Insya’Allah, we Malaysian are doing our best to help improve Islamic Finance practices across the world..

@sopianhadi1985

4 жыл бұрын

InsyaAllah Ameiin ya Allah 😇❤️☝️🙏🇮🇩🇬🇧🇯🇪

@UnbreakableRukawa

4 жыл бұрын

Its funny how we find inside Malaysia that there is a lot of corruption but then overseas they are using our problematic systems as a good ideal to aim for.

@mohamadnajib4216

4 жыл бұрын

@@UnbreakableRukawa hmm i get it.. you're frustrated.. but there's corruption everywhere my friend. Like you mentioned, its a problematic system and so finding a solution to that problematic system isnt that what we call progressive? btw, Islamic Finance is not conquering the whole world just yet, just dont see it as a threat should you have different point of view towards its practices. You can always opt out with whatever you feel comfortable because Islamic Finance will not haunt you in any way.. lol. Peace..

If I dont have enough money, I will rent. This is fine for me. I dont want to go to war against Allah and Prophet

@drunkenmenace8068

5 жыл бұрын

@@pollykerr7092 May I ask what you define as proof?

@pollykerr7092

5 жыл бұрын

@@drunkenmenace8068 don't you know WHAT the word 'proof' means re evidences, etc lol May I ask why you would need someone to explain to you the word 'proof' lol

@drunkenmenace8068

5 жыл бұрын

@@pollykerr7092 Because the word proof has become subjective today hence why I asked you what the define as

@pollykerr7092

5 жыл бұрын

@@drunkenmenace8068 oh really lol......try to think child lol

@fadrium1464

4 жыл бұрын

Science say, Galileo is right, then they say he wrong, Newton will be more accurate, then they say Newton is also wrong, come Einstein, and today science advancement say Einstein is right but there is a flaw, then they have new string theory, so what is proof? Something sound right today not a proof it's forever right.

This is one of the best talks I've ever watched about Islamic finance.

As a finance student I find this conversation very interesting

@dgnbfujbvgjnv5552

4 жыл бұрын

@Bashar I think the market is very niche but growing. Only time will tell. I'm more interested in a career in entrepreneurship.

@KatariaGujjar

3 жыл бұрын

@@dgnbfujbvgjnv5552 Crowdfunding and equity crowdfunding is growing rapidly, and is lending without interest or donations.

I think this has been an incredibly educative and informative session. Keep it up Roundtable!

The fundamental question is: is IB a Bank or is it a Business? Most IBs are regulated by Central Banks and have the same laws applied to them as conventional banks. They are allowed (after 2008) only to generate 90% of loans on 10% of deposit. They create money. Riba is not just interest. In a Hadith there are 73.ways of Riba. In Arabic, Riba is 'Value Adder'. In Islamic Business Practice a mutual price is agreed upon. In Islamic Banking the price and therefore profit is fixed. In Islam only Allah guarantees profit. In one sense fixing a profit is tantamount to Shirk.

@farissalleh8166

4 жыл бұрын

@whatthe In Islam, profit is God's right to give. Fixing a price is the same as fixing profit. Therefore a banker proposes that profit is through his actions and not God. In a trade transaction, there is always negotiations. This is to ensure that the price agreed upon is mutually beneficial. In IBs they potray the fixing of the profit rate but extend the agreed payback period. Essentially this is akin to banks giving out so called flexi loans. The names maybe different but it is the same.

@farissalleh8166

4 жыл бұрын

@whatthe from the Hadith Sahih Al Bukhari 2771, book 55, hadith 34. USC MSA web (English) reference vol 4 book 51, hadith 32 Narrated by Anas When the Prophet SAW ordered that the mosque be built, he said 'O Bani An Najjar! Suggest to me a price for this garden of yours' They replied 'By Allah! We will demand its price from none but Allah'. This has many connotations. One is that the Buyer asks the Seller for a price. But the Seller would not want to fix a price and of course seek it from the Buyer who happens to be The Last Messenger to build a house of worship. Knowing full well that Rasulullah is reknowned to be most fair in dealings. Any Bank does not own a house when you 'buy' from it. And here the Hadith grade Darulssalam, Sunan Ibn Majah English reference Vol 3, book 12, Hadith 2187. Arabic reference Book 12, Hadith 2271 It was narrated that Hakim bin Hizam said 'I said 'O Messenger of Allah, a man is asking me to sell him something that I do not possess; Shall I sell it to him?' He said 'Do not sell what is not with you'.

