April 29, 2024
According to the article (1) the Islamic Development Bank (IsDB) pledged to collaborate with the local Nigerian government, the private sector, civil society, and other development institutions.
The Islamic Development Bank (IsDB) was founded by OIC member states in 1975 (2). The OIC is based on Islamic values (3; see Article 15 of the OIC charter), which are defined by the Islamic foundational texts—Koran, Sira, and Hadith.
The disbursement policies of the Islamic Development Bank are based on the sharia (4, chapter 3, article 1) - they therefore adhere to the standards of Islamic finance. Those standards include the financial support for Allah’s Cause, the usage of financial means to influence people inclined towards Islam, as well as the support of Jihad (5, page 897, point 9). According to the doctrine of Political Islam, money from Islamic financial services such as Islamic charity [Zakat] is exclusively for the Islamic community (see doctrinal support below).
These standards are gradually introduced into the economies of non-Islamic countries by the implementation of Islamic financial products and services as part of a step-by-step strategy to turn a Kafir society into an Islamic one.
📖 Doctrinal support
Koran 9:60 (Sahih int): Zakah expenditures are only for the poor and for the needy and for those employed to collect [zakah] and for bringing hearts together [for Islam] and for freeing captives [or slaves] and for those in debt and for the cause of Allah and for the [stranded] traveler - an obligation [imposed] by Allah. And Allah is Knowing and Wise.
Koran 28:86 (Pickthall): Thou hadst no hope that the Scripture would be inspired in thee; but it is a mercy from thy Lord, so never be a helper to the disbelievers.
Reliance of the Traveller h8.24: It is not permissible to give zakat to a non-Muslim.
Hadith (Bukhari Volume 4, Book 55, Number 558): Narrated Abu Said [...] The Prophet said, "I give them) so as to attract their hearts (to Islam)[...]."
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📚Sources
- https://dailypost.ng/2023/12/03/cop-28-beta-edu-secures-islamic-development-banks-humanitarian-intervention/
- https://en.wikipedia.org/wiki/Islamic_Development_Bank
- https://www.oic-oci.org/upload/documents/charter/en/oic_charter_2018_en.pdf
- https://www.isdb.org/sites/default/files/media/documents/2019-10/DH - Publisher - final (with background color).pdf "[...] any Bank disbursement policies and procedures must conform to the Shari’ah; [...]"
- https://aaoifi.com/shariaa-standards/?lang=en
- Al-Mehri, A. B., ed. The Qur’an: With Surah Introductions and Appendices - Saheeh International Translation. Birmingham, England: The Quran Project, 2020.
- Ahmad ibn Naqib al-Misri, and Nuh Ha Mim Keller. Reliance of the Traveller: the Classic Manual of Islamic Sacred Law. Amana Publications, 1999.
- Pickthall, Marmaduke. 1930. The Meaning of The Glorious Koran, An Explanatory Translation, New York: Alfred A Knopf.
- Khan, Muhammad M. 1997, The Translation of the Meanings of Sahih Al-Bukhari: Arabic-English. Riyadh: Darussalam.
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