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Vice President/ Head of Product Development Islamic Bank of Thailand.

Shah Fahad Yousufzai

Shariah perspective on Financial Mismanagement

Financial mismanagement is always considered a curse. It is an un-healthy activity from social, moral and spiritual aspects. It is not a new thing rather an old problem harming society. The word corruption is always associated with the stake holders who has authority and decision making power. Most of the corruption activities are undocumented and behind the closed doors, having no records anywhere. So it is always difficult to identify except the witness of one of the involved party. The people specially having political or wicked power can practice corruption activities openly. This syndrome of corruption is common in politically exposed people generally but its now spread from top to bottom e.g. from Prime Minister to junior clerk. Allah, the Exalted, says: "O children of Adam! Attend to your embellishments at every time of prayer, and eat and drink and be not extravagant; surely He does not love the extravagant." Holy Qur'an (7:31) "And give to the near of kin his due and (to) the needy and the wayfarer, and do not squander wastefully. Surely the squanderers are the brothers of the Satan and Satan is ever ungrateful to his Lord." Holy Qur'an (17:26-27) Being Muslims our responsibility is to take care of others rather making money on their cost. Islam teaches us to not make extra wealth and property which can increase our love with these very never-ending wishes in world. Men always strive for more to become from rich to richer and richest. They make every effort to earn money even on the expense of others, which is non-compliant to Sharia. We have distributed their livelihood among them in worldly life, and have raised some above others in the matter of social degrees, so that some of them may utilize the services of others in their work. (43:32) Islam has given authority to some people in the community to lead but they should not exploit others. The responsible person should not misuse their authority for illegal and un-lawful financial transactions. If ALLAH (SWA) has given authority or power to someone in the society, it doesnt mean that they will do whatever they want. There are some rules and regulations to follow. Self accountability and spiritual satisfactions are also superlative qualities of human

beings during their day to day life. Sometimes we are working as Mudharib (Fund Manager), wakeel (agent), shareek (partner) or Kafeel (Guarantor) etc. We cannot exploit and deceive our partner in any case. Allah, the Exalted, says: "Corruption has appeared in the land and the sea on account of what the hands of people have wrought, that he may make them taste a part of that which they have done, so that they may return." Holy Qur'an (30:41) It is very distinct from divine guidance that those who are involved in corruption will be subject to ALLAH for what they have done. If one knows the reality of life then will never gather illegal and un-lawful money for luxurious life. Earning money on the cost of others are immoral and un-ethical rather destitute and have-nots have certain part in our wealth as per Sharia. Reported that Prophet (SAW) has said; "If you get from the people because of your position is bribery. Would you get it if you are not holding that position? Gifts that we are getting, will be bribery if it is to against misuse of the power and authority but if it is the part of customs and traditions to give gifts to guests, government officials having authority or even to common man due to the followings reasons then it will not be regarded as bribery; 1. Love and affection 2. Respect 3. Good services etc We know that the Holy Prophet(SAW) himself used to accept gifts of various forms from heads of states in his time. He also used to give similar gifts to others. This is surely not bribery because it is customary to do it. Moreover, it is often given out of love and respect for the person. "Therefore be careful of (your duty to) Allah as much as you can, hear and obey and spend, it is better for your souls; and whoever is saved from the greediness of his soul, these it is that are the successful." Holy Qur'an (64:16) Intention is the important part of any work. If someone is giving gift with the intention that the other will do something for me against the gift then it will be regarded as bribery. How the person should avoid these gifts. It is simple if he know little about Sharia and have clear intentions. We should try our best to avoid any Haram(prohibited) income and should always strive for Halal(Permissible).

The Prophet (SAW) is reported to have said; "Worship is of seven parts the best of which is seeking halal (lawful) provision." Islam always emphasizes on earning of Halal income. It is always considered as Ibadah (Worship). The difference between earning through Haram(prohibited) ways and Halal(permissible) ways are that Halal ways of earning is Ibadah and Haram ways of earning is sin. So it is now crystal clears that a person working in tough conditions not necessarily be Halal. It depends on what he is doing? Whether Halal means or Haram? Definition of Halal and Haram are known to everyone as per sharia. Now it is easy to evaluate our activities of earning and everyone is responsible. Allah, the Exalted, says: "And that if they should keep to the (right) way, we would certainly give them to drink of abundant water." Holy Qur'an (72:16) "And if the people of the towns had believed and guarded (against evil) we would certainly have opened up for them blessings from the heaven and the earth..." Holy Qur'an (7:96) Being Muslim we must avoid corruption. We should fight against it on every platform e.g. in office, at home etc. This is an evil and can restrict growth in wealth and progress in the society and country. We should try to eliminate it from our society. ALLAH (SWA) will help us and our society and country will progress. "Surely Allah does not change the condition of a people until they change their own condition." Holy Qur'an (13:11)

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