Online Collaboration

Today, I would like to share with you something that I have found just by coincidence. I came across the "ZOHO" office applications that work on web using your web browser - internet explorer or firefox. All you have to go to http://www.zoho.com and login by using your gmail Id or yahoo Id and start using online applications. It is a tremendous tool for collaborating online. You don't have to physically everywhere. You can interact and collaborate your colleagues in remote areas or in other places using this online application tools. All you need is an internet connection.

Start your online collaboration effort.

Islamic Finance

The fundamental question that concerns me is "What in essence is Islamic Finance?" I have shared this question on IBF net. I am having a very lively discussion on the topic. So far generally, there is a consensus that the way Islamic Banking is being practiced, it is not quite Islamic, it disguises conventional banking products. A very straight forward comment on an Islamic Banking product - Murabahah Contract - is from Brother Dr. Mahmood Ahmed "Finance, whether Islamic or conventional, is dependent on financial inter mediation which has three essential features-1.Principal amount,2.Rate and 3.Time. All these three must be pre- determined. Hence an intermediary accepts signature of the client in a set of charge documents as per law of the land then makes him agent to buy goods which is not an essence for it but is done as an eye wash for labeling it "Islamic" which is a religious cheating in the name of Islamic finance. Signing in a baking charge document makes a client owe to the bank and the bank creates bank money out of nothing for financing which is unjust and is the cause of current world recession. Financial inter mediation cannot be Islamic indeed. Please read "Financial Institutions and Markets, Second edition, written by Meir Kohn. It will open your eyes to understand well that banking is a gambling which can not be Islamic. Are you interested to buy Islamic wine?"

بہ زبان غالب "میں نے خط کو مکالمہ بنا دیا ہے "۔

بلاگ لکھتے ھوے مرزا غالب بہت یاد آتے ھیں۔ انہوں نے بہت عرصہ پہلے یہ کہا تھا کہ میں نے وہ چیز ایجاد کی ھے کہ خط کو مکالمہ بنا دیا ھے۔ بلاگ ایک دو طرفہ مکالمہ ھے۔ بلاگ کا مصنف کسی موضوع کو زیر بحث لاتا ھے اور ھم اس پر اپنی راے کا اظیار کرتے ھیں۔ عام مکالمہ اور بلاگ میں فرق صرف یہ ھے کہ مکالمہ بروقت ھے جبکہ بلاگ میں مکالمہ دو مختلف اوقات میں ھوتا ھے - بلاگ لکھنے کا اور اس پر اظہار خیال کا وقت مختلف ھے۔

Socializing Online

I have made minor changes in my Blog. First, now I shall be publishing my views on host of other things than only Islam and Islamic Banking, and open source software movement. Second, I have changed the template of my blog.

All these changes are mostly, the result of my experience with "facebook" - the social networking portal. To my amazement, I found my university fellows and old friends there. One such friend provided links to articles relating to the origins of current financial mess. I am enjoying this new way of socializing. In my quest to know more about Blogs, Online Socializing and other related things, I came across "The New Rules of Marketing and PR" by David Meerman Scott.

Anyone can find me on facebook as saeedbabar and on twitter as saeedbabar. I am looking forward to meet like minded people on the net.

Future of MySQL

Most disturbing news on the scene of open source software is the acquisition of MySQL database by ORACLE - a competing product. There is a fear that its fate will be the same as that of "Foxpro" that was acquired by MICROSOFT - "Foxpro" was lead to death. However, there is also a silver lining on the horizon that "They will embrace MySQL and Open Source and put their technical expertise on it to ensure that MySQL continues to be the most popular advanced Open Source database."

What is Islamic Finance and Banking - Part 2

The fourth act that is to be done to become “God Conscious” is to believe in the revelations from Allah (SWT) to Muhammad (PBUH) and his other messengers.  Allah (SWT) sent his revelation to Muhammad (PBUH) in the form of “Quran”.

