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Newsletter/Mon
15 Rajab 1428/30 July 2007
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MAYYITS (FUNERALS)
30.07.07 - Mayyit of: Juleikha Saley - WILL LEAVE FROM: Mayville Durban - Time: After Asr - QABRASTAAN: Durban - CAUSE OF DEATH: Natural

THE MESSAGE
Islamic Economics: An Emphasis on Spending and Utilisation of Resources
Saving
The Qur'an makes a significant departure from the common economic wisdom by completely ignoring any positive mention of saving as an act of virtue. Not only that, it goes further in emphasising the significance of infaq (spending to earn the pleasure of Allah) as one of the most significant acts of piety. A Muslim scholar has, after quoting a few verses of the Qur'an urging the believer to spend in the way of Allah, rightly concluded that 'the real spirit [of these verses] is that wealth is not meant for saving and accumulating but for spending...' (Sioharvi 1984, 53). Saving, in fact, is penalised by a levy of compulsory Zakaah (involuntary infaq) every year. In short Islam encourages the believer to spend and discourages them from saving.

It needs to be clarified, however, that extravagant spending on personal consumption is strongly condemned by the Qur'an. Qur'anic encouragement for spending should, therefore, be understood within that context as meaning only a believer's spending on justifiable personal needs, needs of others -- whether close relatives, friends, neighbours, or the needy belonging to none of these categories -- and the important national needs of defence, public welfare, or projects of economic development.

The most forceful condemnation of saving despite the existence of genuine avenues of infaq is offered in the Qur'an thus: To those who accumulate gold and silver, and do not spend in the way of Allah, announce the news of a painful punishment. On the day when heat will be produced out of that (wealth) in the fire of Hell, and with it will be branded their foreheads, their flanks, and their backs (and it will be said): 'This is the (treasure) which you stored up for yourselves, so now taste of what you had stored' (the Qur'an, 9:34-5)

Not all Muslims, however, believe that the above-mentioned verse and others carrying similar messages are condemning unnecessary accumulation of wealth. It is reported that when Ibn 'Umar (raa), the companion of the Prophet (sws), was asked about the meaning of the verse, he said that it referred to a person who accumulates wealth without paying Zakaah on it. According to him the verse was revealed before payment of zakah was made compulsory. After the introduction of zakah, wealth in possession of an individual is purified even if he accumulates it (Bukhari, Vol. 1, 651). Ibn 'Umar (raa) is also reported to have said that after an individual pays zakah, he cannot be blamed even if he keeps his wealth deep down in the soil. The same is the view of Jabir and Qurtubi, the interpretors of the Qur'an (Qurtubi 1952, Vol. 8, 125).

It has been claimed that 'Muslim economists, agree that savings are a necessary, though not sufficient on condition for more growth and development'. Chapra believes that savings should be positively encouraged in an Islamic society and that it would be desirable to inculcate saving and banking habits among the masses. Al-Naggar has expressed his conviction that the basis of dynamic economic growth is an increased volume of saving.

Some others might argue that in a situation where a Muslim nation needs rapid economic progress through large-scale investment, saving for investment should, for religious purposes, be regarded as equivalent to infaq because of its role in the economic advancement of Muslims. In fact, it has been argued that under some conditions 'the more people spend on consumption, the greater is the incentive for businessmen to build new factories and equipment' (Samuelson). Keynesian economists, in fact, view savings as a leakage out of the circular flow of money (Wilson) and consider it desirable for currency to circulate; on the contrary, accumulation of the means of exchange for its own sake is seen as undesirable (Baldwin and Wilson).

There is, however, a strong belief that despite the fact that saving is a leakage from the income stream, it is still very essential to save in banks because in that way funds are channelled back into the expenditure stream as the borrowers of those funds use them in spending in the economy (Ranlett). Although this suggestion is quite valid, it is inconsistent with the Islamic teachings which emphasise spending. What is saved by a depositor in a bank is saving from his personal point of view whether it is actually channelled back into the economy or not. It should either be spent on others or invested directly in a project. Islam wants; first and foremost, that spending on others should be done with true intentions of pleasing Allah by helping them. The help extended to others through financial intermediation, should not amount to helping others by pleasing oneself in receiving interest or profit from banks.

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DUA (PRAYER)
The Prophet SAW was such that if he would see a collection of clouds starting to form in the horizon he would leave work, even if he was in the middle of supplication, then he would say: Allãhumma 'innee 'a`outhu bika min sharrihã O my 'ilãh I solicit Your protection from its evil. Then if it would rain, he would say: 'Allãhumma sayyiban hanee'an O my 'ilãh make it go straight to the target, and make it a means for our well-being.