@farissalleh8166

4 жыл бұрын

@whatthe Apparently only what you choose to see. We say 'I remove myself of you'

1 million unanswered questions, we are only at the fundamentals still. Great future potential but needs a lot of study and progress

@Ahmad-os3si

3 жыл бұрын

tell me some few example of these question

Money in Islam isn't paper currency It has intrinsic value A gold coin burried for thousands of years will not loose it's value if dugged out after thousands of years Read the story of Ashab e Kahaf in Surah Al Kahaf

@roberthannah7983

4 жыл бұрын

the coin has no intrinsic value. Its value is just because people want it, or want the gold because they think everyone wants gold. You cannot use it for anything, you have to sell it.

@ibrahimosman6331

4 жыл бұрын

@@roberthannah7983 Electronics, Optics. Gold has smooth end to end flow of electric currents. Many many uses... Do your Research buddy!

@roberthannah7983

4 жыл бұрын

@@ibrahimosman6331 Well I cant use it for anything, and neither can the 99.999...% of people who hoard gold coins, bars and jewellery! A gold monetary standard is just a fixed price system benchmarked on gold - a gold currency board. I and most consumers prefer a system benchmarked on the consumer goods we use - food, clothing, shelter, and consumer services. That is exactly what central banks are trying to do with inflation targeting. As for uses - industrial accounted for about 8% of demand, the rest is various monetary uses and jewellery (World Gold Council). So I will back off (only slightly!) on my assertion that gold has no "intrinsic value". Actually I find the concept "intrinsic value" meaningless. Value is in the eye of the beholder. I know gold is an Islamic thing, but that was from an era when no one trusted money issued by the various despots and warlords that were running things at the time, and scholars were reading Aristotle's assertions that "money is not a commodity". Speaking as an economist and financial analyst, I hope we have made progress since then.

@ibrahimosman6331

4 жыл бұрын

@@roberthannah7983 Aristotle is right and am not saying money is a commodity. But indeed a commodity is money because the essence of money is value. So anyone who beholds a commodity will see that commodity as a treasure to behold. I know paper money has no value as gold or silver, so no one will horde it and that helps to make transactions easier because they are readily printed when some people decide to horde cash. That brings us to the next part. Paper money is very useful and so is gold. But scarcity of gold makes transactions very difficult and time consuming. And resulting to bartar brings up the problem of divisibility, I understand. But... Gold does not loose value because they are extremely scarce and imperishable. Will last for 1000years. Gold is created to be a value store and not exactly a transactions only commodity. There is a way to make gold and Silver and commodities money system. A lot of problems with value and that has to do with the economic system

Very good discussion, thank you Roundtable

To determine whether a loan is riba or not, look to find out if there is an element of exploitation. If the person seeking the loan had an option to get it without paying any extra money (fees or interest), would he still get the loan from the bank (Islamic or not). If you find out that he is forced to do so because he has no other choice, then it's clearly riba, not matter what else it's called.

Interest is prohibited but business is allowed. There was no concept of lending like bank in Islam. Rather make it business corporation doing business and giving profit share to its investors

@onetwothree4148

4 жыл бұрын

It's the same thing.

@omarfarique6304

4 жыл бұрын

@@onetwothree4148 How is it the same thing?

@onetwothree4148

4 жыл бұрын

@@omarfarique6304 Islamic lenders do give loans just like a bank. They charge fees instead of interest, but it's the same thing in the end.

@omarfarique6304

4 жыл бұрын

@@onetwothree4148 Yes I agree with you

@not4yman

4 жыл бұрын

@@onetwothree4148 no it's not, interest keeps increasing for default on payment, a fees or profit does not. There is a difference, hope you watched the video.

Having a scholar on the Islamic finance board that approves / reject the Islamic institutions financial products would benefit this conversation

@askyella

3 жыл бұрын

The Islamic banks displays certifications from scholar certified boards. In most cases these scholars are corrupt.

@roberthannah7983

Жыл бұрын

He would need to disclose the compensation he gets from the Islamic bank.

Smoke screen. Riba=interest Conv. Banking =Islamic banking

@shahnawazansari119

4 жыл бұрын

You didn't understand

@ayubabdulahi4110

4 жыл бұрын

You’re not understanding Islamic systems

I am so sorry, most of the guests moved from conventional banking with same mentality just getting a better paid job. Yes, we as Muslims must obey the Islamic LAW. Then, explain the difference economically and practically. it is exactly as Common law marriage and the real marriage.

