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Home arrow Business & Finance arrow The art of RF (riba-free) Islamic banking and finance

Local Community Religious Leaders or Imams

The imams are the leaders of the community masajid (mosques), Imam means a prayer leader, and in particular the leader for Friday congregational prayers. Imams are also considered religious and religious conscience leaders who act as counsels for the community. Most of them are qualified scholars in the Qur'aan and the Hadeeth (pronouncements and sayings of Prophet Muhammad [pp]), but few of them have a good command of the details of the law (Shari'aa), especially in topics having to do with riba, business transactions, banking, and financing. They rely on the easy and noncontroversial way out by honestly stating that riba is haram (religiously forbidden) and that they cannot recommend a certain model or an RF bank or RF finance company because they are not familiar with the details. Others rely on the opinion of the scholars discussed in the previous category. Some of these local leaders are first-generation immigrants from the Muslim world, and they usually resort to checking with their teachers in their home country. Communication, translation, and familiarity with the local norms, cultures, and ways of doing business in the United States, Europe, and the West in general are a real challenge with this group. Others, who can be considered the new generation of American (Western) imams, are either raised or are born in the United States. It is our sincere hope that these imams will bring a new dimension to the study and implementation of the Judeo-Christian-Islamic Shari'aa law that will be useful and beneficial to all.

Community Leaders

These are professionals who took a keen interest in organizing the communities in general and religious services for the communities in particular. These professionals became the heads of the national Islamic organizations in America and in the European countries, and the heads of the local communities in major American states and in countries such as the United Kingdom, France, Germany, and the rest of Europe. They mostly are self-educated in religion and are well read. Some of them have even decided to go to religious seminaries to learn more about the Qur'aan; in some cases, they memorized all of it and decided to be further educated in the law (Shari'aa). They usually take a neutral, well-advised position of not sanctioning any commercial activity, business, or company because they are afraid of the repercussions that may impact the whole community if the RF company or RF bank they recommend fails or uses practices that result in the loss of the community's investments and assets.

 
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