I watched the Dr. Asad's first podcast as well. What a man, with immense clarity. Can you help me connect with him? Your questions are very relevant and intelligent. I know its not easy to internalize the islamic financial system, especially in todays era. One thing to understand is that islamic system of finance is based on islamic way of living 'Deen'. It resides and works perfectly if we are ready to unlearn 'the complex' and then learn 'the simple' system. We have to implement this system at the most micro levels (our personal finance and household) - let me tell you, it spreads by itself. I implemented 3 rules in my life; 1) No interest policy, 2) Need based buying, 3) Simple life. This has transformed my life and now my friends are implementing this with super results... Any one can try this and I can guarantee peace in life. Salam to all.
Very painful podcast to watch Muzammil bhai but I also appreciate the patience you showed seeing the guest didn't answer any question and you kept trying to pull him back to the topic over and over
I had the feeling throughout the podcast as if I am in my university classroom and trying to get the answers from my Phd teacher, who is telling me everything except the answer.
Unfortunately , like many commentators on Islamic economy , he fails to answer basic question of fundamental day to day economy of people . His answers are more of rambling than any solutions . A serious disappointment
What I get from this discussion and his answers is that we cannot describe islamic economic system totally if we are looking at it in isolation as opposed to in conjunction with islamic system and Islamic principles as a whole. As the social aspects keep coming up while discussing the Islamic economy and in our current mindset we can't take it in because we are wired in a certain capitalistic way but yes he should have described it in a better way still.
The key takeaway from this discussion is that the economy functions to serve society. To assess whether a particular society is being well-served, it's essential first to understand the fundamental principles of Islamic society. From this perspective, one can then evaluate the effectiveness of the economic system in meeting societal needs.
The guest is either not understanding the questions or doesn't know how to answer. It feels like he is here to promote his courses. He talked about everything but economy
Yehi baat mujai samjh nhi arahi kB SE sun sun KR mujahi uska point islamic finances main samjh nhi Araha .. matlab apna point KO defend krna ke Bajai idhar udhar ki batain KR rha ha
I am glad people are upset about not getting the practical answers by guest regarding the questions asked by Muzamil but they are still respectful and not coming off as rude or making fun❤ I am proud of this community❤
I'm a humble student of philosophy of social science and I get what Dr. Zaman is saying. There are no quick solutions. Quick solutions are just like energy drinks. They do not solve the problems for the long run. I would suggest to read more on philosophy of social sciences which gives us insight into the Eurocentric worldview and the façade of Western 'progress'. I would suggest The History and Philosophy of Social Science by Scott Gordon and The Philosophy of the Social Sciences: An Introduction Book by Robert Charles Bishop
The hard part to understand is that the guest Sahab in his whole interview was focusing on being more communal and all works towards a single goal and no indivuality (not a word). But at the end he concluded saying produce your own water, make your electricity etc. good to see a non logical perspective. Good job muzammil on being respectful yet calling out bs
would like to specially appreciate Muzammil Hasan for this much-needed podcast, we need to discuss such topics based on indigenous belief systems coz that's how our society is supposed to be governed appropriately.
At the 55th minute he says, we should all aim to do better. What is his definition of ‘better’ when ofcourse he isn’t prioritizing excess capital ownership and/or higher levels of productivity? What does ‘better ‘ look like ?
The whole interview was very disappointing. The anchor was brilliant but guest fared very poorly. He did not answer any question. Either he was avoiding it or was not clear. Based on this interview, one wonders that he has studied at MIT and Stanford. Please invite someone more knowledgeable to explain this topic.
At 49th minute - he says we want excess. Let me ask him, what is excess? Is one house excess? Because rent is available? Is rent excess because people can live on the road? What is ‘not-excess’? What is the standard ? Who decides this standard? What happens when one doesn’t agree with your standard of what excess is ?
بالکل۔ یہ سب ویگ ٹرمز استعمال کرکے بے وقوف بناتے ہیں ۔ کیونکہ ایک میٹافورک ہدایت کی تشریح کرتے کرتے ان کو عادت ہو گئی ہے ۔ یہ کبھی آپ کو کلئیر جواب نہیں دیں گے۔ سادگی غربت صبر تحمل جیسی باتوں سے بے وقوف بناتے رہتے ہیں۔ دنیا کی اسی فیصد آبادی مٰں کوئی لکثری کی ڈیمانڈ نہیں ہے۔ سب ایک محفوظ مستقبل بچوں کے لئے تلاش کر رہے ہیں جہاں وہ مشقت کی وجہ سے تعلیم سے محروم نہ رہیں۔ اور ان کو پڑھنے لکھنے کا اچھا موقع ملے سمجھنے کا ماحول ملے۔ بس۔ اسی کے لئے ہم کارز لیتے ہیں ذاتی گھر لیتے ہیں اچھی سوسائٹیز مٰں جاتے ہیں۔ بلا وجہ کا رٹا لگا رکھا ہے کہ دنیا لالچی ہو گئی ہے۔
Dr. Asad Zaman has a focus on changing collective behaviour in order to view the systems with a different lens. East has not been heard enough and that is what Dr. Asad is proposing to view the economic system with not only the Western lens but with a holistic lens. Sorry if that hurts anyone!
@@sanaullahkhaan but Muzammil avoids bringing Ulema, scholars in his discussions to avoid giving ' turning into molvi vibe' sadly ..I think that shouldn't happen. He can find few scholars who won't drag him into molvi-ism yet can have academic and fruitful discussion I think.
The speaker's concept is based on comphensive and holistic approach. Its purely based on once moral, ethics and care towards own community. So the Economy shall be drive based on these principles. No matter what economic model you follow..
It would help if you invited Imran Yousafzai to your next podcast, he is actually the one who can simplify the answers, the audience here is not getting. There is a reason behind this, too: we are too much into the Euro-centric version of the economic system, and that epistemic is solely based upon it. Though, this Professor actually possesses a lot of wisdom behind his words, if we listen to him carefully.
Aslam ualikum Sir , I think you questions can be answered by sir Imran youfzayi. I think at a systemic level he makes things more Simple . Straight forward.
Respected guest gave the answer of each question very well but our mind is stuck in current picture of the world. We are unable to think outside of this paradigm, Islam is very simple, it operates in a simple way but we humans love complexity and afraid to even imagine the Simplicity. We hate it nd won't go back to it. I think if we revive one institute which is Masjid we would revive islam including the economy system. Islamic economic system is very very simple, current complexity is the curse of capitalism. There's a golden rule that when things got too complex go to the simple. So instead of grappling this complexity why would we think about the simple system. And the whole Islam stands on relationship, relationship to God and relationship to people. If relationship is not there whole islam would be collapse including economy system. Masjid is the pillar actually, the mother of all systems. And how it governs each and every corner of our life. Key is the relationship. I'm a Master's student and IA my thesis will be at this whole idea that how can we do it.
