Thank you for a great video. I know nothing about the field of Islamic Finance, but am learning one step at a time. Please keep making your videos. Thank you again.

@ThatMuslimLife

20 күн бұрын

Glad you found it useful and happy you want to learn more!

This video. Was great resource. As I employ someone of Islamic faith. We had a conversation about interest rates and savings accounts and that’s when I realised. Things can be viewed very differently when it comes to investing

@ThatMuslimLife

Жыл бұрын

I'm glad you enjoyed it and I guarantee they enjoyed having the conversation with you! As you can see it's very similar to ethical investing as well as making sure no one hoards all the wealth in society.

Thank you, great video. Keep making more!

@ThatMuslimLife

23 күн бұрын

Thank you for the support!

Islamic Finance is wide and need to learn more and more with time.. Thank you for your video..

@ThatMuslimLife

5 ай бұрын

Very true !

As-salamu alaykum, this is the first video I've watched about Islamic Finance. I have some finance experience and I just decided to learn about this new topic. Thank you for this introduction video now I am starting to kind of understand what Islamic Finance is about. Very interesting you mentioned that it's only 30-40 years, I see the industry growing in the future

@ThatMuslimLife

8 ай бұрын

Walakum salaam. I’m glad it helped! There’s a lot more but this is a good grounding for everyone to be familiar with. Yep it’s very new and I’ll definitely be making a video of how this industry developed over the past 50 years.

Very useful, more on investing tips! JazakAllah khair.

@ThatMuslimLife

Жыл бұрын

Thank you and I will be making some soon! I felt this video was important to make before doing any on investing.

Well said. Thanks

Jazakallahu Khairan for the effort. This video clears up a lot of confusion and equips one to navigate the 'Why Islamic finance' question. The more one Kearns the more one realises how the basis of riba has corrupted modern day economy. Suggestion: an explanation on the 3 creteria of AAOIFI would be helpful.

@ThatMuslimLife

2 жыл бұрын

Jazakallah. I purposely didn't cover the details of the ratios and business screening in detail as it'd make the video too long and not remain and introduction video. InshAllah I will cover the ratios and why they're important in another video. Thank you for the support.

@mashalmohammedmaliyakkal5746

2 жыл бұрын

Thanks for that - I suspected if it was intentional.

Nice 👍. Thanks for sharing 👍

@ThatMuslimLife

9 ай бұрын

Looking forward to your videos!

Video time stamps: 0.20 - Concepts: Riba, Gharar 1:32 - Examples: e.g. FX Trading 6:15 - Coca Cola, Apple, Netflix 7:09 - Islamic investing 7:59 - Criticisms

@saajiddaya2152

Жыл бұрын

MASHAALLAH Brother Would it be possible if you could do a video on Islamic mortgage?

@ThatMuslimLife

Жыл бұрын

@@saajiddaya2152 yes InshAllah I will as a lot of people are curious about it

@user-nm1xj3rt5u

6 ай бұрын

wait all interest is haram why are you lying @@ThatMuslimLife

Excellent video !

@ThatMuslimLife

8 ай бұрын

Thanks!

love brother

JazakAllah qeyr, it was the informative video. I am interested in learning Islamic finance, any suggestions for schools or courses.

@ThatMuslimLife

4 ай бұрын

Jazakallah for the support. There are some formal methods of learning, for example I'm qualified via IFQ qualification but it covers a lot of heavy technical things which most people will never come across. I think it's best to see what you're interested in and start from there by reading around those topics. I will try and share my knowledge as well as best as possible.

Thank you for sharing. What can we invest into?

@ThatMuslimLife

8 ай бұрын

Happy to help. People can invest in individual companies if they follow the shariah business and financial screening. However I know that can be a difficult and boring investigation to do of what is shariah compliant! I will be making videos soon of investment ideas.

Good explanation. Much needed topic! Jazakallah for presenting it. I have a question here. My line of work involves developing/working on softwares inside FX Trading business. Since I am not conducting business on behalf of the bank, am I involved in the sin as well??

@ThatMuslimLife

2 жыл бұрын

Thank you for the support. There is differing views. I've come across where imams have been asked this by the person doing it and since they're not involved in the final task, the job is allowed. Just like you can develop anything but you can't control what other people do afterwards. I'd suggest explaining to an imam the details of your role (you'll have to explain the details as he'd be unaware of the specifics).

