DTI, Katiyakap facilitate seminar on Shari’ah compliant microfinance for Moro women

The Department of Trade and Industry (DTI) in partnership with Katiyakap Inc., a non-government organization espousing Islamic financing, facilitated the Shari’ah Compliant Microfinance in preparation for ASEAN integration held in General Santos City on December 15, 2016.

Moro women from Socsargen area attended the activity which was aimed at educating them on the financial transactions or business deals allowed in Shari’ah and why Islam shuns Riba (usury).

Ustadz Akman Abtahi from Katiyakap, the resource person, narrated the ruling of trading and the wisdom behind the legality of business that allows man to gain his needs from that which is owned by his brother without any inconveniences or harms.

He detailed the pillars of trade which are the seller, buyer, valued merchandise, manner of contract and mutual consent.

“No business transaction is valid without the mutual consent of both parties,” he explained citing the Holy Prophet’s statement “The business transaction is only by mutual satisfaction.”

Abtahi explained the number of issues on the option to which for the buyer and seller can confirm or cancel the deal base on the Sunnah.

He further explained prohibited business transactions particularly “when they contain deceit, leading to people’s wealth being fraudulently devoured.” 

The resource person mentioned the business transactions disallowed in Islam like selling merchandise before possessing it, making deal when another Muslim had negotiated it, artificial inflation by overbidding, selling of Haram materials, and sale of deception.

Katiyakap Executive Director Yolanda Nawal related the experiences of the organization in implementing the project Shari’ah complaint microfinance for Moro women of Socsargen being funded by Peace and Equity Foundation.