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Monthly Archives: June 2012
June 29, 2012
DR. ZULKIFLI HASAN
Um Ahmed, Egypt’s New First Lady
Um Ahmed, Egypt’s New First Lady
OnIslam & Newspapers Available at:
http://www.onislam.net/english/news/africa/457736-um-ahmed-egypts-new-first-lady.html
Seen as looking like most Egyptian women, Egypt’s new first lady, Naglaa Ali Mahmoud, wears a headscarf

CAIRO – Unlike former elegant, half-British first ladies, Egypt’s presidential palace is welcoming a small-town home-maker who loves to be called with a traditional nickname identifying her as the mother of her eldest son.
“She looks like my mother,” Dalia Saber, 36, an engineering lecture told The New York Times on Thursday, June 28, referring to the wife of Egypt’s first democratically-elected president Mohamed Morsi.
“She looks like my husband’s mother, she probably looks like your mother and everybody else’s.”
New Egypt (Special Coverage)
Arabs Want Bigger Islam Role in Life: Poll
Seen as looking like most Egyptian women, Egypt’s new first lady, Naglaa Ali Mahmoud, wears a headscarf.
Unlike her predecessors, Suzanne Mubarak and Jihan el-Sadat, aloof, half British fashion plates with well-coiffed hair and advanced degrees, she did not attend college and never took her husband’s last name.
She even refuses to take the title of “First Lady”, preferring instead to be called “Um Ahmed”, a traditional nickname that identifies her as the mother of her eldest son.
“People like Suzanne Mubarak are the odd ones out — you don’t see them walking down the street,” said Mariam Morad, 20, a psychology student.
“This is exactly what we need: change.”
The beginning of Egypt’s new first lady was very typical of many Egyptians.
She grew up in the poor Cairo neighborhood of Ain Shams and married her husband, Morsi, when she was 17 and still in high school.
Morsi himself had grown up poor in the village of El-Adwa in the Nile Delta province of Sharqiya, but excelled in the engineering program at Cairo University.
Three days of their wedding, Morsi left for Los Angeles to complete his Ph.D. at the University of Southern California.
Meantime, his wife finished high school and studied English in Cairo.
Mahmoud joined her husband in Los Angeles a year and a half later, where she volunteered at the Muslim Student House, translating sermons for women willing to revert to Islam.
In Los Angeles, they got the first two of their five children, who hold American citizenship.
Completing his degree, Morsi decided to return to Egypt to have his children grown up there.
In Egypt, Morsi taught engineering at Zagazig University, while his wife, a homemaker, became an instructor in the Brotherhood’s parallel women’s auxiliary, teaching young girls about marriage.
New Egypt
But some Egyptians opine that the new first lady is unfit for the position.
“I can’t call her a first lady under any circumstances,” said Ahmed Salah, 29, a banker having coffee with his friends on the Nile island of Zamalek.
“She can’t be an image for the ‘ladies’ of Egypt.”
Debates have also raged in Egyptian newspapers and social networks about the image of Egypt’s new first lady.
“How could she receive world leaders and still adhere to her traditional Islamic standards of modesty? “Don’t look at her. Don’t shake hands with her,” El-Fagr newspaper asked in a column, calling it a “comic scenario.”
Noran Noaman, 21, an engineering student, also fumes at the image of the new first lady.
“If you travel to New York or wherever, people would make fun of you and say: ‘Your first lady wears the abaya,” she said.
“Previous first ladies used to be elegant.”
But this argument is rejected by many Egyptians, who see Morsi and his wife as an example on the major changes in Egypt following the revolution.
“They’re people like us,” Saber, the engineering lecturer, said.
“It is a strange relief to people. The people feel that there’s a change.”
In Egyptian culture, men rarely talk about their wives publically and mentioning their name is almost a taboo.
But Morsi, who will be sworn in on Saturday, June 30, is unusually appreciative of his wife.
He once said in a television interview that marrying her was “the biggest personal achievement of my life.”
Mahmoud remembers that her husband sometimes helped her with chores and even cooked for her.
“I like everything about him,” she told the magazine Nesf el-Donia.
“Our fights never lasted for more than a few minutes.”
Now, it is only about a few days before Morsi and his wife move from their home to the presidential palace.
“All I want is to live in a simple place where I can perform my duties as a wife,” she said.
“A place like the presidential palace completely isolates you from the world people live in, and going too far hardens the heart.”
Regards

Zulkifli Hasan
Istanbul, Turki
Islamic finance news
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June 28, 2012
DR. ZULKIFLI HASAN
The Muslim Brotherhood connects with Egypt’s rural majority
The Muslim Brotherhood connects with Egypt’s rural majority
Many may hate the Brotherhood, but its concern for the poor has helped to make it the region’s most successful grassroots movement
Magdi Abdelhadi Available at:
http://www.guardian.co.uk/commentisfree/2012/jun/25/muslim-brotherhood-egypt
‘Mohamed Morsi was certainly aided by many secular voters who, despite their visceral dislike of the Muslim Brothers, voted for him to prevent a return to the old regime.’ Photograph: Str/EPA

The Muslim Brothers have been hounded and persecuted throughout their long history, so their resilience and tenacity is not only to be admired and respected, but should also be held as an example for those who wish to make a difference in Egypt’s vibrant but chaotic post-Mubarak political landscape.
You may not like their populism, conservatism and anachronistic ideology, but as an organisation they are impressive. I don’t ever recall visiting their headquarters or talking to their leaders without feeling a strong sense of discipline, focus and commitment.
Their history is evidence that they have paid a heavy price for their belief in an idea. Their founder, Hassan al-Banna, was assassinated by state agents in 1949. One of their best-known intellectuals, Sayyid Qutb, was hanged by Nasser in 1966. Many have languished in jails for years.
It would have been profoundly unfair to deny them the fruit of their long and unwavering political struggle.
It’s true that notorious jihadi groups have been inspired by the teachings of Qutb – namely that modern society is pagan and ungodly and that true Muslims should reject it and take up arms against it.
But the Muslim Brotherhood of today has distanced itself from such ideas and is committed to normal politics.
The organisation may be run by old men, but it has proven to be nimble, astute, pragmatic and far-sighted. Its repeated electoral victories are ample evidence.
Although it had originally promised not to contest the presidential election, in the end it had to. Critics accused it of opportunism and lying. On the contrary, contesting the election was a far-sighted decision which was finally vindicated.
The reason for the Brotherhood changing its mind lies in the bumpy and chaotic political struggle with the ruling army generals on the one hand, and secular forces on the other.
The Brotherhood knew that there was a big risk that the constitutional court would dissolve the parliament where it had a majority. Fearing that it might be left out in the cold, it fielded its strongman, Khairat El Shater. But suspecting that Shater might be disqualified on technical grounds (which he subsequently was) the Brotherhood had a plan B: Mohamed Morsi who – against all the odds – won the race.
If that’s is not politics of the highest order, I don’t know what is.
Despite Morsi’s obvious drawbacks – dullness and lack of charisma and his being the movement’s second choice – he won. He was certainly aided in that by many secular voters who, despite their visceral dislike of the Muslim Brothers, voted for him to prevent a return to the old regime.
The electoral campaign was not as slick and costly as that of Ahmed Shafiq, which was paid for by Mubarak-era businessmen now hiding in Europe. The Brotherhood’s history and reputation were subjected to a relentless campaign of scaremongering and character assassination in state as well as private media. Yet it fended off all that.
The Brotherhood was also the first to produce a credible vote tally that showed Morsi as the winner. Many disagreed, but the tally was largely confirmed when the official result was announced. That too should be added to the Brotherhood’s score sheet.
This is an organisation based on a commitment to an idea, years of training and discipline. That’s how you build a political party. Parties built around a person or a group of people will eventually die when they pass away or when they fall out, as often is the case in Egypt.
There are so many people who hate the Muslim Brothers in Egypt and beyond. But no one can deny that they have proven to be the most successful grassroots movement across the entire region.
The Brotherhood is the closest one can find in Egypt today to an independent political institution where established practices and commitment to an idea seem to trounce blood ties and financial interests.
It’s not only populist, but also truly popular. Its members are drawn from all walks of life – middle-class professionals as well as workers and peasants.
Although the leadership is made up mainly of academic and professionals, they tend to come from a rural environment. That makes them more organically linked to the social fabric of the countryside (where a majority of Egyptians live) than the urban-based secular parties.
Their hospitals and other charity work have been a key component in their history to evolve as a movement from and to the people. This has often been criticised by their rivals as bribing the electorate. That may very well appear to be so at times of election.
But their bond with their constituencies is not seasonal. Care for the poor and the weak is central to Islamic teaching, and they would not have enjoyed the support they do if they had not lived up to those ideals.
Egypt’s “liberal” millionaires may be able to open party headquarters up and down the country and spend lavishly to buy support but they will not produce commitment based on belief in an idea.
I have frequently heard liberals complain that Tahrir Square had been hijacked by the “riff raff”, or “backward” Egyptians from the countryside on days when the majority of those demonstrating there were supporters of the Muslim Brothers and other Islamist groups.
This goes to show not only how cut off the secular minority is from the rest of country, but how little respect they have for the poor and ordinary people.
Egypt is certainly not in the middle and upper class enclaves of Zamalek and Mohandiseen of Cairo. The majority of Egyptians live in the countryside.
Unless the liberals and other secular forces learn from the commitment and organisational skills of the Muslim Brothers, leave their affluent ghettos in the big cities and venture out in the countryside, they will remain condemned to a handful of seats in any future election.
Regards

Zulkifli Hasan
Durham, UK
Islamic finance news
Leave a comment
June 27, 2012
DR. ZULKIFLI HASAN
Islamic banking assets set to reach $1.1 trillion in 2012
Islamic banking assets set to reach $1.1 trillion in 2012
Issac John Available at:
http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/bankingfinance/2012/June/bankingfinance_June22.xml&section=bankingfinance
With the gap between Islamic and conventional banking solutions narrowing substantially, banking assets of the Shariah-complaint segment — growing twice as fast as conventional banking assets — are expected to reach $1.1 trillion globally in 2012, up 33 per cent from 2010, Standard Chartered said on Monday.

