RE: Al Baraka Response - Aslam Hagee
Darul Iftaa
Respected Brother in Islam,
Your email of 7 February 2007 refers.
Do take note that there are two separate and independent Shari'ah Boards at
AlBaraka Bank. The one deals solely with the equity fund, and has nothing to
do with the workings of the Bank itself. This Board is the Board referred to
in the email of the Bank dated 7 February 2007. The members of this Board
are not officially mandated to comment on the dealings of the Bank itself,
nor are they officially privy to the workings thereof. Hence the names of
the members of this Board should not be construed to mean that they sanction
the workings of the Bank.
Our issue is with the transactions of the Bank. Is there any local Aalim
that can give us a written and unconditional assurance that the workings of
the Bank conform to Shari'ah? We look forward to a clear, unambiguous and
satisfactory answer to this simple question. I do not see any reason why
this should be difficult.
And Allah Ta'ala knows best.
Was salaam
Mufti Ebrahim Desai.
Darul Iftaa, Madrassah In'aamiyyah
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-----Original Message-----
From: Naasik Osman [mailto:Naasik...@vodacom.co.za]
Sent: Wednesday, February 07, 2007 3:04 PM
To: ali...@alinaam.org.za
Subject: Re: Al Baraka Response - Aslam Hagee
Jazakallah for this response mufti saab...
Im not sure if mufti saab has saw the below response from them
I did mail the brother back asking if mufti zubair is part of their board
after his response and got the following reply below. However it only states
that mufti zubair is on the board of the futuregrowth equity fund and not if
he is on their board as a whole.
________________________________
Darul Iftaa
Assalaamu `alaykum waRahmatullahi Wabarakatoh
In the name of Allah, Most Gracious, Most Merciful
Your email of 8 February 2007 refers.
We appreciate your clarity that you are expressing your personal views.
Brother Rashid Mia is welcome to take up the issues, should he so wish.
We feel it prudent to comment on some of the points raised by you.
Do take note that there are two separate and independent Shari'ah Boards at
AlBaraka Bank. The one deals solely with the equity fund, and has nothing to
do with the workings of the Bank itself. The members of this Board are not
officially mandated to comment on the dealings of the Bank itself, nor are
they necessarily privy to the workings thereof. Hence the names of the
members of this Board should not be construed to mean that they sanction the
workings of the Bank.
To the best of our knowledge, Mufti Taqi Usmani Saheb, his son Mufti Imran
Saheb and Mufti Zubair Bhayat Saheb are not officially on the Board that is
supposed to oversee that actual workings of the Bank. Hence no one should
assume that they are aware of the procedures and contracts of the Bank.
Our present issue is with the transactions of the Bank. Is there any local
Aalim that can give us a written and unconditional assurance that the
workings of the Bank conform to Shari'ah? We look forward to a clear,
unambiguous and satisfactory answer to this simple question. I do not see
any reason why this should be difficult.
As far as the secondary issue of the equity fund is concerned, we had
attempted to engage the Shari'ah Board of this fund on some of our concerns.
After frustrating delays and repeated reminders, the arrogant response of
the Board is that they do not want wish to discuss our concerns. Hence, the
Bank considers the matter closed, and our request to further pursue the
matter was ignored.
For further details kindly refer to a copy of our correspondence with the
bank, attached herewith.
And Allah Ta'ala knows best.
Was salaam
E. Vawda, for Daarul Iftaa
Checked and approved: Mufti Ebrahim Desai Saheb.
____
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#### P.S PLEASE SEE THE ATTACHED DOCUMENT (15 pages) ####
#### WE WILL ALSO MAKE THIS CORRESPONDENCE PUBLIC ON OUR WEBSITE
www.alinaam.org.za ####
-----Original Message-----
From: Aslam Hagee [mailto:asl...@netactive.co.za]
Sent: Thursday, February 08, 2007 12:48 PM
To: 'Darul Iftaa'; 'Naasik Osman'
Cc: pet...@frmtrading.co.za; shariahc...@googlegroups.com; Shabana
Ebrahim; Ebrahim Dhorat; Rashid Mia
Subject: RE: Al Baraka Response - Aslam Hagee
Importance: High
Assalamualaikum Mufti Ebrahim Desai Saheb,
Jazakallah for responding to my message.
Firstly I would like to point out from the outset that I do not have any
affiliation to Albaraka Bank. So I do not speak on their behalf. Any
opinions expressed are solely my own.
I do have a "certificate" or "letter", dated 29th Shabaan 1427 / 22nd
September 2006, signed in Madinah Al-Munawwarah by Mufti Muhammed Taqi
Usmani as the CHAIRMAN of the Albaraka Shariah Supervisory Board. The other
MEMBERS whose signatures appear on the letter are, Dr. Muhammed Imran Ashraf
Usmani, Mufti Zubair Bayat and Mahomed Shoaib Omar. This letter is addressed
to "the unit holders of the Futuregrowth Albaraka Equity Fund" and confirms
Shariah Compliance according to my limited understanding.
This "certificate" was handed out in a comprehensive folder at the
presentation. If anything has changed with regards Mufti Taqi Usmani Saheb's
involvement with the Shariah Supervisory Board since, then I suppose you
could possibly be correct. Secondly, I do not know what the exact
responsibilities are of the members of this Board. Whether Mufti Bayat has
personally been through the contracts I cannot say.