Great video brother. One thing I have to make note of. Coca Cola does produce alcoholic beverages. I’m not sure how long they have been doing so, or if you were aware of it at the time of making this video. I just wanted to let you know, because you used it as an example of a company that passes the business screening for Islamic investment. Thank you for the great work. Alsalam Alaykum!

@ThatMuslimLife

5 ай бұрын

Walakum salaam. That’s a very valid point you make and I think true at the time of the video. However the rulings provided allow for less than 5% of revenue from impermissible activities and currently alcoholic drinks make up a tiny fraction of their revenue. If it increases past 5% then it will no longer be compliant as per the fatwa. Even if valid, they income does need to be purified every year

@ahmedalsaedi7334

5 ай бұрын

@@ThatMuslimLife Thank your for the insightful response. Do you mind if I ask on what jurisprudence (math’hab) is the 5% ruling was based on? I’m assuming not all scholars would agree on that percentage, or any percentage of a margin of error. Jazak Allah khair!

I got most of my pension in HSBC islamic fund. It is one of the best funds available I can choose from. Over 10yrs it has returned 13% annually.

@ThatMuslimLife

4 ай бұрын

Unfortunately not much to choose from when it comes to pension options. But I agree it's a good fund for a pension... very low diversification though as it's tech heavy

Yahua be exhalted. I tell you for we cannot kill animals for stock of any exchange. that too, every being we recycle giving back even honey to the bee ! I'm Yahudim, it's financially comprehendible. I feel our families are rapturing into better days. Excellent reference Bro!

Thanks for the great video, just a quick question: say a tech company (like Netflix) exists and is fully compliant, is it eligible for financing?

@ThatMuslimLife

2 ай бұрын

Glad you found the video useful. What do you mean by eligible for financing?

Couple of things. From the first example u mentioned the lender should not make money off of by just lending out capital (charging a premium). As he may not be involved with the capital or does not bears the burden of the risk. However, the modern economy is inflationary. And lenders do part take in risk, incase the borrower defaults on the loan. Today's fiat money is not backed by gold or silver so if interest (Ribba) or premium is not charged how loaning out capital would make sense to a lender? Help would be appreciated.

@ThatMuslimLife

Жыл бұрын

Salaam , thank you for the comments. The interaction with the ‘modern’ economy and how money is backed by riba is true. However, to survive we need to use this fiat money. To be involved in paying interest on credit cards for example because it’s part of the same fiat money is not needed to survive. Nor is paying money and interest to receive a mortgage. God knows our intentions to what we need and how involved we are. In an Islamic lending point of view, the motive would be to share the profits of a successful investment. Yes it’s unlikely you’ll end up with any billionaires in Islam but everyone will work together and people with utilise and benefit from the advantages eg intellect, strength, natural resources that God has given to them. I know this sounds idealistic and unrealistic but we’re also not existing in an Islamic environment. Do let me know if it hasn’t answered your question.

Hello, Thank you for your video. About Apple, I think it is haram because of Apple TV+ (a plateform like Netflix).

@ThatMuslimLife

2 жыл бұрын

Hello, thanks for mentioning that. Its important people always consider all the activities a company maybe involved in, not just the ones it's famous for. So it's good you're looking into that. I would have to look into this % of revenue generated from apple TV (unlike Netflix which is almost 100%). I will make a follow up video on the ratios soon.

@megnelli

11 ай бұрын

And iTunes

@ricardoamendoeira3800

2 ай бұрын

Also Apple hoards a lot of money abroad, just waiting for tax policies to improve for them before bringing it into the US as profit.

When a person buys a house from a bank, and agrees to paying in installments which totals higher than if paid upfront, what happens if he decides later to pay it off early? Would that then be considered 2 prices for the same asset, which is prohibited?

@ThatMuslimLife

10 ай бұрын

But that lower price was not part of the same contract right?

@darkgalaxy5548

10 ай бұрын

Bank could "discount" your price for early payment.

❤

Are there any banks in the US that follow Shariah-based laws to provide loans for business acquisition?

@ThatMuslimLife

13 күн бұрын

Let me do some research

Just my 2 cents , but is Crypto haram in that case? The future of crypto being used as a currency is one thing, but at its curretn form its just no differnt to FX trding in my opnion

@ThatMuslimLife

Жыл бұрын

I agree with that view. If you're using it for purely trading, then making money off money isn't allowed. Only you know yourself what your intention is with crypto. Do you buy because you're seeing a future use as money or trying to make some quick trades...

