Virtues and Fasting of Ashura

The Day of `Ashura’, the tenth of Muḥarram, is a day of great historical significance to Muslims everywhere.

It has been narrated that the Day of `Ashura’ is the day on which Allah (SWT) forgave our father Adam (AS), the day on which the Ark of Nuḥ (AS) came to rest on the mountain known as Al-Jūdī and it was day on which Allah forgave the people of Yūnus (AS).

Ibn 'Abbas ( May Allah be pleased with him) reported that when the Messenger of Allah (SAW) arrived in Medina and found the Banee Israeel observing fast on the day of 'Ashura. The Messenger of Allah (SAW) said to them: What is the (significance) of this day that you observe fast on it? They said: It is the day of great (significance) when Allah delivered Musa (AS) and his people, and drowned the Pharaoh and his people, and Musa observed fast out of gratitude and we also observe it.Upon this the Messenger of Allah (SAW) said: We have more right, and we have a closer connection with Musa than you have; so Allah's Messenger (SAW) observed fast (on the day of 'Ashura), and gave orders that it should be observed. [Sahih Bukhari and Muslim]

In another hadith we are told that fasting the day of `Ashura' expiates the sins of the previous year.

The Messenger of Allah (SAW) said, Fasting the day of `Ashura' (is of great merit), I hope that Allah will accept it as an expiation for (the sins committed in) the previous year. [Sahih Muslim]

Ibn `Abbas (may Allah be pleased with him) said:

We should fast on two days: the 9th and 10th of Muharram to distinguish ourselves from the Jewish community. [Sahih At-Tirmidhi] 

We ask Allah (SWT) to accept our fast. Ameen

Islamic Finance: What's the fuss?

Islamic Finance is making headline news; from Boris Johnson to the Dubai royals, Islamic Finance is beginning to demand attention from businessmen, the banking sector and economic pundits all over.

But the question is WHY?

Islamic Finance is a relatively new concept to mainstream banking, despite its roots dating back 1400 years. But how do you go about understanding it? Well one way is to strip it to its bare essentials to understand the foundations on which Islamic Finance is based to make sense of the hubbub surrounding it.

The core values of Islamic Finance are:

•      The belief that humans are only the trustees of wealth; all things belong to Allah

•            Interest (Rib’a) is forbidden as it creates inequality in society
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•       Material pursuits (pursuing wealth) must be balanced with spiritual needs

•       Societal responsibilities and social justice must be considered i.e. ensure all economic transactions are fair and equal

•              Equal and a responsible free market is encouraged and strict regulations are placed to ultimately direct the market's functioning towards social responsibility. Monopolies are therefore outlawed.

•        The risk between investor and borrower must be shared

•        Uncertainty in transactions/contract is forbidden e.g. one party may not be as fully informed as the other, or neither party has full control over the outcome of the transaction e.g. insurance

•        Investing money into anything prohibited by Islam and is harmful to society e.g. gambling, pork, alcohol, tobacco

Islamic Finance essentially revolves around earning wealth through responsible, honest and equal means whilst consistently taking social responsibility into consideration. Compare this with today's financial system where its endemic risky nature, irresponsible lending and borrowing, the high interest rates have caused global recession.

Perhaps that's WHY Islamic Finance is coming into the spotlight. People are wondering if the word 'recession' would be familiar to us at all if Islamic finance was commonplace.