Communism, Socialism and Capitalism: An Islamic Perspective
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- Опубліковано 15 лис 2024
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#IslamicEconomy #Islam
This video examines Communism, Socialism, and Capitalism through an Islamic lens.
Let me know what you think in the comments!
Disclaimer: Anything you hear in this video is an opinion. It is not to be considered personalized financial advice. Make sure you do your own due diligence before making any investment decisions.
I'm so confused...Are you critiquing/drawing a comparative analysis of practiced communism (soviet communism) and Islam, or communist theory (00:43 Communism technically hasn't been practiced...ever)? Also...04:15 you don't need to be business-oriented to recognize the inequalities and low-standard of livings that the system of Capitalism produces (through maximization of profit, outsourcing production, exploitation of workers, increasing interest rates, and putting destructive channels in power, such as militaries, prisons, and ineffective bureaucracies). From what I'm hearing, 03:49 you seem to speak of Communism through the lens of one already predisposed to disagree with it without having a proper foundational understanding of Marxist theory. You make no distinction between private and personal property, no recognition of a stateless (01:36, moneyless, classless society. I'm genuinely confused as to how you're using an Islamic lens to illustrate these economic systems without addressing the actuality of each system. I mean this respectfully.
Thank you, brother should look into the welfare state of Madina
Well said Comrade
Commie go live in your smelly block and drive your broken state owned lada car 🚗. And promote starvation.
200 million died because of commie Stalin and commie Mao
The Anti-Communism argument about not having any incentives negates the fact that that Cuba, the country that pays its doctors and Cab drivers the same amount, has a ton of doctors even though there is no "incentive" to ever become one. Its almost like it is impossible to imagine that people are willing to do something good or ethical for the betterment of society.
“They have a ton of doctors” does not equate to good healthcare
@@practicalislamicfinance Life expectancy in Cuba is higher than that of the US (72.5 vs. 71.9). Health workers have eliminated polio, tuberculosis, typhoid fever, and diphtheria. Malnutrition incidence amount 1-15 years olds is 0.7% compared with 5% in the US.
@@practicalislamicfinance we used to hear an Islamic story where there was a doctor who liked to help the poor by doubling the price of medicine for the rich to provide treatment for the poor. very socialist at all. and the Soviet Union in 1918 provided universal healthcare where everyone had the right to access health, whoever they were, even foreigners. you no longer need to look for a good doctor. now all doctors are good people.
@@practicalislamicfinance🤣
@@mr.benchwormer7723
Exactly 💯🎯❤️👍🏼👏🏼👏🏼👏🏼
It’s zakat inherently socialist. We are not allowed to hoard our wealth from what I’ve heard. Also would hospital and pharmaceutics go to the public of private sector
There’s no pure capitalistic or socialist system in practice.
Islam was given by Allah(swt) through His Messenger Muhammad (pubh) in VI century A.D.! Socialism is a creation from XIX century!
@@dawabrasil socialism was not created but only a critique and a solution to the inequality caused by 18th century capitalism
Zakat is 2.5% tax.
Socialist countries have 50% 70% taxes.
You steal from people, we give people, We are not the same.
Whatever you destroy we bulid it back.
☪️💲 no ribba only equity.
the economics of Islam is inherently socialistic, a socialism that balances individual freedom and non-exploitative private property with public forms of ownership, and the paramountcy of the collective. The individual needs the collective and the collective affirms and protects the rights and needs of the individual. This form of Socialism existed in the early Muslim communities, long before Marx, Engels and Lenin.
Do you have any recommendations for a book that explains islamic economics or economic thought in Islam? Great video btw!
@UNIVERSAL REALITY Thank you for sharing.
reading two currently, Islamic economics : the polar opposite of capitalist economics / Asad Zaman; and Islamic Economics by Rodney Wilson
Communism is not equality of outcomes, nor does it posit that everyone should get the exact same thing 100% equally. Marx proves this through his simplified definition of his ideology, "From each according to his ability, to each according to his need". This implies that not everyone has the same abilities or the same needs.
This is weird. He literally accidentally describes socialism at the end after bad faith describing it throughout the entire video.