With the fast development of the Islamic banking industry, Muslim high net worth individuals, or HNWIs, are increasingly expecting Shariah compliance in managing their wealth, making Islamic wealth management solutions a key market need, Standard Chartered Private Bank said at the launch of a comprehensive suite of Islamic financial solutions for its clients. In an earlier forecast, Standard Chartered said Islamic banking assets in the UAE would grow to 20 per cent of the total banking sector in 2012 from an estimated 18 per cent in 2011.
The bank had said it expected Islamic assets to constitute 38 per cent of total consumer banking assets in the UAE in 2012, compared to about 35 per cent in 2010. It didn’t provide a 2011 estimate. According to the Dubai Chamber of Commerce and Industry, the collective assets of the eight Islamic banks in the UAE were at Dh269 billion at the end of 2010, accounting for around 16.2 per cent of the overall banking assets of Dh1.66 trillion.
Noor Islamic Bank chief executive Hussain Al Qemzi, speaking recently at the 2nd Annual Middle East Islamic Finance and Investment Conference, said the global Islamic finance industry could grow from its present $1 trillion to around $4 trillion within five years as untapped markets such as China open up and new products drive demand.
The new suite of financial solutions from Standard Chartered include fiduciary deposits, property financing, equities, Islamic fixed income instruments, or sukuks, mutual funds, third-party structured products and discretionary services. These solutions are now available to clients across the Private Bank’s booking centres in London, Geneva, Jersey and Dubai Standard Chartered Saadiq.
Khalid El Gibaly, Standard Chartered Bank’s regional head of consumer banking in the UAE and Middle East, said the bank had identified a latent demand among its existing and prospective private banking clients for Islamic private banking solutions. “The launch of our Global Islamic Private Banking offering out of the region is testament to our strategic focus on the Middle East region,” he said.
The new Islamic financial solutions will be delivered in collaboration with Standard Chartered Saadiq, the bank’s Islamic banking arm. With the launch of this offering, Standard Chartered is now able to provide private banking clients a full spectrum of financial solutions — from those who require conventional to those who require Islamic banking, said El Gibaly.
Commenting on the Islamic private banking potential, Stephen Richards Evans, Standard Chartered’s regional head of private banking for Europe, Middle East, India, Africa and Americas, said in the GCC alone, there are more than 500,000 HNWIs with net investible assets of over $1.7 trillion, and this number is rapidly growing in light of relatively better economic conditions in the region compared to other parts of the world.
“However, this segment remains one of the most underdeveloped and underserved amongst all the Islamic banking client segments,” he added.
Wasim Akhtar Saifi, Standard Chartered Saadiq’s group head of Islamic banking and consumer banking, said although Islamic banking solutions have become increasingly available, there are few viable Shariah-compliant alternatives for HNWIs. “There is a need to adopt a more holistic view towards wealth management for this segment. The launch of Islamic financial solutions for our private banking clients broadens the overall spectrum of wealth management solutions… We plan to continue to expand the range of Shariah-compliant solutions.”
Regards

Zulkifli Hasan
London
Islamic finance news
Leave a comment
June 25, 2012
DR. ZULKIFLI HASAN
Mega Islamic bank will set benchmark
Mega Islamic bank will set benchmark
IPOH: The setting up of mega Islamic banks in Malaysia will not merely serve the needs of the domestic economy but also position the country as the benchmark in Islamic global finance, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah.
It would also place Malaysia far ahead of other competing countries, he said.
“Bank Negara has issued one licence. Why is there such a need… we need to see in the context of the country’s economy.
“Under the National Key Economic Areas, financial services are among the economic growth sectors and it is also an area where we are competing with other countries,” he told reporters after officiating the opening of Mydin’s 100th chain store and its 10th hypermarket at Gugusan Manjoi.
Bank Negara so far has not made any announcement on the licence’s receipient.
Last March, the central bank expected two entities, which were given temporary licences to set up mega Islamic banks, to make the announcements on their investment plans.
Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said the central bank had given them more time to announce their plans considering the current challenging environment and the high investment cost involved. — Bernama
Regards

ZUlkifli Hasan
Muscat, Oman
Islamic finance news
Leave a comment
June 21, 2012
DR. ZULKIFLI HASAN
World needs 50,000 Islamic finance experts
World needs 50,000 Islamic finance experts’
Tariq Khattak Available at:
http://pakobserver.net/detailnews.asp?id=161091
Islamabad—In accordance with the growing industry of Islamic Banking and Finance, the whole world needs 50,000 Islamic Finance Experts right away so that the emerging market of Islamic Banking and Finance may be easily promoted. These thoughts were expressed by Mr. Muhammad Zubair Mughal, Chief Executive Officer – AlHuda Centre of Islamic Banking and Finance, during his speech on the topic of “Importance of Islamic Finance Education” in “Moscow Halal Expo” held in Moscow. He said that due to the malfunctioning of conventional banking and finance, the world is moving rapidly towards alternative system of banking and finance and undoubtedly, the Islamic banking and finance system is the first and the foremost choice of people in this regard because the global financial crisis had very fewer impact on Islamic finance industry which is the assurance of its future success, said a press release issued here today.
He said that education of Islamic banking and finance is badly needed internationally. At this time, 38 universities in the world are producing approximately 5000 graduates of Islamic banking and finance per annum, whereas relatively its demand is 10 times more around the globe. If this demand and supply would not be balanced in short time then Islamic banking and finance industry may face many obstacles in its growth and promotion. In the recent era, conventional bankers are being provided with trainings having some of the essentials of Islamic banking and finance in order to adjust them in Islamic financial system which is a wrong approach and is creating many reservations in financial industry. He further said that in order to establish Islamic banking and finance system on strong pillars, it is needed to produce graduates with complete knowledge of Islamic banking and finance having full command on Shari’ah, Fiqah and banking. In this regard, AlHuda Centre of Islamic Banking and Economics has introduced its MBA and Post Graduate Diploma on Islamic banking and finance based on the mode of Distance learning so that the people of countries which currently do not have any facilities of Islamic banking and finance could get advantage of this facility from their office or home and strengthen the rapidly emerging market of Islamic banking.
He said that 4 types of approaches should be adopted in order to educate masses in the field of Islamic banking and finance. 1) Graduation, Masters and Post Graduate Diploma programs on Islamic banking and finance should be arranged at University or College level in order to produce incumbents who could fulfill the responsibilities in Islamic financial institutions at managerial level in an excellent manner. 2) At post graduate level, one year diploma and six months certificate courses on different topics like Islamic banking, Sukuk (Islamic Bond), Takaful (Islamic Insurance), Islamic Fund and Islamic Microfinance should be arranged so that the experts in these fields could be produced. 3) Online programs on Islamic banking and finance should be promoted so that the awareness of Islamic banking and finance may be promoted worldwide as only 20 countries are providing education in this field. 4) Workshops, trainings and publications in the field of Islamic banking and finance should be promoted in order to encourage awareness among masses regarding this.
Regards

Zulkifli Hasan
Durham University, UK
Islamic finance news
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 1

THE GOLD DINĀR  AND SILVER

DIRHAM:   ISLAM AND THE

FUTURE OF MONEY

Imrān N. Hosein

MASJID JĀMI’AH
CITY OF SAN FERNANDO
TRINIDAD AND TOBAGO

 2

Published by Masjid Jāmi’ah,
City of San Fernando.
76 Mucurapo Street,
San Fernando.
Trinidad and Tobago.

