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That dude is a jaahil when it comes to anything about deep islamic knowledge. He should study first before going on news platforms and make an embarrassment of not just himself but all Muslims in the uk
@@CR7Update be careful when you backbite them muslims. Allah will take your deeds and place it on his back and take his bad deeds and place it on your back. May Allah humble us
@@factsdontcare4feelings24 im not backbiting im speaking the truth, just go and look at his videos on bbc and others where he is very good at debunking and refuting western philosophies like liberalism but when it comes to defending islamic beliefs he goes blank or doesn't do a sufficient job at properly quoting from the quran and sunnah. literally just look up his videos on bbc youll see
@@swalihmm speaking the truth is not eating anyone's flesh. I admitted he's very well spoken when refuting western philosophies but he clearly needs to study islam more AND AS DO I if we want to go on live television to give dawah
@@MICKROCKS-lo7yp Wion, a news organization, created a video about sharia law that was filled with lies that got 1.9 million views, to which Hijab responded here: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-nvIoWunqmZ4.html
The gold standard must be re-established. Without it the rich will be getting richer and the poor get poorer and everyone will be a slave to the dollar. I'd recommend watching a documentary called "How money became worthless" which explains how the world economy is running basically on interest.
You have highlighted questions in this video I've been asking myself for quite some time now. Please do delve into the economics of Islam especially to do with money markets and value/currency in future videos like this. Unfortunately, discussions such as this are few and far between - overall very refreshing to see this. EDIT: typo
24:08 "it doesn't allow people to exercise agency over their goodness" pure wisdom from mo.hijab. This statement clears up so much doubt and misunderstanding for us muslims, we have to be mindful and self aware about these principles when faced with lifes trials and tribulations.
@@jibrilmohamed9422 well if it's just to learn.. then there's enough materials on youtube.. but academically if you want a degree or certificate.. i don't know how without gcse or a level... sorry..
@@jibrilmohamed9422 Read economics from mankiw, parkin, and case and fair, those are the books I used in undergrad and they are not so difficult to read even though they are textbooks
Jizakallah kher for the very informative video. As a student of economics it is indeed important to look at islamic economics perpective. Salam and dua from Pakistan.
This is a stupendous introductory video to the subject. In the days and times we are living where governments are taxing and printing the wealth of their nations into the hands of the rich and wealthy, this is an incredibly interesting and relevant topic to be discussing. I would hope you brothers do more videos shining a light on this alternative and enlighten Muslims and non Muslims who can see the flaws in the current system alike. Bring on more guests who may be more specialized in the fields of economics, and economics according to Islamic values. A 2 hour round table discussion with 4 or 5 qualified experts jn their fields would be amazing. Something I've given a great deal of thought to in my life, and am happy to see we've reached many of the same fundamental initial conclusions. Barek Allahu feekom
Strangely ebough, I didn't bothered visiting brother Subboor's channel, yet I was interested in how Islamic economic model would work for years. Great discussion, may Allah grant you more barakah
Alhamdulillah interesting discussion and finally a fresh topic that most fail to mention. I think however that there are a number of points which could have been mentioned, which would have added depth into the chat: 1) Islamic economics isn't necessarily a "model" whereby certain policies can be applied into any given state. It is a "System" which must be institutionally implemented as part of the Islamic State (as M.H alludes to at 21:53) 2) Zakat is not the sole taxation policy in Islam. The Islamic Economic system also includes 'Ushri and Kharaji tax which would add huge revenues into the state. 3) The Islamic Economic system is absolutely distinct from the Capitalist and Communist Economic systems. Not only due to some fiqhi aspects (like the prohibition of Riba, Zakat percentages as mentioned) but from the basis of the Economic system itself. For example Islam allows private ownership (within limits) whereas Communism completely banned private ownership. However Islam generally prohibits the private ownership of natural resources (as mentioned in the hadith about water, green pastures and fire) whereas in Capitalism any corporation can take charge of oil fields, coal mines, gas deposits etc, monopolise them and then sell them to the rest of the world (shout out to the Saud family). These are but a few examples of the differences between the economic systems of Islam, Capitalism and Communism from a fundamental level. Overall the discussion was interesting and look forward on hearing further detail in future inshaAllah. More information regarding the above mentioned with evidences can be found in a free pdf version book titled: "The Economic System of Islam by Sheikh Taqiuddeen an-Nabhani". Jzkk.