It's honestly hilarious
Cope & Seethe, Pure Utopian Thinking
No he didn’t.
‘Any authoritarian government has no authority to make decisions about public property’
How do you explain the fact that 90% of the Ummayad, Abbasid and Ottoman Caliphs were hereditary unelected leaders who had uncontested control of public property for hundreds of years?
Who told you these all were Khilafats , they were kings like others who were just Muslims.
Btw this has nothing to do with the islam economic system.
This was really good although look into other perspectives! I love studying every side and I believe you seem like the kind of guy to enjoy something like that ☺️
Assalamu Alaykum. I understand that this is only a brief overview of the three systems, but I'm surprised you did not mention worker exploitation, hoarding of wealth, modern slavery advanced by multinational corporations in the Third World, etc, when discussing the negative aspects of capitalism that Islam diverges from. All of these are inherent and necessary components of a capitalist system and directly contradict Islamic values, which indicates that the the Islamic economic/political system and the capitalist system aren't nearly as similar as you've described them to be. It seems to me that the emphasis of socialism on protecting workers' rights, preventing multinational corporations from abusing and exploiting women and children in Asia and Africa, minimizing the hoarding of wealth, is far more Islamic than blood-sucking capitalism, even if socialism and Islam differ in other aspects. In fact, I think that saying that out of the three systems, capitalism is closest to Islam, does Islam a great disservice.
On another note, I think it's ironic that your criticism about how we produce far more than we need to and we aren't able to spend nearly enough time pursuing spiritual growth or spending time with our families due to interest-bearing debt is one of the central criticisms of capitalism put forth by Marx, whom you so harshly overlooked at the beginning of your talk.
I also think your comment about interest being worse than slavery is very insensitive. There are other ways to make your point than to draw upon such a horrific moment in human history.
Walaykum Salam sister Lobna,
I appreciate your impassioned comment.
Regarding your first point, I think you may be surprised how much of the exploitation you mentioned is facilitated with and motivated by interest-bearing debt.
I have nothing against socialism nor do I think it contradicts Islam in so far as it respects legitimate private ownership rights, promotes a competitive marketplace, and tolerates a government chosen by its people.
I make no claims about the intentions of Marx, but the system he thought up to solve the problems he saw created many more problems than solved.
Keep in mind I said "In some aspects" debt was worse and then I explained which particular aspect. I did not say debt was worse than slavery full stop. There is some nuance here that I think is important not to neglect.
All the best.
there's no prohibition to accumulate wealth in Islam
capitalism has single handedly brought forth the destruction and perversion of the arab world. And this brother is nothing less than a brain washed western fellow with an Islamic background. I agree completely lobna.
@@supremeleaderkim593 do you even read the whole surah? It's accumulating wealth and think that it will keep them alive. There's no such thing as eternity. It's not wrong to accumulate wealth, it's wrong to assume that you'll live forever. Even that's not the point if the surah and literal meaning of the title of the surah, it's a warning for people who says bad things and cursing too much.
please don't cut Surah as you please because that's how terrorist organization calling themselves as Muslim works and misguided by themselves.
@@saltymonke3682 but the only way to accumulate so much wealth in capitalism is by the over exploitation of the workers, if factory workers in third world were to be paid fairly for their labour, then the price of all of the stuff you have in your house would double because the capitalists only think about profit.
Salam Awlikum brother you explained the different economy systems very well. Brother I was having this discussion with this Non Muslim brother and he made the argument that if the bank is to give a loan to a person then technically the bank is also taking a risk that they may not get the money back. So for example if the bank gives a business loan to a company and the company goes bankrupt then the bank loses everything they gave out. So he said that because the bank is taking on that risk it is only fair for them to get compensated as well.
And he also mentioned that why is interest debt bad? For example if a person wants to buy a house and he can't afford it then he can get the bank to finance it and he gets the house. He wouldn't have been able to get the house otherwise. So the bank helped him by financing him and in exchange the bank received some profit from doing so. What is a good reply to this points
Walaikum asalam brother.