Imrān N. Hosein 2007

Free downloads of several books written by this author are available
at his website: www.imranhosein.org

Online purchases of the author’s books and DVDs of lectures can be
made at:  www.ummahzone.com

Books and DVDs of lectures can also be ordered from the distributor:

Al-Tasneem Sdn. Bhd.
35-1, 1st Floor Jalan Melati Utama 4,
Melati Utama Setapak,
53100 Kuala Lumpur, Malaysia
Tel: 603 – 4107 2999
Fax: 603 – 4108 9815
Email: tasneem@streamyx.com

The author would welcome comments on this booklet emailed to him
at: ihosein@tstt.net.tt; or  inhosein@hotmail.com

 3

CONTENTS

Preface

Chapter One:    Introduction

Chapter Two:    Money in the Qur’ān and Sunnah

Chapter Three:  The Grand Design

Chapter Four:  The Grand Design and the Judeo-Christian

 Alliance

Chapter Five:  Our Response

Notes

 4

PREFACE

I am happy that this booklet was written here in Kuala Lumpur,

Malaysia, a city which has been so kind and hospitable to me over the years,

and was completed in blessed Ramadān 1428H while I am still engaged in a

year-long Islamic lecture-tour, and far away from the comforts of my home

in the Caribbean island of Trinidad.

A writer who writes a book while travelling, as many distinguished

scholars of Islam have done in our glorious past, suffers from the

disadvantage of not having access to his library of books, and often has to

quote from memory. As such, minor errors can result from lapses of memory.

I seek forgiveness for such.

The size of this booklet has been kept deliberately small in order to

encourage our people to read it. The language used is also quite simple and

free from such technical economic jargon as fiat money. Hence the average

reader should encounter no difficulties in respect of language.

It is very likely that terrible events will unfold in the world of money

within a brief time of the publication of this booklet that would validate the

analysis conducted. Hence readers should not delay in assessing the

arguments raised and, if found convincing, in searching for and adopting a

proper response to the challenge.

There should also be no delay in reaching out this booklet, in as many

languages as possible, to as many Muslim communities as possible. For this

reason there is no copyright claim on this publication. Those, on the other

hand, who dismiss the basic arguments of this booklet, will find themselves

in a quandary when those evil events unfold in the world of money.

 5

I must enter into the record my pride and happiness over the efforts

made by a simple and humble former Malaysian banker, Nik Mahani

Mohamad, who was involved in the initial effort to establish Islamic Banking

in Malaysia. Her eyes were opened to the fraudulent nature of much of so-

called Islamic banking when she attended my lecture on the subject at the

Royal Malaysian Mint a few years ago. She turned around, changed course,

and proceeded with courage, integrity and passionate commitment to promote

the cause of the Gold Dinār and a true Ribā-free economy. Both she and my

dear student, Shirazuddin Adam Shah, were involved in organising the

‘International Conference on the Gold Dinar Economy’ which was held in

Kuala Lumpur, Malaysia, in July 2007, and in which the initial text of this

booklet was presented as a paper.

May Allah Most Kind bless Sister Nik Mahani Mohamad for her noble

efforts to restore the Gold Dinār and the Ribā-free economy. Āmīn! And may

others be inspired to follow her noble example. Amīn!

Imran N. Hosein

Kuala Lumpur, Malaysia.

Ramadan 1428/October 2007

 6

THE GOLD DINĀR  AND SILVER DIRHAM:

ISLAM AND THE FUTURE OF MONEY

CHAPTER ONE

INTRODUCTION

Abū Bakr ibn Abi Maryam reported that he heard the

Messenger of Allah say: "A time is certainly coming over

mankind in which there will be nothing (left) that will be of

use (or benefit) save a Dinār (i.e., a gold coin) and a

Dirham (i.e., a silver coin).” [This prophecy clearly

anticipates the eventual collapse of the fraudulent monetary

system now functioning around the world.]

(Musnad, Ahmad)

It is both strange and embarrassing that even at this late

hour when enemies are about to weld into place the final iron

gate of a financial Guantanamo, so many Muslims remain

ignorant about the devilish nature of European-created money

in the modern world. One has even criticised this writer for

having “funny” views concerning money.

 7

There seems to be little understanding of the role that a

European-created money-system has been playing in delivering

to enemies of Islam the capacity to engage in massive legalised

theft of the wealth of mankind. Nor is there realization that

those enemies have designed a monetary system that would

eventually deliver to them financial dictatorship over the whole

world. They have already succeeded in enslaving millions of

Muslims (as well as others amongst mankind) with slave wages

and even destitution, while pursuing a sinister global agenda on

behalf of the Euro-Jewish State of Israel. It is truly pathetic to

listen to those who blame Pakistanis and Indonesians for

miserable poverty in Pakistan and Indonesia.

The news media, even in countries that declare ‘Islam’ to

be the State religion, is notorious for blanking out all news

reports concerning this important subject. An example of such

was the important ‘International Conference on the Gold Dinār

Economy’ that was held at Kuala Lumpur’s Putra World Trade

Center on July 24th and 25th 2007. An excellent keynote

address, delivered by a former Malaysian Prime Minister, Tun

Dr. Mahathir Mohamad, set the stage for two days of intensive

deliberations on the subject of ‘money’. This booklet is an

expanded version of our paper entitled “Explaining the

Disappearance of Money with Intrinsic Value” which we presented

at the conference shortly after the feature address. Readers may

wish to assess the coverage of that conference in the Malaysian

English-language newspapers.

 8

What is far worse than the news blackout is that classically

trained scholars of Islam (i.e., ‘Ulamā) seem to share with

ordinary Muslims this strange and highly embarrassing state of

ignorance, or silence, concerning the fraudulent nature of

modern money. Even when they realise that there is something

dangerously wrong about modern money, so many in this

strange modern age lack the courage to denounce the monetary

system of non-redeemable paper money as fraudulent and,

hence, Harām.

Governments who rule over Muslims present the most

pathetic scene of all. Neither do they understand the dangerous

reality of money today, nor do they want to know the subject.

The reason for this is located in the subservient role to which

they must adhere as governments in their relations with the

Judeo-Christian alliance that now rules the world.

The solitary exception to this dismal state of affairs has

been the former Prime Minister of Malaysia, Dr. Mahathir

Mohamad. He not only understood the exploitative nature of the

monetary system created by modern western civilization, but

also, and quite correctly so, did what scarcely any of the Muftis

of Islam have so far done, or dare to do. He called for the return

to the Gold Dinār as money, in place of the money-system built

around the utterly fraudulent US dollar, so that Muslims could

extricate themselves from financial and economic oppression

and exploitation.

 9

We offer this essay on the ‘future of money’ for the benefit

of those who believe in the Qur’ān as the revealed word of the

One God, and in Muhammad (peace and blessings of Allah Most High

be upon him) as the last of His Prophets. We are conscious of the

fact that we must not only explain this subject adequately but

that we must also pray that Allah Most Kind may intervene and

remove the veils from so many eyes. Only then would they

recognise the looming final stage of a fraudulent monetary

system designed to impose complete financial slavery upon

mankind. The system is designed to target in particular those

who resist the mysterious Judeo-Christian alliance that now

rules the world.

The final stage of evolution in their monetary system

would witness the universal embrace of electronic money, the

brightest jewel of their evil monetary crown, which would

totally replace today’s fraudulent paper currencies. Indeed this

final stage has already commenced, and all that the international

monetary bandits now need is a world crisis (such as a nuclear

attack on Iran which has not as yet occurred but which is

expected at any time) that would result in a total collapse of the

US dollar and a consequent mass stampede away from paper

currencies.

Already the impending collapse of the US dollar is

reflected in the rising price of gold – now close to the record of

US$850 an ounce set in January 1980. The world can expect to

 10

see the price of gold escalate to US$3000 or more per ounce.

The same thing would happen to the price of oil. Perhaps the

psychological shock of the collapse of the US dollar would

produce the stampede through which electronic money would

effortlessly replace paper money as the new cashless money-

system of the world.

We attempt in this essay to introduce the reader to the

subject of money as located in both the blessed Qur’ān and the

Sunnah of the blessed Prophet (sallalahu ‘alaihi wa sallam). We

demonstrate that such money (which we call Sunnah money)

always possessed intrinsic value. By that, we mean that the

value of the money, whatever that value might be, and

regardless of changes in value that might naturally occur, was

stored within the money, and was thus immune to arbitrary

external manipulation and devaluation.

We further demonstrate that the monetary system created

by the ruling European Judeo-Christian alliance was

specifically designed to remove ‘money with intrinsic value’

from the money-system of the world, and to replace it with

money that had no intrinsic value. Such non-redeemable paper

currencies could then be devalued. When they were devalued,

not only would it result in an unjust legalised theft of the wealth

of those who used the devalued currency but additionally, it

would become more and more expensive for such countries to

repay loans which were taken on interest. Eventually these

 11

countries would be trapped with debts they could never repay,

and would thus be at the mercy of those whose suspiciously

large loans to them were meant to deliver precisely such control

over them. (See John Perkins, ‘Confessions of an Economic Hit-

Man’).

As money was devalued, the cost of property, labour,

goods and services in the territories of the devalued currencies

would become cheaper and cheaper for those who created the

monetary system. Eventually one part of the world could live

very comfortably while the rest of the world, with their

constantly devalued money, sweated and laboured in a new

slavery to keep the bandits permanently rich and with

permanent first class tickets on the ship of life. As poverty

increased in the targeted countries, corruption naturally also

increased. Those who had the intellectual acumen of cattle

would then wonder loudly: why do Muslim countries suffer

from so much corruption while the West (which had looted

their wealth and was living off their sweat) was so free from

corruption.

