103. Islamic Finance and Bitcoin w/ Safdar Alam

Подписаться 46 тыс.

Просмотров 6 тыс.

50% 1

In this episode, Saifdean talks to Safdar Alam, CEO of investment firm Maydan Capital, about Islamic finance. Safdar starts by describing the basic principles of Islamic finance and the ethical justification for Islam’s prohibition on lending with interest. He and Saifedean then talk about how Islamic finance works in practice today; how it is mimicking the mainstream financial system; and the ways in which bitcoin might provide an ethical alternative to common practices often considered haram. In the Q&A Safdar answers questions about the Islamic definition of “speculation” and how this differs from “gambling”.
Safdar’s official website:
www.safdaralam...
Safdar’s Twitter thread on why Islamic banking needs to reform:
Sa...
2014 Bank of England bulletin “Money creation in the modern economy”:
www.bankofengl...
1964 book by the US Federal Reserve about how money is created: A Primer on Money:
www.amazon.co....
Positive Money explainer video series on how money is created part 1:
• Misconceptions around ...
Maydan Capital official website:
maydancapital....
The Bitcoin Standard Podcast episode #59: Bitcoin: The Most Islamic Form of Money? with Harris Irfan:
saifedean.com/...
Safdar’s textbook Islamic Banking in Practice:
www.amazon.co....
Saifedean’s first book, The Bitcoin Standard:
saifedean.com/t...
Saifedean’s second book, The Fiat Standard:
saifedean.com/t...

Опубликовано:

11 сен 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 51

@periferisk1096 Год назад

The current state of ”islamic finance” reminds me a lot of how the catholic church engaged in certain practices around the 1500s. I was specifically thinking about the practice of selling letters of indulgence, which made the church a lot of money, but was in stark tension with the underlying religious beliefs and writings of the Bible. Ultimately, these tensions between financial incentives and religious beliefs was a key element of the growth of the protestant movement and the emergence of the protestant churches. Will be interesting to see how the future of islam plays out.

@redman6790 2 часа назад

Great point. It also reminds me of Judaism and their deviation from the scripture and bending the laws to suit their wants rather than God's demands as stated in the Qur'an

@Iammuneebkhanlodhi 2 года назад

I like how Saif and Safdar discuss the problems associated with Fiat based system for nearly an hour before finally moving on to bitcoin 54:00 onwards.

@Dante3X 2 года назад

Alhamdulillah, great discussion. I learned a lot!

@juliuscaesargaius7275 2 года назад

Saifudeen, if you can speak Arabic there is huge need for education of Bitcoin to Islamic scholars. Maybe you could have a podcast.

@middleclassinvesting 2 года назад

trying our best brother , in touch with some mufti offices

@BlockchainShango 2 года назад

Excellent video, Sir. Full of wonderful information that gives a glimpse of the true face of the beautiful religion of Islam. I follow a branch of West African Spiritualism but grew up w/Catholic and Muslim relatives. This could be viewed as a forerunner to a moral case for Bitcoin for Muslims, perhaps? Take care, everyone.

@chaibmohamedamine1443 2 года назад

Great interview, as my understanding in Islam money is not a comodity we can not sell it, it's the tool to exchange goods, And the system as it is now is not fit for us, as for who need capital should go and rise capital and find investors And God know best

@muaawiyahtucker 2 года назад

Can’t wait!!

@nasreenakhtar8521 2 дня назад

Understand the current fiat system, there the problems will become clear. Once you understand the problem your vision becomes clearer for direction

@jamespenman4338 2 года назад

When will the fiat standard be available on Audible

@arsalanmustafa1563 10 месяцев назад

If majorly of wealth is invested in real assets , then you only need Bitcoin /bank current accounts for payment rails only and not as a place to save.

@Fukdfed 2 года назад

Wow, not a big supporter of "We are told" "We are told" "We are told". In regards to the law of lending; I can understand the non-profit aspect but that was well before todays banking practices and inflation. Surely allowing the lender to recover the value of currency loaned rather than the specific number of credits in that currency.

@Iammuneebkhanlodhi 2 года назад

Hi Saif, The point that you mentioned (regarding rationale as to why interest is a menace) aligns very closely with a veteran Pakistani scholar, Javed Ahmad Ghamidi. He argues that Riba is actually on "consumable" items (including currency). For example, if you lend 1 kg of wheat grains, you can't ask for 1.2kg in return, as the item itself will be consumed (unlike for example a car which is loaned, which is a usable item and can be returned in its original shape) I think the analogy you used that when we lend someone currency, it is a consumable item. How will one pay it back "more" when someone has consumed it for a need. The way to pay back "more/riba" will actually need printing money out of thin air, that is the real menace. I hope I have understood it correct.

@adamahmed366 2 года назад

I have a question: if we were to make an economy based on bitcoin - how would it work. would you essentially have representative money which has its value linked back to bitcoin. for example lets say in olden times 1p = 1/n of a gold bar's value.. would 1p hypothetically be = 1/n of a bitcoins value? I ask since, in everyday life how would people pay for things - like a chocolate bar - if bitcoin is volatile, does that mean that I could buy a chocolate bar in the morning and it be 20% more expensive or cheaper in the afternoon? how would the pricing be adjusted for that volatility mentioned by Saifedean in the video? I am aware that there is supposed to be a bitcoin city being created in El Salvador - it will hopefully be a good case study/learnign oppertunity for the world and the utilisation of bitcoin. Please excuse any naivety on my part - I do not know much about economics or banking but would love to learn more since it is so essential to life, society and ultimately ethical conduct I am very interested in this scenario - i am in agreement with Safdar - and the religious obligations to find an alternative to the fiat standard, hopefully many young people like myself can become familiar with these issues and find a way to implement their solution in reality - whether it be bitcoin as a halal alternative to fiat.

