Masha’ALLAH! We have so many talented brothers and sisters from all types of background. I just don’t understand why we can’t come together as an ummah and collaborate to establish all Sharia compliant social and economic systems. Just imagine how proud Allah (swt) would be if we simply followed his guidelines and the teachings of our beloved prophet (saw).
Hundreds of years Muslim scholars have been keep saying riba is haram. Yes, certainly it is Haram, No doubt. However why they are not trying to work for developing halal financial products. Yes, there is something developed, but always there is limited access. Muslims had a glorious past in science and other areas we all know. Investing knowledge and effort to bring an alternative solution is an act of ibadah. All Muslims scholars have to come forward and bring a solution. Keep saying riba is haram and keep going with ignorance and give fatwa is justified? Seems like we all love to give Fatwa than Invention and bring solutions. As working on invention and bring solutions requires lot of hard work and dedication!
@@native5647 I am not saying this. We all talk about the problem but very few talk about solving problems. You are supporting who talks about the problems, but not solving problems. Nothing wrong with talks about problems, but solving problems is an act of Ibadah. Just I would like to remind you that Allah blessed Muslim nations abundent of wealth. You, me and all we know how we use our wealth. Very easily Muslim nations could have been developed a parallel financial system. We all have to come forward and at least trying to address this problem.
@@lilyarman Yes we have wealth but not a control over it all the big financial institutions are controlled by West they have build the system of which nobody can stay out of it and if I am not wrong Muslim countries have tried and there are bunch of Islamic banks now all over the world but even them have to inter mingle with the rest of the institutions of the world same like we have our own Islamic calendar but we don't follow them you can't say we don't have a solutions we have a solutions or atleast some kind of solutions but the one you are talking about parallel system it is not possible in today's economic climate
Yesss - One God, One Message. Riba, Interest, Usury is spoken against in the Bible also. Maybe you know that already...welcome!!! Usury is an oppressive financial institution which is really no good for any society.😢
I absolutely agree with the sheikh that it is possible to start genuine Islamic financial institutions. However, as he said that we as Muslim community lack vision and leadership to implement it.
Very helpful video. The interviewer did a great job of steering conversation to real world issues and away from ideals. We know what ideal world looks like but it's just impossible this day and age.
I am not sure whether people will be satisfied with these simplistic answers. Many of us love talking about ideals but want to avoid the realities of today's modern economies and how they function.
Assalaamu Alaykum thank you for your immense knowledge. Can you give us in the west some solutions? You pro don’t live in the US and due to your knowledge you knew what to do. What can we do?
❤ unless the Islamic faith and eeman is established in the hearts of people and simultaneously a true Islamic state is established under the command of "saliheen " we can not abolish the " riba" but we have to struggle in this direction. Inshallah we will be successful.
This is really amazing. However, I have a question about lending in two different currencies. For example, the bill for which I am helping my friend to settle is in dollars but since I did not have any physical dollars at that point, I lend him an equivalent amount of our local currency at the rate in time. Now, what is the obligation here? the dollars or the equivalent amount of local currency? considering the rapid inflation of our local currency against the dollar, he is likely to pay me more now than it was previously. Is that riba? I will appreciate your answer.
My Q to esteemed Dr! The current Islamic loan companies give a 1098-MORT every year saying you can get a tax break thru SCH A. Is it accepted islamically. If so what is the difference with traditional mortgage.
I'm not a religious scholar but I know for sure, the Quran is very clear on the subject. Americans are on record to have said that they exercise a check on the syllabus of almost all the Muslim world's religious schools especially Saudi Arabia etc. what if one is a graduate of American university. Only Allah knows the best
I have realized that all my family who indulge in riba have other issues. Such they do not attribute to their loan but the core is the same. Food for thought.
Wait a minute guys stop criticizing!this is not an idle topic it is a burning topic !as small waves keep coming up and finally give way to the big and strong ones InshaAllah this will happen maybe not in our time 36:36 after wallahuaalum 36:3636:36 😊😊😅😅😮😢 36:36
In financial inclusion: As far as movable people like Pastoralists is concerned, can we use their livestock like cattle camels and goat as collateral for credit?
Assalam Alaikum If anyone know where to listen to his complete lecture which he mentioned during his talk that a detailed lecture he will be going in 3 days. Please share the link if anyone have. JazakAllah khair
Thanking both of you for your discussion, I’m still in doubt of accepting Islamic finance as a solution for riba. Where does the ‘Niya’ resale in order to get profit lies ? In fact Islamic finance imposes more burden on the bearer?