This is my view on it and I hope it satisfy you. Mr rakaan can be with even more details should he sees your comment.
Answer to 1st question. A bank won't give you any loan until you keep something as collateral(an asset kept for security by borrower to lender). So if a business fails to pay pay back with interest or got bankrupt, the bank has the power to sell(aution) the asset kept as collateral. Win situation for bank.
2nd question interest is good until you are able to pay it on time(still not halal). When you lose your job or got demoted and are unable to pay the dues on time. Bank has the authority(power) to seize the SAME house you bought with their money. And here you didn't only lose your house, you also lost all those payments done as well. Again a very Win situation for bank.
Hope this satisfy your questions.
@@thebeestisone I wasn't the one asking but that was a great answer to what I was also thinking
I would like to ask a question on the hadith you mentioned about Prophet Mohammed SAW, not interefering in Price setting.
If a vendor owns a good, which is much needed by the society and he has a monopoly or a price agreement with other vendors of the same good, then he can ask an extorted price which indirectly is a form of legal stealing. How would an islamic system handle that situation?
you can't have price fixing. That's why Islam promotes free market,with competition and not cartels. You can't and shouldn't stop and buy a caravan before it reach the market, in Islamic principles. Why? to get the fair free market value.
Space Monkey so in Islam,, fair trade is highly recommended? Am I right?
@@ftwi1 yeap, with free fair market value where buyer and seller are willing voluntarily to pay and sell.
@@ftwi1 Quran 4:29 O you who have believed, do not consume one another's wealth unjustly but only [in lawful] business by mutual consent. And do not kill yourselves [or one another]. Indeed, Allah is to you ever Merciful.
If this is not a textbook definition of Capitalism and free markets I don't know what is.
@@AlwaysElevating you mean fair market. Free does not always mean fair.
he lost me in the first minute he definitely needs to reread on communism
Cope & Seethe
Why? share your thoughts, don't just write he didn't explain communism like the rest of communist comments without telling the rest of us, I'm really curious
This guy's just a Muslim American Capitalist
Yes
This guy doesn't know what communism is
Or even capitalism he doesn’t even touch anarchism or anarcho communism... or unalignedment
@Zafar Khan You consider isis a part of islam?
@@AmusingMusic yes there ideas of jihad are fine
@@LordS20000 bro to be fair can u explain what he didn't told us?? (i really want to know putting my religion aside)
@@MrSatan-ji8kj It’s a very long topic, so the theory of communism isn’t necessarily evil, and just like every belief or idea there are many versions of it, communism is supposed to be the belief of collectivization, at its core, where no one is better than the other, and we should all be working for the improvement of the state, (The state being the nation, or a group of people, ultimately the goal of communism is to do what religion does to people but involves all people) but the problem with communism is it to equal, it’s easily corrupted, now there are many versions of communism, such as Marxism, Stalinism, and Arcocomunism, The black shirts, and many more, and each one of these versions have varying levels of equality and power, it’s similar to the sunni Muslim versus the Shiite Muslim, Or eastern orthodox versus Christianity, The thing about capitalism and communism is none of them are innately evil, communism is technically the most purest ideology, but the fact that it’s so pure and so open it’s easy to corrupt, and it’s easy for a bad man to raise to power, where as capitalism, not Arco capitalism has more checks and balances, which makes it much more difficult for a evil figure to raise the power. This would be way easier if we could talk somewhere else like Through email or some sort of social media, because this topic is very very large.
Jzk khair, MashaAllah
wayyakum brother.
Communism is when the means of production is owned by the people and the abolishment of private property. It's not whatever you said.
You basically think that communism itself is one huge ideology instead of an economic system ironically. You can have a communist ideology that is dictatorial(stalinism) and you can also have a communist ideology that is anarchistic (anarcho communism) or even a communist ideology that is a bit of both (democratic socialism? Idk I still don't have a specific ideology).
You're basically saying that communism has both an economic aspect and a social aspect. Communism doesn't force society to be equal, at least socially. What it does is that it, like I said before, Abolishing of private property and the means of production owned by the people.
