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4th Fiqhi Seminar

Date: August 9- 12, 1991 Venue: Hyderabad

The Fourth Islamic Fiqh Seminar was held at and hosted by Madrasa Darul Uloom Sabeel-us Salam (Rector Maulana Rizwan al- Qasmi) in the historic city of Hyderabad from 9th to 12th August, 1991. Nearly two hundered theologians, jurists and experts in various fields of learning participated. Islamic lumminaries form foreign countries Maulana Taqi Usmani (Pakistan), Dr. Anas Zarqa (Saudi Arabia), Dr. Ali Jummah (Professor, Al-Azhar University, Cairo- Egypt) and Mufti Abdul Rahman of Bangladesh and Advisor of African Islamic Bank) also graced the occasion and took active part in the deliberations at the Seminar.

The conclusions arrived at in the Seminar are given below:

The justification or otherwise of Insurance under the prevailing conditions of India was put for deliberation in the light of the questionnaire issued by the Academy. All kinds of life, property and various other insurances were discussed at length and a committee was formed consisting of the following persons to submit its proposals:

  1. Maulana Abdullah Asadi (Banda), Convenor
  2. Maulana Khalilu-ur Rehman Sajjad Nadvi (Lucknow)
  3. Maulana Syed Nizamuddin (Patna)
  4. Maulana Zubair Ahmad Qasmi (Hyderabad)
  5. Mufti Zafeeruddin Miftahi (Deoband)
  6. Maulana Nizamuddin Rizvi (Mubarakpur)
  7. Maulana Khalilur Rahman Azmi (Omerabad)
  8. Maulana Atiq Ahmad Qasmi (Lucknow)
  9. Mufti Fuzail-ur Rehamn Helal Usmani (Punjab)
  10. Maulana Sadar-ul Hasan Nadvi (Aurangabad)
  11. Mufti Habibur Rahman Khairabadi (Deoband)
  12. Maulana Mohammad Nooh Qasmi (Kerala)
  13. Maulana Riazur Rahman Rashadi (Bangalore)
  14. Maulana Moosa Ibn-e-Ahmad (Kerala)
  15. Syed Ameenul Hasan Rizvi (Delhi)

The committee considered all pros and cons of the issue and felt that the policy of Insurance Companies is not clear whether the loss of life and properties because of communal riots is covered under the existing laws and regulations of Insurance.

It was felt that the issue should be further probed and discussed in detail and full details regarding different schemes be obtained from Insurance experts.

This proposal of the committee was accepted in the general session of the Seminar and a committee consisting of the following members was constituted to form a final opinion after considering the issue from every angle in consultation with the experts.

  1. Maulana Mujeebullah Nadvi, Azamgarh.
  2. Maulana Burhanuddin Sambhali, Lucknow.
  3. Maulana Obaidullah Asadi, Banda.
  4. Maulana Ateeq Ahmed Bastavi, Lucknow.
  5. Maulana Mufti Habibur Rahman Khairabadi, Deoband.
  6. Maulana Mufti Ahmad Khanpuri, Dabhel.
  7. Maulana Abdul Ahad Azhari, Malegaon.
  8. Mufti Manzoor Ahmad Kanpuri, Kanpur.
  9. Maulana Nizamuddin Ashrafi, Mubarakpur.
  10. Maulana Mufti Zafeeruddin Miftahi, Deoband.
  11. Mufti Abdul Quddus Roomi, Agra.
  12. Maulana Zubair Ahmad Qasmi, Hyderabad.
  13. Mufti Junaid Alam Qasmi, Phulwari Sharif.
  14. Maulana Khalil-ur Rahman Azmi, Omerabad.
  15. Maulana Khalil-ur Rahman Sajjad Nadvi, Lucknow.
  16. Janab Abdus Sattar Yousuf Shaikh, Mumbai.
  17. Maulana Mujahid-ul Islam Qasmi, Patna.

The detailed sixty-page report of the Banking Committee on the issue of Islamic Banking was presented. The abridgement of this report in Urdu was put up before the participants of the Siminar by Mr. Abdul Haseeb, former Director, Reserve Bank of India and Mr. Muhammad Hussain Khatkhatey.

It was highlighted in this report that interest-free Islamic Banks cannot be established in India unless prevailing Banking laws are suitably amended and Banks are permitted to directly finance the trade and industry.

As an alternative, the report recommended the setting up of Islamic Financial Institutions and interest-free societies under the Indian Companies Act. and Cooperative Credit Societies Act with adoption of Partnership under certain conditions.
Islamic modes of Business like Muzarabah, Shirkah, Murabaha and Ijarah are recommended to be adopted, in this report, as also those banking services which are free from interest and which are called ‘Non-Banking Services’.

Establishment of a central (federal) institution to control such Islamic Financial Institution is also recommended in the report. The central institution will issue certificate of financial stability and validity of such bodies and take stock of the credibility and administrative ability and capability of any new financial institution in case it is planned. It will also impart them useful advice and arrange to utilise the surplus capital of one institution through another in some profitable and permissible business.

It is also recommended that a Board consisting of prominent theologians and jurists be formed to guide the Islamic Financial Institutions from time to time in the light of Shariah in connection with the business methods to be adopted by them.

  1. The Seminar directs this Report to be filed in the record of the Fiqh Academy of India along with other decuments and thanks the committe for submitting such an enlightening and comprehensive report.
  2. The seminar resolves that a Board of theologians be formed by the Fiqh Academy of India to give legal advice and suggesions in the light of shariah regarding problems and practical difficulties to be faced by the contemplated Islamic Financial Institutions presented before them by the banking experts. This Board will also consider the questions raised in this report and present their solution in the light of Shariah.
  3. This seminar also resolves that a permanent Board consisting of experts on Banking and Islamic economy be set up to continue the task and prepare a blueprint for financial institutions which may be able to render such diverse financial services for the benefit of indian Muslims as are permissible under shariah and practicable legally.
  4. It was also resolved that the board of theologians should include one or two Banking experts while, on the other hand, the Banking committee should include a couple of theologians.

 

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Islamic Fiqh Academy (India) (IFA) was established in 1988 at New Delhi under the guidance and supervision of the great known Islamic Scholars.

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