They should come up with business partnership platforms for people with money and business ideas to partner up and there should be fair losses and gains on all partners.
Assalamu alaykum writing from zamboanga city, Philippines. Is it halal to buy from a store whose capital is from Ganda riba? Although we may not be part privy to his loan what makes me different from him? My intention perhaps. But, I simply LOWER MY GAZE if against my WILL, PER THE QURAN instructions say. Alhamdulillah. 2 reliefs for one difficulty, eh?
What about the difference in the value of the USD. If the USD goes up in value do we have to get rid of the money that “we made” since you are counting Savings as riba?
The learned scholar professor AlQudah mentioned in the video that a benefit from the transaction with interest makes it Halal. A mortage has an option of refinance with a lower rate of interest that is paying back the loan amount with upto date interest to the lender before the agreed upon time mentioned in the loan agreement.
islamic finance not to be limited by personal banking saving but rather need to address international monetary system pushing the world towards debt crisis for interest money that is today's major crisis . Islamic world should make a global finance banking to provide loan based on Islamic finance will help to solve many problems
Discussion must be held to provide solutions in a simple and understandable language for known problems facing Muslims living abroad e.g. Mortgage is the probably the biggest issue. Islamic bank or other institutions that provide solution must educate the people what is the difference between islamic bank money vs money gotten from non Islamic bank. How does it work, what are pro and cons. Which one benefits the borrowers while not breaking islamic ruling by ALLAH SWT rather then this sheikh or that sheikh
I have a question what is the different between Islamic Bank loan of purchasing a car as in example the cost by the dealer 20,000 dollar and the bank will offer you a loan by purchasing the same car for you and charge you 23000 $ and make a profit of 3000 dollar without any risk and the client will bear all charges that the bank gained. This not a Riba? The same thing for Islamic mortgage!!
Interesting that the speaker mentioned that there is a possibility to overcome the Riba issue with creation a federal credit union supported by Muslims in the USA. However how such bank can get away with the fractional reserve banking that inherent to any bank and is by essence not halal.
My question is " what " shall a self-employed person in a society that does not have a welfare system does when he / she is incapicitated esp when they dont have a regular income , so they invest in some scheme where they keep on getting some return on their fixed deposit
As salamu alaikum Writing from India. You have discussed a Very important topic. Just one question--what about the hadees that there is no riba in transactions between a Muslim and non Muslim. Kindly let us know Jazak Allahu khair
Riba is forbidden for a Muslim, regardless of who he deals with. There are alot of fabricated Ahadith and the one you have mentioned may be one of them. Always check the authenticity of Ahadith you come across.
Inflation is due to interest and fiat currency is based on fractional banking which is again inflationary!! So each fuels the other and can't be adopted
How you see this question brother currently I am working on livestock financial inclusion pilot program: we are going to finance the pastoral by using their own movable properties like camels cattle and goat as collateral as security against credit. Because they don't have another collateral
Riba is haram. The alternative, no riba, will be great and will be very popular. But the reality shows, riba system continues and is hundred of times larger than no riba system
25:00 sure for businesses you can do profit sharing but how about assets. Most consumer loans are for houses and cars. How would that exist in islamic system or is that discouraged
Share ownership in true essence and start paying back the principle amount. If you cant find a lender who sees a point in doing so, then live in a rental property... OR start saving and get yourself home or car that you afford. You can't have it all. Halal is always testing..
I am aware of the negative side effects of Riba on society and individual and the reason that why Allah has forbidden it. However, I am wondering that if I lend someone 10,000 and the promise of paying back is in 2 years (just an example) so in 2 years my 10,000 would lose its purchasing power due to inflation. Isn't it fair that instead of 10,000 we make a deal that he pays me 12,000 to cover the loss ? One might argue that well I should do it as qarze hassan and expect the reward from Allah, which I totally agree but what about the monetary aspect ?
ikhwan muslimeen have long justified riba as darurah, going back to freemason m abduh who instituted postal riba in egypt. recall it was Lord Cromer (aka Evelyn Baring, of the UK Barings Bank) who made abduh mufti of Al Azhar. anyway, most US muslims are ignorant of the problems of islamic finance & the deep penetration of the MB in the US (MSA, ISNA, et al). whisky is still whisky even if you put an "Islamic whisky" label on it. in any case, so-called Islamic finance is supported by the jp morgan's, Wells Fargo's of the world. this should say A LOT.