Also you saying that everything is owned by the State in communism is also incorrect. I just know that you're taking the USSR as an example but the USSR was actually a state capitalist. The government was runned by socialist but private property was still a huge thing in the USSR. The same goes for China it's a state capitalist not socialist. And north Korea is either state capitalist or straight up dictatorship since I think everything is owned by the supreme leader.
In practice, “Owned by the people” and “owned by the government” end up being the same thing.
@@practicalislamicfinance on some occasions I guess like the dictatorship of the proletariat.
@@aaaaaa-ii4hg you can do that right now under capitalism. Now try to force that on unwilling people. That’s communism.
This is awesome, your efforts are appreciated,
Thanks for differentiating between socialism and communism. Many people seem to use them interchangeably.
But with regards to socialism. In some systems, the workers themselves own the factories or farms. How should factories be owned in Islam? Should the workers (such as communes) own it? Or should businesses own it. Or alternatively should the government own it.
I am no expert but I think at the end you are describing a breed of socialism known as Democratic Socialism. Which is basically the fundamentals of socialism which attempts to provide an equitable society. While also providing a democracy. This has been seen in places like the UK after the world war (which was removed in the 1980s). What is an Islamic view on this?
Brother I was hoping you could provide evidence for the acquisition of native american land
You know as a Native American myself I wish people would not use us as the extreme example, we are quite happy in modern life, we are able to become friends with everyone! From a Jew to Muslim to a communist to a Christian to Democrats to every belief and social group! Most of us prefer our mix belief☺️ the acquisitions were a mix of sometimes terror sometimes diplomacy by our choice! And we were never fully ousted, we still have hundreds of native Americans reservations! ☺️
@@LordS20000 I don't want to sound rude or anything but how come you're native American and Muslim? Did you convert to Islam or were born as a Muslim?
@@iicii77 conversion, I honestly had a very strange spiritual awakening a while back.
Read the rest of you are curious about it.
When I was little I attended a church, a community Christian church, we divided the church into two, we allowed Muslims to use one half of the church as a pseudo mosque, they didn’t have a place of worship close by in my part of Ohio, this infuriated a few Christians (two southerners from west Virginia) who left our church, they made it so dramatic, but besides that we lived in peace together, doing regular activities together and spending holidays together and general cultural exchange, The Christian part of the church helped raise funds to build a mosque of their own because we felt their side of the church was much too small, I remember what my pastor told me, “every religion is the same religion, just from a different angle, like a audience looking at a performer on a stage, every angle will show you something different.” These words stuck to me and my heavy exposure to Islam and my deep study in the Hindu and Buddhist beliefs pushed me to convert, (at this point I was dealing with horrible depression) although not a regular conversion, but a conversion to acknowledge all faiths, I just choose Islam to be my outlook into the religious field’s. My church supported my decision most of my family members didn’t really care about it, besides my grandfather who was a extreme Christian, although we made up.
Also on another note three months ago my pastor passed away, she was a woman unlike any other in my opinion, no one understood religion or allah quite like her, a pure spirit. She rest with the lord now.
I’m not extremely religious by any means, but I am devoted, I live by others happiness I see all beliefs as equals to my own, I feel much more happy after I converted.
People mentioning Cuba as a model 😂 Its own government declared it's a war-time economy over there. Venezuela in election chaos now.
0:58 No it isn't. Karl Marx said "But one man is superior to another physically, or mentally, and supplies more labor in the same time, or can labor for a longer time; and labor, to serve as a measure, must be defined by its duration or intensity, otherwise it ceases to be a standard of measurement. This equal right is an unequal right for unequal labor." The founder of what we now call communism would disagree with what you said. Do your research before you act like an authoritative figure on a subject that you don't even understand.
@@veryop001 Communism, in the Marxist-Leninist sense, has succeeded in almost every fields. You can read "Capitalism, Socialism, and the Physical Quality of Life" if you want to see how it succeeds in all these fields.
The USSR was responsible for almost half of all patents in its lifetime, the argument that Communism is opposed to innovation is simply false.
