What is this " Shaik" talking about bros? He says in Islam we must deal with cash alone! This is a very constrictive interpretation of the Scripture! He cited a hadith which says on the punishment of "Riba". He did not explain the Quranic or hadith conceot of " Riba". I propose the following hadith. The experts here can correct me: Hadith حَدَّثَنَا عَلِيُّ بْنُ عَبْدِ اللَّهِ، حَدَّثَنَا الضَّحَّاكُ بْنُ مَخْلَدٍ، حَدَّثَنَا ابْنُ جُرَيْجٍ، قَالَ أَخْبَرَنِي عَمْرُو بْنُ دِينَارٍ، أَنَّ أَبَا صَالِحٍ الزَّيَّاتَ، أَخْبَرَهُ أَنَّهُ، سَمِعَ أَبَا سَعِيدٍ الْخُدْرِيَّ ـ رضى الله عنه ـ يَقُولُ الدِّينَارُ بِالدِّينَارِ، وَالدِّرْهَمُ بِالدِّرْهَمِ. فَقُلْتُ لَهُ فَإِنَّ ابْنَ عَبَّاسٍ لاَ يَقُولُهُ. فَقَالَ أَبُو سَعِيدٍ سَأَلْتُهُ فَقُلْتُ سَمِعْتَهُ مِنَ النَّبِيِّ، صلى الله عليه وسلم، أَوْ وَجَدْتَهُ فِي كِتَابِ اللَّهِ قَالَ كُلُّ ذَلِكَ لاَ أَقُولُ، وَأَنْتُمْ أَعْلَمُ بِرَسُولِ اللَّهِ صلى الله عليه وسلم مِنِّي، وَلَكِنَّنِي أَخْبَرَنِي أُسَامَةُ أَنَّ النَّبِيَّ صلى الله عليه وسلم قَالَ لاَ رِبًا إِلاَّ فِي النَّسِيئَةِ " Narrated Abu Salih Az-Zaiyat: I heard Abu Sa`id Al-Khudri saying, "The selling of a Dinar for a Dinar, and a Dirham for a Dirham (is permissible)." I said to him, "Ibn `Abbas does not say the same." Abu Sa`id replied, "I asked Ibn `Abbas whether he had heard it from the Prophet (ﷺ) s or seen it in the Holy Book. Ibn `Abbas replied, "I do not claim that, and you know Allah's Messenger (ﷺ) better than I, but Usama informed me that the Prophet had said, 'There is no Riba (in money exchange) except when it is not done from hand to hand (i.e. when there is delay in payment).' " Sahih al-Bukhari 2178, 2179 In-book : Book 34, Hadith 128 USC-MSA web (English) : Vol. 3, Book 34, Hadith 386 (deprecated) 'There is no Riba (in money exchange) except when it is not done from hand to hand (i.e. when there is delay in payment).' What the Al Quran says about this? 2: 275 to 280 My understanding as follows: a.Trade is permissible is not the same as"riba" b. Allah condemns "riba" grants growth to charity c. Allah promotes you to pray and be charitable c. Give up what is left from " riba" 280 reveals the true meaning of "riba". It says.. "If the person is facing insolvency, then you shall wait until he becomes able. And if you relinquish it as a charity it is better for you if only you knew." Riba is increase in your gain "profit" of lending your money and getting a profit out of it above your capital! " then you shall wait until he becomes able" is time factor! In 2: 279 : "but if you repent, then you will have back your principal money, you will not be wronged nor will you wrong." Meaning, you do not trade your money أَمْوَالِكُمْ Therefore, Islam is not proposing cash payment! Monthly payment is proposed in the above hadith and in 2:280. But, you cannot lend cash money and getting a profit out of it. Riba is direct. No money given and getting profit out of it. If there is a property purchase involved in it, InshAllah if the property appreciates i think its a win win situation. The word ربح- profit or gain sounds very different from "Riba". My 2 cents worth of clarification.
@Outlaw.44 The saving accounts in any conventional bank are based on Riba so stay away from those saving accounts and run faraway, always use checking accounts. Now another example is the issue with the money back cash or reward that some credit cards and checking accounts give you, those are Haram also according to many scholars because they are based on a guaranteed percentage (1.5% or 2%...etc) which is considered to be Riba even though you may think of it as an incentive or discount. Another example is buying a house or car using a bank loan, this is obviously Haram from a conventional bank because they charge you interest on the money you borrowed. But the issue is that there are some scholars who say that even using an Islamic bank for buying a house or car is Haram because they are just calling it musharaka or murabaha while it is just Riba transaction, I am really struggling with this last one because it was the only hope I have and now I am not even sure about those banks as many scholars say.
The good sheikh imran tells the truth but its hard to swallow for most peopl but he's done what was compulsory on him as a sheikh, the rest is up to you decide the path u wish to take.....
It seems that Shaykh Imran Hosein is the only Muslim Shaykh or perhaps the only person, in the Islamic community who understands the ugliness of Riba; "forbidden to Hebrews, Christians and Muslims." Thank you for sharing your deep understanding of the financial theft, the banksters! May God protect you and continue to guide you.
Asalaamu alaikum wa rahmahtulahi wa barakatahu. Allah knows best. Being honest with ourselves is the best option. Questioning everything we do will serve us well in this life and the hereafter Insha'Allah. Let's ask ourselves how the Messenger of Allah SAWS lived as well as his companions R.A? Why do we grow our beards, eat with our right hand, pray Witr, and many other things that Rasululah SAWS practiced then why don't we consider how his dwelling was? Are we better than him? If he for example lived in a 10x10 dwelling that is a 100sq ft, yes? Then we NEED 2300sq ft to leave in this world? No these are wants not needs. 300sq ft tiny house is $20000-30000 or less. An acre of land in some states are $5000 or less. Do the math that's a $1000 a month for three years of savings. No loan no debt no riba but definitely less than American and world wide dream. What excuse will present to Allah SWT on the day of judgement? Why are we not willing to make any sacrifices to get to Jannah. I think a tent would be more suitable that war from Allah SWT and his messenger SAWS.
Great lesson. However I noticed a lot of negative comments below from a bunch of ignorant idiots who feel allah swt hasn't given them any other options... Shame on them.
Give a Solution. Suppose i want to do a business and i need fund. Who will give me Loan (Bank or other person) without any benefit of their own? Come to point and answer this. Please explain more and with reference. Explain murabaha more. The thing is what is the solution if i want to borrow money ? Why would someone give me money if there is no benefit for them? Is there any source like this?
@@mahbubalislam2475 Those who apply islam in their lives and are capable will certainly lend money without interest.However if we remain Muslim by name then you are right
@@mahbubalislam2475 The choice is yours, Islam is very clear. Borrowing money with interest is usery and it is forbidden. The consequent is very clear, take a usery but be ready to go on awar with prophet Mohammed P.B.U.H and Allah. I can tell you my opinion though. Its sad that u feel there is no other option when there dozens of it. Start to think different and you shall find different path Insha Allah. Good luck
Shaik imran here in UK those who buy a house get involved in riba. Other option is rented house where you help the owners pay of their riba not only that many Muslim claim housing benefit and not showing their proper income. (Lying to the government) Other option is council house. Many Muslim don't chose this because they have to wait for too long to get a house or the council gives them very small flat far away from where they want to live.