Sorry to say... "like halal" is not a term that we should be floating around.This session was not answering real-time issues and solutions. Better, just go ahead say what we have presently is not halal. Yes, we need to establish one for ones seeking real halal options of financing. Nevertheless, thank you for this session.
Fact.... Islamic banking needs to start within Muslim states.. at state level inter state level amongst Muslim countries. Islamic states need to borrow from each other rather than IMF or non Muslim nations. this could than trickle down to Muslim society.
Aselam aleykum. What about countries where sheria complaint mortgage alternatives are nonexistent (many countries in Europe) or in some other countries they are more expensive than the conventional banks? Does not Islam take into consideration the fact that the Muslim community is lagging financially from the rest of the society, and this is going to affect the coming generation in addition to the psychological consequence of being dragged around from one dirty rental house to another in the whole of their development? What about the fact that we as a society at the bottom of the financial hierarchy the whole time will have less (to none) power to affect the society with our religion? I have heard that it is allowed to buy a car that costs a certain amount of money to a little more of that amount with a predefined monthly payment for the whole of the payment period. If this is allowed for a car, why cannot it be allowed for mortgage as well? In certain European countries (it may be the same in the states as well, I don’t know) I can buy a house with a predefined monthly payment for example 10 years.
💯 You nailed it bro! “One dirty rental to the next”…..no consistency for you kids…..where is the considerations for the reality we living in? If you pay rent for 5 years your giving these kufaar $150,000 for generations and staying broke….this is how we suppose establish our children and dean?
I know one christian bank which offers an alternative. You pay 10% as equity and bank puts 90%. Monthly you pay rent not mortgage payment. So your equity increases till the equity bemes 100 by the end of loan period. Yearly you get a statement of equity changes but no 1098-MORT So you can take only standard or itemized deductions without interest on your return. What is Dr’s views on this
@@jodolski A bank is a financial institution and like any lender takes an interest on the principal it gives. Interest is usury which is not permitted in Islam. Read Surah Baqarah v. 275. Also there are hadith to highlight that lowest sin in a interest transaction is doing incest with one’s own mother. Christianity and Judaism allso forbade interest or usurious transactions. Did you hear about the Jewish organization in NY which gives interest-free loans only to other Jews
@@jodolski one way a bank can make money is by puting its money in investments that grow. If they make a bad decision then the shareholders of the bank should bear the brunt. But banks today are likecreepers that cling to the trees and drink its sap or insects that were used in the time of Jesus Christ to suck out bad blood from a diseased person. Even in Shakespeare’s ‘Merchant of Venice’ there was no mention of interest or usurious transactions.
My sincere advice to listeners is to do your own research before you trust so call a scholar because on the day of judgement, Allah will not accept this argument that Top Muslims scholar advised that loan taken from so called "Islamic financing/banks are Halal" As per Holy Quran, " No soul will carry the burden of another on the day of judgement."
The current financial system is more complex than his explanation for example when he said that saving account is haram because it is guarantee but he didn't take in consideration that it is grantee because an insurance not investment, is insurance is not halal.
Banks hold the money of individuals and the loans it extends has to ensure the security of their deposits. So how will this be ensured if the bank ends up in losses???
Pay the bank for safe-keeping your money, but if you want a return on it, invest instead. Why do you think you have to pay zakat on your saving, ie idle money?
I totally agree with you. Stop. Your legal language. Every thing in this planet. Is. Intrest. If. They is. No. Intrest. The banking industry. Snd Laws say. It’s not legal
Ya Shaihk, what's the fundamental definition or Riba? Once you tell us definition of Riba we can apply that definition to our daily life. Please don't cunfuse us by application just definition in few sentences? TIA
@@xponen yes asking more money on top of amount given is Riba but if you buy house on mortgage is not Riba. Cuz money given to some will take time to reproduce but if someone doesn't pay you mortgage you take your house back. Key is Riba applies only to perishable goods. Money and food items
If an individual purchase a house through mortgage and pays back in 25 year the same amount as he borrowed, so what gain the bank made? In fact it has lost as it gets back its own money back in 25 years while it has been paying it's employees and other associated expenditures plus inflation in all those years.
Loans are worship in Islam and we are supposed to help people. If the banks wants to make money they have to own what they are selling and then share risk and rewards according to the ownership level
To have get cash back in most cases you will have to have a credit Card which is based on Riba agreement that you sign off on. Then according to Sunnah money changing hands have to be of same amount. So, it is haram.
