Home Archive Meetings and Communications Reception of the delegation of Al-Barakah Banking Group

Reception, Islamic Economic figures, Islamic banks


Fadlullah: The Ulamah (Religious Scholars) are responsible for explaining the Islamic economic methodologies on speculation

His Eminence, the Religious Authority Sayyed Muhammad Hussein Fadlullah, received a delegation from the United Religious Committee of Al-Barakah Banking Group. The delegation included Sheikh Dr. Abdullah Bin Suleiman Bin ManÓ', member of the Saudi Royal Court and member of the Senior Ulamah Committee in Saudi Arabia, accompanied by Allamah Dr. Abed Al-Sattar Awgada, Dr. Ahmad Mehieddine Ahmad, Dr. Tajani Al-Tayyeb, the General Manager of Al-Barakah Bank in Lebanon Mou'tasem Mahmasani, and the Secretary of the Religious Committee in Al-Barakah Bank in Lebanon Sheikh Bilal Al-Mallah.

During the meeting, the work of the Islamic banks was addressed, as well as the means to promote their experience, in light of the global financial crisis that plagued many countries, the western ones in particular.

Sayyed Fadlullah stressed the need to support the Islamic banks and enrich their experience amid the subsequent crisis that affected the capitalist system recently. He noted that Islam's economic system prohibits Riba [usury] and monopoly, stressing that any investment should take into account humanitarian and ethical values which should serve as the foundations of any economic or investment project.

The Sayyed said that the Ulamah and Islamic religious committees are responsible for explaining the Islamic economic methodologies regarding speculation, cheating, and monopoly, adding that Islamic banking systems highlight justice in any transactions. He also said that the Islamic economy should be studied in view of the changes that occurred to the global economic systems.

On another note, the Sayyed said that the period through which the Islamic and Arab world is passing through is one of the most difficult and complicated ones, stressing the need to preserve national unity, chiefly between the Sunnis and the Shiites to protect the nation's causes and issues. Sayyed Fadlullah also said that the Islamic unity is a commitment that cannot be abandoned, and that the Muslims' commitment to and respect for this unity establish new rules and strong factors in the face of the nation's enemies and those lying in wait.