Qawaa‘id al-Fiqhiyyah al-Asliyyah

The maxims that apply to business transaction will …. duhh … most likely be the ones related to muamalat (dealings with others).

Obviously. we need to cover the the normative legal maxims (al-qawa‘id al-fiqhiyyah al-asliyyah) because, as noted by Kamali, this set of basic maxims cover the entire fiqh:

• “Harm must be eliminated” (Ad-dararu yuzal)
• “Acts are judged by the intention behind them” (Al-umuru bi-maqasidiha)
• “Certainty is not overruled by doubt” (Al-yaqinu la yazulu bish-shakk)
• “Hardship begets facility” (Al-mashaqqatu tujlab at-taysir)
• “Custom is the basis of judgement” (Al-‘addatu muhakkamatun)

…. I definitely need to research more on this.

6 Shuroot of Transactions

I’ve gotten involved in a relative larger transaction but neglected to have two witnesses. Classical works, e.g. Hidaayatur-Raaghib of Shaykh ‘Uthmaan ibn Ahmad an-Najdee [d.1100],  have lined up 6 conditions of a valid transaction:

1 - At-Taraadhee (Mutual Agreement)

2 – Jawaaz Tasarruf al-’Aaqidayn (Both Participants are Allowed to Engage in Transactions)

3 – Milk al-Ma’qood ‘Alayhe (Ownership of Property Being Traded)

4 – Ibaahah al-Intifaa’ bil-Mabee’ (Permissibility of the Goods)

5 - Maqdoor ‘alaa Tasleemihi – Dispensibility

6 – ‘Adm al-Jahaalah (The Absence of Anonymity)

Now, we have contemporary issues that we need to deal with. Points 1, 2, and 4 are pretty easy to satisfy. For the others, it may be very complicated. Related questions to be explored:

• Goods that are custom designed that are not seen, until built (e.g. house, furniture)
• Online goods that we cannot directly see (with or without picture of the goods)

[Side project: I'm looking for qawa'id fiqhiyah closely related transaction.]

Search: Islamic Personal Finance

Searching for “Islamic Personal Finance” on google, the main hits focus on banking areas whereas personal finance itself covers a wide array of areas. Sheikch Waecky includes topics such as checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management whereas I would include others such as:

• Shopology: smart shopping
• Spamalogy: spam-related topics
• Home business (+ working from home)
• Efficient home energy use – this may be far fetched … but it’s anything that can save money whether via bills or tax credits.
• Housing cost: How could one forget this? This is perhaps the biggest expense category for Americans!!!
• College finance: Before, during, and after
• Job search

Ways to Increase your Earnings

The sunnatUllah is that you’ll gain more as the harder/smarter you work for something. Though, there are ways in which we could increase our earnings, according to these works. The wondrous aspects about these points are  that Allah can easily worldly gains that these gains are obtained as indirect impacts or side effects; and that this doesn’t work for hereafter where one has to strive hard for them.

Yasir Birjas’s work in Heavenly Hues [credit: ibn1brahim]:

Always look for wealth from a halal source

يَا أَيُّهَا النَّاسُ كُلُوا مِمَّا فِي الْأَرْضِ حَلَالًا طَيِّبًا وَلَا تَتَّبِعُوا خُطُوَاتِ الشَّيْطَانِ

إِنَّهُ لَكُمْ عَدُوٌّ مُّبِينٌ

O mankind, eat from whatever is on earth [that is] lawful and good and do not follow the footsteps of Satan. Indeed, he is to you a clear enemy. [Baqarah: 168]

Taqwa – leading a righteous life

فَإِذَا بَلَغْنَ أَجَلَهُنَّ فَأَمْسِكُوهُنَّ بِمَعْرُوفٍ أَوْ فَارِقُوهُنَّ بِمَعْرُوفٍ وَأَشْهِدُوا ذَوَيْ عَدْلٍ مِّنكُمْ وَأَقِيمُوا الشَّهَادَةَ لِلَّهِ  ذَ‌لِكُمْ يُوعَظُ بِهِ مَن كَانَ يُؤْمِنُ بِاللَّهِ وَالْيَوْمِ الْآخِرِ  وَمَن يَتَّقِ اللَّهَ يَجْعَل لَّهُ مَخْرَجًا