No need to get angry bro... The reason the solution isn't comprehensible is because majority isn't familiar with anarchism which Chomsky is also a proponent of. In this theory solutions are sought at the micro level by communities. Not by some huge umbrella in a macro fashion.. something which we are sooo accustomed to that we cant understand things not coming from a macro perspective. We want a single solution for very diverse micro communities... and we want a mechanism to implement such a system by force without realizing that the construction of such a decision making process is computationally not possible
Great stuff Muzammil. Can you try inviting Haris Irfan the next time? He's the founder of Cordoba Investments and talks a lot about Islamic Finance. He was featured twice on The Thinking Muslim.
he is proposing a complete overhaul in economic thought and cant answer the simple question, "what will be the currency/media of exchange" in that system.
We owe from private bank Private bank owe from government . Private bank act as middleman b/t gov and public If interest rate is 6% gov rate Gov lend money on 3% to private bank and they lend us for 6%
Watched the complete video. Still waiting for the guest to answer a single question to the point. There are a lot of knowledgeable and accomplished persons who lack the communication skill. Who failed to explain anything to their audience. The guest is one of them. No doubt in his knowledge and expertise. But he did not answered single question.
Totally agree. I was expecting to learn something from the video but could watch beyond a few minutes. None of the questions asked was answered. He might be a knowledgeable person in his field but I was really disappointed how he didn't answer the questions asked but carried the conversation to somewhere else. Muzammil Bhai pls look into this.
Good work especially for practically reviewing the concept of islamic economics. Raised few questions in my mind: 1. How can shariah compliant financial system merge with Pakistani colonial or mcqualism inspired mindset . 2. What is the complexity of modern financial system that needs to be decoded to induce shariah compliant model. The trading system and monetary transfers system has been there forever I believe?
Why don't you invite Dr. Zubair Ashraf Usmani and end this debate and confusion in the first place?! He's very clear about things and has given responses to questions in connection to Sood accusations in Islamic banking. Please invite him!
Expert is islamic economic studies scholar. Why pakistan 99% muslim state is facing economical trouble. Why some people muslims hoard 400 tola gold and dollars kept in stacks underground.Please explain
If theory and practice lie on the opposite ends of a spectrum, Dr Asad Zaman's explanations are too much on the theory side. When you go into its details, Islamic Economics is a complicated subject and Dr Asad Zaman's concepts do not appear to fully grasp the full complications and realistic aspects of an economy, a society, consumers, and state. His concepts and explanations are too simplistic. Perhaps this is the difference between an academic and a professional. A true reformer and effective proponent of Islamic Economics has both sides in balance - academic and professional. Dr Asad Zaman does not appear to have in his grasp the professional (and practical) side of economy. My father was working at PIDE when Dr Asad Zaman was the VC there. He told me that a lot of people think that Dr Asad Zaman is more talk than action.
Make it simple People have savings, they want something in return on it. Bank give to businesses or people and in return they receive something from them to distribute among people.
its easy to say that the guest didnt answer the questions correctly but lets ask something more exact. for example on 47:19 he said because of a small risk of cancer everyone tries to put 1 million in their bank account but they dont have to since only 5-6 people actually get it, SO THE QUESTION IS: doesnt this promote a sort of entitlement that "i cant afford my treatment but i dont have to afford treatment somebody else *should* pay for it."? i think more elaboration is needed on this point
Describing Indus Hospital as an example of Islamic Finance indicates that the guest does not understand the topic at all. I hope we can listen to someone who actually understands the topic and has practically done something to bring it into mainstream. I think the fundamental difference between capitalism and Islamic finance is the "level of risk". Capitalism neither stops you from zero risk transactions nor from extremely high risk ones, like gambling. Islam prohibits both zero risk and extreme risk and only allows moderate risk transactions. Additionally, Islam does not allow you to sell something you don't own, or does not exist.
I Thought It Was Only Me Who Didn't Got To Understand What The Guest Was Trying To Convey But Seeing Comments I See How Everyone Is Complaining About Guest...
Answers are not relevant, he just only stick to the fundamentals of socialism rather than considering the fluidity of the financial system. Applaud to Muzamil for his patience.
Question to the respected Guest: How its law of jungle here? People have developed rules, institutions, system to run the world. He himself has spent whole life in west.
Some of the answer were good conceptually but felt too abstract. I do believe their is much more potential to the topic than the interviewee's ability to project. The one thing I would repectfully disagree about his qoutes is that "Don't try to change the system, we tried it and we failed..." then he continued to project the idea of self simplicity and "other neighbourhood", although I don't believe in violent ways of acheiving things from he beginning but I also don't like the idea of not even trying something if we failed before.. We should always try in productive and non violent ways to bring change in all realms and levels of life and power. When we only target the moon we only think about the moon, we should always aim for the stars
Yes , the answers were not to the point. But the listeners of the podcast were maybe more eager for the absolute solution than needed . Maybe he didn't has the one night bullet answers we were looking for , so he laid down the principles. Maybe we as an ummah haven't put much work in figuring out the solutions while we were witnessing drastic changes, but now we need somebody to give us all the solutions at once. Well we actually have a similar revolutionary solution for our politics and that is to bring Imran Khan and things will magically become stable , guess what he is jailed by the real rulers. The whole set of bureaucrats is corrupted to the core. His whole partly is capitalizing on him, etc.... So know k agar apke baron ne solutions pe mahnat nai ki thi apko plate me solutions nahi mil sakte, apko khud cumulative effort karni ho gi , but what we need is k khud kuch na kren outsider bni bnai cheez de de and walah , everything's good. You can only wish for it.
You might want to do a personal interview before calling anyone to the show in front of audience. Also, I really appreciate your patience in this podcast. The speaker might be very much eligible or educated in his personal sense but was unable to contain himself to the topic.
As much as I appreciate the host and his curiosity, he would do well to gather and narrow down his thoughts by preparing offline as opposed to rambling trains of somewhat connected thoughts which then resulted in the speaker having much less than 50% of the time to speak on a podcast which should prioritise the guest and their time and views. This also resulted in multiple questions being thrown each time which is frankly rude but its also impossible for a scholar as learned as Asad sb to just answer in a cursory manner or with soundbites. Those questioning "practical solutions" and sharing their apparent frustration, as if Asad sb is sitting on the answers and just not sharing, need to first grasp the fundamentals of why that is so which he articulated multiple times with sound logic... so for those aspiring to bring change, go back to the drawing board, grasp the history and the depth of the concepts and then work towards your own actions which are the building blocks of change as he says multiple times... Allah will then guide you like everyone else!
Please arrange a podcast with mufti abdul khaliq azad raipuri director general rahimia institute of quranic sciences on topic islamic economic system .. بڑے ھی عام فہم انداز میں اسلام کے معاشی نظام کو بیان کرتے ھیں۔۔۔
Guest apni jaga sahi keh rahe the lakin I think Muzammil bhai apko western countries se kisi expert ko bulana chahiye tha jo k Islamic finance ke practical steps batae. Pehle mai samjha k shayad moulvi guest dekh kr sub bura keh rahe hain but then I watched the whole podcast and realized that why people didn't like it.
When the guest said..the two sys r pole apart..then thy r pole apart!!! Now trying to find any similarities or functionability of Islamic sys is waste of effort by Host (though he did raised very fundamental n intelligent questions), but as its Not available practically so its Not possible to make it look a functional sys..as the core Fundamentals/principles still remains pole apart. I reckon needed another episode!!