@@rezakhan8290 Technically yes credit cards would be haram as the riba based clauses in the agreement would render the contract with those credit card companies null and void. Realistically if you live someplace like the USA living without a credit card is nearly impossible unless you are from a very wealthy background or just so happened to be lucky. You will need a credit card to build a line of credit to buy a home, lease or buy a car, even renting apartments will require a credit check when you apply very often. Unless you have a lot of cash saved up all of this is nearly impossible
Inflation be due to printing of fiat currency by federal agency without gold reserve. Let's put it this way Lender........gives fiat currency as loan for 5 years.This loan is equated with x amount of gold that could be purchased from the market on the day of lending. Terms.....after 5 years return the same amount of gold equivalent in fiat currency. Comments invited
Dr, cash back on using credit card is from Riba, please open the secret why banks giving you 100 and taking back 95. Please open the secret of how money is being printed by FR without real mortgage, and current credit based world economy. However using credit card itself involve us in Riba. suppose we use credit card and we lost job or become insolvent then will bank forgive 95$ or if we couldn't pay for long time, and when we have money then will bank will take back 95$ only ?
Here is my thoughts on this subject. If Riba free system was the best system, then it would be everywhere. Surely, there are lot of grey areas and some things lacks reality, which can be worked upon. What baffles me is that we have had centuries to make this Riba free system the best and fully implementable all ove the world.
Dear MoeZee, it's not everywhere because corruption and greed is everywhere, where it matters globally and financially. Corruption wants usury and capitalistic fundamentals vs Islamic fundamentals.
"If traditional family is the best, then there wouldn't be individualism." Now, the Western world is suffering from population decline, ageing, and migrant crisis.
Masha’ALLAH! We have so many talented brothers and sisters from all types of background. I just don’t understand why we can’t come together as an ummah and collaborate to establish all Sharia compliant social and economic systems. Just imagine how proud Allah (swt) would be if we simply followed his guidelines and the teachings of our beloved prophet (saw).
Hundreds of years Muslim scholars have been keep saying riba is haram. Yes, certainly it is Haram, No doubt. However why they are not trying to work for developing halal financial products. Yes, there is something developed, but always there is limited access. Muslims had a glorious past in science and other areas we all know. Investing knowledge and effort to bring an alternative solution is an act of ibadah. All Muslims scholars have to come forward and bring a solution. Keep saying riba is haram and keep going with ignorance and give fatwa is justified? Seems like we all love to give Fatwa than Invention and bring solutions. As working on invention and bring solutions requires lot of hard work and dedication!
i am complete agree with you
Just say it buddy you want him to say everything is Halal and we all are Happy.
@@native5647 I am not saying this. We all talk about the problem but very few talk about solving problems. You are supporting who talks about the problems, but not solving problems. Nothing wrong with talks about problems, but solving problems is an act of Ibadah. Just I would like to remind you that Allah blessed Muslim nations abundent of wealth. You, me and all we know how we use our wealth. Very easily Muslim nations could have been developed a parallel financial system. We all have to come forward and at least trying to address this problem.
@@lilyarman Yes we have wealth but not a control over it all the big financial institutions are controlled by West they have build the system of which nobody can stay out of it and if I am not wrong Muslim countries have tried and there are bunch of Islamic banks now all over the world but even them have to inter mingle with the rest of the institutions of the world same like we have our own Islamic calendar but we don't follow them you can't say we don't have a solutions we have a solutions or atleast some kind of solutions but the one you are talking about parallel system it is not possible in today's economic climate
@@lilyarman true!
Am a Christian am learning a lot
Yesss - One God, One Message. Riba, Interest, Usury is spoken against in the Bible also. Maybe you know that already...welcome!!!
Usury is an oppressive financial institution which is really no good for any society.😢
جزاكم الله خير
❤ yes alhamdillahi Allahu Akbar
Hope to watchmore
great job he did
Allah ❤
BalakaAllahu wafaikumu wajazakaAllaha hairah
I absolutely agree with the sheikh that it is possible to start genuine Islamic financial institutions. However, as he said that we as Muslim community lack vision and leadership to implement it.
Manshala and he make it clear everything
The past part is the solution... Nice talk & informative..!
Prof. Ma’n was my teacher at AOU. Brilliant man Ma Sha Allah.
