Al-Hisbah linguistically means to calculate or estimate, however the term is generally used to describe the institution responsible for the monitoring and regulation of commercial practices. The practice stems from the Prophet’s ﷺ routine inspection of the market place. Later, when the Prophet ﷺ was unable to perform the duty himself he appointed Shifa Bint Abdullah to be the market overseer and this practice continued up to the Abbasid Caliphate and became a precursor to many governmental ministries, such as the Ministry of Health, Transport, Welfare, etc.
We named our organization Al-Hisbah, because we endeavor to embody that same spirit of responsibility, fairness, and compliance to the teachings of Islam.
I am a Philadelphia based Islamic finance consultant. I have a bachelor’s degree in Islamic Jurisprudence from the University of Madinah, Saudi Arabia, and a master’s degree in Islamic Banking and Finance from the International Islamic University of Malaysia. I have five years of experience as a Shariah Advisor and Consultant working in the Middle East, Malaysia and USA.
Islam is a complete way of life: it provides guidance in worship, ethics, manners, civil dealings, and more. The Shariah sets out a framework of principles designed to create an ethical and efficient financial system for economic growth and wealth creation. Islamic finance is characterized by the following principles:
Islam promotes wealth creation through the protection of ownership rights and the facilitation of trade; encourages the circulation and equitable distribution of wealth through the taxation (Zakat) of savings and the prohibition of interest; and minimizes dispute and conflict by prohibiting ambiguous contracts and fraudulent business practices.
Al-Hisbah provides its clients with the means to ensure that their incomes and expenditures are aligned with these principles by providing them with mortgage advice, zakat, estate planning, and will writing services, as well as various Shariah review services.
The entrepreneurial spirit has been present since the early days of Islam. A number of the Sahabah were very successful businessmen, such as Abdur-Rahman Bin Awf, Uthman, and Abu Bakr, and the early Muslim traders were instrumental in the spread of Islam to areas as far as Morroco in the West and China in the East.
Entrepreneurs and small businesses are important to the economy of a community. They create jobs for locals and provide needed goods and services. Al-Hisbah offers a number of services for new entrepreneurs and small businesses that help create business sustainability and alignment with the principles of Islam.
The Al-Hisbah IFCU™ is a comprehensive assessment of your financial situation that highlights any Islamic issues or commitments and offers financial options to help you achieve your goals whilst remaining true to your values.
Click here to request your IFCU today.Click Here