I have read the works of Maududi, Muhammad Akram, Asad Zaman, Baqr As Sadr, Menger, Marx, Keynes. The missing bits from Islamic Economic System from theorist is the islamic theory of value and the model of Islamic System (if today you have economy based on Islamic principals) then what would the economy look like aka what are the numbers. The is a strawman conversation society has gotten worse look at Capitalism and look at Socialism. Example: communities should act as a cohesive force. (Bhae aap karlo wala mindset)
I am trying not to be harsh, but to be honest, the entire conversation was a waste of time since there was no practical solution presented. Guest was talking about bookish fundamentals that have nothing to do with real-world challenges. In a nut shell, he was trying to say we dont have a system and we should not expect any islamic economic system at all. I think guests should know that podcasts are for the general public and that they should give simple real-world answers. We are not university students who have to clear exams by knowing bookish knowledge
I strongly believe that there is significant interest in understanding the Islamic Economic system. However, the message from the recent guest may not have been effectively conveyed. I recently discovered a comprehensive series that addresses this topic, providing valuable answers to common questions. I believe sharing the link to the series ua-cam.com/play/PLa6nFCsgvPj4lh9qoUkuH6vvzeJ1nnIRI.html could greatly benefit those seeking more information. Additionally, I would like to invite Imran Yousafzai, the speaker, to be a guest on the podcast to delve deeper into this significant topic.
Muzamil bro,please do a podcast with Mufti Abdul khaliq Raipur to get the authentic and logical answers on islamic economic system.You will be rationally satisfied bro.Bet me,you will find the right man to open the concepts of islamic economic system.Our guest have more tablighee mentality but less have deep studies on islamic political as well as islamic economic system.You will find practical solutions than utopian ideas.
Islamic economic model and implementation of that model is definitely not an easy task to cover in 1 hour podcast ,but the key points are already addressed but unfortunately we are not accepting it not on micro or macro level because this model will bound you with principle of wealth and like if i explain it with simple example than control of sexual urge is difficult instated having forbidden relationships ,people more dive toward evil this is the same happing with implementation of this economic system. At macro level wealth must be generated from legitimate trade and asset-based investment, use of money for the purposes of making money is expressly forbidden and suppose we implement this the whole banking system is out , don't think that banks are storing our money or protecting its value for us it is just channel to transfer wealth to rich to get more richer so, this is the upward flow of money but Islamic model bound you with downflow and everyone feel uncomfortable to give his money to other. A person is not smart enough to work 24 hours a day to make billions ,but there are billionaire because this system supports , once you get wealth by any mean you are getting more and more with this. I tried to explain with my point of view you might disagree but just feel and look into the society that people are more reluctant to accept Islamic principle.
Don't want to take anything away from his dazzling credentials and profile, but unfortunately, he seemed to fail to answer the questions specifically. It was all about over-generalized and simplistic 'solutions' which sound great in theory. I'm not sure whether this was due to a lack in knowledge or communication. Muzammil asked a great question as to what exactly will be the difference if he owns a farm, but the guest failed to mention anything specific which would vary, his only answer was that it will be in a difference in 'mindset'. Really expected more from a person of his profile.
Muzamil, I'm not being sarcastic, but after going through 90% of the comments, it's clear that the current audience might not be the right fit for this platform. It might be time to consider starting another broadcast channel tailored for a newbie audience who struggle to grasp both the questions and the answers provided by our esteemed guests.
The guest's discussion is more ideological than practical. Real change happens when backed by the government similar to Khilafat-e-Rashida 1400 years ago. Government regulation is crucial, as individual actions aren't enough in a society that needs enforcement. Conclusion: Tax collection should be fair, zakat automated, and interest replaced with Islamic business methods, like banks co-owning properties till they are paid off by the owner. Zakat aur tax he nikalwale government yehi bohot hai
Respectfully, there is plenty to disagree with what the guest has posited. He has suggested that the islamic model / understanding of labour is one driven by the need / desire to provide service not profit. That is contrary to practical examples from the life of Prophet Muhammad s.a. He and many early muslims worked as traders / businessmen and women and the point of that activity was indeed to earn a profit, be it to support oneself or one's family or for religious or charitable endeavors. The islamic model isn't intended to be so abstract and esoteric. The philosophy that the guest has presented sounds socialist / communist leaning, with some esoteric philosophy sprinkled in and a generous helping of religious imagery. Islam does infact extol individual responsibility and accountability, and yes then it also includes in those responsibilities your duties to others around you. That said, how individuals or a society / government delivers on those social / religious responsibilities at a macro level has fluctuated over centuries. Philosophically it isn't so different from some of the systems / countries around the world with strong socilaist /welfare state leanings. Also, capitalism and secularlism are being conflated here, which is often the case for some reason. Also the guest tends to use the example of the worst most uninhibited form of capitalism as the typical standard. There are very many shades and flavours of capitalism across the world and one can have capitalism in a religious society as well as a secular one. They aren't antithetical. Each society can define and place guardrails on the capitalist model acceptable to them. A religious / muslim society can define those guardrails in accordance with Islamic principles of societal welfare at the core of it.
With all due respect, Muzammil Bhai, I’m really disappointed. I’m genuinely interested in learning about Islamic economics and philosophy through your podcast, and the questions you asked were spot on, they’re crucial for understanding the practical steps we need right now. But the guest, seemed very knowledgeable, was more focused on quoting books than actually addressing your questions. It felt like he either didn’t fully grasp what you were asking or just wasn’t able to explain his points clearly. Despite his knowledge, I felt like I didn’t gain any real insights from the 1 hour long podcast, unfortunately.
He was an individual enamoured of Islam (could have sussed from his flowing beard) and its banking but unable to explain how it could work in present system. To blame Bretton woods system end just on the greed of USA is so simplistic and wrong. Frankly, linking any currency with something else can never work. In this case the dollar was linked with the gold. The end of the system meant the peg was removed and the dollar became a Fiat currency like all other currencies. One time the same was true with many other currencies eg uk pound was linked to german mark until 93 and it floated between a range. The peg or link broke when there was pressure in 93 on sterling because the currency was fixed to mark when sterling was very high exchange value to german mark. But then UK started suffering economically and the link became impossible to maintain as currency need to be devalued. Seeing this, the speculative selling pressure grew on pound and it became so overwhelming, no buying of your own currency (pound) could save it from sinking. In this effort, all the reserves were used to mop up the sold pounds and the reserve gold was used to support the currency and then interest rates were raised in big leap but in the end, to support the currency was not possible. So, in time, any link to something valuable always becomes unsustainable as both items linked have their own value or rate journey. So gold could be cheap one day when you link it to your currency but then, when gold becomes expensive, you won’t be able to exchange all your currency into gold. At the same time, your economy may be needing a push to bring down interest rates or devalue your own currency. So, to break a link can’t be attributed to greed for the country. Breaking a link can only save the country.
