Many of us would have investments or pensions ( CPF ). But many would not know that there are tiny bits of haram income or assets that may be mixed in all that.
Narrated by Ibn Isa, and recorded in Abu-Dawood Hadith #3325, Prophet Muhammad SAW said,
“There will come a time when you will not be able to find a single person in the world who will not be consuming riba. And if anyone claims that he is not consuming riba then surely the dust of riba will reach him.”
No matter what we do or how we try to avoid it, it is clear today the Hadith mentioned above has become a reality. Every single one of us today cannot escape it.
Riba is a concept in Islam that refers broadly to the concept of growth, increasing or exceeding, which in turn forbids interest credited from loans or deposits. The term ‘riba’ has also been roughly translated as the pursuit of illegal, exploitative gains made in business or trade under Islamic law, akin to usury.
In Surah Al-Bakarah, Ayat 275-279, Allah SWT describes RIBA heavily on this matter.
In ayat 275, Allah SWT says, “Those who consume interest cannot stand [on the Day of Resurrection] except as one stand who is being beaten by Satan into insanity.”
And in ayat 279, Allah SWT says, “And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal – [thus] you do no wrong, nor are you wronged.”
The stand on RIBA in our lives is quite clear that we should not even get involved in it. However as we live in a secular society, we cannot avoid it and this was mentioned by our Prophet Muhammad SAW.
Can we prove this?
1. If you are working in Singapore and employers pay you CPF, CPF will pay you interest on the monies in your CPF account. Is the interest paid considered RIBA?
2. If you open a conventional bank account to place some deposit or save some money, usually the bank will pay you interest on it. Is the interest paid considered RIBA?
3. When you buy a residential property in Singapore with a loan from HDB or bank, does the interest paid on conventional home loans fall under the definition of RIBA?
So does that mean that when we cannot escape it, we would just leave it be?
What will this Webinar address?
There will be 3 sessions to this webinar and each session will address different issues and the steps to Purify Your Wealth.
In the first session, we would like to create more awareness about the different types of Riba. To your knowledge, there are about 70 plus types of Riba that exist now. And don’t be surprised that it is evolving. Why is it growing? Usually, this is driven by “Greed”. The greediness of individuals and the quick rich schemes are ever-evolving.
The second session will cover investments and insurances any Singaporean can own that may have RIBA in it and how one can purify it. The presenters will also share why some insurance is Haram such as “Life Insurance” or why Forex Investments are not permissible.
And lastly, in the last session, we would talk about debts. There is no use talking about if you cannot tackle or handle your debts, especially those who are stuck in the cycle. It is a very vicious cycle and the current system is not very merciful when you cannot settle loans. Especially now when a pandemic occurs, more jobs will be lost and people are borrowing. There is a possibility that the economy will recover very slowly and this may make it even worse.
Do you want to know more? Let’s go deeper then.
Session 1 by Ustazah Surina – What do you need to know about RIBA?
- Understanding RIBA and how it became what it is today. Not just locally. But globally.
- Let’s go back into history. RIBA exists way before Prophet Muhammad saw time and Allah SWT sent down the verses to solve this issue.
- However, as we know it is not as simple as that. As long Iblis and Syaitan are in the game to make us go astray, there will always be a new development of new Riba programs.
- Now how do we cleanse our wealth?
Session 2 by Ustaz Hamrey & Syed Afiq
- Investment & Insurance
- Types of investment & Insurance
- Haram elements in investment & insurance
- How does one purify it?
Session 3 by Zaid Masagos and Asy’ari
- Your Debts, My Debts, and the Communities Debt
- From the first session to the second session, one of the main issues of RIBA revolved around loans and debts which cause compounding interest.
- Strategies to get out of loans faster and not get people back into debt.
- A practical approach on purification of wealth
Purifying Your Wealth
( 1.5 Days Seminar – 3 Sessions On Zoom – 12 hours )
- Registered participants will be invited into the Zoom sessions.
- Do download Zoom.us on your device if you have not done so.
- Do check your email or junk mail for the link an hour before the session starts.
Date: Saturday, 4th December 2021 & Sunday, 5th December 2021
If you wish to attend all sessions, the fees will be $20.
Members attend all sessions at $15 only.
* Participants will receive notes to this seminar.
* Powerpoint slides are subject to the Presenters approval for download.
* Participants are not allowed to record the session via screengrab, etc.
Terms & Conditions
– Full Payments are to be made before the webinar starts.
– NO REFUND for participants that fail to attend the Seminar. Ensure you can commit to the event timings.
– Participants will be given Notes. You will have to download from the link given during the session.
– The organizer has the right to make changes to the schedule or cancel the seminar. Participants will be informed in advance of changes.
How to Register?
– Scroll to the bottom
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