I totally agree with shaykh imran hosein on the issue of Islamic banks manipulating the sharia banking system so serve themselves. And also the hiring of muftis who are paid large sums of money to put a signature at the end to make it look legitimate.
Previous, I did'nt understand the concept of the Islamic bank & I have a view that Islamic banks hide behind the conventional systm, but after I learned of Islamic finance & fiqh muamalat then I think otherwise. Islamic knowledge is very broad & muamalat law has been discussed since the time of the companions through 100s' of Hadith. Islam isn't only taking care of the customer's right but merchant as well. Most of us think nt just halal is Islamic but also cheap is islam. This is wrong view.
I think there should be a real and true islamic bank that has people to join it. Let's say 10 people join bank. And one of them decides to borrow £1000. Everyone could make up and give the bank that money then that person takes that grand and pays the exact amount free of interest/riba. And all those who made up got back their exact payment PLUS their reward from Allah(swt) for being so kind to lend money without the need of profiting from it which is greedy. Ah, what a dream (:
Now we shall ask ourselves, Is it really like a prison, or like a paradise. We are looking for pleasure and comfort here, while its been kept save in the next life. And brother, its not in anyone's power to stay away and be protected from sins, only those that Allah protects, so we shall pray to Him with utmost sincerity and HE will Help... Allah always helps! May HE help us all. Ameen
hamidmushtaq - you are right. This guy makes a lot of sense and that is what happening now. If they come to America there's a lot of homes with no real owner the Arabs would clean up here and own apart of America. America can not pay for their own, the people have no jobs, they are living on the streets and even the unempolyment is drying up. It's time we come together and rethink about the hate. I think this is GODs plan to make us come together. LOVE and PEACE ! Allah Akbar.
Now a days price of a manufactured product includes interests of capital, lease, rent, depreciation etc at various levels. Those who not living in an isolated situation.
I HAD A DREAM AROUND 16 MONTHS AGO, AND THE DREAM WAS LIKE:- ONE OF MY RELATIVES DIG A HOLE AND FOUND A BIG STONE OF DIAMOND AND HE TOLD ME WHAT HE FOUND FROM THE HOLE AND HE RAN AWAY. I WENT TO THE EXACT HOLE AND FOUND SO MUCH MORE DIAMONDS, WHEN I FINISHED COLLECTING ALL THE DIAMONDS I'VE TRIED TO GO, WHILE CLIMBING A BIG ROCK ON MY WAY, A LION CAUGHT ME AND I WOKE UP AFTER THAT. I REALISED MY COUSIN IN USA A WAS FULL OF RIBA ALL HIS YEARS LIVING IN USA.
We are ALL in RIBA, because our currencies just lose value over time...What you buy for a dollar today will be bought for 1.5 dollars tomorrow. From the day we are born, we are ALL taking part in the monetary system. Not only the fiat money inflation is RIBA, but we also have to pay taxes to cover the debt created by the big banks that create debt out of nothing. ( See the Federal Reserve for example) We ARE ALL IN RIBA haha, while you are at it, do ALL YOU CAN to become wealthy so you can buy land, grow your own crops, and opt out of the money system.
Interest is not the Evil, Greed IS! Greed asks for more than is reasonable. What is reasonable? An amount that is payable without sacrificing one's other needs and modest standard of living, and considers one's income in relation to the product size/quantity/quality. Interest SHOULD NOT BE A FIXED RATE for everyone!
Also, keep in mind the legal maxim of 'the lesser evil'. I know some of you will say, 'why dont we go for the good'. Well, in our world, unfortunately no economy can really run without banks. So islamic banking is the alternative. lets try to work together to bring a true islamic economy. there's so much reasearch to be done in this area. but one of the most important is to islamise the consumer's behaviour. Islamic banking is just a means not the end...
I always in doubt with this so called 'syariah compliant' "Islamic banking". There dont call it interest rate but instead they use term "service charges ".
No wonder Prophet Mohammad (peace and blessing be upon him) said that in the last age there will not be a single person who will not be consuming Riba ......... Out of every 1000 (one thousand) 999 will be for the hell-fire and the last age is one time when they are being sent in multitudes. No one said life is easy. This life is easy, like a paradise only for the non-believers. For the believer its a prison.
The solution should be a zero interests loan where those rich Muslims could give to the ordinaries . with fixed amount of process/admin fees which is not a burden. The real HALAL interests they will be getting is in the afterlife .. these "interests" will be paid in great folds by Allah swt. By helping fellow muslims free from riba, you'll be rewarded for sure. but If only they knew how lucrative these proposition is. Wallahualam Muslims employers could start giving such loans to loyal workers. say.. after 5 solid years .. or a rich Muslim country .or countries could start zerobanking ( zero interests banks) system.InsyaAllah, when you help the ummah, the ummah will also help you.
Yes they could start zero interest banking, but do you think the banks will be sustainable? For how long do u think they will serve the muslim brothers&sisters before they run out of money to support operations? I'm not propagating riba but am supporting trade. Trade with 0 interest but profit in it because its allowed. And there is nowhere in the Qur'an and Hadiths that says banks aren't allowed to trade. Be respectful on your reply please.
@kawaiigardiner the teaching of islam did not come in a one package what I mean is that in the begining of islam people were using interest and teaching of islam were concentrated teaching people who god is and how to worship him, but interest was forbiden in later parts of islamic teaching
When we say Islam is a complete code of life. then what should the banking system in this code. These scholars criticize each other. why don't they come up with a solution. is it possible in this world to keep money buried in soil? we need to develop something that is allowed in Islam. I wish this Sheikh do something useful other than criticizing.
Usmaan Sial the solution is the same as every solution. Return to the Quran and sunnah. During the time of the prophet and the sahabah there was no riba practiced amongst them. Return to that and leave the non Muslims to their own devices.
He's not just criticizing, he's giving useful information for us to understand. And that's a good enough from his part and as a starting point and maybe there's nothing much else he can do. But it's up to us to do a change, and why not everyone of us start by giving up all those dealings involving riba? Why wait for someone else to do "something useful" when you can do it brother. Check yourself first if your affairs are conducted in a acceptable manner.
Intekhab Alam Islamic banks are a scheme. This guy is absolutely right. It's like selling alcohol and calling it milk. Who are they fooling? Certainly no God. I have more respect for conventional banks than Muslim banks because western bank are at least are honest and they are not manipulating anyone! They call interest, interest. Islamic banks call it profit which just so happen to be the exact amount of interest offered on the market by conventional bank. It's sooo dishonest and so wrong to take advantage of people. I will never borrow from an Islamic bank. They have nothing Islamic about them. In would rather borrow from a regular brank who is not play I g on words and taki g me for an idiot! It's just so wrong On every level!!!
