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Humayon Dar's Vision
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I am a simple man and, therefore, view the things in a simple context. I would hesitate to make any statements when there is no need to state the obvious. For me, it is a non-statement to claim that I respect all human beings - as this is understood that any sane person must respect humanity. Sometimes, you must not make a statement at all. Some young European Muslims go to mosque for Friday prayers and congregate outside the mosque after finishing the prayers to tease non-Muslims. This is their way of making a statement of Muslim brotherhood. I am not joking. This is true. A friend of mine once told me while coming out of the East London mosque after Friday prayers that he loved the thought of British non-Muslims hating the Muslims coming out of mosques after prayers. I denounce this kind of thinking and behaviour, as it is un-Islamic, insane and exclusionist in its approach.
I would like to see the world offering opportunities to deserving individuals, communities, societies and social segments. "Equal opportunities for all" is the highest level of ideal, which a not-so-great person like me hesitates to attempt or vouch for. I am referring to simple opportunities - to those who deserve. I don't like the idea of wasting resources on those who don't deserve someone's favour. My this view stems from being a marketist who believes in laissez faire. Any attempts to disturb the market mechanism is bound to result in inefficiencies and misallocation of resources. External intervention is accepted necessarily as a second best solution attempting to maintain a balance between efficiency and equity. On an individual level, I believe that only the most able and deserving should be picked up by the third sector (charities and philanthropists) to put them on track to compete in the market.
As a staunch advocate of Islamic banking & finance, I believe that sustainable operations of Islamic banking & finance require a new breed of scholars with deep understanding of Sharia and Islamic Fiqh (especially Fiqh al-Muamalat al-Maliyya), economics, financial markets and institutions, legal systems and regulatory frameworks, wealth management and taxation, and economic policies within a social context. The present generation of Sharia scholars has played an important role in the development of Islamic banking & finance, despite their personal limitations. Many esteemed scholars have remained engaged in Islamic banking & finance, although at times they felt misled by practitioners (due to lack of communications or other reasons). I have the privilege of working with some top Sharia scholars in Islamic banking and finance. All of them are wonderful human beings and great scholars who are passionate about Islamic banking & finance. Although great scholars of Islamic sciences, none of them systematically studied banking & finance or related disciplines. Because of this at times they come up with rulings which are primarily based on the information provided to them by practitioners. Many a times, their rulings represent a "compromise" to accommodate Islamic banking & finance in the conventional financial markets. While this is certainly helpful for the growth of Islamic banking & finance, this myriad of exceptions is entering the rule books of Islamic Fiqh, which in my opinion is going to have a major influence on juristic thought in the decades to come. Not necessarily a bad thing. However, I would like to view the juristic rulings in the realm of Islamic banking & finance to be based on more personal information of the scholars and through a more transparent mechanism.
I am very well aware of the role of the institutions like Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI) in setting Sharia standards for Islamic banking & finance, but I am referring to something more fundamental than creating standards. AAOIFI merely standardises what becomes acceptable in Sharia domain (i.e., on something which receives affirmative Fatwas from a great number of Sharia scholars). It does not initiate a wider debate on such rulings to ensure their greater acceptance.
I am in the process of setting up the Humayon Dar Scholarships. These scholarships aim at creating a new breed of young scholars imbued in the Islamic tradition of scholarship and learning, well equipped with (1) theory and practice of modern banking & finance, (2) excellent understanding of law and regulation, (3) expertise in wealth management and taxation, and (4) familiar with economic policy in a social context.
If you are interested in contributing to the Humayon Dar Scholarships, please email me on humayon@humayondar.com.
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