Then when the IMF forced privatization upon those whose

money had lost value, the bandits could then buy out oil and gas

fields,  power-supply companies, telephone companies, etc., in

such countries for a song and six-pence, i.e., for a price far less

than their true value. It remains an enigma that Venezuela’s

Hugo Chavez could understand the exploitative role of the IMF

 12

and could terminate Venezuela’s membership in that

organization, while the scholars of Islam remain amazingly

silent on the subject.

This essay goes on to explain that the enemies are not

content with simply living off the sweat of others through

exploiting to their advantage a monetary system that is unjust

and oppressive. Rather they have a grand design to so

financially enslave the masses as to permit them to impose their

dictatorship over the whole world. Their dictatorship would, in

turn, pave the way for the Euro-Jewish State of Israel to become

the ruling state in the world and, eventually, for a ruler of Israel

to startle the world with the utterly fraudulent claim that he is

the true Messiah. In fact, he would be Dajjāl the false Messiah

or Anti-Christ! We are now so close to that event that this

writer confidently predicts that children now at school would

live to see it (See ‘Jerusalem in the Qur’an’ and the second chapter

of ‘Sūrah al-Kahf and the Modern Age’ available for free download

on the website: www.imranhosein.org).

Unless one has an understanding of the grand design

behind the creation of the contemporary monetary system of

non-redeemable paper money, one cannot respond properly to

the challenge posed by that monetary system. Yet this writer

has tried in vain to convince his distinguished and learned peers

of the need to understand that grand design before embarking

on an effort to restore the Gold Dinār as money.

 13

CHAPTER TWO

MONEY IN THE QUR’AN AND SUNNAH

Many secularised Muslims in the modern age fervently
believe that religion should have nothing to do with economic

and political life. Such Muslims would be at a loss to explain,
or even understand, the following incident in the life of Prophet
Muhammad (sallalahu ‘alaihi wa sallam):

Abū Sa’īd al-Khudri said that Bilāl brought the Prophet some Barni

dates, and when he asked him where he had gotten them he replied: “I

had some inferior quality dates so I exchanged two Sa's of them for

one Sa’ (of this).” The Prophet responded: “Ah! This is the very

essence of Ribā, the very essence of Ribā! Do not do so, but when you

wish to buy, sell the dates in a separate transaction, then buy with

what you get.”

   (Bukhāri, Muslim)

We learn from the above that Prophet Muhammad (sallalahu

‘alaihi wa sallam) prohibited an unequal exchange of ‘dates’ for

‘dates’. He declared such an exchange to be the very essence of

 14

Ribā. Yet there is evidence that an unequal exchange of

‘camels’ for ‘camels’ was permitted:

Yahya related to me from Mālik from Nāf’i that Abdullah ibn Umar

bought (i.e., exchanged) a female riding-camel for four camels and he

guaranteed to give them in full to the buyer at ar-Rabādha.

(Muwatta, Imām Mālik)

The question naturally arises: why was there a prohibition

of an unequal exchange of dates, but no prohibition of an

unequal exchange of camels?

The answer to that question, located in a very important

Hadīth of the blessed Prophet (sallalahu ‘alaihi wa sallam)

concerning Ribā, explains what is money in Islam:

Abī Sa’īd al-Khudri reported Allah’s Messenger as saying: “Gold for

gold, silver for silver, wheat for wheat, barley for barley, dates for

dates, and salt for salt. (When a transaction is) like for like, payment

being made on the spot, then if anyone gives more or asks for more,

he has dealt in Ribā, the receiver and the giver being equally guilty.”

(Sahīh, Muslim)

The above Hadīth of Prophet Muhammad (sallalahu ‘alaihi

wa sallam) has very clearly established three things:

Firstly, it established ‘money’ in Islam to be either

precious metals such as gold and silver, or other commodities

such as wheat, barley, dates and salt which are commodities of

regular consumption as food but which have a shelf-life. Thus,

 15

when there was a scarcity of gold and silver coins in the market

in Madina, commodities such as dates, which were available in

the market in abundant supply, and which had a shelf life, were

used as money. Consequently, we can now answer the above

question.

The unequal exchange of camels for camels was

permissible since animals were never used as money. An

unequal exchange of dates for dates had to be prohibited,

however, because dates were used as money, and permission

for such an exchange would open the door for a moneylender to

lend money on interest.
1

If the same principle concerning the use of commodities

such as dates as money, were to be applied in the Indonesian

island of Java, for example, then rice could be used as money if

gold and silver coins were to be in short supply in that market.

In the island of Cuba on the other hand, sugar could be used as

money, etc.

Some scholars of Islam argue that mankind is free to use

anything, even a grain of sand, as money. Therefore, there is no

prohibition to printing paper and assigning any value to the

paper. Our response is that grains of sand or shells found on the

seashore cannot qualify in Islam as money according to the

Hadīth since they are neither precious metals nor or they

commodities that are consumed regularly as food.

 16

Secondly, when gold, silver, wheat, barley, dates and salt

(rice, sugar, etc.) were used as money, the value of the money

was ‘inside’ the money and not ‘outside’. Hence, the Hadīth

established ‘money’ in Islam to possess intrinsic value.

Thirdly, money was always located within Allah’s

creation in a commodity that was created by Allah Most High,

with value assigned to it by Allah Most High Himself. He

declared of Himself that He was al-Razzāck, the creator of

wealth.

We may now describe money located in the Sunnah to be the

following:

• precious metals or other commodities as described

above,

• money with intrinsic value,

• money located within Allah’s creation with value

assigned to such money by Allah Most High Himself

Who is the creator of wealth.

Some scholars of Islam hasten to remind us that the

Sunnah is comprised of two parts. The first is that which has

come to us from the blessed Prophet but was based on Divine

guidance. And the second is that which was based on his own

opinion. The Prophet has himself advised his followers in

respect of the second that “you are better informed about your

 17

worldly affairs.” The implication of this advice was that there

was no obligation to follow such Sunnah.

The scholars go on to argue that ‘money’ falls in the

second category. As a consequence, they argue, it is perfectly

legitimate for Muslims to accept the present system of non-

redeemable paper-money in which the Jewish-Christian ruling

alliance simply has to print paper as money, assign a fictitious

value to it, and in the process become creators of as much

wealth as they want. They can then use their currencies to buy

anything they want in any part of the world. However, when

Muslims follow them in this blasphemous activity of creating

wealth out of nothing, a suitcase filled with Indonesian Rupiahs

or Pakistani Rupees cannot buy even a cup of coffee in

Manhattan.

Such scholars of Islam have never declared the present

monetary system of non-redeemable paper money to be Harām,

and it seems as though they never will. They are, of course,

very wrong in their judgement and they will have to face the

consequences on the Day of Judgement for that atrocious

failure. They do not consider that money in the form of precious

metals created by Allah Most High with intrinsic value assigned

to them by Allah Himself is firmly grounded in the blessed

Qur’ān itself.

 18

Allah Most High referred to a Dinār in this verse of Sūrah

Āle ‘Imrān

U نطَابِق هنأْمإِن ت نابِ متلِ الْكأَه نمو هنأْمإِن ت نم مهنمو كإِلَي هدؤرٍ ي

بِدينارٍ الَّ يؤده إِلَيك إِالَّ ما دمت علَيه قَآئما ذَلك بِأَنهم قَالُواْ لَيس علَينا في

W  ۉ اُألميني سبِيلٌ ويقُولُونَ علَى اللّه الْكَذب وهم يعلَمونَ

“Amongst the People of the Scripture (i.e., the Torah) there are those

who if entrusted (by a fellow Israelite) with a Qintār (a treasure of

money such as a heap of gold coins) for safe-keeping, would return it

upon demand. Yet amongst them there are those who if entrusted (by

a Gentile, i.e., one who was not an Israelite) with a (single) Dinār (a

gold coin) for safe-keeping, would not return it on demand unless the

owner were to persist in demanding the return of his property. The

reason for this (double standard) is because they argue that the

(religious law) placed no obligation on them to be just and fair in their

dealings with Gentiles. But they tell a lie against Allah (Most High),

and they know full well (that it is a lie).”

(Qur’ān, Āle ‘Imrān, 3:75)

He also referred to a Dirham in this verse of Sūrah Yūsuf:

Uينداهالز نم يهواْ فكَانو ةوددعم ماهرسٍ دخنٍ به بِثَمورشۓ ُ و W

“And they sold him for a few measly Dirhams and they did so

because they considered him to be of little worth.”
(Qur’ān, Yūsuf, 12:20)

 19

In both these verses of the Qur’ān Allah Most High has

referred to ‘money’ as ‘gold’ and ‘silver’ coins. A Dinār was a

gold coin with intrinsic value, and a Dirham or silver coin, also

had intrinsic value. Both are firmly located in Allah’s creation

and both possess value assigned to them by Allah Himself Who

is the creator of wealth.