Assalamualikum. Mashallah fruitful discussion. Could you guys use mics in your sessions because there's a little bit of trouble in hearing. Jazakallah.
I love the conversation and its one I would care to see more off. In terms of a machine taking over a persons job I don't see this to be entirely a problem as machines also require a human element for operation and support. The job function is made efficient by a machine however employment gets created for supporting such machines. For the person that no longer has the original job requires support to grow in order to shift to an alternate opportunity. (I do understand there are allot of variables during this process)
To shed some more light on an important point made in 12:30-14:13 in this lovely discussion. It is essentially technological disruption which begets job destruction, but also job creation somewhere else. Innovation is important in modern day economics since it generates significant value to be added in the GDP which explains why governments incentivizes subsidies to large conglomerates to continue further innovation to promote more growth and newly added jobs. A regulatory board and policymakers are definitely essential to protect the general public since the pace of innovation surpasses the rate of change in social structures. I sincerely believe Muslim civilization should be at the forefront of emerging technology and pioneering in new fields to become a major force in the global market.
Unfortunately, that is all a pipe dream as the standard of education in the majority of Muslim world is pathetic where average people are more concerned about what a woman can wear rather than thinking about Science and Technology and this sorry state of affairs has been going on over the past 700 years at least! To be at the forefront of technology requires mass government spending in education and R&D, population control, increased female involvement in the workforce, rapid industrialization and having an export based economy that later climbs up the supply chain (Look up the East Asian model). Some Muslim countries (Malaysia, Indonesia, and Bangladesh) have been applying that model for development and it seems to be working well.
@@ammarkhalid874 I cannot agree more! I find it quite disappointing that a significant part of the Muslim population are behind in academics. Hopefully, we will see progress in the coming generations.
@@shujakhan4252 I do applaud your optimism but unfortunately it’ll be a painful road before better times are in sight and both me and you will be long gone from this world before it happens. However, for muslims to excel in science and technology, it will require a reformation of the entire thought process of the majority of the Muslims where they will have to reconcile their belief systems with the 21st century and looking beyond to the future instead of looking back in history and hoping for that time/way of life to revive again.
@@ammarkhalid874 The love of the worldly life is the reason behind most of the problems in Islamic countries today. This is also the same thing our Prophet Muhammed (PBUH) said. Many Muslim countries are very liberal and fairly advanced, yet the living conditions for good portions of their populations are very poor (because of greed, widespread corruption and no morals). Also you can't just change the teachings of Islam at will. If you follow values that are against the teachings of Qur'an and authentic Sunnah, you are deviating from the path of Islam.
@@infinitybay77 I will have to disagree with you. The Islamic world (apart from Indonesia, Malaysia, and Turkey) has not gone through industrialization and the standard of living is pretty pathetic compared to the Far East and the Western World. In fact, as the world moves away from oil and gas it is very much likely that India and many parts of sub Saharan Africa will also economically surpass much of the Islamic world. You have to first define what do you mean by love for “worldly” life? Does that include improvements in education, increased women participation in the labor force, lowering birth rates, and investments in scientific and technological development? If that is so, then the way you interpret Islam is very nihilistic and this medieval age mentality is bound to only cause more social and economic unrest as the rest of the world keeps exploiting your resources.
salaam please explain to me chp5v 117-118 why did isa ibn maryam (as) say that he had no knowledge of the condition of Christianity if he will return again jzk.
Thank you so much for talking about this very important topic that for some reason we (muslims and non-muslims) don't hear enough information about. Is it because the Arab governments don't want us to know that taxes are not allowed in Islam? I don't know... ! but this topic is extremely important! And I would love to hear more details about to educate the people world wide! 👍🏼 Thank you so much Sheik Hijab for your hard work! 💐
@@srnp0007 The more you raise taxes the less people buy and therefor the more small businesses go out of business and employees lose their jobs and the more poverty and economical problems occur. This is a FACT! Now if all people would follow their religious guidance and pay their 2.5% Zakat annually most likely their economies will be much better in those countries. Unfortunately that's not the case and that's why we see a lot of poverties and unjust living situations.
