Taqi Usmani

Taqi Usmani in 2016 in [[London]] Muhammad Taqi Usmani (; born 3 October 1943) SI, OI, is a Pakistani jurist and a leading scholar in the fields of Qur'an, Hadith, Islamic law, Islamic economics, and comparative religion. He was a member of the Council of Islamic Ideology from 1977 to 1981, a judge of the Federal Shariat Court from 1981 to 1982, and a judge in the Shariat Appellate Bench of the Supreme Court of Pakistan from 1982 to 2002. In 2020, he was selected as the most influential Muslim personality in the world. He has been conferred the title of Shaykh al-Islām for his knowledge in Islamic studies. He is considered a leading intellectual of the contemporary Deobandi movement, and his opinions and fatwas are widely accepted by Deobandi scholars and institutions worldwide, including the Darul Uloom Deoband in India. Since 2021, he has been serving as the Chairman of Wifaq ul Madaris Al-Arabia. His father, Shafi Usmani, was the Grand Mufti of Darul Uloom Deoband and migrated to Pakistan with his family after the partition of India in 1948.

Usmani studied at Darul Uloom Karachi, the University of Karachi, and the University of the Punjab. He began teaching at Darul Uloom Karachi in 1960. Since 1967, he has been the editor of the Urdu magazine ''Al-Balagh'' and the English magazine ''Al-Balagh International'' since 1976. He is recognized as an authority in the field of Islamic law and its application. He is a permanent member of the International Islamic Fiqh Academy of the OIC and a former deputy chairman. He is also a member of the Muslim World League based in Mecca. At the age of 17, he wrote his first book titled ''Islam and Birth Control''. He is the author of 143 books on various subjects in Arabic, English, and Urdu. He is widely recognized for his contributions to Islamic economics, where he has played a leading role in Islamizing the banking and finance industry in Pakistan and abroad. In 1998, his book on Islamic economics, ''An Introduction to Islamic Finance'', was considered significant. His extensive work in Islamic economics led to his appointment as the Chairman of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a Bahrain-based Islamic Financial Institution of the Islamic Development Bank. In 2014, he was appointed as the Chairman of the Shariah Board of the State Bank of Pakistan. He has also served as the Chairman of the Shariah Board in more than a dozen Islamic banks and financial institutions. In recognition of his contributions to Islamic economics, he received the Islamic Development Bank Prize in 2014. Under his supervision, the English translation of ''Ma'ariful Qur'an'' was completed. He has authored translations and explanations of the Quran in both English and Urdu, which were published as ''The Noble Quran'' and ''Tauzeeh Al-Qur'an'', respectively. Along with ''Ulum al-Quran'', these works are his major contributions to the study of the Quran. In the field of Fiqh (Islamic jurisprudence), his notable works include ''Fatawa-e-Usmani'', ''Fiqh al-Buyu'', ''Fiqhi Maqalat'', ''Islam and Modern Economic Problems'', and ''Buhuth fi Qadhaya Fiqhiyyah Mu`asirah'', among others. His comprehensive explanation of ''Sahih Muslim'', titled ''Takmilah Fath al-Mulhim'', spans six volumes and is considered his finest work. The Hadith encyclopedia ''Al-Mudawwanah al-Jāmiʿah'' was compiled under his supervision. Among his other works in the field of hadith sciences are ''Inamul Bari'', ''Darus Tirmizi'', and ''The Authority of Sunnah''. In recognition of his services in public welfare, he was honored with Pakistan's civil award, Sitara-i-Imtiaz, in 2019. In 2010, Abdullah II of Jordan bestowed upon him the Order of Independence. In 2022, he received an honorary Doctor of Letters degree from an American International Theism University. Provided by Wikipedia
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Published 2001
An Introduction to Islamic Finance /

: Although the principles of Shari'ah require banks and financial institutions to be structured on an interest-free basis, this does not mean that such institutions are charitable concerns. As long as a person advancing money expects to share in the profits earned (or losses incurred) by the other party, a stipulated proportion of profit is legitimate. The philosophy is enshrined in the traditional Islamic concepts of musharakah and mudarabah, along with their specialized modern variants murabahah, ijarah, salam, and istisna'. This invaluable guide to Islamic finance clearly delineates the all-important distinctions between Islamic practices and conventional procedures based on interest. Justice Usmani of Pakistan, who chairs several Shari'ah supervisory boards for Islamic banks, clearly explains the various modes of financing used by Islamic banks and non-banking financial institutions, emphasizing the necessary requirements for their acceptability from the Shari'ah standpoint and the correct method for their application. He deals masterfully with practical problems as they arise in the course of his presentation, and offers possible solutions in each instance.
: 1 online resource. : Includes bibliographical references and index. : 9789004479913
9789041116192

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