The problem of we Muslims that we just follow lifestyle of nonbelievers and then make excuses . If we show hatred towards Riba the same way we are showing alcohol. In short we are happily committing major sins and stay away from minor sins.
Brother, of course there is a solution. Using Gold is Sunna. Gold Dinar is written in the Quran. So if someone want to give money, he have just to base the quantity of money on Gold. So instead of give money, he give the quantity of gold related to the money. The borrower needs only to return that quantity of Gold. That's all. Inflation has no effect on Gold. May Allah forgive us for all our Sins.
Cash transaction is quite impossible today, especially in international business. And without banking and finance business and transaction are so difficult and even nightmare. So, Islamic banking is urgent. Is there any alternative for this?
may be you know the japanies people make cash transaction even though they buy home and car ect japan is a big economy of the world the toyota auto company didnt kept money in bank the toyota didnt lend and owed money from bank. may be will become possible if we try to implement islamic finance
It is my understanding that muftis or other who strive to give Riba various 'Halal" names, are simply cloaking a swine in sheep skin and calling it halal! Although I suppose, the ramification of consuming swine is far less than of consuming Riba? Sad when we engage in manipulating the laws, commanded by The Most High!
My question is, if we don't pay interest on homes or do anything that deals with interest in these societies that provide no other options, then what other choice do we have? Do we go homeless or stay on rent for our entire lives? I am against interest for it is deep evil, but how does one avoid it in most countries these days? Why is this not mentioned in the lecture?
Is it against Islam not to loan money? What is the difference between interest and profit? Hey where did the bank gets its money in the first place to do that? Who printed the first money by whose power, where it is held and who owns that money? Whether they buy something with it or give it away. By the way, let me tell you something. You can neither buy something or give something if you don't own it. You think about that now.
ok , lets say that all those islamic banks are haram , so what is halal ?? the shaeikh have only spoken about the "backdoor riba" so tell us ya sheikh not only whats bad but tell us whats the right thing to do . If someone knows the answer please contact me
Thx for the idea, when i'll start a village i'll try to do everything halal :D You might wonder on the day of judgement where all these hasanat come from =D
@maddy52003 I came a cross this vid on Moroccan forum in Holland talking about Riba , but i was always convinced that the islamic banks they always makes halal busines , can u send me or place here more lectures where he explain the right way ?? Thanks in advance
Salaam Alaikum, Dear Shiek if Allah gave us gold and silver as legitimate mubarak wealth and the various world goverments have systematically withdrew the real wealth and gave the entire world paper, what possible road can one travel out of this trap. The cash is riba, the credit is riba, the money is ficticious,
Assalamu Alikum, I understand who are the parties taking and giving Riba; the "recording" one is the guy in the bank. Who are the Witnesses, as refered to in this hadith? Jazakallah!
What about concept of justice. Here is the example if you give me 100k dollars and I return the 100k after 10years. Now question is due to inflation 100k is no longer equal to 100k 10 years ago in terms of purchasing power. So even though money is returned in full but in true sense I did injustice to you which is against Islamic teaching as well. So there has to be compensation for time value otherwise lender will be on the losing side. Let me know if there is any answer to this problem
Lender is, largely responsible for controlling inflation, though, because they have the most, and should circulate it. Loss of money through waste is very small, maybe 1-2%, at most, and far less, actually.
the bank buy the house that you want to buy for 100000 dollars and sell it to with 120000 dollars (there is no 400000 dolars) ,20000 dollars is halla it is your comition (your benefict: ti's normal, if you bought smth you won't sold it with same price,obvously).then the bank tell you to live in the house for a "X dollar" each mouth in a way that you finish your 120000 dollars . and the most interessting is that if you couldn't pay anymore the bank give you what you've paid all the months
charity lending is different from business lending. if you lend your neighbour money to solve personal family problem , you won't take interest (riba) on that money. But if it is business related lending, interest must be taken because the borrower is borrowing to make monetary profit that money unlike charity borrowing which is not monetary profit driven. The sheik should understand the differences. The Jews are lending with interest strictly for business venture, not for personal problems so that does not contradict the Torah. If you want to borrow money for business venture and make monetary profit from that money, you have to pay interest . it is business. But if you borrow money to solve personal problem, for example to foot medical bills, the lender won't have to collect interest... it's against the Torah.
Let's look at the development of the West under an inflationary fiat credit system versus the development of other areas not operating this way and who aren't sitting on a huge oil reserve. Wealth is still LESS disproportionately shared and average wealth is MUCH higher. As a monetary system, this guidance is universally bad for everyone.
@Icywar , brother/sister, remember the basic rule of market price. if all your payements etc add up to be equal to the market price without any conditions for this balance to be changed like late payment penalty, then it is ok. I doubt such a lender exists.
What about when interest rates are negative, like right now? Is it haram to take out a mortgage then? Or what if the interest rate is so low it only covers the inflation rate, preserves the real value to the lender? If all credit is haram, if only cash transactions are OK, Islamic world cannot compete in the global economy, cannot even compete within their own markets, there are situations when lending benefits both parties equally, a fair trade so to speak, micro loans are on such case, a “regular Joe” on one end, either only trying to keep the value of his money or even put it to work, and on the other his friend, a business owner, who’s doing OK, but with Joe’s investment he can buy his raw materials at a lower price, invest in modern equipment, make his products more competitive, create jobs for other people, how can this be wrong? The preacher’s example, cash price is 100k, price thru loan is 400k, that’s usury, that’s haram in every religion as well as illegal. “Fair trade” loans, however, they can benefit both parties, no matter what the hadiths say, Mohammed didn’t live in a modern economy.
bro plz search about the japany economy the japany people make cash transaction even though the buy house and car they make big cash transaction they didnt kept money in bank because bank take charges on kept money riba is not involved in japanies most bank may be in future japan will become riba free economy please search on japany economy
From what u wrote I am not sure if ur Muslim or not but u can't deceive a true muslim what ever u r. Usery is ursery call it modern world or what ever and it will still be usery 2morrow.
Give a Solution. Suppose i want to do a business and i need fund. Who will give me Loan (Bank or other person) without any benefit of their own? Come to point and answer this. Please explain more and with reference. Explain murabaha more. The thing is what is the solution if i want to borrow money ? Why would someone give me money if there is no benefit for them?
What about Musharaka or Murabaha that many Islamic banks do and follow with buying a car or house, it sounds legit and clear as a partnership. This was my last hope and now I am really confused and don't know who to believe or trust.
It is structured as a partnership but actually provides a guaranteed return to the bank because the total deferred prices you pay in the series of payments are more than the cash price. This is camouflaged interest and this is the speakers point. Modernist scholars would say that if you have a clear and honest contract, if you are not being exploited, and you are getting a good benefit by using the house or car it is OK to take an ordinary loan. The traditionalists and neo revivalists like Maududi and Taqi Usmani in Pakistan want you to use Islamic banks and pay murabaha camouflaged interest, which is usually more expensive. This speaker is even more conservative. I think you have to use common sense and ask yourself - does Allah really care about these squabbles? I think not.
