The story of Elaf
Elaf - in its literal sense - has the meaning of signing a treaty or forging an alliance. It also signals a gathering after a separation. Furthermore, Elaf embodies readiness and preparation for business activity. Elaf would point to acquainting oneself with recurring business operations so as to maintain familiarity, tranquility and safety.
The Arabian tribe named Quraish that lived in Mecca tried to establish this sense of Elaf through covenants it has agreed to with dominant states that would warrant the safety of passage during their trade-related trips. Profits generated from said trips helped sustain life in Mecca. Quraish succeeded in its business undertaking with divine help and protection which is the Elaf that preserved Mecca and the Ka’ba as the center of attraction in the Arabian Peninsula, as narrated in the Qura’n in the Sura “AlFil” (The Elephant).
In our modern times, Abraham Harold Maslow, the famous American psychologist who was noted for his conceptualization of a "hierarchy of human needs", and is considered the father of humanistic psychology also stressed the "deficiency needs” which encompassed the physiological ones, as well as safety and security, love and belonging, and esteem.
Such a theory has been implemented in the early history of the Arabs and has been established in the Elaf signed between Quraish and the surrounding states. Credit for that goes to Hashim, the man who was able to initiate, negotiate and formalize said peace treaties. Hashim, his brothers, and his fellow trade leaders were entrusted with Quraish’s capital to invest while on trips and they distributed profits earned upon their return to all capital providers and participants.
Elaf Bank has adopted its name in the same spirit for its pledge to undertake Shari’a compliant investments and act upon generating profits for the investment community.
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