There are other verses of the Qur’ān that also refer to gold

and silver as wealth, and such wealth could be used as money in

the form of gold Dinārs and silver Dirhams:

 U ِبالذَّه نم ةقَنطَرريِ الْماطالْقَنو نِنيالْباء وسالن نم اتوهالش باسِ حلنل نيز

ده والْفضة والْخيلِ الْمسومة واَألنعامِ والْحرث ذَلك متاع الْحياة الدنيا واللّه عن

  Wۈ   حسن الْمآبِ

“Beautified for mankind is love of the joys (that come) from women

and offspring; and stored-up heaps of gold and silver (i.e., heaps of

Dinārs and Dirhams), and horses branded (with their mark), and

cattle and land. That is comfort of the life of the world. Allah! With

Him is a more excellent abode.”

(Qur’ān, Āle ‘Imrān, 3:14)

 U ابضِ ذَهلُْء األرم مهدأَح نلَ مقْبفَلَن ي كُفَّار مهواْ واتمواْ وكَفَر ينإِنَّ الَّذ

  W   ] ب أَليم وما لَهم من ناصرِينولَوِ افْتدى بِه أُولَـئك لَهم عذَا

 20

“Lo! those who disbelieve, and die in disbelief, the (whole) earth full

of gold would not be accepted from such an one if it were offered as a

ransom (hence as money through which he seeks to ransom his soul).

Theirs will be a painful doom and they will have no helpers.”

(Qur’ān, Āle ‘Imrān, 3:91)

U   ِاسالَ النوأْكُلُونَ أَملَي انبهالرارِ وباَألح نا مريواْ إِنَّ كَثنآم ينا الَّذها أَيي

و بِيلِ اللّهن سونَ عدصيلِ واطا بِالْبهقُوننفالَ يةَ وضالْفو بونَ الذَّهكْنِزي ينالَّذ

  W\   في سبِيلِ اللّه فَبشرهم بِعذَابٍ أَليمٍ

“O ye who believe! Lo! many of the (Jewish) rabbis and the

(Christian) monks devour the wealth of mankind wantonly and debar

(men) from the way of Allah. They who hoard up gold and silver and

spend it not (this would obviously be in the context of use of gold

and silver as money) in the way of Allah, unto them give tidings (O

Muhammad) of a painful doom.”

(Qur’ān, al-Tauba, 9:34)

Uلَوقُفًا  وس هِموتيبنِ لمحبِالر كْفُرن يما للْنعةً لَجداحةً وأُم اسكُونَ النلَا أَن ي

 ولبيوتهِم أَبوابا وسررا علَيها يتكؤونَ   ] من فَضة ومعارِج علَيها يظْهرونَ

ٿ   ا متاع الْحياة الدنيا والْآخرةُ عند ربك للْمتقنيوزخرفًا وإِن كُلُّ ذَلك لَم  پ

W

 21

“And were it not that (all) men might become of one (evil) way of

life, We would provide, for everyone that blasphemes against (Allah)

Most Gracious, silver roofs for their houses and (silver) stair-ways on

which to go up, and (silver) doors to their houses, and thrones (of

silver) on which they could recline, and also Zukhruf (i.e., gold). But

all this were nothing but conveniences of the present life: The

Hereafter, in the sight of thy Lord is for those who fear (Him).”

 (Qur’ān, Zukhruf, 43:33-5)

 U ْذُواأْخا فَالَ تنطَارق ناهدإِح متيآتجٍ ووكَانَ زجٍ موالَ زدبتاس مدتإِنْ أَرو

  Wمنه شيئًا أَتأْخذُونه بهتاناً وإِثْماً مبِيناً

"And if you wish to have (one) wife in place of another and you have

given one of them a Qintār (i.e., a treasure of gold and silver coins),

then take not from it anything; would you take it by slandering (her)

and (doing her) manifest wrong?”

(Qur’ān, al-Nisā, 4:20)

The Qur’ān goes on to reveal the extraordinary news that
gold and silver would maintain their status as things of great
value in the next world as well. In other words, gold and silver
possess a spiritual reality as things of value, in addition to their

value in this material world:

U يث مهيالع مهبر مقَاهسو ةضن فم اوِرلُّوا أَسحو قربتإِسو رضسٍ خندس اب

 W شرابا طَهورا

 22

“Their raiment will be fine green silk embroidered in gold. Bracelets

of silver will they wear. Their Lord will quench their thirst with a

drink (sparkling) with purity.” [This verse, as well as others that

follow, reveal that gold and silver will remain precious and valuable

in the hereafter as well.]

(Qur’ān, al-Insān, 76:21)

 Uشا تا ميهفابٍ وأَكْوبٍ ون ذَهم افحهِم بِصلَيع طَافلَذُّ  يتو الْأَنفُس هِيهت

َ W الْأَعين وأَنتم فيها خالدونَ

“Therein are brought round for them trays of gold and goblets, and

therein is all that souls (i.e., hearts) desire and eyes find sweet. And

you will abide therein forever.”

(Qur’ān, al-Zukhruf, 43:71)

U رِنِنيقْتكَةُ ملَائالْم هعاء مج بٍ أَون ذَهةٌ موِرأَس هلَيع يلَا أُلْقفَلَو W

"Then why are not gold bracelets bestowed on him, or (why) come

(not) with him angels accompanying him in procession?" [Hence they

recognised gold to be precious and that it can be bestowed from

above.]

(Qur’ān, al-Zukhruf, 43:53)

U  مهاسبلا ولُؤلُؤبٍ ون ذَهم اوِرأَس نا ميهنَ فلَّوحا يهلُونخدي ندع اتنج

رِيرا حيهف W ٌ

 23

“Gardens of Eternity will they enter: therein will they be adorned with

bracelets of gold and pearls; and their garments there will be of silk.”

(Qur’ān, al-Fātir 35:33)

U  اهتحن ترِي مجت اتنج اتحاللُوا الصمعوا ونآم ينلُ الَّذخدي إِنَّ اللَّه

ٌ W  فيها من أَساوِر من ذَهبٍ ولُؤلُؤا ولباسهم فيها حرِيرالْأَنهار يحلَّونَ

“Allah will admit those who believe and work righteous deeds, to

Gardens wherein rivers flow: they shall be adorned therein with

bracelets of gold and pearls; and their garments there will be of silk.”

(Qur’ān, al-Hajj, 22:23)

U  اوِرأَس نا ميهنَ فلَّوحي ارهالْأَن هِمتحن ترِي مجت ندع اتنج ملَه كلَئأُو

لْأَرائك من ذَهبٍ ويلْبسونَ ثيابا خضرا من سندسٍ وإِستبرقٍ متكئني فيها علَى ا

 W نِعم الثَّواب وحسنت مرتفَقًا

“For them will be Gardens of Eternity wherein rivers will flow; they

will be adorned therein with bracelets of gold, and they will wear

green garments of fine silk and heavy brocade: They will recline

therein on raised thrones. How good the recompense! How beautiful a

couch on which to recline!”

(Qur’ān, al-Kahf, 18:31)

 24

U  ىتح كيقرل نمؤلَن ناء ومي السقَى فرت أَو فرخن زم تيب كُونَ لَكي أَو

ا نابتا كنلَيلَ عزنوالًتسا ررشإَالَّ ب لْ كُنتي هبانَ رحبقُلْ س هؤقْر W

"(Even if) you have a house adorned with gold, or you mount a ladder

right into the skies, we shall not believe in your mounting (into the

skies) until you send down to us a book that we could read." Say:

"Glory to my Lord! Am I aught but a man - a messenger?" [Thus they

recognised gold to be something precious and of great value.]

(Qur’ān, al-Isrā, 17:93)

Indeed, the gold Dinār is destined to play a very

significant role on Judgement Day itself. In a very long Hadīth,

the weight of goodness in a heart, when measured against a

Dinār, would be the measure by which people would be taken

out of the hell-fire. Here is the relevant passage from the long

Hadīth:

Abū Sa'īd al-Khudri reported: When the Day of Resurrection comes a

Mu'adhdhin (a proclaimer) would proclaim: “Let every people follow

what they used to worship . . . .”

Then their persons would be forbidden to the Fire; and they would

take out a large number of people who had been overtaken by Fire up

to the middle of the shank or up to the knees. They would then say:

“O our Lord not one of those about whom Thou didst give us

command remains in it (in Jahannam)”. He will then say: “Go back

and bring out (from the hell-fire) those in whose hearts you find good

of the weight of a Dinār.” Then they will take out a large number of

 25

people. Then they would say: “O our Lord! We have not left anyone

about whom You commanded us.” He will then say: “Go back and

bring out those in whose hearts you find as much as half a Dinār of

good.” Then they will take out a large number of people, and would

say: “O our Lord! not one of those about whom Thou commanded us

we have left in it.” Then He would say: “Go back and in whose heart

you find good to the weight of a particle bring him out.” They would

bring out a large number of people, and would then say: “O our Lord,

now we have not left anyone in it (Hell) having any good in him . . . .”