@zachrome91 youare not paying 95,000, as per he agreement you have to pay same amount becoz that agreement was based on the market before 5 years.you may refer to Sura Bakarah for agreement which involves future obligations
if conventional banks are haraam due to ribah.. if islamic banks are haraam due to 'back door' ribah as this sheikh is saying then how do you buy a house ? if houses are on average £300,000 who an earth has that sort of money lying around in savings to undertake a cash transaction (so called a islamic transaction) Also the shaikh may be quick to ciritise all modes of bankings but he offered to solution to the problem which i found disappointing.
@NMMOIN There are no instructions in Islam about CURRENCY because fiat currency came after Islam. There used to be gold and silver coins during times of Prophet Muhammad (Peace Be Upon Him). Do you know what is fiat currency??? Do you know what is fractional reserve banking??? If you really know, explain it to me how they are Islamic? Prove it! Secondly, I was not saying about Gold backed currency but a currency based on Gold and Silver! That has some intrinsic value!
Actually those investors in the Islamic Institutions who permit/help others to buy a house are not really sucking money from the poor. I used to think like that too because yes, the price of house is more expensive than if you pay cash. But if you look at what they get as a return, it is like 5% and if they were in investing elsewhere in the market, they would get much more for their bucks. Allah knows best, the Islamic Institutions have backing from other Muftis so I am lost here.
so all these centuries Islamic finance has never really worked then, everywhere around me is the so called 'back door riba'. should I just sit buy and watch my non-muslim colleagues grow wealthy? #confused
dear brother, in the later part of your comment you have answered your question yourself :) the implementation is islam is through islamic state. there is no other complete way.
Credit transactions are not the norm yet it is allowed because the Prophet performs it. What is market price? It may have been easy with a small market in a specific location but when the market spans the entire world and your client can be anyone - what is market price is less clear. if market price is cash price - how do put a definite since different people can pay different amount because they have different cash. And Umar ask the man to get out of the market - does that mean that it was legitimate if he sells his good outside of that specific market? Time equals money. Earning money trough time is riba. True. But. But, the transaction in question while a credit transaction is legitimate because it is in exchange of goods and services for monetary value. This is not an exchange of cash for cash. It is an exchange of an item for cash. The bank makes an offer. You accept it. But what's wrong with that? Yes one normally would purchase a less expensive house and yes part of the reason for making that is due to line of credit but that line of credit itself is halal because the Prophet himself performs loans. And don't forget that since the value of money itself is depreciating - a $400,000 receive 20 years later may be less than $100,000 today. And unlike conventional banking - you can't raise interest payment. It is fix. You pay $400,000 - no more no less. That is the ideal. Allah has banned riba but he has allowed the buying and selling of goods. This is true.
So, the best maybe to get rid of religious connotation in banking activities altogether...? Why claim to be islamic , allal or whatever if it is to be cheated in the end....?
What this guy is proposing is way too extreme; it's just not practical in today's world. I think the most honorable thing to do is live below your means. If you can afford a 200,000 dollar house, then buy a house for 150,000 and pay that house of as quickly as you can.
In a Zionist-Jew Banking System, avoiding Interesting/Riba would be near impossible. I'm abit confused. I guess renting doesn't seem that bad of an option.
I wish this guy would buy me a big building with his money and give it to me.. i will pay him back with out interest over say 50 years where do i sign up for the deal
@zachrome91 The issue of inflation is created by the fiat currency, the paper money. if you use gold it won't happen like that. It's a different issue altogether. I have never come across an islamic bank or any bank at all that lending money without interest. You must have live in another world!
Salam peeps.Plz read more on islamic banking & finance. With all respect to the sheikh, he don't really know what he's talking ab. Riba is 1 thing, Ijarah (leasing) is something else. He doesn't really xplain how riba is embedded in leasing. He's very opined. Im a student of islamic banking. I think there's a bright future in islamic banking insha Allah. Dont xpect to hav a full islamic economy to come to existence in 1 day. The decline of the islamic empire took centuries. And Allah knows best.
Hats off, sir May Allah give us the understanding, courage, strength to fight this riba in various forms. Jazakallah
I m getting out of the banking system ya Allah help me. Pray for me please
May ALLAH succeed you in this ameen suma ameen and you also pray for us .
What is this " Shaik" talking about bros?
He says in Islam we must deal with cash alone! This is a very constrictive interpretation of the Scripture! He cited a hadith which says on the punishment of "Riba". He did not explain the Quranic or hadith conceot of " Riba".
I propose the following hadith. The experts here can correct me:
Hadith
حَدَّثَنَا عَلِيُّ بْنُ عَبْدِ اللَّهِ، حَدَّثَنَا الضَّحَّاكُ بْنُ مَخْلَدٍ، حَدَّثَنَا ابْنُ جُرَيْجٍ، قَالَ أَخْبَرَنِي عَمْرُو بْنُ دِينَارٍ، أَنَّ أَبَا صَالِحٍ الزَّيَّاتَ، أَخْبَرَهُ أَنَّهُ، سَمِعَ أَبَا سَعِيدٍ الْخُدْرِيَّ ـ رضى الله عنه ـ يَقُولُ الدِّينَارُ بِالدِّينَارِ، وَالدِّرْهَمُ بِالدِّرْهَمِ. فَقُلْتُ لَهُ فَإِنَّ ابْنَ عَبَّاسٍ لاَ يَقُولُهُ. فَقَالَ أَبُو سَعِيدٍ سَأَلْتُهُ فَقُلْتُ سَمِعْتَهُ مِنَ النَّبِيِّ، صلى الله عليه وسلم، أَوْ وَجَدْتَهُ فِي كِتَابِ اللَّهِ قَالَ كُلُّ ذَلِكَ لاَ أَقُولُ، وَأَنْتُمْ أَعْلَمُ بِرَسُولِ اللَّهِ صلى الله عليه وسلم مِنِّي، وَلَكِنَّنِي أَخْبَرَنِي أُسَامَةُ أَنَّ النَّبِيَّ صلى الله عليه وسلم قَالَ
لاَ رِبًا إِلاَّ فِي النَّسِيئَةِ "
Narrated Abu Salih Az-Zaiyat:
I heard Abu Sa`id Al-Khudri saying, "The selling of a Dinar for a Dinar, and a Dirham for a Dirham (is permissible)." I said to him, "Ibn `Abbas does not say the same." Abu Sa`id replied, "I asked Ibn `Abbas whether he had heard it from the Prophet (ﷺ) s or seen it in the Holy Book. Ibn `Abbas replied, "I do not claim that, and you know Allah's Messenger (ﷺ) better than I, but Usama informed me that the Prophet had said, 'There is no Riba (in money exchange) except when it is not done from hand to hand (i.e. when there is delay in payment).' "
Sahih al-Bukhari 2178, 2179
In-book : Book 34, Hadith 128
USC-MSA web (English) : Vol. 3, Book 34, Hadith 386 (deprecated)
'There is no Riba (in money exchange) except when it is not done from hand to hand (i.e. when there is delay in payment).'
What the Al Quran says about this?