@@srnp0007 yes I am sure if they do it correctly. Of course governments need to also fully implement Islamic laws and not spend the countries wealth on things that are not priorities. They need to be smart, wise and start manufacturing stuff rather than buying from western countries.
Mohammed Hijab reminds me of Umar ibn Al Khattab (RA). Both have similar physique, ancestry ,oratory skill and the all-important quality of wisdom and knowledge. If I had to give my Bay'ah to a person, it would be Mohammad Hijab.
could you brothers speak louder or increase the volume of the video, Im not sure if its just me but im having to put the volume quite high in order to hear
The part on replacing humans with machines, if it is even right to do, yes it is when the machines do a better job, more efficiently. Don't look at it as people losing their jobs, those people go somewhere else OR learn to operate, build, maintain those machines. Jobs lost, other jobs created. Machines can't work themselves. You guys are from England, the street lights you see used to be oil based. There used to be someone who used to go to each one, light them up at night. With the invention of the lightbulb, those people lost their job, but, we got something more efficient and reliable. There are many other examples but, Inshallah you get the point.
Brilliant chat, it would be great to explore this economic system design further, given the blockchain technology we now have available. One point I would make is that Gold is most likely haram these days because if you peg the underlying currency on gold you give favour to the people who own the majority of the Gold, which are the ruling elite insane misers.
Interesting point, unless you own the physical gold you are pegging the crypto to, in which case it would have to be represented as a gram value and never as a dollar or any other fiat currency value. Also, you would need to have incentivize people into staying in a closed loop economy as much as possible, at first, until it gains enough economic strength and volume in trade(that is, people being able to buy into your token but not able to sell with ease or without paying a tariff to trade outside of it)
@@Bruh-jw2ze lol, bruh. I think you got us twisted, not a sleeper cell, an awake cell trying to break out the matrix. Think about liberating yourself and your community from the slavery of consumerism. You think you're free when your time and energy is depreciating by the minute? BTW, I am not talking about Islam here, just not about the mainstream lies being fed to you.
that money itself must have a value in it not just paper the money itself must be gold or silver search ( Goldback money topic ) also another solution is debit card linked with your bank account of gold and silver deposit or both approaches
It's so easy to counter dumb nonsense like "gods-believing". Especially if it tries to shoehorn itself into real world aspects, like making money to survive...
Considering the current interest-based financial system being the core of our economy. It is extremely difficult to introduce new models compliant with Sharia. Does anyone else think that decentralised digital finance can be a platform to introduce a completely interest-free financial system? Blockchain-based lending and borrowing protocols like Aave, Compound, Cream finance are few examples and their adoption is growing exponentially. I'm not an expert in the field, but I think it's something worth looking at. please share your opinion.
A salaam aleikum wa rahmatulillahi wa barakatuhu. Brothers I think this is out of the above topic but I have no other way of contacting brother MH to ask him if he has come across the assertions being made by Dr Hany on his marvellous Quran series on You Tube and to please address Dr Hany's claims. Please brother MH look seriously into this as it's leaving a lot of musims confused as Dr Hany does have some valid points but on others preposterous claims and interpretations!!!!
7:59 technically there could be that there wont be any resession, bcause often recession is bcause of some sort of injustice done by business people or not paying zakat and such, i mean if u uphold 100% Islamic values, then i think there has been few societies that are so rich that can't accept zakat at all. thus it can be done that there is no recession what so ever.
You need to have Peter Schiff on. Economics and the correlation it had with Islamic doctrine is what really solidified my faith in God. My proof of God is really in economics.
@Ibtisaam Benzoin yes. The concept of individualism, the free market, the invisible hand, limited government, voluntary transactions, supply and demand, limited resources, gold standard, the properties of gold, debt, etc.
@@nolhman123 Yes, its sad to see many of my Muslim friends get attracted to socialist ideas, even more so in Europe than here in the states. Many Muslims used to be fiscally conservative but now many have been led astray to collectivist ideas and ideas of big government providing for them and nurturing them, too bad they cannot see the true dangers in that.