@roberthannah7983

4 жыл бұрын

Islamic law is just a collection of scholarly opinions and fatwas made by fallible scholars who do not know much about finance.

Alhamdulillah

thanks you scholar of islam

Very interesting discussions, queries and responses. Its all about "Responsible Financing", whereby we will create real assets, beneficial to the society. No fishy deals and no synthetic money.

@onetwothree4148

4 жыл бұрын

Plenty of synthetic money in Islamic banking.

@abdumail

4 жыл бұрын

@@onetwothree4148 I am eager to know about synthetic products in Islamic Finance. Any examples Please.

@onetwothree4148

4 жыл бұрын

@@abdumail the currencies of the Islamic world are fiat, controlled by central banks. The real value of your currency, and the price of every asset, changes everytime a new bill is printed-- that's as synthetic as money can get.

@abdumail

4 жыл бұрын

@@onetwothree4148 What is a universal phenomenon is also applicable to Islamic Finance. We all are living in the same world

@onetwothree4148

4 жыл бұрын

@@abdumail yes, lots of fishy deals and synthetic money in the world.

is it just me or this video of have problem? i mean i feel speakers are not given enough chance to complete their points before being interrupted and points are being tossed around to nowhere. I'm just lost.

The true question is how much risk is the bank really taking on the purchase of the asset (property).

Islamic finance advocates make these vague statements about equity and social justice. However the discussion we see from Islamic scholars revolves around categorical asertions that all interest is riba and whether money is a commodity (an Aristotelian concept!). They also struggle to design sharia compliant copies of conventional instruments that are usually more expensive. Meanwhile, secular regulators do the tough work of ensuring consumer protection, fairness and transparency in disclosure, and efficiency with competition promoting lower costs, and "know your client" rules in investment. These are the issues that really mean something to consumers.

Allah speaks for me. Allah speaks for Georgie Bailey. Allah's talks for Georgie Bailey.

I believe there are certain subjects that should be independent from religion. Politics, military, adminstration and business are few. All the values and morals are great and these SHOULD be integrated with conventional banking system so we can improve current system and also avoid 08' crises happening again.

Every things slowly change accordingly in time to people's views.

Hi! I am from Malaysia & nobody can say that I am second to none in Islamic banking Malaysia. I was the first secretary of the Steering committee to establish the present Bank Islam Malaysia....Mr David Foster, What you are saying sums up MANY present day MUSLIMS who had very2 skeptical about present practice. I agree with you sir...Islamic Banking leaves much to be desired. Sir I wdl like to be in contact with that guy that talk abt green finance. Thank you sir.

I have a question to westerners, how can I pick up a piece of paper, wash it, decorate it, make it look like fancy and then declare it an investment tool. Paper money only use as a investment tool when it is declared equivalent to real asset like land, gold, silver, wheat etc. paper money is nothing but a tool that use as an temporary alternative to any real asset and cannot be taken and treated as real asset or resource. These were the standard setup by westerners not Islam now greed took over and all the initial rules have been put in garbage.

@roberthannah7983

4 жыл бұрын

Not sure what your point is - paper money or cards are a lot more convenient. Sometimes westerners have good ideas. I dont want to carry around a pocketful of gold coins.

@SyedAli-qz1cp

3 жыл бұрын

Robert Hannah read it again probably you understand the second time but gotta pay attention, if didn’t work then I will one time.

@SyedAli-qz1cp

3 жыл бұрын

J in Oz ?

@roberthannah7983

3 жыл бұрын

@@SyedAli-qz1cp I guess you didnt get my point either. Gold is pretty but its no use to me, I would have to exchange it for what I need just like paper money. At least when I use paper money the bank can lend my deposit to a business that needs money. Gold just sits in a vault doing nothing - the ultimate of unproductive.

Earning interest is very cruel

@onetwothree4148

4 жыл бұрын

Earning fees is just as cruel. The interest is simply calculated in advance.

@mrbacker5780

4 жыл бұрын

One Two Three can you explain?

@onetwothree4148

4 жыл бұрын

@@mrbacker5780 they are taking a fee from you simply because they have money. It's the same thing no matter what you call it. They calculate your fee to be the same amount they would charge in interest. It's the same thing.

@mrbacker5780

4 жыл бұрын

One Two Three interest is calculated every month and how about fee how many month?