The USSR sent the first man made object, dog, man, woman into space and was the first to land any space objects on the Moon, Mars and Venus, and they created the first space station, the scientist did work, and they achieved a lot more than their capitalist counterparts.
The people with higher skill levels did get payed more than someone without a high skillset in the USSR, for example if you were a Nuclear physicist in the USSR you would have gotten much more than people who were working in grocery stores.
@@veryop001 The best book for understanding Leninism for beginners is "Foundations of Leninism" By Joseph Stalin.
@@veryop001 Leninist communism does fit in with Islam, you can look at Gaddafi or the PFLP.
If you want to learn about Islamic Marxism then you can read the Wikipedia article titled "Islamic Socialism".
@@qqqalo Soviet Union collapsed. Communism failed.
@@Wakamolewonder And what came to the former soviet union after its collapse? Mass death and child prostitutes. Just have a quick look at somewhere like Ukraine, they still haven't gotten to the same level that they were 30 years ago, not even accounting for inflation. Then you can look at Russia, just have a quick search of the abortion rates there, people simply can't afford to have children.
Also the Soviet Union didn't fall due to any internal factors that led to it collpsing, it was a bunch of bureaucrats who sold the Soviet Union out. Just have a quick look at all the oligarchs of todays Russia and see what roles they had in the government beforehand, they sold the Soviet Union out so that they could buy the factories on the cheap and make themselves rich in the process.
There was a joke in Russia after the Soviet Union collapsed, it went something like "What did capitalism prove in 5 months that socialism didn't in 70 years? That socialism is better."
3:42 You are basing your entire opinions of an economic system on a pamphlet that was meant to be read by workers who didn't have a lot of time on their hands, if you want to actually understand Marxian economics then you should read Capital, it goes much more in depths and it debunks most of your outlandish claims made in this video.
Why do you have a desire to be controlled, bent over and shafted by big government? Let me guess..you don't believe in any kind of God? When someone says to you..you can control your own destiny and better yourself by giving you the power to do so, you turn your back on it?? You prefer to be s0d0mised by big government?? I would love to look in to your mind even for just one second! I want to know what part of communism/socialism appeals to you.
Marx never earned a single penny. He lived like a parasite on expenses of Engels' fathers money who was wealthy capitalist. How ironic 🤣
@@MehmedovicResul He worked as a journalist for several news papers. He did have a job.
very strange to hear him describe socialism at the end of the video. afterha insult socialism 1/2 video
Masha'Allah brother keep up the good work!
he should study with an economist before speaking. and I'm still waiting for the words of the pro-capitalist prophet Muhammad. from him
Communists so triggered in the comments lol
They should be. Their ideas are dumb.
@@yorgenibnstrangle3072 agreed
When you are an illiterate fuck and can't read anything but memes and US dick riding.
Absolutely phenomenal. This information is exactly what our ummah needs. People have been lied to and deceived. Jazakallah for all the content you put out.
You understanding of communism is as inaccurate as it could be. The reason we Muslims are unable to progress is because people we allow to lecture us have no understandings of competitive concepts.
Maybe so but you’ve made no points in your comment.
@@practicalislamicfinance try to explain why the ottoman caliphate was able to lag behind the west in terms of economic growth so that it finally opened a bank with a debt model and usury to grow the economy
@@komisiantikorupsikoruptord6257 because its government stopped investing into technological advancements and started indulging instead in 7aram desires and straying away from islam untik the foundation was so weak that spies could easily slip by and finally infkuence it all and flip the giant on its face.
His comments about Islamic economics are profound but poor in the context of communism, Marx, and socialism.
the first half of this authors comment is profound but the second is poor.
@@practicalislamicfinance
Marx's insights about value, alienation, and the critique of capitalism in general are solid. His theory of dialectical materialism, of course, is flawed. But as an academic, I expect you to present a balanced critique instead of broad brushes.
@@shabanamahfooz7380 the results speak for themselves. Marx and his “insights” stunk and the world would have been better off without them altogether.
@@practicalislamicfinance who abolished slavery. Islamic caliph. or not
@@practicalislamicfinance who first allowed women to enter politics. Islamic country or not. who first allowed a woman to be a teacher, doctor, soldier
Excellent! Thank you brother!😎
Mashallah. Beautifully explained.
