It is important to understand the principles of Usool. When a sin is widespread and has persisted over a long period, and Islamic governance is not in place, it cannot be eradicated immediately. This gradual approach was also observed during the time of the Prophet Muhammad (peace be upon him). Gradual implementation is necessary; once control is established, strong barriers should be put in place. For instance, the prohibition of alcohol and usury (riba) was implemented gradually.
Ethical financial advice shouldn't need to worry banker's only interested in interest, making money,they also learn to enhance .I prefer profit than Interest to make my money work than ways not allowed by my ways.
The Mudharaba model was employed widely after revelation/prophethood too as it is entirely interest-free, and a way of doing business that shares risk/reward equally.
All Fiat money is not Islamic money... It does not fufill Islamic criteria of money. It's all Monopoly money... Literally. Currency is deflated Centrally ( through inflation targets) which as I understand is negative Riba... So therefore all currency is Riba. We shouldn't touch it but we have to.
If you borrow £100 and it's worth $500. After 20 years £100 is worth $200 and to pay $500 back you pay £250. Is that not Riba? But infact it's the exact same value of currency paid back. It's not actually paying Riba?!
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Islamic Finance explained, summarized, simply beautifully. Keep it up.
It is important to understand the principles of Usool. When a sin is widespread and has persisted over a long period, and Islamic governance is not in place, it cannot be eradicated immediately. This gradual approach was also observed during the time of the Prophet Muhammad (peace be upon him). Gradual implementation is necessary; once control is established, strong barriers should be put in place. For instance, the prohibition of alcohol and usury (riba) was implemented gradually.
Ethical financial advice shouldn't need to worry banker's only interested in interest, making money,they also learn to enhance .I prefer profit than Interest to make my money work than ways not allowed by my ways.
Kindly advise from where i can get "Majjalah".
@14:35 can this be used as an analogy if it was pre-prophethood as you say?
The Mudharaba model was employed widely after revelation/prophethood too as it is entirely interest-free, and a way of doing business that shares risk/reward equally.
@@MuslimMoneyTalk JazakAllah khair for clarifying
@29:50 I don't care. I'd rather pay more than be sold a product which isn't truly compliant.
All Fiat money is not Islamic money... It does not fufill Islamic criteria of money. It's all Monopoly money... Literally. Currency is deflated Centrally ( through inflation targets) which as I understand is negative Riba... So therefore all currency is Riba. We shouldn't touch it but we have to.
If you borrow £100 and it's worth $500. After 20 years £100 is worth $200 and to pay $500 back you pay £250. Is that not Riba? But infact it's the exact same value of currency paid back. It's not actually paying Riba?!
The Hadith does. The prophet ﷺ mortgaged his sword for a loan