PROGRAMME HIGHLIGHTS
06h45: Yaseen
08h30: Islamic discussions
09h05: Lifestyle of Nabi SAW & Pious Women
10h30: JUZ/PARA A DAY – DAILY QURAN
11h45: Growing Child
13h05: Thuhr Athaan & Ath Thikrul Hakeem
14h30: Quran Translation
14h45: Islamic History
15h15: Arabic
16h05: Actuality
18h30: SANHA
19h25: Ml E Adam
20h30: Talk to Boetie

SALAAH TIMES
Zawaal: (12:14 - 12:19 JHB) - (12:02 - 12:08 DBN) - (12:53 - 12:58 CT)
Asr: (16:04 JHB) - (15:45 DBN) - (16:27 CT)
Maghrib: (17:43 JHB) - (17:26 DBN) - (18:05 CT)
Esha: (19:00 JHB) - (18:45 DBN) - (19:31 CT)
Sehri Ends/Fajr begins: (5.29 am JHB) - (5:15 am DBN) - (6.14 am CT)
Sunrise: (6.48am JHB) - (6:42am DBN) - (7.40am CT)

FINANCIALS
Rand/Dollar - R7.09
Rand/British pound - R14.40
Rand/Euro - R9.70
Rand/Indian Rupee - 0.17
Gold Ounce - $661.85
Silver - R3.62 per gram
Rand/Riyal - R1.89
Pakistan Ruppee - 0.11
Rand/Bangladeshi Taka - R 0.10
Oil - $75.85
Mahr Fatimi: R5545.18
Minimum Mahr: R110.90
Zakaah Nisaab: R2218.07
Krugerrand: R4918.34

NEWS
President Thabo Mbeki has blamed the lack of service delivery in South Africa on the legacy of Apartheid. He says 13 years is too little to fix the problems of hundreds of years of colonialism and apartheid.

Trade union Cosatu says they want to know who is behind the "special browse" report. It deals with an alleged plot to overthrow the government.

The National union of mineworkers says they are going ahead with tomorrows strike. de beers has offered a 7% pay hike. Num is demanding an 11% increment.

Relief agency Oxfam says almost 8 million Iraqis are in need of immediate emergency aid. 4 million of these are "food-insecure and in need of humanitarian assistance.

19 people were killed in accidents Johannesburg's roads over the weekend. In the latest incident an off-duty metro police officer was killed in an accident on the M1 freeway.

Floods in northern Bangladesh has caused 675 000 people to lose their homes. The floods were caused by monsoon rains and melting snow from the mountains. Water levels of both the Ganges and the Brahmaputra rivers have also increased.

The burnt bodies of five firefighters have been found about four kilometers from Sabie in Mpumalanga.

Former president FW de Klerk is defending his decision to authorise a raid in Mthatha in 1993. Five teenagers were killed during the raid. The Sunday Times reported yesterday that former Vlakplaas killer Eugene de Kock accused De Klerk of ordering the raid.

38 000 Cape Town resident have been left homeless after a week of non stop rain. Relief workers have started cleaning up operations. Weather experts have warned that there could be more heavy rains later this week.

President Thabo Mbeki says only free and fair elections in Zimbabwe next year will produce a government capable of leading an economic recovery in the troubled country.

The Taliban have extended a final deadline to the Afghan and South Korean government. They say if their demands are not met by this afternoon they will start killing the 22 South Koreans taken hostage on July 19.

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RECIPE
PRAWN COCKTAIL
½ kg Pink Prawns (cleaned shelled and deveined)
Steam with salt, pepper & red chillies... IN a separate dish mix the following together:

Ingredients
3 tblsp mayonnaise - 2 tblsp tomato sauce - 1 tblsp Worcester sauce - 1 tblsp lemon juice - 250ml sour cream - 1 green apple cubed - ½ cucumber cubed - Onion & pineapple (optional) cubed.

Mix everything together and garnish.

HANDY HINT
If kitchen glasses are stuck together, fill the top glass with cold water and dip the bottom glass in hot water.

A THOUGHT
The strawberry, is a very special fruit with its particular form and taste. The patterns on it seem as if they are meticulously designed. With its refreshing red form crowned with green leaves, it is one of the works of the matchless art of Allah. The sweetness in its fragrance and taste, and its being seedless and skinless, make it easy to eat thus reminding one the fruits of Paradise. That a fruit, which almost entirely grows in the soil, has such a beautiful and striking colour, is a very strong sign to us from our Lord Who creates it and Who manifests His art, wisdom and knowledge in the things He creates.

THE SMILE
The bank manager was in the final stages of hiring a cashier and was down to two final applicants -- one of which would get the job.

The first one interviewed was from a small college in upstate New York . A nice young man, but a bit timid.

Then he called for the second man, "Jim Johnson!" Up stepped a burley young man who seemed quite sure of himself. "He looks like he can take care of any situation," thought the manager, and decided, there and then, to hire him.

He turned to the first applicant and told him he could go and they would let him know.

Turning to Johnson, he said, "Now Jim, I like the way you carry yourself -- that's an important asset for the job as cashier. However, you must be precise. I noticed you did not fill out the place on the application where we asked your formal education."

Jim looked a little confused so the manager said, "Where did you get your financial education?"

"Oh," replied Jim -- "Yale." "That's very good ... excellent. You're hired!" "Now that you're working for us, what do you prefer to be called?"

Jim answered "I don't care... Yim... or Mr. Yonson.

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