2: 275 to 280
My understanding as follows:
a.Trade is permissible is not the same as"riba"
b. Allah condemns "riba" grants growth to charity
c. Allah promotes you to pray and be charitable
c. Give up what is left from " riba"
280 reveals the true meaning of "riba". It says..
"If the person is facing insolvency, then you shall wait until he becomes able. And if you relinquish it as a charity it is better for you if only you knew."
Riba is increase in your gain "profit" of lending your money and getting a profit out of it above your capital! " then you shall wait until he becomes able" is time factor!
In 2: 279 :
"but if you repent, then you will have back your principal money, you will not be wronged nor will you wrong."
Meaning, you do not trade your money أَمْوَالِكُمْ
Therefore, Islam is not proposing cash payment! Monthly payment is proposed in the above hadith and in 2:280. But, you cannot lend cash money and getting a profit out of it.
Riba is direct. No money given and getting profit out of it. If there is a property purchase involved in it, InshAllah if the property appreciates i think its a win win situation.
The word ربح- profit or gain sounds very different from "Riba".
My 2 cents worth of clarification.
May Allah help you. Donate all the bad money and read استغفر الله as many times as you can on daily basis.
@Outlaw.44 The saving accounts in any conventional bank are based on Riba so stay away from those saving accounts and run faraway, always use checking accounts. Now another example is the issue with the money back cash or reward that some credit cards and checking accounts give you, those are Haram also according to many scholars because they are based on a guaranteed percentage (1.5% or 2%...etc) which is considered to be Riba even though you may think of it as an incentive or discount. Another example is buying a house or car using a bank loan, this is obviously Haram from a conventional bank because they charge you interest on the money you borrowed. But the issue is that there are some scholars who say that even using an Islamic bank for buying a house or car is Haram because they are just calling it musharaka or murabaha while it is just Riba transaction, I am really struggling with this last one because it was the only hope I have and now I am not even sure about those banks as many scholars say.
Get rid of it brother free your self from riba!!
The good sheikh imran tells the truth but its hard to swallow for most peopl but he's done what was compulsory on him as a sheikh, the rest is up to you decide the path u wish to take.....
The shiekh doesn’t have to give alternative. He has to state the facts period.
It seems that Shaykh Imran Hosein is the only Muslim Shaykh or perhaps the only person, in the Islamic community who understands the ugliness of Riba; "forbidden to Hebrews, Christians and Muslims." Thank you for sharing your deep understanding of the financial theft, the banksters! May God protect you and continue to
guide you.
Asalaamu alaikum wa rahmahtulahi wa barakatahu. Allah knows best. Being honest with ourselves is the best option. Questioning everything we do will serve us well in this life and the hereafter Insha'Allah. Let's ask ourselves how the Messenger of Allah SAWS lived as well as his companions R.A? Why do we grow our beards, eat with our right hand, pray Witr, and many other things that Rasululah SAWS practiced then why don't we consider how his dwelling was? Are we better than him? If he for example lived in a 10x10 dwelling that is a 100sq ft, yes? Then we NEED 2300sq ft to leave in this world? No these are wants not needs. 300sq ft tiny house is $20000-30000 or less. An acre of land in some states are $5000 or less. Do the math that's a $1000 a month for three years of savings. No loan no debt no riba but definitely less than American and world wide dream. What excuse will present to Allah SWT on the day of judgement? Why are we not willing to make any sacrifices to get to Jannah. I think a tent would be more suitable that war from Allah SWT and his messenger SAWS.
Subhanallah, i like your view.
Well said. Jazakallah kheyra
MasyaAllah agree
Mah sha Allah Allahumma Barik BarakAllahu feek Akhi ☝🏼❤
Great lesson.
However I noticed a lot of negative comments below from a bunch of ignorant idiots who feel allah swt hasn't given them any other options...
Shame on them.
Give a Solution. Suppose i want to do a business and i need fund. Who will give me Loan (Bank or other person) without any benefit of their own? Come to point and answer this. Please explain more and with reference. Explain murabaha more. The thing is what is the solution if i want to borrow money ? Why would someone give me money if there is no benefit for them? Is there any source like this?
Shame on you calling them idiots.... you do not have that right...
@@mahbubalislam2475 Those who apply islam in their lives and are capable will certainly lend money without interest.However if we remain Muslim by name then you are right
@@mahbubalislam2475 The choice is yours, Islam is very clear. Borrowing money with interest is usery and it is forbidden. The consequent is very clear, take a usery but be ready to go on awar with prophet Mohammed P.B.U.H and Allah.
I can tell you my opinion though. Its sad that u feel there is no other option when there dozens of it. Start to think different and you shall find different path Insha Allah.
Good luck
@@amdnour Thank your for your suggestion. I am looking for salvation.
Shaik imran here in UK those who buy a house get involved in riba.
Other option is rented house where you help the owners pay of their riba not only that many Muslim claim housing benefit and not showing their proper income. (Lying to the government)
Other option is council house. Many Muslim don't chose this because they have to wait for too long to get a house or the council gives them very small flat far away from where they want to live.
Trust Is Abused Your name !
This is not easy if you live outside of an Islamic Sharia law country.
Choose the lesser evil brother, no such thing as "no other option". If so then Islam is a fake religion and Allah tallah does not exist ( Auzubillah )
I totally agree with shaykh imran hosein on the issue of Islamic banks manipulating the sharia banking system so serve themselves. And also the hiring of muftis who are paid large sums of money to put a signature at the end to make it look legitimate.
sparkey3603 what's your problem with Muftis getting paid? you jealous?
You are absolutely right. Fiat currency system is the root cause of all problems
"Had the world been of any worth in [God's] eyes, He never would have allowed His enemies to possess it"
Previous, I did'nt understand the concept of the Islamic bank & I have a view that Islamic banks hide behind the conventional systm, but after I learned of Islamic finance & fiqh muamalat then I think otherwise. Islamic knowledge is very broad & muamalat law has been discussed since the time of the companions through 100s' of Hadith. Islam isn't only taking care of the customer's right but merchant as well. Most of us think nt just halal is Islamic but also cheap is islam. This is wrong view.
This is the true Islamic scholar. Powerful intellect.
I think there should be a real and true islamic bank that has people to join it. Let's say 10 people join bank. And one of them decides to borrow £1000. Everyone could make up and give the bank that money then that person takes that grand and pays the exact amount free of interest/riba. And all those who made up got back their exact payment PLUS their reward from Allah(swt) for being so kind to lend money without the need of profiting from it which is greedy. Ah, what a dream (:
Now we shall ask ourselves, Is it really like a prison, or like a paradise. We are looking for pleasure and comfort here, while its been kept save in the next life. And brother, its not in anyone's power to stay away and be protected from sins, only those that Allah protects, so we shall pray to Him with utmost sincerity and HE will Help... Allah always helps!
May HE help us all. Ameen
hamidmushtaq - you are right. This guy makes a lot of sense and that is what happening now. If they come to America there's a lot of homes with no real owner the Arabs would clean up here and own apart of America. America can not pay for their own, the people have no jobs, they are living on the streets and even the unempolyment is drying up. It's time we come together and rethink about the hate. I think this is GODs plan to make us come together. LOVE and PEACE ! Allah Akbar.