Is it possible, that the western economics commentators do not have the light and guidance to see the truth of what prof zamaan presents A process of making dua to Allah swt in humility and request forgiveness for the sins that led one to darkness and inability to see true light? It is for each one to turn to Allah swt for guidance to the light of truth Prof Zaman gives a clear clean perspective of what could to be called anything but colonisation by the absence of light and sin
It seems from a series of different episodes that the host doesnot support Islamic banking.... Try connecting with Muftee Hassan Kaleem... call a "competent experienced" Scholar of Islamic Banking
This is my first time listening to this podcast channel and I am seriously impressed by the authenticity of the questions put forward. Of course the fairytale wishful capitalist model has turned into a nightmare with SWS intensified! I was dying to listen to the answer to the one you posited at 20.00 Q: If I am to imagine a top down islamic economic system, what would it look like which is more equitable, more just and which allows for a right incentive structure to work hard and create wealth in halal means? A: ua-cam.com/video/NrM664Qe4bs/v-deo.htmlsi=oraO1d6pmNSf5ttb Thank me later!
Es topic py, I don't think Pakistan Mai, koi hai Jo achi tarha Islamic economic system ko koi samj sakta hoo, Kesi bahr Waly sy interview kro, and same questions uss sy pocho, this ain't a right person 😂, BTW es sy acha thu mujhe Bula layty, Ess sy acha thu app Islamic system ko samjty hai... And lagta hai, apny esy esliye bulaya qyunky eski داڈھی hai, Ess topic k liye ideal person ghamdi sahb hoty, woh Islamic nizam ko unfiltered way Mai daikhty,.. Pata nai chancellor aisa hai thu Pata nai student kaisy hongy 😢... And the questions were absolute ❤❤💯
Really painful to see Muzammil’s struggle to get the answer from the guest who tried to exalt Islam and its systems without providing the guidance about the common people’s problems.
I am sorry but it makes no sense. He starts with "You just add Zakat to capitalism and make a few changes and it becomes Islamic System" and the next line is "It is totally different than Capitalism or any other system on the planet". At least wait 10 minutes to contradict yourself. Also, Islam is a way of life which governs morality not finances. Stop using religion for everything and be practical.
Hey Muzammil. Its really great to see something related to islamic economics in such nice, detailed and easy way. I WOULD RECOMMEND THAT U SHOULD INVIE “QANIT KHALEEL” who is also an economist giving the solution of out current economic problems by islamic economic rules.
Islamic Economics is fantastic if you want to live in a tent and ride camels in the desert. Loot and plunder would be the only means of becoming wealthy according to Islamic economic logic. Money is a zero sum game, someone loses and someone wins. The concept of credit which drives prosperity in the world is haram to Islam. Now you can convince yourselves to accept credit and consequently interest by fudging logic. But why make the effort, just accept that Islam is wrong and life becomes easy...
It's wrong to call what he is talking about as Islamic Economics as this talk is his own personal interpretation, and trying to make into something that can called to represent Islam is totally inaccurate and he is guilty of overreach and over generalisation. During the prophets time we have very little to go on, other than that he was a business person and that he disapproved to usuary and regarded it as an evil (I am calling it usury because that is not just interest, rather it is the enslavement of an individual and it is called loan sharking in most western countries and is illegal). So Muslims like him are trying to sell us BS under the guise of Islam. Because the Quran says very little and the hadith are very limited, so we should accept that we are on our own except for a basis that usuary is illegal.
Are you serious? Our Islamic "scholars" are just apologists who are trying to mould Islam in a capitalist structure. This is fundamentally at odds and against the spirit of Islam, which values taqwa, generosity, social welfare over greed, selfishness and individualism that are the hallmarks of modern day capitalism. Islam and Capitlaism are complete opposite in spirit. Don't follow people like Taqi Usman who are whitewashing banking transactions
"Those who consume interest (usury/riba - whatever name you want to give it) cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allāh has permitted trade and has forbidden interest." (Quran 2:275) This verse clearly indicates that even in the time of the Prophet (Peace be upon him), there were proponents of the argument that there is no difference between trade and riba and hence, it should be allowed. Notice that if only the loan sharking type of riba was included in this definition, then the entire comparison with trade wouldn't make much sense since trade is a commercial activity carried out on a much larger scale than with individuals only. Cross-border trade was also normal in those times - between different Arab tribes and also with Roman/Persian empires. Hence, the comparison made by the non-believers, which Allah refers to in the Quran here, shows that the definition of interest/riba here also includes commercial loans, which are more similar to trade activity, where each party is acting autonomously, mostly not under undue influence like loan sharking. The only apparent difference being that Allah has forbidden one and allowed the other. And Allah knows best.
In kay lehaaz say saray button daba kar tich momin baahir niklain aur bhai chara phail jaye. Probably this guest isnt right for these sort of questions. They are totally on the conceptual side and principles, nothing to offer for practical steps. I love the topic of the video, 10/10 for that. Guest 2/10.
I watched the Dr. Asad's first podcast as well. What a man, with immense clarity. Can you help me connect with him? Your questions are very relevant and intelligent. I know its not easy to internalize the islamic financial system, especially in todays era. One thing to understand is that islamic system of finance is based on islamic way of living 'Deen'. It resides and works perfectly if we are ready to unlearn 'the complex' and then learn 'the simple' system. We have to implement this system at the most micro levels (our personal finance and household) - let me tell you, it spreads by itself. I implemented 3 rules in my life; 1) No interest policy, 2) Need based buying, 3) Simple life. This has transformed my life and now my friends are implementing this with super results... Any one can try this and I can guarantee peace in life. Salam to all.
I am also looking for his number who ever gets please share privately
Very painful podcast to watch Muzammil bhai but I also appreciate the patience you showed seeing the guest didn't answer any question and you kept trying to pull him back to the topic over and over
I had the feeling throughout the podcast as if I am in my university classroom and trying to get the answers from my Phd teacher, who is telling me everything except the answer.
another libturd just made claim , without saying u r question 🤣🤣🤣
Unfortunately , like many commentators on Islamic economy , he fails to answer basic question of fundamental day to day economy of people . His answers are more of rambling than any solutions .
A serious disappointment
What I get from this discussion and his answers is that we cannot describe islamic economic system totally if we are looking at it in isolation as opposed to in conjunction with islamic system and Islamic principles as a whole. As the social aspects keep coming up while discussing the Islamic economy and in our current mindset we can't take it in because we are wired in a certain capitalistic way but yes he should have described it in a better way still.
I think the 3 main principles that he mentioned are what matters the most.
If he is from MIT and these are the answers, Islamic finance and economics is total BS.
😂
The key takeaway from this discussion is that the economy functions to serve society. To assess whether a particular society is being well-served, it's essential first to understand the fundamental principles of Islamic society. From this perspective, one can then evaluate the effectiveness of the economic system in meeting societal needs.
The guest is either not understanding the questions or doesn't know how to answer. It feels like he is here to promote his courses. He talked about everything but economy
He is Dr azad zaman shb , former VC PIDE , Even bill gates pay him royality. He is en icon of economics
Plz search Imran Yousafzai. He is a chartered accountant and he explains answers very well
Yehi baat mujai samjh nhi arahi kB SE sun sun KR mujahi uska point islamic finances main samjh nhi Araha .. matlab apna point KO defend krna ke Bajai idhar udhar ki batain KR rha ha
He has explained islamic economy fully listen carefully between 29:34 to 29:34
Point is, understanding Prof. Asad beyond the imagination of people with ordinary average approach.