@onetwothree4148

4 жыл бұрын

@@mrbacker5780 fee is calculated when you tell me how many months you will borrow. Most borrowers pay their interest according to the agreed schedule and know exactly what their total fee will be. Islamic lenders calculate that total and add a little more to make up for the people who pay late. Same thing, but they charge everyone the same, instead of charging a lot more to those who break the agreement. The math is the same in the end. No one gives money away for free.

ISLAM IS THE GREAT RELIGION.

The different way that Islam charges interest (yes, a fee is the exact same thing) is a very minor difference between the two systems. The main differences are in foreclosure laws and the selling of loans to third parties. Essentially the foreclosure rules make selling loans more risky, and the rules governing how interest is calculated (upfront fees that must predict and incorporate late fees from the beginning, because they are not allowed to penalize borrowers for the cost of paying late in real time), make lending (and therefore borrowing) more difficult, but more stable. A conventional interest system could easily change its foreclosure laws and secondary loan markets to identically replicate Islamic finance, because charging interest, instead of fees, is not a main difference of the systems.

@abdumail

4 жыл бұрын

In most cases, there is very minor difference. For example, slaughtering an animal ie zabiha is Islamic if it is done the way it is guided in Islam. Otherwise it is a normal slaughtering and not halal. Similarly the difference between a live-in couple and a married couple is minimal. One is with Nikah Agreement and the other is not.

@onetwothree4148

4 жыл бұрын

@@abdumail yes, the difference of charging a fee instead of interest is minor (all other rules the same), but it is a way to separate yourself from others. It's just a symbol, and the fee itself can be just as ethical or unethical as interest. In most societies there are many significant practical consequences of being a married or unmarried couple, though, so I would say that difference is more significant than symbolism or ceremony.

@roberthannah7983

4 жыл бұрын

@@onetwothree4148 So if the finance details are almost the same why would Allah care which one you used?

@onetwothree4148

4 жыл бұрын

@@roberthannah7983 he doesn't. These are rules that humans made up to keep people from charging interest, but over time they came up with ways of getting around by still doing the same thing in a different way.

@onetwothree4148

4 жыл бұрын

The barring of interest in Islam originates from the Hebrew Bible. The Hebrews of course made up rules to get around that too. Christianity also forbade money lending for over 1000 years, before it became to profitable to refuse.

There are some forms of riba that have entered the Islamic finance market in this era.

@thetop3channel432

3 жыл бұрын

SAD

These Islamic Scholars face the issue and operating model as the Bond rating agencies that rated Collateral Mortgages as investment grade that led to the financial crisis in 2008...they are paid to grade the product of their client...conflict of interest.

Title: How do we steal this idea and lie that we created it?

nobody touched on the fact that the fiat currency itself is ribah

@The_Angry_BeEconomist

4 жыл бұрын

@Abdelkarim Karim thats your opinion, it is exactly that kind of mind set that has resulted in this problem. The Creator has given us money, we have rejected it, as have you.

@The_Angry_BeEconomist

4 жыл бұрын

@Abdelkarim Karim once again your opinion, the fact that I use paper money is more to do with circumstance than my choice. You have resigned yourself to using paper money, but I have actually reduced my exposure to paper money. Unfortunately that difference in thinking is difficult for you to appreciate.

@omarfarique6304

4 жыл бұрын

@@The_Angry_BeEconomist Okay why don't you try to change the fact that we use paper money and bring something that will challenge it and then In Sha Allah we will join in. Because as far as I see you are simply talking without providing any solutions.

@The_Angry_BeEconomist

4 жыл бұрын

@@omarfarique6304 the Quran provides solutions, not me

@omarfarique6304

4 жыл бұрын

@@The_Angry_BeEconomist And what are you doing to implement them?

No thank I will continue renting 😒😞

@salamvisitmychannel3672

5 жыл бұрын

Why?

@pollykerr7092

5 жыл бұрын

of course you will..and probably a home that is SUBSIDISED by the 'non muslim' tax payer eh dumb kid

@lweil9291

5 жыл бұрын

Polly Kerr That’s just hateful statement coming from a hateful Christian who always brag about their religion and fake man god, Jesus being all love! You are all hate, as far as one’s concerned.

