduction of ten prayers. He then descended and reported that to Moses, who again urged him to request for a further reduction. Muhammad (Peace be upon him) once more begged his Lord to reduce the number still further. He went again and again in the Presence of Allâh at the suggestion of Moses for reduction in the number of prayers till these were reduced to five only. Moses again asked him to implore for more reduction, but he said: “I feel ashamed now of repeatedly asking my Lord for reduction. I accept and resign to His Will.” When Muhammad(Peace be upon him) went farther, a Caller was heard saying: “I have imposed My Ordinance and alleviated the burden of My servants.”

There is however some difference as regards the issue whether the Prophet saw Allâh with his physical eye or not. Some interpreters say that seeing Allâh with his naked eyes was not confirmed. Ibn ‘Abbas, on the other hand, says that the word Ru’ya as used in the Noble Qur’ân signifies the observation with the help of the eye.

In Sûrah An–Najm (Chapter —The Star) we read:

“Then he approached and came closer.” [53:8]

Here (he) refers to archangel Gabriel, and this context is completely different from that in the Prophetic tradition of Isra’ and Mi‘raj, where ‘the approach’ relates to that of the Lord, Glory is to Him.

Some significant suggestive incidents featured the ‘Night Journey’ of the Prophet, of which we could mention:

The Prophet’s breast was cleft by Gabriel, his heart extracted and washed with the water of Zamzam —a sacred spring in Makkah.

In the same context, there were brought to him two gold vessels. There was milk in one, while the other was full of wine. He was asked to choose either of them, so he selected the vessel containing milk and drank it. He (the angel) said: “You have been guided on Al-Fitrah or you have attained Al-Fitrah. Had you selected wine, your nation would have been misled.” [It is a symbolic way of saying that good and evil in the form of milk and wine were brought before the Prophet and he instinctively made a choice for the good. It is very difficult to render the Arabic term ‘Fitrah’ into English. It denotes the original constitution or disposition, with which a child comes into this world, as contrasted with qualities or inclinations acquired during life; besides it refers to the spiritual inclination inherent in man in his unspoilt state].

The Prophet (SAW) told that he saw two manifest rivers, — the Nile and the Euphrates — and two hidden ones. It appears that the two manifest rivers, the Nile and the Euphrates, symbolically describe the area in whose fertile valleys, Muhammad’s Message will settle, and the people whereof will always remain the adherent bearers of Islam that will be passed on from generation to another. They can by no means suggest that they well up from the Garden.
He had the opportunity to see Malik, the guardian of Hell, with a cheerless frowning face. Therein, he saw the Hell dwellers, of whom were those who unjustly eat up the property of the orphans. They have flews similar to those of camels, swallowing red-hot stones and then issuing out of their backs. There were also the people who take usury with bellies too big to be able to move around; they are trodden by the people of Pharaoh when these are admitted into Hell. In the same abode, he saw the adulterers offered tasty fatty meat and rotten smelly one but they make option for the latter. The licentious women were also there hanging from their breasts.
The ‘Night Journey’ raised a good deal of stir among the people and the sceptical audience plied Muhammad with all sorts of questions. He told them that he saw the camels of Makkan merchants to and fro. He also guided them to some of their animals that went astray. He informed them that he had drunk some of their water while they were fast asleep and left the container covered.

The disbelievers, however, found it a suitable opportunity to jeer at the Muslims and their creed. They pestered the Prophet (Peace be upon him) with questions as to the description of the Mosque at Jerusalem, where he had never gone before and, to the astonishment of many, the Prophet’s replies furnished the most accurate information about that city. He supplied them with all the news about their caravans and the routes of their camels. However, all this increased in them nothing but flight from the Truth, and they accepted nothing but disbelief.
For the true Muslims, however there was nothing unusual about the Night Journey. The All-Mighty Allâh, Who is Powerful enough to have created the heavens and the earth by an act of His Will, is surely Powerful enough to take His Messenger beyond the heavens and show him those signs of His at firsthand which are inaccessible to man otherwise. The disbelievers on their part went to see Abu Bakr on account of this event, and he readily said: “Yes, I do verify it.” It was on this occasion that he earned the title of As-Siddiq (the verifier of the truth).