I am glad people are upset about not getting the practical answers by guest regarding the questions asked by Muzamil but they are still respectful and not coming off as rude or making fun❤
I am proud of this community❤
I'm a humble student of philosophy of social science and I get what Dr. Zaman is saying. There are no quick solutions. Quick solutions are just like energy drinks. They do not solve the problems for the long run. I would suggest to read more on philosophy of social sciences which gives us insight into the Eurocentric worldview and the façade of Western 'progress'. I would suggest The History and Philosophy of Social Science by Scott Gordon and The Philosophy of the Social Sciences: An Introduction Book by Robert Charles Bishop
He is talking about socialism and communist economic approach to destroy economy of a country 😂😂😂
The hard part to understand is that the guest Sahab in his whole interview was focusing on being more communal and all works towards a single goal and no indivuality (not a word).
But at the end he concluded saying produce your own water, make your electricity etc.
good to see a non logical perspective.
Good job muzammil on being respectful yet calling out bs
With full respect for the guest, he answered everything except the question being asked
Plz search Imran Yousafzai. He is a chartered accountant and he explains answers very well
would like to specially appreciate Muzammil Hasan for this much-needed podcast, we need to discuss such topics based on indigenous belief systems coz that's how our society is supposed to be governed appropriately.
He displayed his *Vocabulary* more than his factual insights on Islamic economy.
I am also jealous of him. I wanted to study in mit.
🔥❤🔥❤🔥❤🔥
At the 55th minute he says, we should all aim to do better. What is his definition of ‘better’ when ofcourse he isn’t prioritizing excess capital ownership and/or higher levels of productivity?
What does ‘better ‘ look like ?
do u want really the answer??
@@abbasqamar124 yes.
The whole interview was very disappointing. The anchor was brilliant but guest fared very poorly. He did not answer any question. Either he was avoiding it or was not clear. Based on this interview, one wonders that he has studied at MIT and Stanford. Please invite someone more knowledgeable to explain this topic.
At 49th minute - he says we want excess. Let me ask him, what is excess?
Is one house excess? Because rent is available?
Is rent excess because people can live on the road?
What is ‘not-excess’? What is the standard ? Who decides this standard? What happens when one doesn’t agree with your standard of what excess is ?
بالکل۔ یہ سب ویگ ٹرمز استعمال کرکے بے وقوف بناتے ہیں ۔ کیونکہ ایک میٹافورک ہدایت کی تشریح کرتے کرتے ان کو عادت ہو گئی ہے ۔ یہ کبھی آپ کو کلئیر جواب نہیں دیں گے۔ سادگی غربت صبر تحمل جیسی باتوں سے بے وقوف بناتے رہتے ہیں۔ دنیا کی اسی فیصد آبادی مٰں کوئی لکثری کی ڈیمانڈ نہیں ہے۔ سب ایک محفوظ مستقبل بچوں کے لئے تلاش کر رہے ہیں جہاں وہ مشقت کی وجہ سے تعلیم سے محروم نہ رہیں۔ اور ان کو پڑھنے لکھنے کا اچھا موقع ملے سمجھنے کا ماحول ملے۔ بس۔ اسی کے لئے ہم کارز لیتے ہیں ذاتی گھر لیتے ہیں اچھی سوسائٹیز مٰں جاتے ہیں۔ بلا وجہ کا رٹا لگا رکھا ہے کہ دنیا لالچی ہو گئی ہے۔
Dr. Asad Zaman has a focus on changing collective behaviour in order to view the systems with a different lens. East has not been heard enough and that is what Dr. Asad is proposing to view the economic system with not only the Western lens but with a holistic lens. Sorry if that hurts anyone!
It be interesting if you discuss this topic with more scholars, researchers and Ulama with expertise in Islamic finance.
@@sanaullahkhaan but Muzammil avoids bringing Ulema, scholars in his discussions to avoid giving ' turning into molvi vibe' sadly ..I think that shouldn't happen. He can find few scholars who won't drag him into molvi-ism yet can have academic and fruitful discussion I think.
Go to madrasa and you will find plenty...
@@goals27Namely?
The speaker's concept is based on comphensive and holistic approach. Its purely based on once moral, ethics and care towards own community. So the Economy shall be drive based on these principles. No matter what economic model you follow..
It would help if you invited Imran Yousafzai to your next podcast, he is actually the one who can simplify the answers, the audience here is not getting. There is a reason behind this, too: we are too much into the Euro-centric version of the economic system, and that epistemic is solely based upon it. Though, this Professor actually possesses a lot of wisdom behind his words, if we listen to him carefully.
Agreed
OMG! I was thinking the same!
As the legend Ghamidi sb says. There's no such thing as an Islamic 'system'
😁🤣
Aslam ualikum
Sir , I think you questions can be answered by sir Imran youfzayi. I think at a systemic level he makes things more Simple . Straight forward.
I second this!!
I second this!
Respected guest gave the answer of each question very well but our mind is stuck in current picture of the world. We are unable to think outside of this paradigm, Islam is very simple, it operates in a simple way but we humans love complexity and afraid to even imagine the Simplicity. We hate it nd won't go back to it.
I think if we revive one institute which is Masjid we would revive islam including the economy system.
Islamic economic system is very very simple, current complexity is the curse of capitalism.
There's a golden rule that when things got too complex go to the simple.
So instead of grappling this complexity why would we think about the simple system.
And the whole Islam stands on relationship, relationship to God and relationship to people.
If relationship is not there whole islam would be collapse including economy system.
Masjid is the pillar actually, the mother of all systems. And how it governs each and every corner of our life.
Key is the relationship.
I'm a Master's student and IA my thesis will be at this whole idea that how can we do it.
Great respect for Muzammil for his pateience and sticking to the topic.
I do not understand the hate in the comment section. Simple and good solutions have been given by the interviewee. Good podcast 💪
No need to get angry bro... The reason the solution isn't comprehensible is because majority isn't familiar with anarchism which Chomsky is also a proponent of. In this theory solutions are sought at the micro level by communities. Not by some huge umbrella in a macro fashion.. something which we are sooo accustomed to that we cant understand things not coming from a macro perspective. We want a single solution for very diverse micro communities... and we want a mechanism to implement such a system by force without realizing that the construction of such a decision making process is computationally not possible
@@harshvardhansinha who asked ur opinion? Just go away
Great stuff Muzammil.
Can you try inviting Haris Irfan the next time? He's the founder of Cordoba Investments and talks a lot about Islamic Finance. He was featured twice on The Thinking Muslim.
Haris irfan 💯
yes
Speaker dosnt understood your question. I dont know why, even though he’s educated from big universities
I think he understands everything, but he says what he wants to say, regardless of the question being asked.
Happy to See TBT Season 5!
Nice Branding, Well Written Topics & Questions (as always), Thumbnails look lit! Guest are great (as usual)
he is proposing a complete overhaul in economic thought and cant answer the simple question, "what will be the currency/media of exchange" in that system.
Indus hospital is not islamic economic its charity.
When he say 0 percent intrest why anyone lend you money 💰 if he don't get anything in return??
We owe from private bank
Private bank owe from government
.