@pollykerr7092

5 жыл бұрын

@@lweil9291 Im not a christian so spare me your childish claims....and sane,decent,intelligent,thinking human beings WHO KNOW the sick,cruel hoax of islam and observe its obscenities,denial of human rights have every right to KNOW islam and indeed hate the sick,cruel hoax /cult...get it

@omarfarique6304

4 жыл бұрын

@Trius When you look at the worldly point of view taking a bank loan is worth it. However this world is temporary but the hereafter is permanent. If we take bank loan to buy a house we run the risk of enjoying something temporary while letting go of something that is permanent (Jannah)

Islamic Finance is not really Islamic per me.

There are a lot of intelligent people including scholars who do not accept the riba = interest assertion.

@onetwothree4148

4 жыл бұрын

It's the same thing. The main differences between Islam and conventional is not the different ways they calculate interest (Islamic must calculate all interest up front and therefore makes lenders more reluctant to give their money), but the main differences are the rules forbidding/discouraging lenders to sell these loans and the laws for foreclosing on bad loans. The different methods for calculating interest make loans a little bit more expensive in Islam, but that's really one of the smaller differences between the two systems.

@roberthannah7983

4 жыл бұрын

rules about selling loans ... I dont think the prophet would have any idea what you are talking about. Would Allah really care about how you calculated interest as long as it was clearly disclosed? These opinions are just the thoughts of various Islamic scholars who are unfamiliar with modern finance.

@alonsomoseley8738

4 жыл бұрын

@@onetwothree4148 What a terrible point

Is it only me that feel Mehmet is confusing others more as he speak. But what Harris, Faizal and Asim brings out is clear and good point on Islamic Banking. Would really love to hear more from Asim as he keep getting cut in. But this is a good debate. Hopefully it ignite curiosity for the viewer on Islamic Banking .

Islamic Banking is very simple, just agree on monthly fees on loans instead of interest but same amount. You are okey to go.

@nsebast

4 жыл бұрын

And I assume the fees are a percentage of the loans. Sounds like interest to me.

@rajiburrahman8176

4 жыл бұрын

@@nsebast How do you define interest in islamic basis?

@AndroidAndPCChannel

4 жыл бұрын

There’s also fixed in interest available on loans it’s literally same

@roberthannah7983

4 жыл бұрын

So if its very similar with minor variations (mark-up instead of interest) why would Allah care which system you use?

What happens when one default on a loan?

@koceilaayouni7278

4 жыл бұрын

Go read

@shabeerbulbulia1178

4 жыл бұрын

Read what?

@shabeerbulbulia1178

4 жыл бұрын

I want scholar to explain this I have seen banks charge penalties ? Is this permissible?

@UsmanKhan-uy1jl

4 жыл бұрын

Pretty sure the bank kicks you out and finds another tenant or tries to sell the land to another entity. I think you kind of pay rent until you eventually pay their principal of the loan, cutting out the interest...thats what i got from the video

@AndroidAndPCChannel

4 жыл бұрын

Shabeer Bulbulia bamk kicks u out from house same with islamic bank

Islamic finance is a joke as a muslim I have tried several times to get a Islamic mortgage. Everytime the banks just waste time 2 billion muslims in the world fix this and you will be leading the world.

On indonesia, we have collage that you study islamic economy and islamic religion at the same times,, Its not that the islamic banker and the islamic scholar is different from one another..and have no knowlage of other field. you can be both a scholar and banker on islamic..

@The_Angry_BeEconomist

4 жыл бұрын

No such thing as an Islamic banker

@agungprawira3710

4 жыл бұрын

@@The_Angry_BeEconomist . the banker who graduate from islamic collage/university, yes he/she just a banker, but he/she can work at regular bank, or work at sharia bank.. If u have no knowlage at this stuff dont say anything.. "Unknowlage"

@The_Angry_BeEconomist

4 жыл бұрын

@@agungprawira3710 theres no such thing as a shariah bank, you can get a muslim banker yes, but not an Islamic one

@agungprawira3710

4 жыл бұрын

@@The_Angry_BeEconomist . i dont know from what country u are. But in my country, we have many of sharia/syariah bank.. And also malaysia, and some arabs nation. If i can , i wil sent a picture of my sharia atm card on my wallet ;D

@The_Angry_BeEconomist

4 жыл бұрын

@@agungprawira3710 maybe use logic, show me anywhere in the Quran and hadith where it refers to a bank