Very helpful video. The interviewer did a great job of steering conversation to real world issues and away from ideals. We know what ideal world looks like but it's just impossible this day and age.
Yeah but the rules still stand.
Masha Allah thank you for not being influenced by the prevailing interests around mortgage telling us the truth.
good
thanks for all very good information
Alhamdulilah
informative! Thankyou verymuch.,.. how i wish you would discuss/ lecture us the islamic view on cryptocurrrency! ☺️☺️
Dr Yasir is taking a very learned approach of modern day issues of Muslims.
Exactly Riba Haraamu Subuhana Allaha
I am not sure whether people will be satisfied with these simplistic answers. Many of us love talking about ideals but want to avoid the realities of today's modern economies and how they function.
Lol
Assalaamu Alaykum this is great will the class lecture be available to others?
Sheikh has commented well by saying we have the sources but lack in accumulating the resourcing and implementing the Shariah finance system
Assalaamu Alaykum thank you for your immense knowledge. Can you give us in the west some solutions? You pro don’t live in the US and due to your knowledge you knew what to do. What can we do?
Takaballaha wamini kumu
Shaikh Yasser seems trying to get more agreeable answer. I am glad the Shaikh stood his ground.
May Allah reward This Sheikh for his great intention. It is a shame on us Muslims not being able to establish Muslim banking.
Please come to Malaysia brother. Our Islamic banking is growing.
Insha Allah May Allah Make it easy for me. Thank you for your open heart I hope you will host me Should I decide to relocate to your country. Shukran
أستغفر الله العظيم الذي لا إله إلا هو الحي القيوم وأتوب إليه
❤ unless the Islamic faith and eeman is established in the hearts of people and simultaneously a true Islamic state is established under the command of "saliheen " we can not abolish the " riba" but we have to struggle in this direction. Inshallah we will be successful.
Is the follow up seminar recording available? That would be very helpful.
Can you post the class that was given after this post?
This is really amazing. However, I have a question about lending in two different currencies. For example, the bill for which I am helping my friend to settle is in dollars but since I did not have any physical dollars at that point, I lend him an equivalent amount of our local currency at the rate in time. Now, what is the obligation here? the dollars or the equivalent amount of local currency? considering the rapid inflation of our local currency against the dollar, he is likely to pay me more now than it was previously. Is that riba?
I will appreciate your answer.
The fiat currency question was a very important one- but I’d would have wanted to hear more about it.
Agreed. Fiat currency is not the true money. Gold is. Also other metals like silver. They don’t work in inflation.
Entire U.S. dollar is false, it's play money. It was taken off the gold standard since 1972.
You asked interesting questions Sh YQ!
* As a crypto trader I LOL'd at 22:10 😂
Thanks
My Q to esteemed Dr! The current Islamic loan companies give a 1098-MORT every year saying you can get a tax break thru SCH A. Is it accepted islamically. If so what is the difference with traditional mortgage.
I'm not a religious scholar but I know for sure, the Quran is very clear on the subject. Americans are on record to have said that they exercise a check on the syllabus of almost all the Muslim world's religious schools especially Saudi Arabia etc. what if one is a graduate of American university. Only Allah knows the best
Excellent
I have realized that all my family who indulge in riba have other issues. Such they do not attribute to their loan but the core is the same. Food for thought.
Would the seminar alos be recorded and made available to us on youtube?
I pray and hope so.
I hope so as well!
Wait a minute guys stop criticizing!this is not an idle topic it is a burning topic !as small waves keep coming up and finally give way to the big and strong ones InshaAllah this will happen maybe not in our time 36:36 after wallahuaalum 36:36 36:36 😊😊😅😅😮😢 36:36
In financial inclusion: As far as movable people like Pastoralists is concerned, can we use their livestock like cattle camels and goat as collateral for credit?
10:20 what about the point that in western loans the lender has significant risk that the borrower defaults on the loan (he as insolvency protection)
Where do I find the second recording. The afternoon session?
Jazak Allah Kairan
Assalam Alaikum
If anyone know where to listen to his complete lecture which he mentioned during his talk that a detailed lecture he will be going in 3 days. Please share the link if anyone have.
JazakAllah khair
It is very easy to establish an islamic finance n economics organizations.
Thanking both of you for your discussion, I’m still in doubt of accepting Islamic finance as a solution for riba. Where does the ‘Niya’ resale in order to get profit lies ? In fact Islamic finance imposes more burden on the bearer?
@epic masjid, will the next lecture be available as well?
