471 Ahadith are devoted to finance and economics.
Hidaayah is a famous manual of jurisprudence. It contains 24 intricate and complex chapters addressing the following: cash sales, credit sales, spot sales, Forwad Exchange Contracts, short sales, currency exchange, collateral, partnerships, leasing, endowments, laws of succession and many more issues.
Many people presume that the Sahabah radiallahu anhum were poor and disadvantaged. Every nation has its affluent and disadvantaged; likewise in the Sahabah radiallahu anhum there were those who were affluent and disadvantaged. The wealthy ones were expert investors. They had diverse investment portfolios. They had mastered the art of trade. The affluent ones were spearheading mass imports and exports.They were hiring, securitising their investments, dealing in collaterals, standing as guarantors, currency trading, investing in joint commercial enterprises and other profitable schemes. They were transacting in the millions.
Abdur Rahman Ibn Auf radiallahu anhu once imported 700 camels laden with goods. He once gave 40,000 Dinars and 44,000 Dirhams in charity. That is equivalent to a remarkable R73,328,651.42 (seventy three million, three hundred and twenty eight thousand, six hundred and 51 Rands and 42 Cents)!! (Asadul Ghaabah, 3/143, Ma’rifah)
Sayyiduna Zubair radiallahu anhu had an estate equalling a staggering 52,200,000 Dirhams! That is equivalent to R124,992,763 (one hundred and twenty four million, nine hundred and ninety two thousand, seven hundred and sixty three Rands)! Imagine the value of these amounts 1400 years ago! Is there anyone today who can match these figures?
Shariah has the solutions to today’s financial crisis which are clearly expounded in the Qur’an and Ahadith. Shariah has an innate elasticity to recognise new financial concepts and instruments.
Allah has given us a system which is all inclusive. Shariah has the answers. We need to seek the answers.