The vast majority of "Islamic financing solutions" I've come across are nothing but Riba in disguise. Unfortunately, some Muslims with good intentions end up dealing with them because those products are marketed as being "Sharia-compliant". If we try to look at the core of these products, we'll see that they are based on Riba, just with some twists and turns to try to Islamically rationalize them. What many banks do, what is known as "Murabaha" today (note this is different from Murabaha practiced earlier in Islamic history which has nothing to do with this), is that the buyer goes to a bank, notifies them of the property or car they want to buy, then the bank buys said property and sells it to the buyer for an increased price. We see some people debate that in order for this transaction to be "Sharia compliant" then the bank must truly own the property before selling it to the buyer, and other smaller details have to be done in a certain way. However, this transaction is fundamentally flawed because it relies on increasing the price of an item in exchange for delayed payment. Say I go to a store to purchase an item, the store owner says: I'll sell you this item for $100 cash, or $120 in installments (say $10 per month for 1 year). This is Riba, because what effectively happens is that the store owner is lending me $100 to pay for said item, in exchange of paying him back $120 over the course of a year. This is what some of these "Islamic" banks do. They raise the price of the property or car in proportion to the payment period. If I'm going to pay over 3 years, then the price goes up by $X, and if I pay over 5 years then the price goes up by a greater amount. The fact that there is an up front agreement on the length of the payment period has no relevance whatsoever to the fact that this is a Riba based contract. To put it in another way, if the buyer had the cash to pay full price, would he go to the bank in the first place? No, he'd just pay and acquire the item. What all these schemes ("Murabaha", "Mudharaba", etc) have in common is that they exchange money for delayed payment, trying to use the guise of Shariah to make it Halal, while it isn't.

@roberthannah7983

4 жыл бұрын

The modernist view is that riba is about exploitation (excessive interest) and that reasonable interest is OK. Scholars dont like this idea because they lose their jobs on the sharia boards.

@khalidmn9821

Жыл бұрын

Riba is increase of money or debt obligation because of time or due to the exchange of money for money, not the increase of the price of a commodity because the duration of payment is bigger. If you say, it looks the same cost for the client, the Quran says : "That is because they say: Trade is just like usury; whereas Allah permitteth trading and forbiddeth usury"

@zhamed9587

Жыл бұрын

@@khalidmn9821 Jazak Allah Khairan. Do we have accounts from Sahabah or Tabi'un that engaged in such transactions?

So let him write and let the one who has the obligation [i.e., the debtor] dictate. Quran 2:282 peace

Bull crap. You rename interest rate as profit rate and take keys from Bank instead of dealer and it's Islamic Bank. Having an interest free financial system in a world of fiat currency is impossible.

How can one have islamic finance when money is interest based? Remove interest from any currency and it will deflate like balloon without air.

@roberthannah7983

4 жыл бұрын

No, it has happened now and currencies are still here.

So scholars will get to charge you extra to let you get your banking plan approved?

so basically, there would be no riba if no other bank system existed than islamic (Sharia) banking... how convenient.

Once the oil is over we will see whether this *"banking"* system survive.

@SahlEbrahim

4 жыл бұрын

That will still take so many years.

to be safe invest in islamic bank as if it is not according to shariah the sin will go to the ulema who are on the board of that bank but if you invest in conventional bank it is 100% going against war with Allah and our prophet.

Taking or renting interest is haram n forbidden in Islam.. Allah says O son of Adam spend on charity so i shall spend on you.. Islam is all about honesty..

@omarfarique6304

4 жыл бұрын

Renting is halal but interest is haram. If I were to be correct the Sahaba did rent things but they didn't give loans on interest when the verse of the Quran was revealed which prohibited Riba

@ahmedabdussalam3476

4 жыл бұрын

But the point is that you get an asset after a longterm renting thats the thing

@roberthannah7983

3 жыл бұрын

riba is prohibited. riba is about financial exploitation, not reasonable interest.

Khhhhhhhkkk tuf!!!

Sooo.. how can I buy a house?

@omarfarique6304

4 жыл бұрын

Well Islamic Finance isn't really 100% Islamic. In fact there is no 100% Islamic Bank in the world

@omarfarique6304

4 жыл бұрын

@Din Joekhannaz Yes you can. You can use hard cash instead of a loan

@omarfarique6304

4 жыл бұрын

@Din Joekhannaz I know brother I guess this has now become a test of Iman. If you abstain from a major sin of Riba where the Allah describes that whoever takes or gives Riba, Allah will declare a war on them. So if we can abstain from this major sin I am sure we will be rewarded in the hereafter as we are abstaining for our religion. And it is better to buy Jannah than to buy a house in Dunya even if it be the most luxurious house in the world.