وَيَرْزُقْهُ مِنْ حَيْثُ لَا يَحْتَسِبُ  وَمَن يَتَوَكَّلْ عَلَى اللَّهِ فَهُوَ حَسْبُهُ إِنَّ اللَّهَ بَالِغُ أَمْرِهِ قَدْ جَعَلَ اللَّهُ لِكُلِّ شَيْءٍ قَدْرًا

And whoever fears Allah – He will make for him a way out.And will provide for him from where he does not expect. And whoever relies upon Allah – then He is sufficient for him. Indeed, Allah will accomplish His purpose. Allah has already set for everything a [decreed] extent. [Talaq: 2-3]

Istighfar – seeking forgiveness

فَقُلْتُ اسْتَغْفِرُوا رَبَّكُمْ إِنَّهُ كَانَ غَفَّارًا يُرْسِلِ السَّمَاءَ عَلَيْكُم مِّدْرَارًا وَيُمْدِدْكُم بِأَمْوَالٍ وَبَنِينَ وَيَجْعَل لَّكُمْ جَنَّاتٍ وَيَجْعَل لَّكُمْ أَنْهَارًا

And said, ‘Ask forgiveness of your Lord. Indeed, He is ever a Perpetual Forgiver. He will send [rain from] the sky upon you in [continuing] showers. And give you increase in wealth and children and provide for you gardens and provide for you rivers. [Nuh: 10-12]

Shukr an-ni’ma – being grateful and thankful to Allah

وَإِذْ تَأَذَّنَ رَبُّكُمْ لَئِن شَكَرْتُمْ لَأَزِيدَنَّكُمْ وَلَئِن كَفَرْتُمْ إِنَّ عَذَابِي لَشَدِيدٌ

And [remember] when your Lord proclaimed, ‘If you are grateful, I will surely increase you [in favor].. [Ibrahim: 7]

Sadaqah – giving charity for the sake of Allah

قُلْ إِنَّ رَبِّي يَبْسُطُ الرِّزْقَ لِمَن يَشَاءُ مِنْ عِبَادِهِ وَيَقْدِرُ لَهُ وَمَا أَنفَقْتُم مِّن شَيْءٍ فَهُوَ يُخْلِفُهُ وَهُوَ خَيْرُ الرَّازِقِي

But whatever thing you spend [in His cause] – He will compensate it.. [Saba: 39]

Yasir Qadhi’s Book: 15 means taken from the work of Imam al-Suyootee and Shaykh Fadl Elahi defining them and giving their proofs. They are:-

1. Taqwa (God-consciousness) of Allah
2. Seeking forgiveness and repentance
3. Putting one’s trust in Allah
4. Constantly worshipping Allah
5. Thanking Allah
6. Frequently performing Hajj and Umrah
7. Establishing the ties of kinship
8. Spending in the way of Allah
9. Emigrating for the sake of Allah
10. Marriage
11. Supporting students of Islamic knowledge
12. Showing kindness to the poor
13. Being honest in one’s dealing
14. Making the Hereafter one’s main concern
15. Striving to achieve the goal

Traditional Pension Plan

These are some of the links that I’ve shared with others quite recently:

[حكم الاشتراك في نظام التقاعد] Traditional Pension Plan? …. Defined-contribution plans are ok, not defined-benefit ones. Concerns: (1) This is gambling ~ insurance. (2) $ invested in halal (3) If compulsory, take what you put in and donate the rest.

Others

‘Whack-a-banker‘ game hits Britain‘ – I think the game should include some consumers too …. because they are partially to be blamed.

So, there’s a whole lot more to supply-and-demand?

Citizens lay down law on U.S. debt -Future? Concord Coalition’s( citizen-based fiscal advisory council) suggestions: 1. Beefing up SS [you may need to work more]; 2. simplify tax code [not sure how this'd work]; 3. Up the taxes [for the upper class too?]; 4. Health spending [major]; 5. Politics; and 6. Long-term-effect studies.

حكم الاشتراك في نظام التقاعد

First

Salaamun ‘Alajcum …

The purpose of this blog is to develop an underdeveloped Islamic field of personal finance. Islamic finance today is more directed towards business finance, house purchasing, and macroeconomics.

Some good resources in Islamic Personal Finance that I have came across include halalbucks [although geared towards business] and Muslimah $ Matters [hmmm, Haqqi].

Although Islamic finance is the crux of the blog, a closely related area of interest is family nonfinancial resource management which would include living healthy (e.g. organic), efficient energy use, and smart shopping.

…. alright, start saving and smart spending ….