(Sahīh, Muslim)

The above verses of the Qur’ān and the above Hadīth

demonstrate that gold and silver were created by Allah Most

High with great value bestowed on them, and that such value

would survive this mundane world to be retained in the next

world as well. The verses also demonstrate that Allah Most

High, in His wisdom, created gold and silver to be used, among

other things, as money. Whoever is so blind as to challenge this

clear fact should prepare himself to defend his view on

Judgement Day.

Money with intrinsic value has today disappeared from the

money-system used around the world. The entire Muslim world

is also guilty of having abandoned ‘money’ that is firmly

grounded in the Qur’ān itself and which is of value even in the

hereafter. Muslims have already paid a horrible price for having

abandoned that ‘sacred money’ and accepted in its place an

 26

utterly fraudulent means of exchange in the form of ‘secular

money’.

Our purpose in this essay is to explain, briefly of course,

how and why the disappearance of Sunnah money has occurred.

We ask that those who read, understand and agree with the

arguments presented in this essay, respond to the following

command of Prophet Muhammad (sallalahu ‘alaihi wa sallam):

Abū Sa’īd al-Khudri said: I heard the Messenger of Allah say:

"Whosoever of you sees (anything that is) evil, let him change it with

his hand; and if he is not able to do so, then with his tongue; and if he

is not able to do so, then with his heart; and that is the weakest (state

of) faith."

(Sahīh, Muslim)

 27

CHAPTER THREE

THE GRAND DESIGN

There is a grand design that links international politics,

international monetary economics and religion with today’s

fraudulent monetary system.  Let us explain.

Every Jewish child knows about, and believes in, a divine

promise communicated to the Israelite people in which Allah

Most High promised that history would end with one man, who

would be a Prophet and the Messiah, ruling the whole world

from the throne of David (‘alaihi al-Salām) in Holy Jerusalem with

eternal rule. Jews concluded there-from that history would end

with Pax Judaica (a Judeo-world-order), and with Jerusalem

once more at the center of the world as it was at the time of

Solomon (‘alaihi al-Salām). They believed that Pax Judaica would

validate the Jewish claim to truth, while invalidating all other

such claims.

It is quite remarkable that Muslims and Christians both

share with Jews the belief that the historical process would

culminate with the Messiah ruling the world with justice from

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Holy Jerusalem. However, unlike Jews, Muslims and Christians

both believe that Jesus, the son of the Virgin Mary, was the

divinely promised Messiah. They also both believe that he was

raised into the heavens at the time of the attempt to crucify him,

and that he would return to rule the world from Jerusalem

exactly as divinely prophesied.

The Qur’ān explained the phenomenon of his return by

disclosing that Jesus was not crucified but, rather, that Allah

Most High caused it to appear as such:

U  وهلَبا صمو لُوها قَتمو ولَ اللّهسر ميرم نى ابيسع ِسيحا الْملْنا قَتإِن هِملقَوو

ولَـكن شبه لَهم وإِنَّ الَّذين اختلَفُواْ فيه لَفي شك منه ما لَهم بِه من علْمٍ إِالَّ

بااتينقي لُوها قَتمو الظَّن ا اعيمكا حزِيزع كَانَ اللّهو هإِلَي اللّه هفَعل رب W

“That they said (in boast), "We killed Christ Jesus the son of Mary,

the Apostle of Allah";  — but they killed him not, nor crucified him,

but so it was made to appear to them, and those who differ therein are

full of doubts, with no (certain) knowledge, but only conjecture to

follow, for of a surety they killed him not. Nay, Allah raised him up

unto Himself; and Allah is Exalted in Power, Wise.

 (Qur’ān, al-Nisā, 4:157-158)

Christians have rejected that declaration of the Qur’ān, and

persist in their belief that Jesus was crucified.

 29

Jews, on the other hand, reject Jesus as the Messiah, and

await another Messiah who would liberate the Holy Land for

Jews, bring them back to the Holy Land to reclaim it as their

own, restore the Holy State of Israel in the Holy Land (i.e., the

Holy Israel that was created by the Prophets David and

Solomon), and then cause that Israel to become the ruling state

in the world. That Messiah would then rule the world from

Holy Jerusalem with Pax Judaica and bring back the Jewish

golden age.

There is compelling evidence that continues to

mysteriously unfold in the world that appears to validate the

Jewish claim to truth. After all, the ‘liberation’ of the Holy

Land took place in 1917. Then the world witnessed the

subsequent return of the Jews to the Holy Land to reclaim it as

their own some 2000 years after they were expelled from it by

divine decree. The establishment of the present (imposter) State

of Israel then followed in 1948, and subsequently growth of

Israel to super-power status in the world became evident.

Along the way the Judeo-Christian alliance that brought modern

western civilization into being has made steady progress

towards the establishment of a world government. It now

appears to be only a matter of time before Israel replaces USA

as the ruling state in the world, and a ruler of Israel makes his

appearance as the head of a world government based in

Jerusalem, and he makes the momentous claim that he is the

Messiah!

 30

Prophet Muhammad (sallalahu ‘alaihi wa sallam) informed the

world that Allah Most High, who had pre-knowledge of all

events, had responded to the Jewish rejection of the true

Messiah by creating a false Messiah. He disclosed that Allah

Most High would release that evil being into the world in a

dimension of time other than our own (see chapter two of ‘Surah

al-Kahf and the Modern Age’ entitled ‘The Qur’an and Time’), and

with a mission to impersonate the true Messiah. Consequently

Dajjāl the false Messiah would have to attempt to establish a

world government through which he would rule over the world

from Jerusalem.

There is information in the life of the blessed Prophet

which indicates that the false Messiah was released into the

world after the Prophet’s Hijrah to Madina had taken place, and

after the Jews of Madina had rejected him as a true Prophet and

the Qur’ān as the revealed word of Allah Most High.

‘Jerusalem in the Qur’ān,’ has explained this subject in quite

some detail.

The Prophet also disclosed that one of the most formidable

weapons that the false Messiah would use to achieve his goal of

ruling the world from Jerusalem would be that of reducing

mankind to such a state of internal spiritual blindness that they

would be incapable of perceiving his diabolical strategies and

would thus be deceived. (See ‘Surah al-Kahf and the Modern

Age’ chapter on ‘Moses and Khidr’). The Prophet disclosed the

 31

supreme strategy through which the false Messiah would seek

to impose his universal dictatorship over mankind to be the

weapon of Ribā. With Riba he would enslave with poverty

those who resist him, and empower with wealth those who

accept and support him.  The rich elite of mankind so created

would then be used as clients and surrogates to exploit and

enslave the poor masses and rule over them on behalf of the

false Messiah.

 32

CHAPTER FOUR

THE GRAND DESIGN AND THE JEWISH-

CHRISTIAN ALLIANCE

The Qur’ān has strictly prohibited Muslims from entering

into friendly relations or an alliance with such Jews and

Christians who themselves reconcile and establish Judeo-

Christian friendship and alliance. It did so in the following

momentous verse of Sūrah al-Māidah:

U  لى أَوارصالنو ودهذُواْ الْيختواْ الَ تنآم ينا الَّذها أَيضٍ يعاء بيلأَو مهضعاء بي

نيمالظَّال مي الْقَودهالَ ي إِنَّ اللّه مهنم هفَإِن نكُمم ملَّهوتن يمڤ   وW

“Oh you who believe (in Allah Most High) do not take (such) Jews

and Christians as your friends and allies who themselves are friends

and allies of each other. And whoever from amongst you turns to

them with friendship and alliance belongs to them. Surely Allah will

not guide a people who commit such (an act of) Dhulm (evil,

wickedness).”

(Qur’ān, al-Māidah, 5:51)

 33

We live in precisely such a world in which a Judeo-

Christian alliance has emerged for the very first time in history.

It is that alliance which has created modern western civilization,

and which now rules the world through the United Nations

Organization, etc. It has created a monetary and economic

system through which it has already succeeded in unjustly

enriching itself at the expense of the rest of the world. It is that

Jewish-Christian alliance which established the International

Monetary Fund. The reader must now question whether the

Qur’anic verse quoted above has prohibited Muslim

membership in international organization created and controlled

by that Jewish-Christian alliance. The answer should be

obvious.

A rich elite now rules over the poor masses of mankind,

and the rich nations now rule over the rest of the world. In

addition, the wealthy ruling elite around the world now

constitute one Jamā’ah, and the stage is now set for the

appearance of their one Amīr, who would rule the world from

Jerusalem and would be the false Messiah.

Those who cannot recognize Dajjāl the false Messiah as

the mastermind behind the present world-order, now rule

almost the entire Muslim world. They consequently defy the

Qur’anic prohibition while establishing and maintaining

friendly ties and even alliance with that Judeo-Christian

alliance. So long as such people continue to rule over Muslims,

 34

the Ummah of Muhammad (sallalahu ‘alaihi wa sallam) would

continue to remain imprisoned in miserable poverty and

incapable of resisting those who wage war on Islam on behalf

of the State of Israel.