Slavery exists today but in a different format - its now exhibited in the massive wage disparity between the nations. In the poorer nations (many of which have been economically and militarily suppressed) billions of workers earn a few dollars per day making things that the rich countries need. With that few dollars, they are expected to feed and clothe their families, pay for housing, pay for transportation, pay for medical bills etc etc. Slave owners used to pay these costs for their slaves and if slavery were around today, it would cost a lot more than a few dollars per day to look after them. Slavery still exists with the illusion of freedom. Why is the daily Labour of someone in pakistan or Kenya or any poor nation worth less than a third of the hourly wage of someone in a developed world?
Allama Iqbal wrote in one of his poems, "The fact concealed in words so far, 'Kulil Afwu', May come to light in modern age and make the meanings clear and bare". 'Kulil Afwu' is in the Quran (2:219) which points to spending the excess [beyond needs]. Towards the end of your discussion you were pointing out to the over-burden of taxes being levied after zakat being taken by the state. But in light of this verse, and the modern increase in what we classify as excess [beyond needs], don't you think that in some way this verse can be applied by the state in some way?
also discussing taxing part takes will not have that much of importance//necessity if all Muslim nation /countries are united there is no border in first place to be limited with certain economy or natural resources you can simply migrate to another Muslim land which can benefits you better
MH mentioned “Islam encourages against against slaves and it encourages against the emancipatory discourse”. Did he mean to say it encourages “against” emancipatory discourse? What is wrong with emancipatory discourse? Does it infer societal disruption? Or perhaps a mistake…
@@jammapcb someone gotta take care of the women whose husbands/fathers died in war....so better take them as companions and muslims can take care of them
I love this topic. Islamic money is gold and silver. This is real money and it has been money for thousands of years. Booms and busts are caused by interest. It screws up natural supply and demand in the market. Allah has cursed interest for a reason. Currently we have a mixed economy. Pure capitalism is based on voluntary exchange while pure communism is the collective ownership of everything. Islam is closer to pure capitalism out of the two. It is a mixed economy based on Islamic law. Technology taking away jobs is called the Luddite fallacy in economics. You see the jobs taken away but not created by the technology. If this was true then we would be better off digging with our hands.
At last!!! This is the only way forward. Glad to see the Ummah talking about it. When you guys are ready give me a shout and maybe we can discuss how to move this forward InshaAllah. 🕊💞☝🏽
This is partially incorrect, boom and busts can happen outside of general riba, it is because of currency manipulation and interference in the market place. In real boom and busts obsolete sectors are wiped out and capital (money) is diverted to productive sectors developing them out. A productive society should always bring prices down (deflation), therefore the value of your money keeps increasing without riba. And the zakat will ensure hoarding won't take place.
You didn't incorporate how money itself is different in Islam vs today westernized system. Islamic money was in gold, silver etc. so its tangible ..meaning it can be converted and used in different ways. Today, its fiat paper money. Can't really be used in any other way. The price of all todays money is interest rate which controls the money supply
I would appreciate if you two look into Richard Wolff's interpretation of Marxist ideology, where democracy WITHIN work place/ production is something that is encouraged. Which is something that seems can work with Islam. And also please react or respond to his lectures on Marxism, which addresses the dark history etc.
Islamic economy model protects people’s dignity ... (273) [Charity is] for the poor who have been restricted for the cause of Allāh, unable to move about in the land. An ignorant [person] would think them self-sufficient because of their restraint, but you will know them by their [characteristic] sign. They do not ask people persistently [or at all]. And whatever you spend of good - indeed, Allāh is Knowing of it.
And speaking about technology replacing man power, how can you put a fatwa against that? Why is self service machines replacing 8 men the line, I’m sure back in the day, an Ox ploughing the field took the job of 8 people
I agree, such a short sighted idea to ban technology to save jobs. Misguided ideas like that left Islamic countries (once the leaders of scientific innovation) way behind the West in terms of progress and technology 😩, there are other solutions to structural unemployment.
@@ok00001 yeah i agree with you. A steady transition will move employment towards sectors that need it. With the correct plan and investment you can smoothly transition but a blanket fatwa against technology isnt the way.