Assalam aleykum, is the trading app Melius halal to earn money from? It's made by muslims.
Thanku so much sir. That was really good for us. ♥ ♥ Jazakkalhu khaira..
although many are wrong. and there are no pro-capitalist hadiths
There has never been a communist country where everyone is treated equally
Exactly
الله اكبر! Great class!👏👏👏☪️☪️☪️
This was so beneficial! Thank you
My pleasure, glad you found it useful!
@@practicalislamicfinance if all jobs were replaced by machines. so that humans can just enjoy life. Then communism can be achieved
In fact there has never been a communist country. even the Soviet Union only called themselves socialists. because socialism had to be achieved before communism. You could have cars and houses in the Soviet Union and Cuba
Perhaps because it’s impractical
You have no idea what you're talking about.
Very educational , thank you
people you see, this is capitalism, which is gone from slavery and colonialism, how come it can be better than debt. Where is the brain?
2:06 If you work hard under a socialistic economy you get better results, you can become a boss of a factory and live a simpler life compared to everyone else.
Also why are you talking about work when your entire income is based off stocks, things that gain interests without any work being put into them by the stock holder.
and shares are HARAM in Islam
What a awsome video
Today is Super Tuesday and progressive candidates are running on policies such as universal healthcare. Is equality of out come in health and education Islamic? Would you consider these things an intangible public good like water and so on
I think making education and healthcare accessible to all is more about ensuring equality of opportunity which I think Islam supports.
First sentence is already wrong imo
Great lecture. You should start an Islamic Finance course!
What are your thoughts on Sufi / salafis schools of thought?
not really my area of expertise.
Salam Awlikum brother Dr Zakir Naik have actually answered this question. Although his answer was on Sunni and Shia but the same answer still applies to Sufis as well. This is the video
ua-cam.com/video/fqQof2veSeA/v-deo.html
Brothers listen to this lecture of Shaykh Saqib Iqbal Shaami, you will surely get an insight Inn Shaa Allah.. I also was a person going behind Zakir Naik , but now not.. from India
*Why Ahlus Sunnah? | So Many Sects in Islam - Who is Right?*
ua-cam.com/video/uyA8VsRvSOA/v-deo.html
This is a short clip on it
ua-cam.com/video/1FoKo1sOflE/v-deo.html
@@extremeTruth23 same here.
Salafism is a cancer. IT makes the paradox of taqleed and thus self-defeating.
strawma much?
Mashaa Allah
This guy has no clue what communism/ Marxist theory is.
what wrong he told?
@@MrSatan-ji8kj everything.
@@sailortkhan will u pick the strongest among them??
(put our religion aside, i really waana know)
@@MrSatan-ji8kj For one Karl Marx formed his ideas with Friedrich Engels who absolutely knew about running a business and thus Marxism was formed from the understanding of how workers are mistreated under capitalism.
@@gardenerzh0ngbase173 That's fair. But Marx also said to have corporations be owned by the workers. Which is a really dumb idea. Peasants are not qualified to run a corporation. They will run it to the ground and then all be unemployed.
Also, Engles had factories in England and he asked Marxs if they should give ownership of the company to the factory workers. Marx said no. Marx's idea is philosophical in nature because he was a philosopher, not an economist. His idea was a utopian society, not steps to be implemented.
I was always a big fan of Saddam’s Bathist Party socialism.
Why? can you elaborate and share your thoughts with the rest of us?
Explain why
*spends the first 10 minutes speaking on why communism is dumb*
*spends the next 15 minutes explaining why capitalism is exploitive, why socialism and communism is feasible. And why the “most overrated” philosopher came up with the brilliant solutions that he did*
If there was not interest debt or wealth accumulation there would be no capitalism, people would live more morally and we would have more time with our families.
Also when you said that communism is controlled by the state you forgot to mention that it’s takes the consent of the governed. Which is not what happens in places like america where most people are asking for health care but the government goes against their consent and continues to use debt to support healthcare.