Now a days price of a manufactured product includes interests of capital, lease, rent, depreciation etc at various levels. Those who not living in an isolated situation.
I HAD A DREAM AROUND 16 MONTHS AGO, AND THE DREAM WAS LIKE:- ONE OF MY RELATIVES DIG A HOLE AND FOUND A BIG STONE OF DIAMOND AND HE TOLD ME WHAT HE FOUND FROM THE HOLE AND HE RAN AWAY.
I WENT TO THE EXACT HOLE AND FOUND SO MUCH MORE DIAMONDS, WHEN I FINISHED COLLECTING ALL THE DIAMONDS I'VE TRIED TO GO, WHILE CLIMBING A BIG ROCK ON MY WAY, A LION CAUGHT ME AND I WOKE UP AFTER THAT. I REALISED MY COUSIN IN USA A WAS FULL OF RIBA ALL HIS YEARS LIVING IN USA.
Wow, it's true dream Bro?
an eye opener sir..jazakalllaah..
jazaakallaahu khairan
Yes, I agree.
The great deception.
your answer is in the quran brother Allah jwa will make a path for u if u fear him
We are ALL in RIBA, because our currencies just lose value over time...What you buy for a dollar today will be bought for 1.5 dollars tomorrow.
From the day we are born, we are ALL taking part in the monetary system. Not only the fiat money inflation is RIBA, but we also have to pay taxes to cover the debt created by the big banks that create debt out of nothing. ( See the Federal Reserve for example)
We ARE ALL IN RIBA haha, while you are at it, do ALL YOU CAN to become wealthy so you can buy land, grow your own crops, and opt out of the money system.
The lack of Money is the root of all evil.
Interest is not the Evil, Greed IS! Greed asks for more than is reasonable. What is reasonable? An amount that is payable without sacrificing one's other needs and modest standard of living, and considers one's income in relation to the product size/quantity/quality. Interest SHOULD NOT BE A FIXED RATE for everyone!
Darin Walker
Interest is based on greed my friend
One thing leads to another. It start with interest. Usery is bad for society, u can choose to ignore it but don't say I was not warned.
@MegaAhmed89 Check out the rest of the lecture as he does offer some solutions in it.
Also, keep in mind the legal maxim of 'the lesser evil'. I know some of you will say, 'why dont we go for the good'. Well, in our world, unfortunately no economy can really run without banks. So islamic banking is the alternative. lets try to work together to bring a true islamic economy. there's so much reasearch to be done in this area. but one of the most important is to islamise the consumer's behaviour. Islamic banking is just a means not the end...
So this question me if your goods almost expired/unusable/half broken/etc can we reduce the price so we can at least get a modal out of it?!
Allah ho akbar. You are only person i found on right path. Allah gave you strength.
very nice elaboration
I always in doubt with this so called 'syariah compliant' "Islamic banking". There dont call it interest rate but instead they use term "service charges ".
i m doing the Ijra loan banking sytem wich is in LA and should i do it ? please any advicees or opinions ?
4/7/224 - Ramadan Night 29th.
No wonder Prophet Mohammad (peace and blessing be upon him) said that in the last age there will not be a single person who will not be consuming Riba .........
Out of every 1000 (one thousand) 999 will be for the hell-fire and the last age is one time when they are being sent in multitudes. No one said life is easy. This life is easy, like a paradise only for the non-believers. For the believer its a prison.
The solution should be a zero interests loan where those rich Muslims could give to the ordinaries . with fixed amount of process/admin fees which is not a burden. The real HALAL interests they will be getting is in the afterlife .. these "interests" will be paid in great folds by Allah swt. By helping fellow muslims free from riba, you'll be rewarded for sure. but If only they knew how lucrative these proposition is. Wallahualam
Muslims employers could start giving such loans to loyal workers. say.. after 5 solid years .. or a rich Muslim country .or countries could start zerobanking ( zero interests banks) system.InsyaAllah, when you help the ummah, the ummah will also help you.
Yes they could start zero interest banking, but do you think the banks will be sustainable? For how long do u think they will serve the muslim brothers&sisters before they run out of money to support operations?
I'm not propagating riba but am supporting trade. Trade with 0 interest but profit in it because its allowed. And there is nowhere in the Qur'an and Hadiths that says banks aren't allowed to trade.
Be respectful on your reply please.
The economics here is affordabilty. With time factor is allowed ( see my comments above) I think shouldn't be a burden. This shaik is ?????
Write In sha Allah spaced out separately because it reads out 'Create Allah' if written together
@kawaiigardiner the teaching of islam did not come in a one package what I mean is that in the begining of islam people were using interest and teaching of islam were concentrated teaching people who god is and how to worship him, but interest was forbiden in later parts of islamic teaching
There is no option and when Allah made ruling, he never chose time its upto yaumul qiyama
So how do we buy big ticket items in the modern world? How many people have several hundred thousand dollars lying around?
Rouillie Wilkerson IKR!
Don't buy them. Simple.
When we say Islam is a complete code of life. then what should the banking system in this code. These scholars criticize each other. why don't they come up with a solution. is it possible in this world to keep money buried in soil? we need to develop something that is allowed in Islam. I wish this Sheikh do something useful other than criticizing.
Usmaan Sial very well said but unfortunately our Alims becomes Zalim. They aren’t on even on same page 😞
Do You think Jannat is very easy. You have to bury in soil. Go to village
Usmaan Sial the solution is the same as every solution. Return to the Quran and sunnah. During the time of the prophet and the sahabah there was no riba practiced amongst them. Return to that and leave the non Muslims to their own devices.
He's not just criticizing, he's giving useful information for us to understand. And that's a good enough from his part and as a starting point and maybe there's nothing much else he can do. But it's up to us to do a change, and why not everyone of us start by giving up all those dealings involving riba? Why wait for someone else to do "something useful" when you can do it brother. Check yourself first if your affairs are conducted in a acceptable manner.
can you tell me how I can buy with out going to a bank
Hoard
Borrow money from relative
Who says you must buy house?
Ask yourself, why must the bank get involved in the first place?
Where is the solution? I hold u witness that I could not find an alternative but to sign a mortgage. May allah forgive us.
sean perris islamic bank is the solution, this man know nothing about Islamic finance.
Intekhab Alam Islamic banks are a scheme. This guy is absolutely right. It's like selling alcohol and calling it milk. Who are they fooling? Certainly no God. I have more respect for conventional banks than Muslim banks because western bank are at least are honest and they are not manipulating anyone! They call interest, interest. Islamic banks call it profit which just so happen to be the exact amount of interest offered on the market by conventional bank. It's sooo dishonest and so wrong to take advantage of people. I will never borrow from an Islamic bank. They have nothing Islamic about them. In would rather borrow from a regular brank who is not play I g on words and taki g me for an idiot! It's just so wrong On every level!!!
Banks shouldn’t be a business. Thats your solution
The problem of we Muslims that we just follow lifestyle of nonbelievers and then make excuses . If we show hatred towards Riba the same way we are showing alcohol. In short we are happily committing major sins and stay away from minor sins.