Private bank act as middleman b/t gov and public
If interest rate is 6% gov rate
Gov lend money on 3% to private bank and they lend us for 6%
Watched the complete video. Still waiting for the guest to answer a single question to the point.
There are a lot of knowledgeable and accomplished persons who lack the communication skill. Who failed to explain anything to their audience. The guest is one of them. No doubt in his knowledge and expertise. But he did not answered single question.
same
Totally agree. I was expecting to learn something from the video but could watch beyond a few minutes. None of the questions asked was answered. He might be a knowledgeable person in his field but I was really disappointed how he didn't answer the questions asked but carried the conversation to somewhere else. Muzammil Bhai pls look into this.
Good work especially for practically reviewing the concept of islamic economics. Raised few questions in my mind:
1. How can shariah compliant financial system merge with Pakistani colonial or mcqualism inspired mindset .
2. What is the complexity of modern financial system that needs to be decoded to induce shariah compliant model. The trading system and monetary transfers system has been there forever I believe?
Why don't you invite Dr. Zubair Ashraf Usmani and end this debate and confusion in the first place?! He's very clear about things and has given responses to questions in connection to Sood accusations in Islamic banking. Please invite him!
MashaAllah Asad Zaman sb is endowed with wisdom. Thanks for bringing him over.
Guest is like a teacher who can give lecture but cannot answer question.
What a discussion ❤ Love it. We need more!
Expert is islamic economic studies scholar. Why pakistan 99% muslim state is facing economical trouble. Why some people muslims hoard 400 tola gold and dollars kept in stacks underground.Please explain
If theory and practice lie on the opposite ends of a spectrum, Dr Asad Zaman's explanations are too much on the theory side. When you go into its details, Islamic Economics is a complicated subject and Dr Asad Zaman's concepts do not appear to fully grasp the full complications and realistic aspects of an economy, a society, consumers, and state. His concepts and explanations are too simplistic.
Perhaps this is the difference between an academic and a professional. A true reformer and effective proponent of Islamic Economics has both sides in balance - academic and professional. Dr Asad Zaman does not appear to have in his grasp the professional (and practical) side of economy.
My father was working at PIDE when Dr Asad Zaman was the VC there. He told me that a lot of people think that Dr Asad Zaman is more talk than action.
Make it simple
People have savings, they want something in return on it.
Bank give to businesses or people and in return they receive something from them to distribute among people.
its easy to say that the guest didnt answer the questions correctly but lets ask something more exact. for example on 47:19 he said because of a small risk of cancer everyone tries to put 1 million in their bank account but they dont have to since only 5-6 people actually get it, SO THE QUESTION IS: doesnt this promote a sort of entitlement that "i cant afford my treatment but i dont have to afford treatment somebody else *should* pay for it."? i think more elaboration is needed on this point
Describing Indus Hospital as an example of Islamic Finance indicates that the guest does not understand the topic at all. I hope we can listen to someone who actually understands the topic and has practically done something to bring it into mainstream.
I think the fundamental difference between capitalism and Islamic finance is the "level of risk". Capitalism neither stops you from zero risk transactions nor from extremely high risk ones, like gambling. Islam prohibits both zero risk and extreme risk and only allows moderate risk transactions.
Additionally, Islam does not allow you to sell something you don't own, or does not exist.
I Thought It Was Only Me Who Didn't Got To Understand What The Guest Was Trying To Convey But Seeing Comments I See How Everyone Is Complaining About Guest...
It's not fault of the Guest ...it's the Islamic economics are outdated ...and can't compete with A GIANT structure called capitalism
Answers are not relevant, he just only stick to the fundamentals of socialism rather than considering the fluidity of the financial system. Applaud to Muzamil for his patience.
The podcast was confusing.. but this podcast inspired me to study the system Hazrat Ali (A.S) introduced..
Question to the respected Guest:
How its law of jungle here? People have developed rules, institutions, system to run the world. He himself has spent whole life in west.
Some of the answer were good conceptually but felt too abstract. I do believe their is much more potential to the topic than the interviewee's ability to project. The one thing I would repectfully disagree about his qoutes is that "Don't try to change the system, we tried it and we failed..." then he continued to project the idea of self simplicity and "other neighbourhood", although I don't believe in violent ways of acheiving things from he beginning but I also don't like the idea of not even trying something if we failed before.. We should always try in productive and non violent ways to bring change in all realms and levels of life and power. When we only target the moon we only think about the moon, we should always aim for the stars
Please invite Khalid Mehmood Abbasi to discuss islamic economics.
Well needed topic in recent times ❤as every economic system has been failed to cover poor people , only rich are beneficiary
Yes , the answers were not to the point. But the listeners of the podcast were maybe more eager for the absolute solution than needed . Maybe he didn't has the one night bullet answers we were looking for , so he laid down the principles. Maybe we as an ummah haven't put much work in figuring out the solutions while we were witnessing drastic changes, but now we need somebody to give us all the solutions at once.
Well we actually have a similar revolutionary solution for our politics and that is to bring Imran Khan and things will magically become stable , guess what he is jailed by the real rulers. The whole set of bureaucrats is corrupted to the core. His whole partly is capitalizing on him, etc.... So know k agar apke baron ne solutions pe mahnat nai ki thi apko plate me solutions nahi mil sakte, apko khud cumulative effort karni ho gi , but what we need is k khud kuch na kren outsider bni bnai cheez de de and walah , everything's good. You can only wish for it.
Aoa Mr. Muzzamil the next podcast should be on the governmental structure created by Hazrat Umar r.a
Why not the government structure of Malaysia, Singapore, Indonesia, Turkey, and China?
You might want to do a personal interview before calling anyone to the show in front of audience. Also, I really appreciate your patience in this podcast. The speaker might be very much eligible or educated in his personal sense but was unable to contain himself to the topic.
As much as I appreciate the host and his curiosity, he would do well to gather and narrow down his thoughts by preparing offline as opposed to rambling trains of somewhat connected thoughts which then resulted in the speaker having much less than 50% of the time to speak on a podcast which should prioritise the guest and their time and views. This also resulted in multiple questions being thrown each time which is frankly rude but its also impossible for a scholar as learned as Asad sb to just answer in a cursory manner or with soundbites. Those questioning "practical solutions" and sharing their apparent frustration, as if Asad sb is sitting on the answers and just not sharing, need to first grasp the fundamentals of why that is so which he articulated multiple times with sound logic... so for those aspiring to bring change, go back to the drawing board, grasp the history and the depth of the concepts and then work towards your own actions which are the building blocks of change as he says multiple times... Allah will then guide you like everyone else!
You should invite Muhammad Imran Yusufzai for a better picture of Islamic economic system
Step 1. Move to an Islamic compliant system of currency. (Intrinsic value, sustainable, etc.)
Step 2. Oh wait... we solved 90% of the problem.
The amount of waste produced by the University of Pennsylvania, Stanford, and MIT combined in one person is staggering.
I think the guest is confused between becoming a molvi, an Islamic philosopher and an economist so he has half a foot in everything
Yet, you or your children will still dream of and strive to gain admission to one of these universities.