Please understand socialism and communism a little better. Completely misguided 27 minutes of misinformation
His entire argument is based on claiming that everyone is equal under communism, Marx wrote in Critique of The Gotha Program "But one man is superior to another physically, or mentally, and supplies more labor in the same time, or can labor for a longer time; and labor, to serve as a measure, must be defined by its duration or intensity, otherwise it ceases to be a standard of measurement. This equal right is an unequal right for unequal labor." Marx debunked the idea that everyone is equal hundreds of years ago yet people still use it as a basis for their stupid arguments.
I don’t think you understand the real world ramifications of communism. It goes directly against human nature and can become exploitative. In capitalism, if the elites hold the power it can suck. It communism, the elites will literally kill you if you descent. Communism is perfect if you’re a robot and not a human with human instincts and behaviors.
@@Wakamolewonder “in capitalism when the elites hold power it can suck” well the elites always hold power. And if they decide to topple a government or bomb poor countries they will literally kill you. Slave labor? As long as it doesn’t hurt the bottom line!
@@SJallday13 Corruption can happen under any system. 🤷♂️
@@Wakamolewonder Exploitation fuels capitalism. Labor moves to the place where labor is the cheapest, where labor laws are the weakest, where children can work in factories. It's truly a race to the bottom of human rights in the name of profits
There is no state in communism. So there is no government to make economic decisions for the people. This is something he got wrong while explaining communism. And to say one has to be a capitalist to speak on economy is a ludicrous claim.
I also failed to mention that the world is flat and other myths.
making money from gold is maisir?
Why would that be maisir?
@@practicalislamicfinance
sorry my mistake. I mean is leveraged etf halal. like 3x long gold etf. these are leveraged etf. because you mentioned in your video that it is halal to buy stocks in companies which have taken bank loans.
1:31 12:01 that determines what will be in production is actually a different organization than the government. more like a representation like a job group. where everyone participates
3:22 in the Soviet Union unemployed in prison. so there is a minimum quota of how many hours you have to study. so it's impossible for you not to learn. but since there is no incentive to get high marks there is only reward for the highest scores. the only incentive is that you like the lesson. (likes to study)
5:02 You can't give an equation in the outcome firsthand to make an equation in the odds. communist countries were the first to provide equal opportunity. the first communist country to provide free education to anyone. wherever he lives, what is his nation or ethnicity, what is his religion, whether he is disabled or not. unlike previous schools, even in the Ottoman empire, only smart forms or men could enter university
5:58 whether non-Muslims can become public officials, of course not. so there is no such thing as equal opportunity
9:04 all can be owned by the public such as cooperatives. it is also the idea of socialism.
and better than the landlord.
9:49 the salary of street sweepers is 70 rubles per month, the salary of factory employees is 150 rubles per month, the salary of a doctor is 200 rubles per month, the salary of the mayor and factory manager is 300 rubles per month and the salary of the general secretary is 800 rubles per month. and there is a wealth restriction where each person can only have 1 car and 2 houses. and free housing for everyone who works
From the first sentence, it is very clear he does not know what he is talking about (let alone basic principles). Embarrassing.
What a cogent argument. Wow, I'm impressed.
@@practicalislamicfinance Several other comments have mentioned the same thing. There are few things more displeasing than being ignorant of a topic and pretending otherwise in a talk with others.
Salam brother, I would like a source on the quote of the Prophet SAW saying he would not cap pricing on food. I see it referenced, but no Hadith cited.
Secondly, I would argue capitalism's issues go beyond interest bearing debt, but a race to consolidate wealth at the very top at the expense of the very bottom. Capitalism requires exploitation, requires a class that is forced to work for sub-standard wages under threat of homelessness in order to thrive. It incentivizes exploitation, something Islam undoubtedly forbids. The wealthy of the Prophet's SAW time had an obligation to give to the poor, but we've removed this obligation from the richest among us. Abu Bakr RA donated half of his wealth as charity because he felt it was his religious duty, but capitalism almost requires the hoarding of wealth to be successful.
It's a horrendous system, and needs to be abolished.