Brother, of course there is a solution. Using Gold is Sunna. Gold Dinar is written in the Quran.
So if someone want to give money, he have just to base the quantity of money on Gold. So instead of give money, he give the quantity of gold related to the money. The borrower needs only to return that quantity of Gold. That's all. Inflation has no effect on Gold. May Allah forgive us for all our Sins.
Cash transaction is quite impossible today, especially in international business. And without banking and finance business and transaction are so difficult and even nightmare. So, Islamic banking is urgent. Is there any alternative for this?
may be you know the japanies people make cash transaction even though they buy home and car ect japan is a big economy of the world
the toyota auto company didnt kept money in bank the toyota didnt lend and owed money from bank.
may be will become possible if we try to implement islamic finance
Ya shiekh does the auditor who analyzes the interest transaction also stand equal to those who records the transaction
It is my understanding that muftis or other who strive to give Riba various 'Halal" names, are simply cloaking a swine in sheep skin and calling it halal! Although I suppose, the ramification of consuming swine is far less than of consuming Riba? Sad when we engage in manipulating the laws, commanded by The Most High!
My question is, if we don't pay interest on homes or do anything that deals with interest in these societies that provide no other options, then what other choice do we have? Do we go homeless or stay on rent for our entire lives? I am against interest for it is deep evil, but how does one avoid it in most countries these days? Why is this not mentioned in the lecture?
hmm. You make a very good point.
Is it against Islam not to loan money?
What is the difference between interest and profit?
Hey where did the bank gets its money in the first place to do that?
Who printed the first money by whose power, where it is held and who owns that money? Whether they buy something with it or give it away. By the way, let me tell you something. You can neither buy something or give something if you don't own it. You think about that now.
Those who aren't well versed in Islam speak against Islamic banking. Their is consensus among muslim scholars about Islamic banking.
ok , lets say that all those islamic banks are haram , so what is halal ?? the shaeikh have only spoken about the "backdoor riba" so tell us ya sheikh not only whats bad but tell us whats the right thing to do .
If someone knows the answer please contact me
Simo Simo the answer is easy. Renting is halal.
Buying a piece of land and building a house with your hands is also halal and sunnah.
@@cristianneagu6304 that was my idea
Insha Allah. Even before I became Muslim
Someone said it's cheaper
I don't think the interest we pay today is the same interest that was outlawed by Islam.
In true Islamic banking system if bank lends money then how can lent money be secured in case the borrower defaults. Can anyone clear this up
Thx for the idea, when i'll start a village i'll try to do everything halal :D
You might wonder on the day of judgement where all these hasanat come from =D
@maddy52003 I came a cross this vid on Moroccan forum in Holland talking about Riba , but i was always convinced that the islamic banks they always makes halal busines , can u send me or place here more lectures where he explain the right way ??
Thanks in advance
They operate not only with PhD. They also have Nobelpreises😂
Salaam Alaikum, Dear Shiek if Allah gave us gold and silver as legitimate mubarak wealth and the various world goverments have systematically withdrew the real wealth and gave the entire world paper, what possible road can one travel out of this trap.
The cash is riba, the credit is riba, the money is ficticious,
Yes live in a muslim village
Assalamu Alikum,
I understand who are the parties taking and giving Riba; the "recording" one is the guy in the bank.
Who are the Witnesses, as refered to in this hadith?
Jazakallah!
What about concept of justice. Here is the example if you give me 100k dollars and I return the 100k after 10years. Now question is due to inflation 100k is no longer equal to 100k 10 years ago in terms of purchasing power. So even though money is returned in full but in true sense I did injustice to you which is against Islamic teaching as well. So there has to be compensation for time value otherwise lender will be on the losing side. Let me know if there is any answer to this problem
Lender is, largely responsible for controlling inflation, though, because they have the most, and should circulate it. Loss of money through waste is very small, maybe 1-2%, at most, and far less, actually.
the bank buy the house that you want to buy for 100000 dollars and sell it to with 120000 dollars (there is no 400000 dolars) ,20000 dollars is halla it is your comition (your benefict: ti's normal, if you bought smth you won't sold it with same price,obvously).then the bank tell you to live in the house for a "X dollar" each mouth in a way that you finish your 120000 dollars . and the most interessting is that if you couldn't pay anymore the bank give you what you've paid all the months
What does 'witness' mean here? Does it mean someone who simply caught a glimpse of a Riba transaction?
Two persons who normally needed to verify the deal between the borrowers and the lenders.
charity lending is different from business lending. if you lend your neighbour money to solve personal family problem , you won't take interest (riba) on that money. But if it is business related lending, interest must be taken because the borrower is borrowing to make monetary profit that money unlike charity borrowing which is not monetary profit driven.
The sheik should understand the differences.
The Jews are lending with interest strictly for business venture, not for personal problems so that does not contradict the Torah.
If you want to borrow money for business venture and make monetary profit from that money, you have to pay interest . it is business. But if you borrow money to solve personal problem, for example to foot medical bills, the lender won't have to collect interest... it's against the Torah.
Usery is usery, islam makes it clear. If you choose to ignore islam you can but own it instead of asking islam to change around u.
Let's look at the development of the West under an inflationary fiat credit system versus the development of other areas not operating this way and who aren't sitting on a huge oil reserve. Wealth is still LESS disproportionately shared and average wealth is MUCH higher. As a monetary system, this guidance is universally bad for everyone.
@Icywar , brother/sister, remember the basic rule of market price. if all your payements etc add up to be equal to the market price without any conditions for this balance to be changed like late payment penalty, then it is ok. I doubt such a lender exists.
What about when interest rates are negative, like right now? Is it haram to take out a mortgage then? Or what if the interest rate is so low it only covers the inflation rate, preserves the real value to the lender?
If all credit is haram, if only cash transactions are OK, Islamic world cannot compete in the global economy, cannot even compete within their own markets, there are situations when lending benefits both parties equally, a fair trade so to speak, micro loans are on such case, a “regular Joe” on one end, either only trying to keep the value of his money or even put it to work, and on the other his friend, a business owner, who’s doing OK, but with Joe’s investment he can buy his raw materials at a lower price, invest in modern equipment, make his products more competitive, create jobs for other people, how can this be wrong? The preacher’s example, cash price is 100k, price thru loan is 400k, that’s usury, that’s haram in every religion as well as illegal. “Fair trade” loans, however, they can benefit both parties, no matter what the hadiths say, Mohammed didn’t live in a modern economy.
bro plz search about the japany economy
the japany people make cash transaction even though the buy house and car
they make big cash transaction they didnt kept money in bank because bank take charges on kept money
riba is not involved in japanies most bank
may be in future japan will become riba free economy
please search on japany economy
From what u wrote I am not sure if ur Muslim or not but u can't deceive a true muslim what ever u r. Usery is ursery call it modern world or what ever and it will still be usery 2morrow.