What is your opinion on financing education? More precisely contacting an institution such as student finance in the UK to fund your course

@ThatMuslimLife

4 ай бұрын

youre asking about student finance to fund your course for free? If youre a UK student, im planning to make a video about how to attend university without taking loans.

@csabacrisan9412

4 ай бұрын

@@ThatMuslimLife my question is like this: student finance accesses money from the government and pays for students courses at the university. also, s.f. offers a living allowance to students in form of a loan that will be repaid over the years. this loan is meant to help with possible loss of income if the student has to give up a job to have time to uni. this is a loan, but creates the conditions for a student to improve their life. thank you for your reply

JAK brother. May I ask where you got your knowledge in the area? Asking so I can also educate myself 😅

@ThatMuslimLife

Жыл бұрын

I’ve worked in the financial industry and am a chartered accountant. This helps me understand financial concepts and how they’re utilised….this is definitely a good first step to start learning about Islamic finance because you then can understand what Islamic finance is trying to do and the financial terminologies. I also pursued the Islamic Finance Qualification which is offered by the CISI .it’s one of the main qualifications out there and widely recognised by the industry. Id start by utilising free resources on topics you’re interested about in as it can get expensive to do the course. I’m happy to do any videos you want to learn more about!

@vedatdilek2548

Жыл бұрын

@@ThatMuslimLife honestly would you be down to get on a call w me?

So the shows Netflix produces make it questionable? But Appletv also making shows and movies does not make it so? And can we in good conscience say that any of these large corporations don't partake in behaviors unislamic?

@ThatMuslimLife

10 ай бұрын

Good point. When money comes from activities which are not permissable, there is the degree to how much income it generated from this....I'm not making the requirements btw I'm merely commenting on the mainstream fatwa about the ratios etc. The main business of Netflix are tv shows whereas the main business by far for apple are their hardware products. In the future if apple tv grows as well as their apple pay (interest based business) business then it might begin to be questioned more.

@muhammadhaider7687

10 ай бұрын

@@ThatMuslimLife Oh ok. Good to know it's about practical levels of nuance and not a matter of principles 👍. And what of where these products come from? Apple is known to employ cheap labour, sometimes even employing children to produce their hardware. And the components for the batteries mined from destitute people in Africa. And coke peddling disease as a refreshment. Where does it stop? Who gets to decide and on what grounds?

@evanfreshman2450

9 ай бұрын

From an Islamic perspective none of those things are problematic. You can employ people for the lowest wages they will accept, you also have an obligation to share profits through charity. Children whose families can't afford for them not to work may be employed as long as they are having their needs met. The truly destitute need work to give them dignity and charity will be given from the profit. Coca Cola is a sugar rich caffeinated beverage, so as long as they are consumed as a treat in moderation they are halal. If you eat so much sugar you make yourself sick (diabetes, obesity, etc.) that is a problem, but it falls under personal responsibility or the responsibility of a guardian. Coke isn't an Islamic company, operating exclusively in Islamic countries so it's not a perfect fit, but if you are trying to be ethical from a Muslim point of view there are worse places to put your money. At the end of the day listen to the best advice you can find and then follow your gut. Basically the big idea is that as a Muslim it is permissible to invest your capital through shariah compliant financial instruments in ventures that are not themselves shariah compliant as long as they meet an acceptable ethical standard. It would be better to invest in shariah compliant institutions etc, but it's acceptable to meet the world part way as we work to change things like international finance which is obviously a huge problem.

The number two you are talking about paper money so paper money is illegal to begin with in Islamic finance. It’s either gold or silver. The root of money is already illegal in this world right now, so how can you create a Islamic finance?

سلام عليكم do you do financing for semi-truck with down payment ?!

@ThatMuslimLife

9 ай бұрын

Walakum salaam , no i do not.

I'm a muslim in south Africa, and I need some business loan. Where can I apply for the loan. Without paying interest?

@ThatMuslimLife

3 ай бұрын

Sorry I’m unfamiliar with the South African options

How is weapons industry impermissible?

How does islamic finance avoid the phemomenon of time value of money

@ThatMuslimLife

3 ай бұрын

That's a very good question! I will be making a video on that topic but surprised someone actually asked about it!

What happens to the borrower if they can't pay on an islamic bank based mortgage? How are the penalties different than normal banks? Since many islamic countries haven't banned slavery yet, I would have to assume they might sell the debtors as slaves.