Further, profit and loss sharing systems seems, to me, very much in line with socialist methods of economics. Workers collectively share the economic burden of business, and there is no level of individual "risk taking" in the form of interest-based loans when workers pool resources to accomplish their goals.
Milton Friedman, Thomas Sowell, Adam Smith, get reading before speaking of that which you do not know, which God hates.
You have a lot of learning to do, imagine conflating the current system built on usury which God in Leviticus clearly criticized the Children of Israel for with Capitalism which God clearly defined in Quran 4:29 O you who have believed, do not consume one another's wealth unjustly but only [in lawful] business by mutual consent. And do not kill yourselves [or one another]. Indeed, Allah is to you ever Merciful.
@@AlwaysElevating If you're really quoting Friedman and Sowell then I think you're not coming at this from a very critical analysis. Also, Adam Smith was very much a social democrat - he hated landlords, and believed in the State providing a baseline level of support for its people. No one reads Smith, because no one wants to stroll through "The Wealth of Nations", but everyone likes to bring him up as if it's some kind of gotcha.
As for your Hadiths: Quran 77:50 - "Then in what Hadith after the Qur'an will they believe?"
I ask you a simple question, how do refute the words of God and why do you choose to reference chains of narrations centuries after the Prophet died which are subject to the telephone game effect which is undeniably inherent in the human brain?
@@AlwaysElevating He referenced the ahadith, not me. I follow primarily the Qur'an, and the Qur'an does not look favorably on capitalism.
@@Calcoro How? Can You Explain? What are the verses which are unfavourable for capitalism?
Very poorly argued points. Stated as if opinions should simply be accepted as fact without explanation or proof. Clearly a presentation made by a man used to "preaching to the converted". Its a shame, this could have been an interesting lecture.
mankind need islamic welfare socio economic system. govt and poor help by zakat from muslims and jizya tax from non muslims in return for protection from state
Sorry to provide this feedback but this is a very, very limited interpretation of communism and other financial systems. Even your talking points around equality of opportunity and equality of outcome are just right-wing talking points. The need for equality of outcome comes from need to address certain facts such as black people are paid less than white people for the same job, women are paid less than men for the same job, where promotions are much harder for women and people of colour to achieve, there is no equality of outcome so these topics need to be addressed by more thought. By presenting this information in the way you have, you entirely miss the point around these topics in current discourse. A financial system that favours and bows down to profit.
Your critique of marx is also, incredibly limited too. Most financial systems are theoretical! Academics have theories, this shouldn't be a shock to you or anyone brother.
don't be sorry for the feedback. I disagree entirely with your feedback though. There is in fact a need for an inequality of outcome. That's why there is heaven and hell. Very different outcomes. This difference in outcome is how you motivate the right behavior.
@PracticalIslamicFinance thank you for responding, i appreciate your time and the discussion.
My point is this: If two people have exactly the same number of good and bad deeds and were equal in every respect and on the day of judgement, one went to heaven and the other to hell that would be unfair and an example of equality of opportunity in the society we live in, not equality of outcome. I don't believe this to be Islamic in ideals or principles.
The concept of free market entirely theoretical in this world as it doesn't take into account the fact that no market is free and whoever hoards wealth, invariably controls the market. This is as true in the western world as it is in Islamic countries. Whoever controls the market dictates that men and women should not be paid equally for the same job, that black and white people should be paid differently purely based upon the colour of their skin. I believe islamic finance to be radical and fair, not 'capitalism lite'. Capitalism will always lead to the hoarding of wealth, monopolistic practices and extreme income inequality.
So biased 💀
Yeah, biased by reason and the Quran (you know, the words of GOD and not incompetent humans) which clearly defines Capitalism and obliterates the idea of Socialism - 4:29 O you who have believed, do not consume one another's wealth unjustly but only [in lawful] business by mutual consent. And do not kill yourselves [or one another]. Indeed, Allah is to you ever Merciful.
@@AlwaysElevating Then why do you give Zakat if you're a capitalist, isn't that a socialist practice?
@@AlwaysElevating Dumbass never heard of market socialism and the distinction between private and personal property.