How can I contact Shaykh Dr. Main AlQudah to get guidance on setting up a Federal Credit Union.
They should come up with business partnership platforms for people with money and business ideas to partner up and there should be fair losses and gains on all partners.
What about different currency exchange on debt base
The value of gold is also not stagnant AND gold itself suffers inflation. The same with fiat money.
You can't print copies of gold ✨️
Assalamu alaikum wa rahmatullahi wabarakatuhu Brother. I live in India. I would like to know how the Muslim minority here should go about with RIBA.
20:54 inflationary nature of fiat currency is very different of deflationary
Assalamu alaykum writing from zamboanga city, Philippines. Is it halal to buy from a store whose capital is from Ganda riba? Although we may not be part privy to his loan what makes me different from him? My intention perhaps. But, I simply LOWER MY GAZE if against my WILL, PER THE QURAN instructions say. Alhamdulillah. 2 reliefs for one difficulty, eh?
What about the difference in the value of the USD. If the USD goes up in value do we have to get rid of the money that “we made” since you are counting Savings as riba?
That guy doesn't care about reality 🙄 he only promotes his "Islamic economy," which is based on a fractional reserve banking system.
The learned scholar professor AlQudah mentioned in the video that a benefit from the transaction with interest makes it Halal. A mortage has an option of refinance with a lower rate of interest that is paying back the loan amount with upto date interest to the lender before the agreed upon time mentioned in the loan agreement.
Thank you, but after the first line, subsequent lines got lost in the jungle..
Just yapping in circles buddy.
islamic finance not to be limited by personal banking saving but rather need to address international monetary system pushing the world towards debt crisis for interest money that is today's major crisis . Islamic world should make a global finance banking to provide loan based on Islamic finance will help to solve many problems
@17:18: Does anyone have the link for the detailed discussion mentioned here?
Discussion must be held to provide solutions in a simple and understandable language for known problems facing Muslims living abroad e.g. Mortgage is the probably the biggest issue.
Islamic bank or other institutions that provide solution must educate the people what is the difference between islamic bank money vs money gotten from non Islamic bank. How does it work, what are pro and cons. Which one benefits the borrowers while not breaking islamic ruling by ALLAH SWT rather then this sheikh or that sheikh
I have a question what is the different between Islamic Bank loan of purchasing a car as in example the cost by the dealer 20,000 dollar and the bank will offer you a loan by purchasing the same car for you and charge you 23000 $ and make a profit of 3000 dollar without any risk and the client will bear all charges that the bank gained. This not a Riba? The same thing for Islamic mortgage!!
Interesting that the speaker mentioned that there is a possibility to overcome the Riba issue with creation a federal credit union supported by Muslims in the USA. However how such bank can get away with the fractional reserve banking that inherent to any bank and is by essence not halal.
I need this Quran recitation at the end of this video.. anybody can share link?
search 'Sazzad Gul' in UA-cam .
So why does al rayan bank loan say if you dont keep up repayments your home will be reposessed? So again, were taking the risk?
28:40 the REAL context.....
My question is " what " shall a self-employed person in a society that does not have a welfare system does when he / she is incapicitated esp when they dont have a regular income , so they invest in some scheme where they keep on getting some return on their fixed deposit
As salamu alaikum
Writing from India. You have discussed a Very important topic. Just one question--what about the hadees that there is no riba in transactions between a Muslim and non Muslim. Kindly let us know
Jazak Allahu khair
No such Hadith bro. You can provide reference if you have.
Riba is forbidden for a Muslim, regardless of who he deals with. There are alot of fabricated Ahadith and the one you have mentioned may be one of them. Always check the authenticity of Ahadith you come across.
I think instead of Islamic Finance name it Alternative finance and if it attract people as profitable and just system then it will work.
Inflation is due to interest and fiat currency is based on fractional banking which is again inflationary!! So each fuels the other and can't be adopted
Questions: Using movable properties like livestock cattle camels and goat as collateral for credit to pastorals is Sharia compliant or not?
How you see this question brother currently I am working on livestock financial inclusion pilot program: we are going to finance the pastoral by using their own movable properties like camels cattle and goat as collateral as security against credit. Because they don't have another collateral
@@abubakar806 Where are you located ?
@@native5647 From Ethiopia 🇪🇹
Assalamualaykum sheikh. Can i use credit card for installments? Like smart tv, mobile phones and etc ?
Don’t live above your means if you can’t buy it you can’t afford it
How to dispose accumulated interest from the bank's deposit?