@@MuhammadHassan-hf3bh Yeh koi jawab nai hota
@@shahinshah389 kya matlab
I am also jealous of him. I wanted to study in mit. 🔥🔥
excellent podcast!
when you discuss islam without akhira and jannah this happen , the purpose of Islam is to present Allah to the world
Please arrange a podcast with mufti abdul khaliq azad raipuri
director general rahimia institute of quranic sciences on topic islamic economic system .. بڑے ھی عام فہم انداز میں اسلام کے معاشی نظام کو بیان کرتے ھیں۔۔۔
Brother please invite Imran Yousafzai for actual answers on Islamic economics
😂
Guest apni jaga sahi keh rahe the lakin I think Muzammil bhai apko western countries se kisi expert ko bulana chahiye tha jo k Islamic finance ke practical steps batae. Pehle mai samjha k shayad moulvi guest dekh kr sub bura keh rahe hain but then I watched the whole podcast and realized that why people didn't like it.
This suggested method is not possible.
But why?
Let me tell you the background about...
When the guest said..the two sys r pole apart..then thy r pole apart!!! Now trying to find any similarities or functionability of Islamic sys is waste of effort by Host (though he did raised very fundamental n intelligent questions), but as its Not available practically so its Not possible to make it look a functional sys..as the core Fundamentals/principles still remains pole apart. I reckon needed another episode!!
I have read the works of Maududi, Muhammad Akram, Asad Zaman, Baqr As Sadr, Menger, Marx, Keynes.
The missing bits from Islamic Economic System from theorist is the islamic theory of value and the model of Islamic System (if today you have economy based on Islamic principals) then what would the economy look like aka what are the numbers.
The is a strawman conversation society has gotten worse look at Capitalism and look at Socialism.
Example: communities should act as a cohesive force. (Bhae aap karlo wala mindset)
the disappointment on muzamil bhais face. lol
"Islamic" Economics
I think the only thing tjay matters is what he said at the 36:55 minutes regarding the 3 main principles.
I am trying not to be harsh, but to be honest, the entire conversation was a waste of time since there was no practical solution presented. Guest was talking about bookish fundamentals that have nothing to do with real-world challenges.
In a nut shell, he was trying to say we dont have a system and we should not expect any islamic economic system at all.
I think guests should know that podcasts are for the general public and that they should give simple real-world answers.
We are not university students who have to clear exams by knowing bookish knowledge
The Host is making more sense than the Guest.
I strongly believe that there is significant interest in understanding the Islamic Economic system. However, the message from the recent guest may not have been effectively conveyed. I recently discovered a comprehensive series that addresses this topic, providing valuable answers to common questions. I believe sharing the link to the series
ua-cam.com/play/PLa6nFCsgvPj4lh9qoUkuH6vvzeJ1nnIRI.html
could greatly benefit those seeking more information. Additionally, I would like to invite Imran Yousafzai, the speaker, to be a guest on the podcast to delve deeper into this significant topic.
@tbt call mufti Abdul khaliq azad raipuri for economic talk
Too much confusion
Idealism ...
Too lengthy questions....more confusion
Social equality.....vs......economics
Generation gap
Great Sir
Muzamil bro,please do a podcast with Mufti Abdul khaliq Raipur to get the authentic and logical answers on islamic economic system.You will be rationally satisfied bro.Bet me,you will find the right man to open the concepts of islamic economic system.Our guest have more tablighee mentality but less have deep studies on islamic political as well as islamic economic system.You will find practical solutions than utopian ideas.
Islamic economic model and implementation of that model is definitely not an easy task to cover in 1 hour podcast ,but the key points are already addressed but unfortunately we are not accepting it not on micro or macro level because this model will bound you with principle of wealth and like if i explain it with simple example than control of sexual urge is difficult instated having forbidden relationships ,people more dive toward evil this is the same happing with implementation of this economic system. At macro level wealth must be generated from legitimate trade and asset-based investment, use of money for the purposes of making money is expressly forbidden and suppose we implement this the whole banking system is out , don't think that banks are storing our money or protecting its value for us it is just channel to transfer wealth to rich to get more richer so, this is the upward flow of money but Islamic model bound you with downflow and everyone feel uncomfortable to give his money to other. A person is not smart enough to work 24 hours a day to make billions ,but there are billionaire because this system supports , once you get wealth by any mean you are getting more and more with this. I tried to explain with my point of view you might disagree but just feel and look into the society that people are more reluctant to accept Islamic principle.
@Muzamil Hasan Try to host Mufti Abdul Khaliq Azad, Director Rahimia Institute of Quranic Sciences on this topic. Thanks
Don't want to take anything away from his dazzling credentials and profile, but unfortunately, he seemed to fail to answer the questions specifically. It was all about over-generalized and simplistic 'solutions' which sound great in theory. I'm not sure whether this was due to a lack in knowledge or communication.
Muzammil asked a great question as to what exactly will be the difference if he owns a farm, but the guest failed to mention anything specific which would vary, his only answer was that it will be in a difference in 'mindset'. Really expected more from a person of his profile.
Muzamil, I'm not being sarcastic, but after going through 90% of the comments, it's clear that the current audience might not be the right fit for this platform. It might be time to consider starting another broadcast channel tailored for a newbie audience who struggle to grasp both the questions and the answers provided by our esteemed guests.
The guest's discussion is more ideological than practical. Real change happens when backed by the government similar to Khilafat-e-Rashida 1400 years ago. Government regulation is crucial, as individual actions aren't enough in a society that needs enforcement.
Conclusion: Tax collection should be fair, zakat automated, and interest replaced with Islamic business methods, like banks co-owning properties till they are paid off by the owner.
Zakat aur tax he nikalwale government yehi bohot hai
Hatts off smz bhai.
Mashallah❤
War between greed and empathy
empathy will always aspire to be like greed until it stops war and upholds its own value.
57:03 Jani, pasand? Bruh you also know how it went
Respectfully, there is plenty to disagree with what the guest has posited. He has suggested that the islamic model / understanding of labour is one driven by the need / desire to provide service not profit. That is contrary to practical examples from the life of Prophet Muhammad s.a. He and many early muslims worked as traders / businessmen and women and the point of that activity was indeed to earn a profit, be it to support oneself or one's family or for religious or charitable endeavors. The islamic model isn't intended to be so abstract and esoteric. The philosophy that the guest has presented sounds socialist / communist leaning, with some esoteric philosophy sprinkled in and a generous helping of religious imagery. Islam does infact extol individual responsibility and accountability, and yes then it also includes in those responsibilities your duties to others around you. That said, how individuals or a society / government delivers on those social / religious responsibilities at a macro level has fluctuated over centuries. Philosophically it isn't so different from some of the systems / countries around the world with strong socilaist /welfare state leanings. Also, capitalism and secularlism are being conflated here, which is often the case for some reason. Also the guest tends to use the example of the worst most uninhibited form of capitalism as the typical standard. There are very many shades and flavours of capitalism across the world and one can have capitalism in a religious society as well as a secular one. They aren't antithetical. Each society can define and place guardrails on the capitalist model acceptable to them. A religious / muslim society can define those guardrails in accordance with Islamic principles of societal welfare at the core of it.
With all due respect, Muzammil Bhai, I’m really disappointed.