For now, as a lay-man according to Islamic standards, I would like to hand
you over to Brother Rashid Mia, the person who co-ordinated our meeting with
Albaraka Bank to carry the matter forward if he so desires. I have copied
him on the message.
Jazakumullah-khair.
Was-Salaam.
A s l a m H a g e e
Mobile: (+ 27 83) 293 2631
email: asl...@netactive.co.za
________________________________
From: Darul Iftaa [mailto:1026...@yebo.co.za]
Sent: Wednesday, February 07, 2007 2:18 PM
To: 'Naasik Osman'
Cc: pet...@frmtrading.co.za; asl...@netactive.co.za;
shariahc...@googlegroups.com
Subject: RE: Al Baraka Response - Aslam Hagee
Dear Aslam Hagee ,
Assalaamu `alaykum waRahmatullahi Wabarakatoh
In the name of Allah, Most Gracious, Most Merciful
I received a copy of your email from Nasik Osman. Jazak Allah for your duaas
and engaging the Darul Iftaa on the issue.
At the outset, we wish to place on the record that the Darul Iftaa supports
the concept of Islamic Banks and is willing to engage with anyone to promote
Shariah Compliancy in business economics. There is no reason to oppose or
condemn anyone unnecessarily. However our consciousness in Shariah
Compliancy in Islamic Finance weighs heavily on us and we cannot resist
being silent against open and clear wrong practices. If we do so, we will
have to bear the burden of that in the court of Allah.
Furthermore, when we are aware of open and glaring wrong practices, the
public who is conscious of Shariah Compliancy expects the Ulema to advise
them and guide them accordingly. The Darul Iftaa is fulfilling this role and
we appreciate the mature way in which you seek clarity from us. It is
unfortunate that some people succumb to emotions and brand the Darul Iftaa's
efforts as a pursuit in power struggle. That is an immature approach as the
issues is not addressed. Let us focus on the issues and set emotions aside.
The Darul Iftaa is willing to engage Mufti Zubair Bayat Saheb on various
transactions of AlBarakah Bank. We also place on record having written
previously to AlBarakah Bank and to Mufti Zubair Bayat Saheb, but
unfortunately we did not get any response. We are willing to share all that
with you or anyone.
Our only condition of meeting with Mufti Zubair Bayat or any local Alim on
issues of AlBarakah Bank is that he/they should officially represent
AlBarakah Bank and be mandated on behalf of AlBarakah Bank to discuss issues
with us. Once that is finalized we could engage in fruitful academic
discussions.
You refer to a meeting in which your'll were given the assurance that
everything is Shariah Compliant. You also refer to the Shariah Board and
Mufti Zubair Bayat Saheb. Could you get an assurance the he himself
personally read all the contracts of AlBarakah Bank and has approved of the
contracts? Would he be in a position to explain the Shariah Compliancy in
all the contracts of the AlBarakah Bank?
Be rest assured that we have fellow colleagues and engaging in academic
discussions only enhances that harmonious relationship
Lastly, could you get a written confirmation from AlBarakah Bank that mufti
Taqi Uthmani Saheb is on the AlBarakah Bank Shariah Supervisory board? I
believe he is not.
And Allah knows best
Wassalam
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah
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-----Original Message-----
From: Naasik Osman [mailto:Naasik...@vodacom.co.za]
Sent: Monday, February 05, 2007 11:45 AM
To: ali...@alinaam.org.za
Subject: FW: Al Baraka Response
Importance: High
Nasik Osman wrote :
As salaam u alykum respected mufti saab... See the below response:
Just wanted mufti saabs response to this?
Jazakallah
Aslam Hagee wrote :
Assalamualaikum Br. Sho'ayb,
I do not have Mufti Ebrahim Desai Saheb's email address, so please forward
my response on to Mufti Saheb regarding Al-Baraka Bank. (Please copy me when
doing so). Jazakumullah.
Assalamualaikum Mufti Ebrahim Saheb,
I pray that you are Insha-Allah in the best of health!
As Secretary and Executive member of a local Jamaat, I was recently invited
to a presentation by Albaraka Bank. They assured everybody present, majority
Muslim with the exception of one or two individuals, that they were Shariah
Compliant.
I agree that Mufti Taqi Usmani Saheb and his son who reside on the Shariah
Advisory Board of Albaraka Bank may not be "local" Ulema, but Mufti Zubair
Bhayat from Durban is definitely "local".
As Mufti Saheb has requested, I would appreciate you engagaging with Mufti
Zubair Bhayat Saheb on this issue and from my side I humbly request that you
keep me informed of any developments.
Jazakumullah-khair
Was-Salaam
Br. Aslam Hagee
Mobile: 083 293 2631
Email: asl...@netactive.co.za
Sho'ayb Petkar wrote :
Are the Returns from Al-Baraka Bank and Crescent Fund Halaal?
Question :
1. Could you please advise if the returns from a savings account or
general investment account in Albaraka Bank are halaal or not?
2. Also, are similar investments in the Crescent Oasis fund halaal?
3. If not, is there ANY known organization where one can invest his.
-<Message truncated>-
.Shariah. Those interested should feel free to contact us.
And Allah Ta'ala knows best.
Was salaam
E. Vawda, for Daarul Iftaa
Checked and approved: Mufti Ebrahim Desai Saheb.
Fatwa Dated : 1st Feb. 2007
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