A Lifetime Dedicated to Islamic Jurisprudence and Finance
Dr. Hussein Hamed Hassan was a towering figure in the world of Islamic banking and finance, widely recognized as one of the pioneers who laid the groundwork for the industry’s remarkable growth over the past several decades. His unwavering commitment to applying Shariah principles to modern financial transactions and his tireless efforts to establish and lead the contemporary Islamic finance movement have left an indelible mark on the global financial landscape.
Born into a humble farming family in Egypt, Dr. Hassan’s journey to becoming a renowned Islamic scholar and economist was nothing short of remarkable. Despite facing challenges of poverty and a lack of access to formal education in his youth, he displayed an insatiable thirst for knowledge, memorizing the entire Quran by the age of 12 and going on to pursue degrees in both Shariah and secular law.
Shaping the Foundations of Islamic Finance
Dr. Hassan’s journey in Islamic finance began in the early 1960s, when he came across the concept of cooperative banking in Germany, which he recognized as being closely aligned with the principles of Shariah. Inspired by this discovery, he played a pivotal role in establishing the first Islamic bank in his native Egypt, setting the stage for the industry’s gradual but steady growth in the years to come.
“Dr. Hassan believed that Islamic financing is the most equitable form of financing since it enables the creation of wealth without fueling inflation or stoking a financial crisis.”
As the Islamic finance industry began to take shape, Dr. Hassan emerged as a leading voice, advising and serving on the Shariah boards of over two dozen financial institutions around the world. His expertise and deep understanding of Shariah law allowed him to navigate the complex task of integrating Islamic principles into contemporary financial practices, paving the way for the development of a wide range of innovative Shariah-compliant products and services.
A Visionary Approach to Islamic Jurisprudence
In addition to his contributions to the Islamic finance industry, Dr. Hassan was also a prolific scholar and author, with an impressive body of work that spanned the fields of Islamic jurisprudence, law, and economics. His publications, including seminal works such as “Usool Al Fiqh Al Islami” (Principles of Islamic Jurisprudence) and “Al Madkhal Le Dirasat Al Fiqh Al Islami” (An Introduction to the Study of Islamic Jurisprudence), have been widely acclaimed for their contemporary and practical approach to Islamic legal principles.
“I have been inspired by a large number of scholars from Cairo University and Al-Azhar University. I attended their lectures, I carefully read their books and writings, I had friendship with them and many personal meetings. I learned a lot from them that shaped my approach to Islamic jurisprudence.”
Dr. Hassan’s deep understanding of both Islamic and secular legal systems allowed him to effectively bridge the gap between traditional jurisprudence and the demands of modern finance. His commitment to presenting Islamic law in a manner that was accessible and relevant to contemporary audiences has been a hallmark of his scholarly work, inspiring generations of students and practitioners alike.
Empowering the Islamic Finance Industry
Throughout his illustrious career, Dr. Hassan played a pivotal role in the establishment and growth of several groundbreaking institutions, including the International Islamic University in Islamabad, Pakistan, and the Islamic Culture University Nur-Mubarak in Kazakhstan. These institutions, which offered a unique blend of Islamic and contemporary education, have been instrumental in nurturing a new generation of leaders and thinkers who have gone on to shape the future of the Islamic finance industry.
One of Dr. Hassan’s most significant contributions to the industry was his role in the establishment of Dar Al Sharia, an award-winning Islamic finance advisory firm that has been at the forefront of providing innovative and Shariah-compliant solutions to financial institutions around the world. Under his guidance, Dar Al Sharia has become a leading voice in the industry, helping to drive the development of cutting-edge products and services that adhere to the principles of Islamic law.
“Empowering Islamic finance industry through innovative solutions is something I am very passionate about and consider to be one of my lifetime accomplishments.”
Despite his advanced age, Dr. Hassan remained actively engaged in the industry until the end, tirelessly working to address the challenges and complexities that arose as Islamic finance continued to evolve and expand. His unwavering commitment to the principles of Shariah and his unwavering dedication to the pursuit of knowledge have left an indelible mark on the industry, inspiring countless individuals to follow in his footsteps and continue the work of shaping a more equitable and sustainable financial system.
The Legacy of a Visionary Leader
The passing of Dr. Hussein Hamed Hassan in 2020 was a profound loss for the global Islamic finance community, but his legacy continues to live on through the countless individuals and institutions he has touched over the course of his remarkable career. As the industry he helped to build continues to grow and evolve, the principles he championed – of equity, social responsibility, and the integration of Shariah law into modern finance – remain as relevant and important as ever.
“I encourage them to love their work, act with responsibility on the basis of thorough research, and consider their efforts as a form of worship and obedience to God.”
Dr. Hassan’s unwavering commitment to the pursuit of knowledge and his tireless efforts to bridge the gap between traditional Islamic jurisprudence and contemporary financial practices have left an indelible mark on the global financial landscape. His vision and leadership have paved the way for a more equitable and sustainable financial system that aligns with the principles of Shariah, and his enduring legacy will continue to inspire and guide the industry for generations to come.
As the Joint Action for Water community reflects on the life and contributions of this pioneering Islamic finance visionary, we are reminded of the power of individual dedication, innovation, and a steadfast commitment to the principles of social justice and environmental sustainability. Dr. Hussein Hamed Hassan’s story serves as a testament to the transformative impact that can be achieved when we harness the synergies between Islamic finance and sustainable development, ultimately creating a more prosperous and equitable future for all.