“Alif L'am Ra.  O Muhammad! This is a Book which We have revealed to you so that you may bring mankind out of utter darkness (ways of ignorance) to the light; by the leave of their Rabb, to the Way of the Mighty, the Praiseworthy (Allah),”  (Sura Ibrahim Aya No. 1)

What Quran says? It says

“Alif L'am Ra. These are the verses of the Book that make things clear.” (Sura Yusuf Aya No. 1)

 When we explore Quran to understand, to comprehend Islam, we come across following verses

“Surely the only Deen (true religion and the Right Way of life) in the sight of Allah is Al-Islam:” (Sura Al’i-Imran Aya No. 19)

“If anyone is looking for a religion other than Islam, then let it be known that it will not be accepted from him; and in the Hereafter he will be among the losers.”  (Sura Al’i-Imran Aya No. 85)

Dīn (دين, also anglicized as Deen) is an Arabic word usually translated as "religion" but also as "way of life", especially referring to Islam, known as ad-dīn "the deen", or dīn al-haqq "the true deen" (e.g. ayat  48:27, 9:33 = 61:9). It is, however, not exclusive to Islam, as Arab Christians also use it to refer to their religion and religion in general.

The Arabic word “Deen” is almost certainly a loan from the Aramaic dīnā, so does the Hebrew dīn which have an identical meaning within the Jewish tradition. The Hebrew word is in turn a 6th century BC loan from the Old Persian dēn- which meant the system of ritual practices of the (Zoroastrian) state religion. The word “Deen” appears in as many as 79 Qur'anic verses and it is often translated as religion for convenience since there is no equivalent single satisfactory English word. In the Qur'an, Islam is always referred to as Dīn. It is the sum total of a Muslim's faith and the code and conduct necessary to submit to Allah's laws.

The core meaning of din is obedience. As a Quranic technical term, din refers to the way of life and the system of conduct based on recognizing God as one's sovereign and committing oneself to obey him. According to Islam, true din consists of living in total submission to God, and the way to do so is to accept as binding the guidance communicated through the Prophets. 

In Quranic Terminology, Deen is defined to as:

1.       Sovereignty and supreme authority

2.       Obedience and submission to such authority

3.       The system of thought and action established through the exercise of that authority, and

4.       Retribution meted out by the authority, in consideration of loyalty and obedience to it, or rebellion and transgression against

5.       Deen as Comprehensive System

 

The Holy Quran describes Islam as Deen al-Haq, or the true way of life. The very connotation of the word Deen - as contrasted with "religion" - is a declaration of war against secularism. This is because the word religion is commonly used in a rather narrow sense, its scope being limited to a set of dogmas, some rituals for worship, and a number of social customs to celebrate important life- events.

What is Islamic Finance and Banking - Part 1

Before researching the topic of Islamic Finance, it is pertinent to explore and establish a clear and an unambiguous view about Islam itself. Is Islam a name of relationship between a man and his Creator? Is Islam a sum of rituals? Is Islam a way of life here in this world? Is Islam a name of acts done to attain the pleasures of Allah (SWT)? So what is Islam?

According to dictionary, the word Islam, from the tri literal root s-l-m, is derived from the Arabic verb Aslama, which means "to accept, surrender or submit. “ A Muslim (Arabic: مسلم ) an adherent of the religion of Islam. The feminine form of 'Muslim' is Muslimah (Arabic: مسلمة ). Literally, the word means "one who submits to God".

“O'Allah! Guide us to The Right Way.” (Sura Al-Fatihah Aya No. 6), we asked for guidance, how we should “submit to God” to become “Muslims”. In reply to our request Allah (SWT) sent to us His message in the form of rest of “Quran”.

“This is The Book in which there is no doubt. (Since its Author, Allah, the Creator of this universe, possesses complete knowledge, there is no room for doubt about its contents.) It is a guide for those who are God conscious,”

“who believe in the Unseen, who establish Salah (five regular daily prayers) and spend in charity out of what We have provided for their sustenance;”

“who believe in this Revelation (The Qur'an) which is sent to you (O Muhammad) and the Revelations which were sent before you (Torah, Psalms, Gospel...) and firmly believe in the Hereafter.” 

“They are on True Guidance from their Rabb and they are the ones who will attain salvation.”

(Sura Al-Baqara Ayat No. 2-5)

Allah (SWT) laid down a condition before anyone can be guided and it is “God Consciousness”. Allah (SWT) has also defined conclusively who are “God Conscious” is to dispel any confusion whatsoever.  So if we wish to be guided by Allah (SWT), we should become “God Conscious” that means we should do following acts before we can be called “God Conscious” and can be guided by Allah (SWT).

1.       Believe in the unseen

2.       Establish regular Salah

3.       Spend in Charity out of our wealth

4.       Believe in revelations from Allah (SWT) to Muhammad (PBUH) and other messengers of Allah (SWT) before him.