I’m genuinely interested in learning about Islamic economics and philosophy through your podcast, and the questions you asked were spot on, they’re crucial for understanding the practical steps we need right now. But the guest, seemed very knowledgeable, was more focused on quoting books than actually addressing your questions. It felt like he either didn’t fully grasp what you were asking or just wasn’t able to explain his points clearly. Despite his knowledge, I felt like I didn’t gain any real insights from the 1 hour long podcast, unfortunately.
He was an individual enamoured of Islam (could have sussed from his flowing beard) and its banking but unable to explain how it could work in present system. To blame Bretton woods system end just on the greed of USA is so simplistic and wrong. Frankly, linking any currency with something else can never work. In this case the dollar was linked with the gold. The end of the system meant the peg was removed and the dollar became a Fiat currency like all other currencies. One time the same was true with many other currencies eg uk pound was linked to german mark until 93 and it floated between a range. The peg or link broke when there was pressure in 93 on sterling because the currency was fixed to mark when sterling was very high exchange value to german mark. But then UK started suffering economically and the link became impossible to maintain as currency need to be devalued. Seeing this, the speculative selling pressure grew on pound and it became so overwhelming, no buying of your own currency (pound) could save it from sinking. In this effort, all the reserves were used to mop up the sold pounds and the reserve gold was used to support the currency and then interest rates were raised in big leap but in the end, to support the currency was not possible. So, in time, any link to something valuable always becomes unsustainable as both items linked have their own value or rate journey. So gold could be cheap one day when you link it to your currency but then, when gold becomes expensive, you won’t be able to exchange all your currency into gold. At the same time, your economy may be needing a push to bring down interest rates or devalue your own currency. So, to break a link can’t be attributed to greed for the country. Breaking a link can only save the country.
Is it possible, that the western economics commentators do not have the light and guidance to see the truth of what prof zamaan presents
A process of making dua to Allah swt in humility and request forgiveness for the sins that led one to darkness and inability to see true light?
It is for each one to turn to Allah swt for guidance to the light of truth
Prof Zaman gives a clear clean perspective of what could to be called anything but colonisation by the absence of light and sin
It seems from a series of different episodes that the host doesnot support Islamic banking.... Try connecting with Muftee Hassan Kaleem... call a "competent experienced" Scholar of Islamic Banking
This is my first time listening to this podcast channel and I am seriously impressed by the authenticity of the questions put forward. Of course the fairytale wishful capitalist model has turned into a nightmare with SWS intensified! I was dying to listen to the answer to the one you posited at 20.00
Q: If I am to imagine a top down islamic economic system, what would it look like which is more equitable, more just and which allows for a right incentive structure to work hard and create wealth in halal means?
A: ua-cam.com/video/NrM664Qe4bs/v-deo.htmlsi=oraO1d6pmNSf5ttb
Thank me later!
Es topic py, I don't think Pakistan Mai, koi hai Jo achi tarha Islamic economic system ko koi samj sakta hoo,
Kesi bahr Waly sy interview kro, and same questions uss sy pocho, this ain't a right person 😂,
BTW es sy acha thu mujhe Bula layty,
Ess sy acha thu app Islamic system ko samjty hai...
And lagta hai, apny esy esliye bulaya qyunky eski داڈھی hai,
Ess topic k liye ideal person ghamdi sahb hoty, woh Islamic nizam ko unfiltered way Mai daikhty,..
Pata nai chancellor aisa hai thu Pata nai student kaisy hongy 😢...
And the questions were absolute ❤❤💯
Really painful to see Muzammil’s struggle to get the answer from the guest who tried to exalt Islam and its systems without providing the guidance about the common people’s problems.
8:13 What he said universe is created by itself????? is that correct concept of this man?
aapko baat samajh nahin aayi. Yai unka concept nahin hai. capitalism ka hai. dobara sunain.
Plz Urdu me baat kren take agar koi esa old age shakhs dekh rha hai ya koi b wo shakjs jisko eng nai aati usko b apki samj ai .
I am sorry but it makes no sense. He starts with "You just add Zakat to capitalism and make a few changes and it becomes Islamic System" and the next line is "It is totally different than Capitalism or any other system on the planet". At least wait 10 minutes to contradict yourself. Also, Islam is a way of life which governs morality not finances. Stop using religion for everything and be practical.
You wont be able to understand if you don't understand emergent behavior
Hey Muzammil. Its really great to see something related to islamic economics in such nice, detailed and easy way. I WOULD RECOMMEND THAT U SHOULD INVIE “QANIT KHALEEL” who is also an economist giving the solution of out current economic problems by islamic economic rules.
Islamic Economics is fantastic if you want to live in a tent and ride camels in the desert. Loot and plunder would be the only means of becoming wealthy according to Islamic economic logic. Money is a zero sum game, someone loses and someone wins.
The concept of credit which drives prosperity in the world is haram to Islam. Now you can convince yourselves to accept credit and consequently interest by fudging logic.
But why make the effort, just accept that Islam is wrong and life becomes easy...
It's wrong to call what he is talking about as Islamic Economics as this talk is his own personal interpretation, and trying to make into something that can called to represent Islam is totally inaccurate and he is guilty of overreach and over generalisation. During the prophets time we have very little to go on, other than that he was a business person and that he disapproved to usuary and regarded it as an evil (I am calling it usury because that is not just interest, rather it is the enslavement of an individual and it is called loan sharking in most western countries and is illegal). So Muslims like him are trying to sell us BS under the guise of Islam. Because the Quran says very little and the hadith are very limited, so we should accept that we are on our own except for a basis that usuary is illegal.
stop passing comments if you havent listened to the whole podcast.
Are you serious? Our Islamic "scholars" are just apologists who are trying to mould Islam in a capitalist structure. This is fundamentally at odds and against the spirit of Islam, which values taqwa, generosity, social welfare over greed, selfishness and individualism that are the hallmarks of modern day capitalism. Islam and Capitlaism are complete opposite in spirit. Don't follow people like Taqi Usman who are whitewashing banking transactions
"Those who consume interest (usury/riba - whatever name you want to give it) cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allāh has permitted trade and has forbidden interest." (Quran 2:275)
This verse clearly indicates that even in the time of the Prophet (Peace be upon him), there were proponents of the argument that there is no difference between trade and riba and hence, it should be allowed. Notice that if only the loan sharking type of riba was included in this definition, then the entire comparison with trade wouldn't make much sense since trade is a commercial activity carried out on a much larger scale than with individuals only. Cross-border trade was also normal in those times - between different Arab tribes and also with Roman/Persian empires. Hence, the comparison made by the non-believers, which Allah refers to in the Quran here, shows that the definition of interest/riba here also includes commercial loans, which are more similar to trade activity, where each party is acting autonomously, mostly not under undue influence like loan sharking. The only apparent difference being that Allah has forbidden one and allowed the other. And Allah knows best.
In kay lehaaz say saray button daba kar tich momin baahir niklain aur bhai chara phail jaye. Probably this guest isnt right for these sort of questions. They are totally on the conceptual side and principles, nothing to offer for practical steps. I love the topic of the video, 10/10 for that. Guest 2/10.
Muzamil bhai kisi aik zuban me podcast kia karen. Ya English, ya urdu. Khichri pak jati Urdu English 😊
Love you ❤