Thank you very much for this video. For a long time the prohibition of interest took a back seat in my mind and I was quite open to opinions which allow conventional mortgages for the first house and student loans. This video really helped ignite a tenacious repugnance against the financial system whose foundation is interest. This was a useful reminder to me that, taking the analogy of war in the Quran, as muslims we should be willing to trudge through any difficulties and discomforts avoiding interest based transaction may cause, since our goal is the pleasure of Allah, and nothing worth achieving is ever easy.
Is it okay if we do not consume real interest? Meaning we only take the percentage up to the inflation rate so that we at least get a return of equal principle vaue. Im asking this because if we give loans rn without adjusting for inflation we are making a loss! Not even an equal value! Please clarify
Hello. One argument you made is that interest is not productive, it creates no value in the society. What about for student loans? Not everyone can afford higher education. The only option some people have is take a loan on interest. Are they not creating a value by contributing to the society as a doctor, a lawyer, or a finance guru? Also for real-estate/housing. The value of a house can increase, thus later you are able to sell at a higher value than you obtained, you may be able to pay off your debt with this??
jzk khayr for your comment. So this was addressed in the second reason given in the video - which is that the overall system created by having interest is an unfair system. So while instances of interest-based transactions may look fair, the overall system which gives rise to such inequity that requires one to borrow in the first place etc is still unfair.
@@IFGuru jzk for your reply. Yes, I completely agree that it is not a good system overall. It is not only spoken against in Islam, but also in the Bible, and by many western economists. However, currently we are limited by the options available. I am fascinated by the views and interpretations scholars take to justifying or negate it. I have decided to take a neutral stance on religious matter, since I am not an Islamic scholar. I will share both scholarly views with my audience and let them decide. Thank you, I love listening and reading your perspective. I speak about you in the next podcast episode on life insurance. I also loved your discussion on Islamic mortgages, which end up being more costly.
Salam brother, just wanted to share something that the Ḥadīth on 36 acts of adultery, has severe Isnad problem, and has been rejected by various classical and modern scholars of Ḥadīth on its weakness. Ibn Hajar showed the weakness. Sheikh Albani missed the problem in the isnad of Ikrima's Ḥadīth and so on. Please see a detail description on the weakness of this Ḥadīth on Jonathan Brown's "Misquoting Muhammad" p 299.
For someone who understands how currencies are generally backed up by gold (or something else which is valuable), increasing the value of investment only basis time is the reason there is inflation in the world.
are you still in 90's? The gold standard is abolished now countries no longer depend upon gold to issue their currency rather the Govt prints money as per the need of economy whilst balancing the inflation and money dump in the country.
Fiat currencies are backed now by the independence and integrity of central banks to follow non inflationary policies, the capacity of governments to meet their debts, and the health of the economies they tax. Gold has no value in itself to me, I have to exchange it for something I need. Why should I place my faith in something used mainly for jewelry bought by wealthy vain people, or held in bank vaults to hide wealth?