We now describe one of the processes of Riba through

which Dajjāl empowers with wealth those who support him,

and enslaves with poverty those who oppose him. What he did

was to establish an international monetary system that corrupted

money in such a way that it could be manipulated and made to

function as a vehicle of legalized theft, gigantic fraud, and

economic oppression. One of the very visible forms of such is

the exploitation of labor through slave wages.  Around the

world of the so-called free market economy today, governments

have found it necessary to impose minimum wage legislation in

order to prevent bloody rebellion by those imprisoned in slave

wages.

The reader can easily recognize the very heart of the

process of legalized theft in the international monetary system

that the Judeo-Christian alliance has created by focusing

attention on an event that occurred in April 1933. The US

Government enacted legislation at that time prohibiting

American residents from keeping gold coins, bullion or gold

certificates in their possession. Gold coins were demonetized,

and were no longer permitted as legal tender. They could not be

used as money. If anyone was caught with such gold after a

 35

certain date, he could be fined $10,000 and/or be imprisoned for

six months. In exchange for the gold coins and bullion, the

Federal Reserve Bank, which is a private bank, offered paper

currency (i.e., US dollars) with an assigned numerical value of

$20 for every one ounce of gold.

Most Americans rushed to exchange their gold for paper

currency, but those who were aware of the rip off that was

about to take place bought gold with their paper currency and

then shipped the gold away to Swiss banks.

It is significant that the British government also

demonetized gold coins in the same year as the US. They did so

through the simple expedient of suspending the redeemability

of the sterling paper pound into gold.

After all the gold in USA had been exchanged for paper

currency, the US Government then proceeded in January 1934

to arbitrarily devalue the US paper dollar by 41% and to then

rescind the law of prohibition concerning gold that was

previously enacted. The American people rushed back to

exchange their paper currency for gold at the new exchange

value of $35 per ounce of gold. In the process, they were

robbed of 41% of their wealth. The reader can now easily

recognize the legalized theft that takes place when paper

currency is devalued.

 36

The Qur’ān has specifically prohibited, hence declared

Harām, such a robbery of people’s wealth. It has done so, for

example, in these verses of Sūrah al-Nisā and Sūrah Hūd:

U  نةً عارجكُونَ تلِ إِالَّ أَن تاطبِالْب كُمنيب الَكُموأْكُلُواْ أَمواْ الَ تنآم ينا الَّذها أَيي

W    تراضٍ منكُم والَ تقْتلُواْ أَنفُسكُم إِنَّ اللّه كَانَ بِكُم رحيما

“O ye who believe! Do not appropriate each others property and

wealth in a manner that is unjust and unfair: Rather, let business be

transacted in a manner that brings mutual satisfaction . . . .!”

(Qur’ān, al-Nisā, 4:29)

 Uسخبالَ تو طسانَ بِالْقيزالْمالَ وكْيفُواْ الْممِ أَوا قَويالَ وو ماءهيأَش اسواْ الن

ينفِْسدضِ مي اَألراْ فثَوعڳ    تW

"And O my people! give just measure and weight, and do not deprive

people of what is rightfully theirs by diminishing the value of their

things (such as value of labor, merchandise, property, etc.) and do not

commit evil in the land with intent to corrupt and destroy.”

(Qur’ān, Hud, 11:85)

And Prophet Muhammad (sallalahu ‘alaihi wa sallam) has

declared such transactions which are based on deception, and

 37

which yield a profit or gain to which one is not justly entitled

(i.e., acts of ‘ripping off’), to be Ribā.
2

The Federal Reserve Bank appeared in the above incident

to have initiated a ‘trial run’ to test domestically the new

monetary system through which a massive and unjust transfer

of wealth throughout the unsuspecting world could be achieved.

That transfer would take place through the simple device of

creating money out of worthless paper and then forcing paper

currency upon all of mankind.  Those who control the monetary

system would then target certain currencies and force them to

be continuously devalued. As such paper currencies lost value

the unsuspecting masses would suffer massive loss of wealth,

however, their ‘loss’ would result in ‘gain’ for others.

Less than two years earlier, in September 1931, the British

pound was devalued by 30% and this gradually increased to

40% by 1934. France then followed with a devaluation of the

French Franc by 30%, the Italian Lira was devalued by 41%,

and the Swiss Franc by 30%. The same thing subsequently

happened in most European countries. Only Greece went

beyond the rest of Europe to devalue its currency by a

whopping 59%.

What appeared to be "beggar thy neighbor" policies of

1930s — using currency devaluations to increase the

competitiveness of a country's export products in order to

reduce balance of payments deficits — resulted in plummeting

 38

national incomes, shrinking demand, mass unemployment, and

an overall decline in world trade that came to be known as the

Great Depression. However, it prepared the way for the

imposition of an international monetary system that ostensibly

sought to bring order and prevent chaos in the world of money

and trade.  In other words, the Great Depression was artificially

contrived in order to justify the imposition of an international

monetary system that would bring order to a chaotic world of

money.

This unusual and highly suspicious collaboration amongst

European countries in the almost simultaneous and utterly

fraudulent devaluation of their currencies should have

awakened Muslims to the grave dangers posed by the European

Judeo-Christian monetary system of paper currencies.

The Judeo-Christian alliance went on to establish a ‘paper

currency’ international monetary system at Bretton Woods.

They used the link between the US dollar and gold in the

Bretton Woods Agreement as a fig leaf to hide the fact that

paper could now be printed and used as money without any

requirement that it be redeemable in the market in real money,

i.e., money with intrinsic value. The Bretton Woods Agreement

paved the way for the International Monetary Fund to be

established in 1944 with the explicit function of maintaining an

international monetary system of precisely such non-

redeemable paper currencies. By 1971 even the fig leaf

 39

disappeared when USA reneged on its treaty obligation under

international law to redeem US dollars for gold.

It is amazing, really, that there was no significant Islamic

intellectual response to warn and mobilise Muslims to oppose

the new fraudulent monetary system. If scholars of Islam were

blinded by the fig leaf that was the US dollar, and could not see

the fraudulent nature of the monetary system, there has been no

fig leaf since 1971 that could cover the shame of legalised theft.

Yet the world of Islamic scholarship still failed to see that

modern paper money was Harām. Consequently, the entire

Muslim world blindly followed the Judeo-Christian alliance

into the proverbial monetary lizard’s hole.

As the European Judeo-Christian alliance decolonised the

rest of the colonised world they ensured that the decolonised

non-European world was absorbed into the new monetary

system through membership in the International Monetary

Fund.

The Articles of Agreement of the IMF prohibited the use

of gold as money.
3
 It did so by prohibiting any link between

gold and paper currencies other than the US dollar. Art. 4

Section 2(b) of the Articles of Agreement stated: “exchange

arrangements may include (i) the maintenance by a member of

a value for its currency in terms of the special drawing right or

another denominator, other than gold, selected by the member,

or (ii) cooperative arrangements by which members maintain

 40

the value of their currencies in relation to the value of the

currency or currencies of other members, or (iii) other exchange

arrangements of a member's choice.”

In April 2002, US Congressman Ron Paul sent the

following letter to both the US Treasury Department and the

Federal Reserve Bank (which, incidentally, is a privately owned

bank) asking why the IMF prohibits gold-backed currencies for

its member states:

Dear Sirs:

I am writing regarding Article 4, Section 2b of the

International Monetary Fund (IMF)'s Articles of Agreement. As

you may be aware, this language prohibits countries who are

members of the IMF from linking their currency to gold. Thus,

the IMF is forbidding countries suffering from an erratic

monetary policy from adopting the most effective means of

stabilizing their currency. This policy could delay a country's

recovery from an economic crisis and retard economic growth,

thus furthering economic and political instability.

I would greatly appreciate an explanation from both the

Treasury and the Federal Reserve of the reasons the United

States has continued to acquiesce in this misguided policy.

Please contact Mr. Norman Singleton, my legislative director, if

you require any further information regarding this request.

Thank you for your cooperation in this matter.

Ron Paul

U.S. House of Representatives

 41

It is significant that neither the Federal Reserve Bank nor

the US Treasury Department has so far responded to this

request for an explanation. The reason why they have not

responded is that there is no explanation other than the fact that

the monetary system established through the IMF was designed

to rip off mankind and eventually impose financial slavery on

all those people who are targeted by the Jewish-Christian

alliance which now rules the world.

The IMF was used to establish a new international

monetary system with new and strange monetary terminology,

and Muslims found themselves confronted by terms they had

never before experienced. There was a world of a difference

between ‘local (paper) currency’, which was accepted as a

medium of exchange in the country in which it was issued, and

‘foreign exchange’ paper currency that was the medium of

exchange for trade outside of that country. Therefore, if

Muslims in Malaysia wanted to sell goods to Muslims in

neighbouring Indonesia, the Indonesians had to find foreign

exchange to pay for their purchases. However, such foreign

exchange was, for all practical purposes, limited to either

European paper currencies or to the US dollar. Thus, the trap

was set for demand for such European currencies as the US

dollar that then became known as ‘hard’ currency. So long as

the Judeo-Christian alliance could maintain demand for their

paper currencies all that they had to do was to keep on printing

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such money and, in the process, keep on creating wealth out of

nothing.