@ThatMuslimLife

22 күн бұрын

Where did you get the slaves part from? Under strict Islamic rules you cannot benefit from someone else's misfortune. If there are circumstances where they can't repay then there has to come to some sort of agreement. Penalty payments are hence not allowed, although in practice banks do charge penalty payments but give this to charity.

@noahriding5780

22 күн бұрын

@@ThatMuslimLife so is the part on slaves wrong? I would like to know if this is so. But some websites said this. IF islamic banking really is better I will acknowledge its good points. Also this is questions and not meant to be combative. I do hope there is some better banking system now as the current European financial loan systems are quite terrible; in many cases they try to make the terms bad enough that someone will never escape them. I do hope I have not offended anyone, and to correct it if there is something wrong said.

@ThatMuslimLife

22 күн бұрын

I’m happy to learn if you have the sources you read it for. In an ideal Islamic transaction you essentially enter into a business agreement and share the risks and rewards. Conventional finance in some transactions have only one winner. I’m not saying current Islamic products are 100% Islamic in structure but they do aim to move away from conventional finance structures…..but is difficult to make it attractive, cheaper, innovative since the customer numbers are so small.

@noahriding5780

22 күн бұрын

@@ThatMuslimLife When I was in college a decade ago, I remember readings books in the libraries... here in the US where these real estate tycoons were teaching people to purposely put the mortgage rates at levels that were unsustainable and could let them steal the house back from you. That was regarding western mortgages. So if there really is better terms for a good alternative, that could be hopeful for people. And it could be that maybe you have a better position than you realize if the terms, pros, and cons both are better. If there is anything good or praiseworthy it should be appreciated in either system or country. But it also seems that it takes work to investigate anything because its hard to see if everything is really good. Thanks for the reply.

I am from India I want loan as per shariah whom to contact please guide brother

I buy a house from a developer. Did the developer need to say aqad to sell to bank, and bank say aqad to me as buyer.

@ThatMuslimLife

4 күн бұрын

If there are contracts then the intention of Aqad (and wa'd) has already been made. It doesn't need to be specified.

is he Omar Suleimani's brother ?

@ThatMuslimLife

Ай бұрын

😏

You are wrong about apple. It hoards money. It's the cash richest company out there. Over 191 Billion dollars cash. Apple is not Halal

@ThatMuslimLife

6 ай бұрын

You’re right, I think at one point they had more cash the US govt. There’s only so much they can spend money on tbh. They’re making billions every quarter but also creating new products every year instead of staying stagnant and collecting cash.

others look fishy but why not weapons?

@ThatMuslimLife

6 ай бұрын

What do you mean fishy?

This don’t make any sense. You can redefine the meaning and words but at the end of the day, you’re paying the same amount. For the example buying a product, what value does the financier add to it so that they can charge more? For normal trade, seller usually add some value to the product before selling it for profit. In this example I have to pay more because I can’t afford it at the time?

@darkgalaxy5548

10 ай бұрын

It's disguising interest as something else.

@ThatMuslimLife

9 ай бұрын

Have you got a specific example of a type of transaction?

How come they comply with Islamic standards. How come companies with one third financing with interest bearing debts compared with total market capitalisation, be the threshold for allowable Riba financing, and thus legitimize investment. I believe this is quite misleading. Be carefull.

Apple is not halal cause they have apple iTunes which sells videos which is similar to Netflix and Coca Cola they have own company which sells alcoholic drinks

@ThatMuslimLife

Жыл бұрын

Very good point. It’s here the ratios come in of impermissible revenue.

So, in the video, it’s OK, but in reality, this scenario is never actually practiced in real life because out of those $10 in this video you are getting two dollars which is 20% but in the real world companies and people take more like 100% profits so now you’re buying yourself a house and the person who lent you that money you’re buying him a house too. That is an un- Islamic.

why talking too much fast ,, 💔

@ThatMuslimLife

Жыл бұрын

I’m working on my presentation! Sorry if you missed some points in the video but I’ll be making more on Islamic finance very soon .thank you for the support!

Thank you You talk too fast

@ThatMuslimLife

Жыл бұрын

Thanks for the support and you’re right 😅. I’m still getting use to making the vids!

@MartyFriedmanJr

5 ай бұрын

slow down the playback speed...

@ThatMuslimLife

5 ай бұрын

@MartyFriedmanJr lol thanks man but to be fair I think I was speaking a little fast at the time!