@allergictohumansnotanimals5671

4 жыл бұрын

You rent

@UsmanKhan-uy1jl

4 жыл бұрын

@@allergictohumansnotanimals5671 what this guy said!

Terrorism has no religion but finance has a religion and it's called i-slam. Hypocrisy of the highest order.

Beware. The financial Islamic model is a part of the larger Islamic socioeconomic system. So you can not just take one part of islam plug it into a different system and expect it to function. Islam is a complex and complete system. And these specialized financial entities such as banks run counter to the intended Islamic economy that relies on ethical labor and commerce not greedy capitalism.

@roberthannah7983

4 жыл бұрын

Not true - the prophet himself began as a merchant.

@elhuuselhuus2521

4 жыл бұрын

@@roberthannah7983 Commerce and usury are 2 vastly different things. One generates value added one subtracts value (causes inflation)

@roberthannah7983

4 жыл бұрын

@@elhuuselhuus2521 Inflation is conrolled by reducing money and spending. This is done by the central bank raising interest rates, which takes money away from spenders, causing slack in markets and so reducing prices. My definition of usury is excessive and exploitive interest, which has little to do with inflation directly. I do not think there is a coherent Islamic economic system. It is a hodge podge of moralistic assertions that most people ignore in Islamic countries. Have you tried shopping in a souk??

@elhuuselhuus2521

4 жыл бұрын

@@roberthannah7983 any amount of interest on debt is excessive and therfore is usury and adding more interest doesn't alleviate the problem it compounds it the only way for western style economics to control inflation caused by interest is the periodic economic crisis as for maralistic codes every law system is a moralistic code and a social contract as for today's state of affairs in the souk it cycles back to my original argument islam is a full system that has to be observed in its entirety today no single country relies on it solely the intrusion of western and eastern style of financing and rules from usury to pyramid schemes has made it what you call a hodge podge of chaos rather that the orderly system of islam.

@roberthannah7983

4 жыл бұрын

@@elhuuselhuus2521 If all interest is excessive then as the lovable scoundrel Wimpy says, "I will gladly pay you Tuesday for a hamburger today". Its just another way of saying money has time value.

Is Islamic financing complaint with the American Constitution?

@IshYourRealtor

5 жыл бұрын

Sure is and in-fact about 5-6 "Islamic mortgage" companies operate in the US and follow all of US banking and mortgage guidelines. I work for one such company, Guidance Residential.

@ezrafickov629

5 жыл бұрын

@@IshYourRealtor 1st off, thanks for the reply! I haven't had much luck getting feedback on this topic in other forums. And maybe I just haven't found the right place to ask this question. So no pressure to respond. I do understand that Islamic financing isnt in violation with American laws that govern the financial sector... But are the particular benefits of Islamic financing as it functions in the US available to nonmuslim Americans? If the answer is no, regardless of whether it's legal or not, wouldn't it still be unconstitutional to offer financing of any variety exclusively to individuals of a select religious persuasion? Thx again! Disclaimer: I'm just very curious. I understand that is might be perceived as a loaded political topic... But I'm not super interested in the related politics and in no way intend to offend anyone with my curiosity. Peace to all.