The evil plan behind the whole system was also to get

Western currencies, as well as those of their surrogates, to

constantly increase in value in relation to other currencies. That

was achieved through the simple device of either coaxing or

forcing devaluation of targeted currencies. As such currencies

were devalued, it resulted in a massive transfer of wealth from

the masses to the elite. It also forced labour into working for

slave wages, and it imprisoned those who took hard currency

loans from an ever-willing IMF and from European commercial

banks and now found themselves in ever-increasing difficulty to

repay those loans with interest. In fact, the entire monetary

system with its IMF centrepiece was specifically designed to

achieve such results. Targeted countries were trapped with huge

loans, were continuously drained of their wealth, and were

impoverished as they struggled to repay loans with money that

constantly lost value. It did not happen by accident.

Finally, and most glaring of all, the new international

monetary system of paper money facilitated the banking

system, through fractional reserve banking, to lend on interest

money it did not possess. That, also, was legalised fraud. I

suspect that the Muftis of Islam neither understand what is

meant by fractional reserve banking, nor do they have adequate

knowledge of the history of international monetary economics

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briefly described in this essay. When electronic money totally

replaces paper currency, and the unjust monetary system

perfects itself, I fear that the Muftis would declare ‘electronic

money’ as well to be Halāl.

The IMF was created with a specific purpose of preventing

currency exchange restrictions that would hinder the constant

devaluation of targeted currencies. Thus the Articles of

Agreement declared that the IMF would “assist in the . . .

elimination of foreign exchange restrictions which hamper the growth

of world trade.” The elimination of foreign exchange restrictions

would then expose a targeted currency to financial attacks that

would create opportunities for windfall profits as the currencies

lost value.

The international monetary system that emerged out of the

Bretton Woods Conference has already succeeded in

imprisoning the masses of mankind, including nearly the entire

Muslim world, in the prison of permanent poverty and

(sometimes) destitution. However, when paper money is

replaced by electronic money, such would bring in its wake

financial slavery. Muslims must respond in an appropriate way

if they are to ever expect any divine assistance that could

deliver them from financial slavery. What can that response be?

Where should they begin?

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CHAPTER FIVE

OUR RESPONSE

Whenever Muslims become conscious of the fact that they

have abandoned a Sunnah of Prophet Muhammad (sallalahu

‘alaihi wa sallam) while following the Judeo-Christian alliance

into the lizard’s hole, their basic response must be to turn

around and to try to recover that lost Sunnah. However, when

that Sunnah is also firmly located in the Qur’ān, as is the gold

Dinār and silver Dirham, then they must also seek Allah’s

forgiveness for that act of betrayal and hasten to earn His

forgiveness by waging a struggle to recover that which was

abandoned. How should they wage that struggle? What should

they do?

Stage One

Minting gold and silver coins permits Muslims to fulfil

religious obligations such as paying Zakāt, Mahar (dowry in

marriages), financing the Hajj, etc. In addition, such coins

would function as a ‘store of value’ and provide the rich with a

 45

means of securing their wealth from losses that attend the

devaluation of paper money. Minting gold coins and putting

them on sale offers little relief to the poor destitute masses who

would have difficulty in buying and then storing even a single

Gold Dinār. However, minting the Gold Dinār and Silver

Dirham and offering them for sale is certainly of value in

furthering the process of public education.

It is when gold and silver coins enter a market to function

as a ‘medium of exchange’ and as a ‘measure of value’, that

Sunnah money would be fully restored. Such money would

immediately expose the fraudulent nature of paper money. The

principle is that good money exposes bad money. We can

expect that the Judeo-Christian alliance that now rules the

world, as well as its clients in the Muslim world, and the

banking world in general, would resist all efforts we may make

to have gold and silver recognized as legal tender.

As a consequence the basic Islamic response to this

monetary predicament must focus on legal tender laws that

prohibit the use of gold and silver coins as legal tender. The

masses must be mobilised to question why is the use of a Dinār

as money prohibited? No government in the world can possibly

answer that question since even the IMF cannot answer it.

The effort to respond to such manifestly immoral and

oppressive laws must be pursued in the form of a struggle that

conforms to the strategic Sunnah (i.e., the Sunnah of the blessed

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Prophet as far as he struggled against oppression). That Sunnah

teaches us that a mass program of public education is the first

stage of the struggle of liberation from political and economic

oppression. This essay was written for precisely that purpose.

However, many Muslims cannot be convinced of the

fraudulent nature of paper money in today’s monetary system

so long as the Ulama themselves do not understand the subject

and persist in defending the validity of such money. It might

thus be helpful if the Muslim peoples could be made aware of

the Hadīth in which the blessed Prophet warned of an age when

the ‘Ulamā of Islam would betray Islam to such an extent that

they would become “the worst people beneath the sky” and that

“nothing would remain of Islam but the name”:

“It would not be long before that time comes when nothing would

remain of Islam but the name, and nothing would remain of the

Qur’ān but the (traces of the) writing. (At that time) their Masājid

would be grand structures but would be devoid of guidance. And (at

that time) their ‘Ulamā would be the worst people beneath the sky.

From them would emerge Fitnah, and to them would it return.”

(Sunan, Tirmidhi)

Stage Two

The second stage of the struggle would involve refusal by

the remote countryside to accept and use paper currency or

electronic money. Rice farmers in the Indonesian island of Java,

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for example, would be mobilised to demand that they be paid

for their rice in Dinārs. In the event that buyers refuse to pay in

Dinārs the rice farmers would then monetise their rice by using

rice itself as a medium of exchange. Thus, rice would be used

as money. Of course the use of rice as money would be a

temporary measure and could function only in respect of small

item or micro purchases. In this way, Sunnah money would

replace paper and electronic money at least in respect of micro

financial exchanges.

The cities would remain trapped in electronic money for as

long as the Gog and Magog world-order continues to rule the

world.
4
 However, Sunnah money can keep on advancing from

the countryside towards the cities until the prophecy of Prophet

Muhammad (sallalahu ‘alaihi wa sallam) is fulfilled:

“Abu Bakr ibn Abi Maryam reported that he heard the Messenger of

Allah say: "A time is certainly coming over mankind in which there

will be nothing (left) which will be of use (or benefit) save a Dinār

and a Dirham.”

(Musnad, Ahmad)

End

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Notes

1
 The Qur’an has made a firm distinction between ‘business’ and

‘money-lending’. In every business transaction there must be an

element of risk in consequence of which the transaction might

yield a profit or suffer a loss. Allah Most High can then

intervene to ‘take’ from some and to ‘give’ to others. In this way

He, Most High, would ensure that wealth would circulate

throughout the economy. The rich would then not remain

permanently rich, and the poor would not be imprisoned in

permanent poverty.

When money is lent on interest, however, the money-lender

insulates himself to the maximum extent possible from suffering

any loss. As a consequence money does not circulate in an

economy based on money being lent on interest. The rich remain

permanently rich and the poor remain permanently poor and

vulnerable to exploitation. Miserable poor Muslim Indonesian

village-women, for example, must work as maids for the ruling

non-Muslim tribe in Singapore despite the fact that their

employers are hostile to Islam. And, in addition to having to

cook and serve pork, must also work for 24 hours a day without

any day of rest and all of that for slave wages.

2
  “Anas ibn Malik said that the Messenger of Allah said:

Deceiving a mustarsal (someone who is unaware of market

prices) is Ribā.”

(Sunan Baihaqi)

“Abdullah bin Abu Aufa said: A man displayed some goods in

the market and took a false oath that he had been offered so

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much for them though he was not offered that amount. Then the

following divine verse was revealed: Verily! Those who

purchase a little gain at the cost of Allah’s covenant and their

oaths . . . will get painful punishment. (3:77) Ibn Abu Aufa

added: Such a person (as described above) is a treacherous

consumer of Ribā.”

  (Bukhari)

Transactions based on deception such as concealing the market-

price, can permit a seller or buyer to sell or buy goods at a price

higher or lower than the market price, and thus realise a gain or

profit greater than that to which he was justly entitled. We may

now deduce that any transaction which is based on deception and

which realises for the agent of deception a profit or gain greater

than that to which he is justly entitled would be Ribā. The

modern monetary system based on non-redeemable paper

currencies that constantly lose value constitute precisely such

deception that yields profit or gain to which they creators of the

monetary system are not justly entitled. Hence it must be

recognised as Ribā.

3
 Since this writer’s webmaster has informed him that someone

from the IMF has been a regular visitor to his website, he invites

the IMF to correct him in this matter if he is wrong.

4
 There is an entire chapter in ‘Jerusalem in the Qur’an’  which
explains the subject of Gog and Magog in Islam.