Give a Solution. Suppose i want to do a business and i need fund. Who will give me Loan (Bank or other person) without any benefit of their own? Come to point and answer this. Please explain more and with reference. Explain murabaha more. The thing is what is the solution if i want to borrow money ? Why would someone give me money if there is no benefit for them?
Its the Last Sermon for a reason..........
What about Musharaka or Murabaha that many Islamic banks do and follow with buying a car or house, it sounds legit and clear as a partnership. This was my last hope and now I am really confused and don't know who to believe or trust.
The reason ur confused is because u don't know ur religion. Go back and learn islam then see how ur life improves. Insha Allah
It is structured as a partnership but actually provides a guaranteed return to the bank because the total deferred prices you pay in the series of payments are more than the cash price. This is camouflaged interest and this is the speakers point. Modernist scholars would say that if you have a clear and honest contract, if you are not being exploited, and you are getting a good benefit by using the house or car it is OK to take an ordinary loan. The traditionalists and neo revivalists like Maududi and Taqi Usmani in Pakistan want you to use Islamic banks and pay murabaha camouflaged interest, which is usually more expensive. This speaker is even more conservative. I think you have to use common sense and ask yourself - does Allah really care about these squabbles? I think not.
@zachrome91 youare not paying 95,000, as per he agreement you have to pay same amount becoz that agreement was based on the market before 5 years.you may refer to Sura Bakarah for agreement which involves future obligations
salaam
how do you aviod riba then as the whole banking system is based on riba even "Islamic banking" - how do you aviod it - scary world.
peace.
Solution?
Bait ul maal is the only solution go and read 4 khulf e rashedin life
This is True
if conventional banks are haraam due to ribah.. if islamic banks are haraam due to 'back door' ribah as this sheikh is saying then how do you buy a house ? if houses are on average £300,000 who an earth has that sort of money lying around in savings to undertake a cash transaction (so called a islamic transaction)
Also the shaikh may be quick to ciritise all modes of bankings but he offered to solution to the problem which i found disappointing.
@sravat1234 It is forbidden for muslims to live amongst non muslims without a valid excuse.
@NMMOIN There are no instructions in Islam about CURRENCY because fiat currency came after Islam. There used to be gold and silver coins during times of Prophet Muhammad (Peace Be Upon Him). Do you know what is fiat currency??? Do you know what is fractional reserve banking??? If you really know, explain it to me how they are Islamic? Prove it! Secondly, I was not saying about Gold backed currency but a currency based on Gold and Silver! That has some intrinsic value!
Actually those investors in the Islamic Institutions who permit/help others to buy a house are not really sucking money from the poor. I used to think like that too because yes, the price of house is more expensive than if you pay cash. But if you look at what they get as a return, it is like 5% and if they were in investing elsewhere in the market, they would get much more for their bucks. Allah knows best, the Islamic Institutions have backing from other Muftis so I am lost here.
so shud we even have current and savings account, even if u discard of the interst money??
so all these centuries Islamic finance has never really worked then, everywhere around me is the so called 'back door riba'.
should I just sit buy and watch my non-muslim colleagues grow wealthy? #confused
The real goal is not to become wealthy in dunya my friend, but in akhirat.
Does anyone know the speaker's name.
What's the alternative to conventional banking in Islam. can anyone answer this question.
Usmaan Sial islamic bank is the best alternative, this man know nothing about islamic finance.
dear brother, in the later part of your comment you have answered your question yourself :)
the implementation is islam is through islamic state. there is no other complete way.
Credit transactions are not the norm yet it is allowed because the Prophet performs it.
What is market price? It may have been easy with a small market in a specific location but when the market spans the entire world and your client can be anyone - what is market price is less clear. if market price is cash price - how do put a definite since different people can pay different amount because they have different cash. And Umar ask the man to get out of the market - does that mean that it was legitimate if he sells his good outside of that specific market?
Time equals money. Earning money trough time is riba. True.
But. But, the transaction in question while a credit transaction is legitimate because it is in exchange of goods and services for monetary value. This is not an exchange of cash for cash. It is an exchange of an item for cash. The bank makes an offer. You accept it. But what's wrong with that? Yes one normally would purchase a less expensive house and yes part of the reason for making that is due to line of credit but that line of credit itself is halal because the Prophet himself performs loans. And don't forget that since the value of money itself is depreciating - a $400,000 receive 20 years later may be less than $100,000 today. And unlike conventional banking - you can't raise interest payment. It is fix. You pay $400,000 - no more no less. That is the ideal.
Allah has banned riba but he has allowed the buying and selling of goods. This is true.
who ever asks for more than he gave shall not enter the kingdom of God...
Sheykh - Give us an alternative?
Muniruddeen Lallmahamood yup, one in hell and one in heaven
The alternative is to fear Allah. Submit yourself to Allah and not to Dajjal and syaitan. Insya Allah, you will be succeed.
So, the best maybe to get rid of religious connotation in banking activities altogether...? Why claim to be islamic , allal or whatever if it is to be cheated in the end....?
What this guy is proposing is way too extreme; it's just not practical in today's world. I think the most honorable thing to do is live below your means. If you can afford a 200,000 dollar house, then buy a house for 150,000 and pay that house of as quickly as you can.
Stay away fro riba. Don't lie to people. May allah guide u and all.
this life is a test, live , work, save, invest and buy when ready without riba
You are not explaining any alternative and from wher th islamic bank profit comes from?
Bait ul maal is the only solution go and read 4 khulf e rashedin life
investment with halal work and business
thats why islamic economy survived for centuries
In a Zionist-Jew Banking System, avoiding Interesting/Riba would be near impossible. I'm abit confused. I guess renting doesn't seem that bad of an option.
I wish this guy would buy me a big building with his money and give it to me.. i will pay him back with out interest over say 50 years where do i sign up for the deal
If u can’t afford it don’t buy it.
There you go!
And if you want it then work hard to get it and don't use shortcuts and live a borrowed life!
Leaving behind unintelligent comments make you really look stupid
@zachrome91 The issue of inflation is created by the fiat currency, the paper money. if you use gold it won't happen like that. It's a different issue altogether. I have never come across an islamic bank or any bank at all that lending money without interest. You must have live in another world!
reply to saadahudeen. Please watch Islam and internationl moneatry system by Imran Hosein this will answer lots of your questions.
Salam peeps.Plz read more on islamic banking & finance. With all respect to the sheikh, he don't really know what he's talking ab. Riba is 1 thing, Ijarah (leasing) is something else. He doesn't really xplain how riba is embedded in leasing. He's very opined. Im a student of islamic banking. I think there's a bright future in islamic banking insha Allah. Dont xpect to hav a full islamic economy to come to existence in 1 day. The decline of the islamic empire took centuries. And Allah knows best.
Unless I don't know how to count that makes 5. There is one person more.
Can there be a Islamic wine, Islamic ..... it's a deception there cannot be a Islamic banking but it is Islamic finance/economy ..
Astargfirullah ...
@MegaAhmed89 Aslam alaikom brother, you don't have to buy you can rent.
wow honest
so which bank is a legit Islamic bank?
Intrest-free bank?
Alhamdulillah rabil allah min