Riba is haram.
The alternative, no riba, will be great and will be very popular.
But the reality shows, riba system continues and is hundred of times larger than no riba system
25:00 sure for businesses you can do profit sharing but how about assets. Most consumer loans are for houses and cars. How would that exist in islamic system or is that discouraged
Share ownership in true essence and start paying back the principle amount. If you cant find a lender who sees a point in doing so, then live in a rental property... OR start saving and get yourself home or car that you afford. You can't have it all. Halal is always testing..
Time to solve this.
I am aware of the negative side effects of Riba on society and individual and the reason that why Allah has forbidden it. However, I am wondering that if I lend someone 10,000 and the promise of paying back is in 2 years (just an example) so in 2 years my 10,000 would lose its purchasing power due to inflation. Isn't it fair that instead of 10,000 we make a deal that he pays me 12,000 to cover the loss ? One might argue that well I should do it as qarze hassan and expect the reward from Allah, which I totally agree but what about the monetary aspect ?
ikhwan muslimeen have long justified riba as darurah, going back to freemason m abduh who instituted postal riba in egypt. recall it was Lord Cromer (aka Evelyn Baring, of the UK Barings Bank) who made abduh mufti of Al Azhar. anyway, most US muslims are ignorant of the problems of islamic finance & the deep penetration of the MB in the US (MSA, ISNA, et al). whisky is still whisky even if you put an "Islamic whisky" label on it. in any case, so-called Islamic finance is supported by the jp morgan's, Wells Fargo's of the world. this should say A LOT.
Sorry to say... "like halal" is not a term that we should be floating around.This session was not answering real-time issues and solutions. Better, just go ahead say what we have presently is not halal. Yes, we need to establish one for ones seeking real halal options of financing. Nevertheless, thank you for this session.
Fact.... Islamic banking needs to start within Muslim states.. at state level inter state level amongst Muslim countries. Islamic states need to borrow from each other rather than IMF or non Muslim nations. this could than trickle down to Muslim society.
Questions please
Aselam aleykum. What about countries where sheria complaint mortgage alternatives are nonexistent (many countries in Europe) or in some other countries they are more expensive than the conventional banks? Does not Islam take into consideration the fact that the Muslim community is lagging financially from the rest of the society, and this is going to affect the coming generation in addition to the psychological consequence of being dragged around from one dirty rental house to another in the whole of their development? What about the fact that we as a society at the bottom of the financial hierarchy the whole time will have less (to none) power to affect the society with our religion?
I have heard that it is allowed to buy a car that costs a certain amount of money to a little more of that amount with a predefined monthly payment for the whole of the payment period. If this is allowed for a car, why cannot it be allowed for mortgage as well? In certain European countries (it may be the same in the states as well, I don’t know) I can buy a house with a predefined monthly payment for example 10 years.
💯 You nailed it bro! “One dirty rental to the next”…..no consistency for you kids…..where is the considerations for the reality we living in? If you pay rent for 5 years your giving these kufaar $150,000 for generations and staying broke….this is how we suppose establish our children and dean?
I know one christian bank which offers an alternative. You pay 10% as equity and bank puts 90%. Monthly you pay rent not mortgage payment. So your equity increases till the equity bemes 100 by the end of loan period. Yearly you get a statement of equity changes but no 1098-MORT
So you can take only standard or itemized deductions without interest on your return. What is Dr’s views on this
Wich bank?
So how does the bank make money?
@@jodolski A bank is a financial institution and like any lender takes an interest on the principal it gives. Interest is usury which is not permitted in Islam. Read Surah Baqarah v. 275. Also there are hadith to highlight that lowest sin in a interest transaction is doing incest with one’s own mother. Christianity and Judaism allso forbade interest or usurious transactions. Did you hear about the Jewish organization in NY which gives interest-free loans only to other Jews
@@jodolski one way a bank can make money is by puting its money in investments that grow. If they make a bad decision then the shareholders of the bank should bear the brunt. But banks today are likecreepers that cling to the trees and drink its sap or insects that were used in the time of Jesus Christ to suck out bad blood from a diseased person. Even in Shakespeare’s ‘Merchant of Venice’ there was no mention of interest or usurious transactions.
What is the name of the bank ?
My sincere advice to listeners is to do your own research before you trust so call a scholar because on the day of judgement, Allah will not accept this argument that Top Muslims scholar advised that loan taken from so called "Islamic financing/banks are Halal"
As per Holy Quran, " No soul will carry the burden of another on the day of judgement."