The most eloquent and most concise justification of this ‘Journey’ is expressed in Allâh’s Words:
“... in order that We might show him (Muhammad) of Our Ayât (proofs, evidences, signs, etc.)” [17:1].

The Divine rules as regards the Prophets goes as follows:

“Thus did We show Abraham the kingdom of the heavens and the earth that he be one of those who have Faith with certainty.” [6:75]

To Moses, his Lord said:

“That We may show you (some) of Our Greater Signs.” [20:23]

In order that:

“He be of those who have Faith with certainty.”

The Prophets, after seeing Allâh’s Signs, will establish their Faith on solid certainty too immune to be parted with. They are in fact eligible for this Divine privilege because they are the ones who will bear burdens too heavy for other ordinary people to carry, and in the process of their mission, they will regard all worldly ordeals and agonies too small to care about.

There are simple facts that emanate from this blessed Journey, and flow along into the flowery garden of the Prophetic biography; peace and blessings of Allâh be upon its author, Muhammad. The story of ‘the Night Journey’ as we see in the Noble Qur’ân is epitomised in the first verse of the Sûrah Isra’(Chapter 17 — The Jourby Night) then there is a quick shift to uncover the shameful deeds and crimes of the Jews, followed by an admonition saying that the Qur’ân guides to that which is most just and right. This arrangement is not in fact a mere coincidence. Jerusalem was the first scene of the Night Journey, and here lies the message directed to the Jews and which explicitly suggested that they would be discharged of the office of leadership of mankind due to the crimes they had perpetrated and which no longer justified their occupation of that office. The message suggested explicitly that the office of leadership would be reinstituted by the Messenger of Allâh (Peace be upon him) to hold in his hand both headquarters of the Abrahamic Faith, the Holy Sanctuary in Makkah and the Farthest Mosque in Jerusalem. It was high time for the spiritual authority to be transferred from a nation whose history got pregnant with treachery, covenant-breaching and aggression to another nation blessed with piety, and dutifulness to Allâh, with a Messenger who enjoys the privilege of the Qur’ânic Revelation, which leads to that which is best and right.

There, however, remains a crucial question waiting to be answered: How could this foreseen transition of authority be effected while the champion himself (Muhammad) was left deserted and forsaken stumbling in the hillocks of Makkah? This question per se uncovered the secrets of another issue which referred to a phase of the Islamic Call and the appearance of another role it was about to take up, different in its course and noble in its approaches. The forerunners of that new task took the shape of Qur’ânic verses smacking of direct and unequivocal warning accompanied by a severe ultimatum directed to the polytheists and their agents:

“And when We decide to destroy a town (population), We (first) send a definite order (to obey Allâh and be righteous) to those among them [ or We (first) increase in number those of its population] who are given the good things of this life. Then, they transgress therein, and thus the word (of torment) is justified against it (them). Then We destroy it with complete destruction. And how many generations (past nations) have We destroyed after Noah! And Sufficient is your Lord as an All-Knower and All-Beholder of the sins of His slaves.” [17:16, 17]

Together with these verses, there were others revealed to show the Muslims the rules and items of the civilization upon which they could erect their Muslim community, and foreshadowing their ownership of a piece of land, exercising full freedom over it and establishing a coherent society around whose axis the whole humanity would rotate. Those verses in reality implied better prospects for the Prophet (Peace be upon him) comprising a secure shelter to settle in, and headquarters safe enough to empower and embolden him to communicate his Message to all the world at large; that was in fact the inner secret of that blessed journey. For this very wisdom and the like we deem it appropriate to suggest that ‘the Night Journey’ took place either before the First Pledge of ‘Aqabah or between the two; after all, Allâh knows best.

Source: Al Raheeq Al Makhtum (The Sealed Necter)

Islamic Playground

Saturday - Kids Special of the Week

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