@@codingzen869 Abu Huraira reported: The Messenger of Allah, peace and blessings be upon him, said, “Islam began as a something strange and it will return to being strange, so blessed are the strangers.” Source: Ṣaḥīḥ Muslim 145 Grade: Sahih (authentic) according to Muslim
i plan on buying your course someday inchAllah, i hope it can help me to understand how it works and how should i proceed to gain more money in a halal way
I was told by an imam that even if you are an accountant for that company and you are not directly involved. That company is living off of ribah and that money that they pay you is directly from ribah transaction.
That is a different case. If a company’s core business is riba, such as a bank or a similar institution, it’s a different matter. In that case, every job within the company, even an IT position, would be supporting riba to large degree.
This is a great idea. You can also peg it to dates, wheat or barley, as these are the commodities used as money mentioned in hadith. Gold and silver have been rendered extremely volatile due to speculation (by kuffaar).
@@suhailballim4159 I personally think it won't be. Because in gambling one person losses everything and the other person wins. In this situation it won't be that extreme. Also, classifying it as gambling will also raise questions on investing in commodities and stocks. But I'm open to discussion on this topic.
im a lay person but if you're going to mandate that the loan is paid back in fiat currency im pretty sure it would have to be an exact amount for an exact amount not some fluctuating thing
Asalam alaykum warahmatullah wabarakatuh Jazakallah khayran for interpreting Islamic finance. Sir, help me and make a detailed video on all different methods that Islamic banks use to gain halal profits.
same about loan cars they charge over market price in the name of rent and conventional banks call it interest so how they are different as well ? because in the end when you couldn't pay they take your car.
It’s better to avoid using credit cards (as they loan money on interest) and switch to debit cards, where you spend your own money. The same applies to apps that create credit transactions and encourage you to spend money you don’t have. This is simply common sense and good money management.
but i have seen many muslims claiming because both parties has agreed so I can sell that asset on more price than market price if he is paying series of payment
But not all currencies are strong. And the value of those currency declines over a period of time. If someone has landed 100 bucks to someone and the person paybacks that amount after 2 decades and the value of that money decreased to 90 then in that case ?
yeah inflation percentage can lower the actual money and same about loan cars they charge over market price in the name of rent and conventional banks call it interest so how they are different as well ? because in the end when you couldn't pay they take your car.
In case of loan accounting unit must be a constant quantity of wealth and it must be an an appropriate unit of account. This is essential as otherwise accounting will be incorrect and error of measurement and accounting is clearly prohibited in Islam. In case of commodities constant quantity is appropriate unit of account. In case of real money that is not debased number of monetary unit may be used as unit of account . But in case of free float it is not permitted as it is manipulated consistently and it is not a constant quantity of wealth. Rs 20 today is not same as rs20 20 year latter and to say it is same money is a lie. In this case correct accounting can be done by accounting in real terms. Not doing so is fraud clearly prohibited in Shariah.
Thanks!
Masha'Allah - that was very generous. May Allah bless you, your family and your wealth.
@@anigmatix اللّهُـمَّ بارِكْ
May ﷲ increase you a thousand folds, both in this dunia and akhira.
View count is not as much as the video deserves but please continue the series. It will be an important asset for us.
@@codingzen869 view count is not there because it's reaching right from wrong brother
@@codingzen869 Abu Huraira reported: The Messenger of Allah, peace and blessings be upon him, said, “Islam began as a something strange and it will return to being strange, so blessed are the strangers.”
Source: Ṣaḥīḥ Muslim 145
Grade: Sahih (authentic) according to Muslim
That was much needed, jazaka Allah khair mr. Colan.
Jazakhallah ❤
Thank you for your explanation, may Allah bless you 💪🏻
i plan on buying your course someday inchAllah, i hope it can help me to understand how it works and how should i proceed to gain more money in a halal way
Thank you brother for the video I appreciate it
I was told by an imam that even if you are an accountant for that company and you are not directly involved. That company is living off of ribah and that money that they pay you is directly from ribah transaction.
That is a different case. If a company’s core business is riba, such as a bank or a similar institution, it’s a different matter. In that case, every job within the company, even an IT position, would be supporting riba to large degree.
@@AlmirColan jazakallah khair
Question: when giving a loan, can I peg the value to some commodity? Such as gold? Or would that also be considered as Riba?
I’d like to know that too.
Wouldn't that be considered gambling?
This is a great idea. You can also peg it to dates, wheat or barley, as these are the commodities used as money mentioned in hadith. Gold and silver have been rendered extremely volatile due to speculation (by kuffaar).
@@suhailballim4159 I personally think it won't be. Because in gambling one person losses everything and the other person wins. In this situation it won't be that extreme.
Also, classifying it as gambling will also raise questions on investing in commodities and stocks.
But I'm open to discussion on this topic.
im a lay person but if you're going to mandate that the loan is paid back in fiat currency im pretty sure it would have to be an exact amount for an exact amount not some fluctuating thing
Asalam alaykum warahmatullah wabarakatuh
Jazakallah khayran for interpreting Islamic finance.
Sir, help me and make a detailed video on all different methods that Islamic banks use to gain halal profits.
same about loan cars they charge over market price in the name of rent and conventional banks call it interest so how they are different as well ? because in the end when you couldn't pay they take your car.
Salaams brother, are we allowed to use credit cards? Or Paying using such as Klarna (3 pay)?
It’s better to avoid using credit cards (as they loan money on interest) and switch to debit cards, where you spend your own money. The same applies to apps that create credit transactions and encourage you to spend money you don’t have. This is simply common sense and good money management.
but i have seen many muslims claiming because both parties has agreed so I can sell that asset on more price than market price if he is paying series of payment
so if I have you 20 fridges and in return I want 25 fridges in time so that's allowed ? because now we dealing with assets
But not all currencies are strong. And the value of those currency declines over a period of time. If someone has landed 100 bucks to someone and the person paybacks that amount after 2 decades and the value of that money decreased to 90 then in that case ?
yeah inflation percentage can lower the actual money and
same about loan cars they charge over market price in the name of rent and conventional banks call it interest so how they are different as well ? because in the end when you couldn't pay they take your car.
In case of loan accounting unit must be a constant quantity of wealth and it must be an an appropriate unit of account. This is essential as otherwise accounting will be incorrect and error of measurement and accounting is clearly prohibited in Islam. In case of commodities constant quantity is appropriate unit of account. In case of real money that is not debased number of monetary unit may be used as unit of account
. But in case of free float it is not permitted as it is manipulated consistently and it is not a constant quantity of wealth. Rs 20 today is not same as rs20 20 year latter and to say it is same money is a lie. In this case correct accounting can be done by accounting in real terms. Not doing so is fraud clearly prohibited in Shariah.