@IshYourRealtor

5 жыл бұрын

@@ezrafickov629 Hi Ezra, thank you for your continued dialogue and interest. I find your questions very valuable and not offensive at all. The answer to your question regarding whether my company Guidance Residential's mortgage program is available to non-Muslims is that: Yes, of course it is! When I said that we operate within all of US banking and mortgage guidelines, that includes non-discrimination in lending. Our program is fully available to all and have been used by Muslims and non-Muslims alike. Quick background on how we operate: We don't lend money and charge interest on that money. Rather, we enter into a partnership agreement with our client. They put down 10% and we put down 90% for example. They agree to buy out our share over the course of 15,20 or 30 years. In the meantime, they are occupying the full house, including the portion owned by us, and therefore we charge them rent on that portion. The monthly mortgage payment includes two parts: one part goes towards rent on our portion of the house. The other part goes toward acquiring a little bit more of the house. Overtime, their portion of the ownership increases, ours decreases. Besides the fact that our mortgages satisfy the non-interest religious requirement for Muslims, there are a few great 'worldly' benefits that may be attractive to Muslims and non-Muslims: 1. Non-Recourse Commitment: If a client of ours defaults on a mortgage, our recourse is only against the property, and not the person's other assets. That means if the proceeds from the foreclosure of the property are not enough to cover the balance owed to us, we will not pursue our clients' other assets such as car, other homes, etc as we have no recourse against those assets. We have placed this policy on our selves. Conventional lenders do not have this policy, unless where certain states mandate it. 2. Risk-Sharing: In case of natural disaster or eminent domain, and when insurance proceeds are not enough to cover the cost of rebuilding, we will share, to the extent of our ownership stake, in the cost of rebuilding. Conventional lenders do not share the risk because they are not partners in the property. We do, because we are part owners of the property. 3. Capped Late Payment Fee. In case a mortgage payment is late, our late payment fee is capped at $50 to cover administrative costs. Conventional lenders often charge 5% of the missed payment and it compounds each month and can end up being 100s of dollars. 4. Just like many conventional lenders, we also offer No Prepayment Penalty. If our co-owner wishes to buy us out early, they can do so anytime without any penalty. We have been recognized in many national and international media for our solid performance while the conventional lenders were suffering during the housing collapse of 2008 and beyond. www.guidanceresidential.com/guidance-in-the-news Ezra, again thanks for your discussion. Please join me on Facebook at IshYourHalalMortgageGuy. You can also subscribe to my KZread Channel by the same name. Peace and blessings!

@ezrafickov629

5 жыл бұрын

@@IshYourRealtor that's just awesome!! Answered all my questions and more. Thank you so much for your time and the excellent info you've shared. I don't have a Facebook but have friends who do and are looking to buy a home in the spring so I'll definitely be sharing your info with them asap. Thanks again. Really. Ur a credit to ur company, dude. Hope you have a fantastic day!

@IshYourRealtor

5 жыл бұрын

@@ezrafickov629 thank you for your kind words. I'm glad I was able to answer some of your questions and concerns. You can watch my interview held yesterday on America's Islamic Radio here: kzread.info/dash/bejne/aH6Cl9yxqbfLXZs.html You can reach me at ismail.kolya@guidanceresidential.com Thanks and best wishes!

We cannot be 100% clean with current capitalism in world economy. EDIT: but yes, less haram is better than 100% haram

@radenmuaz7125

4 жыл бұрын

@T.Great Island Of The World Forever That's the point. Those skeptics and criticizers did not propose solutions unlike these scholars and islamic bankers

Although they may have successfully avoided charging interest they are charging a premium which is effectively creating inflation. The bank buys a house £100k you pay back £125k then you sell the house for £130k. Therefore deeper thought is required in terms what the effect of "Islamic Finance" is having especially on the poor and disinfranchised in society.

Islamic finance

Please, think out of the box. Don't Islamize conventional product, please please please innovate and introduce Halal products not just non-interest products. Beer is impermissible, sorry it will always be the same. There is no such thing Halal Beer.

H

To say or think anything Mohammad said or did has any value is simply ignoring reality. If we had not discovered oil these perverts would not have lasted long. Think we should all work together to rid humanity of this cancer.

In all honesty, i never took advice from any Muftis as they are generaly narrow-minded and usually have a misinterpretation of Islam, so I wouldnt hire him as a personal financial advisor

It's a lie

the host really doesn't get it. if I buy a pen for 5 dollars and sell it to you for 6, I just made 1 dollar in profit, that's what Islamic finance is proposing, which is okay. Islamic banks buy the entire house which means they share risk with the borrower.

All these guys are paid salaries right? People are suffering for food , scholars have private jet

put silk on a goat and its still a goat .

@UsmanKhan-uy1jl

4 жыл бұрын

The bank isnt making money off of money how interest does. Its making money from a profit. Meaning, the goat isnt a goat, its a lamb 🤭

@roberthannah7983

3 жыл бұрын

@@UsmanKhan-uy1jl It is still charging people to finance the purchase of something, so its the same as interest to any financial analyst.

Simply, Islamic Finance doesn't work. :D Because its way contrary law that states banks to take risk. Its not a good idea !!

@cheik929

3 жыл бұрын

Nice joke I want to give you nobel piece prize for your opinion

@rajeshganesan1968

3 жыл бұрын

@@cheik929 Thanks bro Just prepare for the stage and other makeovers. I will come and get that Nobel prize :P ROFL 🤣

Islamic money comes from evil.

@mohammedalishazli33

4 жыл бұрын

How come