@pmc9194 2 года назад

At the point people as a whole were to "make an economy based on bitcoin", it's likely Bitcoin would be far less volatile than what it is now. In a place like Bitcoin City in El Salvador, since the country still has the USD as its national currency, goods will likely have "floating" BTC prices. However, the city will also be very popular with Bitcoin enthusiasts and so it may very well be that businesses decide to price things at fixed Bitcoin prices (but I doubt it).

@k98killer 2 года назад

There are people working on synthetic dollars over the Lightning Network using discrete log contracts to relieve some of the volatility while still using Bitcoin for transactions and settlement. That will be a helpful feature during the transition period from the fiat standard to the Bitcoin standard. Importantly, since it is synthetic, it is not loaned into existence, so it is not riba and shouldn't be haram the way normal dollars are. The current volatility is due to the relative immaturity of the monetary network. When it becomes widely used for economic purposes rather than speculative purposes, the volatility should abate, and that will likely be with a much higher value than it currently has.

@se6586 2 года назад

Adam, consider this. If you work a job and you get paid the same amount, but the things you buy go DOWN in price, over time you will be able to save more and the money you do save will actually be worth MORE than when you had saved them. This is the idea of BTC instead of making you seek interest to compete with inflation, the money you do save becomes worth more in terms of purchasing power.

@Giatros89 2 года назад

@@k98killer Is this the RGB protocol?

@k98killer 2 года назад

@@Giatros89 this is the first time I've encountered the term "RGB protocol", so probably not. The synthetic dollar idea uses discrete log contracts to determine the settlement of the contract in sats using a price oracle to maintain the dollar value of one of the parties; the counterparty then accepts a 2x leverage position in BTC vs USD.

@kw6909 2 года назад

Great interview. Crazy to think people are still following advice from a book written hundreds of years ago, the current lending system is nothing like the old system as described by Safdar yet people are still following the advice given around that old system. People need to learn and adapt with the times.

@juliuscaesargaius7275 2 года назад

"And those who disbelieve (strong and wealthy) say of those who believe (weak and poor): "Had it (Islamic Monotheism to which Muhammad SAW is inviting mankind) been a good thing, they (weak and poor) would not have preceded us thereto!" And when they have not let themselves be guided by it (this Quran), they say: "This is an ancient lie!" 46:11

@each1teach1 2 года назад

K W. You missed the point, my days. It's NOT that they're following the advice of the Book. It's that they FAILED to follow it.

@kw6909 2 года назад

@@each1teach1 do you follow medical advice from 600 year old medical journals or do you agree that their ideas might be outdated?

@hatmaserat2910 2 года назад

@@kw6909 there is a difference between words of a medical journal and words of god (who is unfallible)

@each1teach1 2 года назад

@@kw6909 straw man. If something comes from my creator it can't be compared to a journal. Either way, i would follow it if it's got sound reason.

@ldfgbnghcfhgvjbkhn 2 года назад

I hear Bitcoin is really about to blow up in the Islamic world!

@talhachuhan7027 2 года назад

sir give a detailed review on Bitsubishi

@orientinokzident 2 года назад

I think, we really have to see that all religions started with a "drive" to turn things more ethical. As soon they become institutions they start to be interested in money exchange 😆But with all the open education we have today, there is not really a need for any religion to start or keep their own banksystem, in my eyes. We simply need ethical councils or an elder council with ethical standards in the banksector that helps to build a system that keeps the moneyflows "healthy" steadily going. Religion and Spirituality is something personal and shouldn't be mixed up with any kind of moneysystem. (Note for readers of this content: please don't comment this with a stupid WhatsApp Nr. to get into bitcoinmarket, please🤦‍♀️🙏)

@bitelshh 2 года назад

Zakat Coin🤲🏿

@hasanatseeker30 Год назад

Is Saefidean muslim?

@masem.2671 2 года назад

Dudes hairline is nice

@CorrinaBettencourt 2 года назад

Mom

@CorrinaBettencourt 2 года назад

Lol

@jaronkenzo8582 2 года назад

,Thank you for your videos mate.The BTC shows us that when he wakes up he knows how to do it and destroy all the bears!! Never go against the trends on cryptos, even less put levers, it is about the immediate sanction as soon as you turn your back, now anyone who has been in the crypto space for the last 6 or more years certainly knows about the cycle structure, every 4 yearsBTC goes through a halving even where the amount of Bitcoin that is mined is cut half. Well, the block reward is cut in half. this cause huge price spikes every 4 yrs because it create a supply and demand crisis that can't be priced in until it's a reality. >but all thanks to Eric wang who taught me how to make trade and increased my Crypto from 6 to 21BTC now. No one really knows what is going to happen in the market and I know you are only saying what you think will happen based on the past. It is yours and my opinion so people should make their own Investment choices based on their own research. ........

@lindawhite2905 2 года назад

i appreciate you how will i reach him............

@jaronkenzo8582 2 года назад

Ewang76 VlA Te le gr am..📧✅🇱🇷....

@gabsonglover9837 2 года назад

Yessss!! Bitcoin going up is good for the entire market. My largest holding is also xrp, and I actually root for bitcoin to do well, because history shows xrp lags behind it.....

@bradleybecker7413 2 года назад

The fruitfulness of your trading lies on the account manager or the expert and you, you don't make money on forex or crypto by holding your coins rather you trade to make gains.....