Whos recitation is it at the end?
Shaykh Sajjad Gul
I think that if anyone in the society is unfair, it would be the banks here in the US
Loan and charity are two different things in Koran. For loan Allah says no loss to lender and no exploitation to the borrower
Is riba and bank interest the same or different?
Same
The current financial system is more complex than his explanation for example when he said that saving account is haram because it is guarantee but he didn't take in consideration that it is grantee because an insurance not investment, is insurance is not halal.
He answered all the questions when he explained about "profit sharing" (Just a note)
Banks hold the money of individuals and the loans it extends has to ensure the security of their deposits. So how will this be ensured if the bank ends up in losses???
Pay the bank for safe-keeping your money, but if you want a return on it, invest instead. Why do you think you have to pay zakat on your saving, ie idle money?
I totally agree with you. Stop. Your legal language. Every thing in this planet. Is. Intrest. If. They is. No. Intrest. The banking industry. Snd Laws say. It’s not legal
The older people invest their their money in national saving scheme and get monthly profits. What about this?
I ask the guest if he paid cash for his property(If he owns it). How many people can live in the west without borrowing money.
Ya Shaihk, what's the fundamental definition or Riba?
Once you tell us definition of Riba we can apply that definition to our daily life. Please don't cunfuse us by application just definition in few sentences?
TIA
when we lend someone our money, we ask them to pay back more, that is riba.
@@xponen yes asking more money on top of amount given is Riba but if you buy house on mortgage is not Riba. Cuz money given to some will take time to reproduce but if someone doesn't pay you mortgage you take your house back.
Key is Riba applies only to perishable goods. Money and food items
@@shahzadmirza7238 put simply, we can't make money from a mere money, we have to use real objects and rent them out, eg: a house, a car.
If an individual purchase a house through mortgage and pays back in 25 year the same amount as he borrowed, so what gain the bank made? In fact it has lost as it gets back its own money back in 25 years while it has been paying it's employees and other associated expenditures plus inflation in all those years.
Loans are worship in Islam and we are supposed to help people. If the banks wants to make money they have to own what they are selling and then share risk and rewards according to the ownership level
They can sell at higher price and do installments. They are just not allowed to increase based in time.
I never use Cashback and ,I hope I never will. I always have a doubt about it!
Sheikh in the video explained it’s halal since it is the opposite of riba
He said it's Halal. Doubt is from Sheytan.
To have get cash back in most cases you will have to have a credit Card which is based on Riba agreement that you sign off on. Then according to Sunnah money changing hands have to be of same amount. So, it is haram.
hmmmmm you must be in a hurry to leave a comment.
@@rezakhan8290
Technically yes credit cards would be haram as the riba based clauses in the agreement would render the contract with those credit card companies null and void.
Realistically if you live someplace like the USA living without a credit card is nearly impossible unless you are from a very wealthy background or just so happened to be lucky. You will need a credit card to build a line of credit to buy a home, lease or buy a car, even renting apartments will require a credit check when you apply very often. Unless you have a lot of cash saved up all of this is nearly impossible
Inflation be due to printing of fiat currency by federal agency without gold reserve.
Let's put it this way
Lender........gives fiat currency as loan for 5 years.This loan is equated with x amount of gold that could be purchased from the market on the day of lending.
Terms.....after 5 years return the same amount of gold equivalent in fiat currency.
Comments invited
Building lease to finance company is it haram
Dr, cash back on using credit card is from Riba, please open the secret why banks giving you 100 and taking back 95. Please open the secret of how money is being printed by FR without real mortgage, and current credit based world economy. However using credit card itself involve us in Riba. suppose we use credit card and we lost job or become insolvent then will bank forgive 95$ or if we couldn't pay for long time, and when we have money then will bank will take back 95$ only ?
Here is my thoughts on this subject. If Riba free system was the best system, then it would be everywhere. Surely, there are lot of grey areas and some things lacks reality, which can be worked upon. What baffles me is that we have had centuries to make this Riba free system the best and fully implementable all ove the world.
Dear MoeZee, it's not everywhere because corruption and greed is everywhere, where it matters globally and financially. Corruption wants usury and capitalistic fundamentals vs Islamic fundamentals.
"If traditional family is the best, then there wouldn't be individualism."
Now, the Western world is suffering from population decline, ageing, and migrant crisis.