What is Islamic Finance? Q&A with Dr. Main Al-Qudah | Shaykh Dr. Yasir Qadhi

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Yasir Qadhi

Yasir Qadhi

7 aylar önce

#IslamicFinance #YasirQadhi #Islam
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Lawrence Brazier
Lawrence Brazier 2 aylar önce
Shukran for this because this is a major issue as a Muslim in America. The Dr. offered the solution the ummah should support it. In’Sha’Allah.
Sitti Janeen Mamogkat
Sitti Janeen Mamogkat 7 aylar önce
Jazzak Allahu Khairan for both sheikhs. Very insightful. It answered a lot of questions in my mind.
Yashakur 6 aylar önce
Wasn’t the class filmed/streamed as well? Couldn’t find it anywhere unfortunately. As-Salamu ’Aleykum wa Rahmatullahi wa Barakatuhu, from my family and I here in Norway. 😊
Adi Rosli
Adi Rosli 7 aylar önce
In Malaysia we hv Islamic banking with shariah elements, no riba but hibah, but it is still linked to Conventional banking somehow, the main difference is also the aqad, meaning u consciously agree with terms n conditions..
iTeerRex 7 aylar önce
MashaAllah, looking very much forward to the seminar.
Azian Madun
Azian Madun 7 aylar önce
This is why more research need to be done with Islamic finance & banking. Our understanding is totally superficial, lack of connection with the reality of business & economics.
Youssef Haddou
Youssef Haddou 7 aylar önce
Salam Alaikum dear Dr. Yasir Qadhi and Dr Main Al-Qudah, greetings to you from Germany. As always it is a great pleasure to listen to your lectures and always to benefit and to learn from you, may Allah the merciful be pleased with you. Although my knowledge on Quran and hadeeth are very limited, I have done a little research on the topic. For this, I have a couple of basic remarks and questions regards the topic. 1. You have translated Ribba' as interests. Is this the right translation? In the time of the prophet (s) the understanding for Ribba' was a very harsh and unfair way of money lending. It even allows the lender to take your kids and/or wife as slaves. Can this be easily compared to the mortgages from today? 2. Our Prophet (s) has thought us, that the exchange of Dates with Dates is as well Ribba'. No interests here, but a situation which privileges a rich party. Is Ribba' way more than just interests? 3. After studying the Hadeeth and Quran, I came to the conclusion, that Ribba' is not interests, but a contractual agreement where from the beginning on the more powerful party is privileged by the contract. A contractual situation containing interests with harsh conditions might be one of these situations. What is your idea about this concept? 4. And finally analysing today's real estate mortgages here in Europe, they are far away from beeing unfair and harsh regards the taking party. Even if you are not able to pay anymore, the bank is not allowed to just take the entire real estate. The Bank can ask a court to sell and they will only get, what is missing to finish the mortgage. The rest from the selling will come back to the borrower. Is this not the absolut fairness one can imagine? Is this not Islam? Sorry my Shaikhs for the long question and as well sorry if I have used not appropriate words, as English is not my native language. Jazaka Allahu Khairan
wuw 7 aylar önce
Are you in the UK brother? I'm in France and here they have insurance that pays off a loan should one die. Thus, no debt after death. I'm wondering about their thoughts on this.
naughtybynature999 7 aylar önce
JZK looking forward to watching this...also humble request for a tafweedh deep dive library chat...i am specifically interested on a comment you made in one of your library chats regarding a sort of revisionist reading of tafweedh that non-athari schools are projecting back in early Islamic history
Wisdomseeker 5 gün önce
When a person buys a house from a bank, and agrees to paying in installments which totals higher than if paid upfront, what happens if he decides later to pay it off early? Would that then be considered 2 prices for the same asset, which is prohibited?
Hammad 7 aylar önce
10:52, I have a doubt here, Dr. Main Al-Qudah says that the lender is not taking any risk, however isn't the lender taking a risk by lending you the money?
Natasha Kamaluddin
Natasha Kamaluddin 6 aylar önce
You raise a good point here. If something goes bad to the business / borrower, the bank risks not getting paid. Many times they will need to take a hair cut. By the way I am NOT at all defending banks. I just think he should have not simplistically said that banks don’t take risk. At the end of the day banks manage depositors money. The main way to avoid riba is if we all agree to pay a service fee to banks for the services they provide eg branch services, ATM services, mobile services etc. Then only banks don’t have to lend in the way that they do to make money
Robert Hannah
Robert Hannah 6 aylar önce
Of course they are taking on risk. Much of national and international regulation of banks is to ensure that they have enough capital to undertake the risks of the lending they do.
Robert Hannah
Robert Hannah 4 aylar önce
Ismael Ibrahim unless he doesnt pay .. then what?
JAR ENT 4 aylar önce
@Robert Hannahbank takes a loss, Islamic banks take way less risk, especially in the UK
Robert Hannah
Robert Hannah 4 aylar önce
@JAR ENT So you are saying that Islamic banks do not follow the assertions of Islamic scholars that banks should do risk sharing? In any case, I dont think that assertion is founded in the Quran or sunnah - its a construction of Islamic scholars (banks did not exist at the time of the prophet).
Master Arabic
Master Arabic 6 aylar önce
A simpler and more comprehensive definition of Riba is "any predetermined increased in the amount of debt."
Robert Hannah
Robert Hannah 2 aylar önce
But riba jahiliyya at the time of the prophet was the exploitive increase (redoubling) in the unpaid debt burdening poor debtors.
Master Arabic
Master Arabic 6 aylar önce
In theory, the Shaikh is accurate in saying that Islamic finance is about risk-sharing. However, in practice, Islamic banking has nothing to do with risk-sharing. The risk is fully transferred to external parties by the Islamic bank.
mkbaigs 7 aylar önce
Thx shaikh just one question is Tawarruq halal which is common in middle east banks which provide sharia complaint personal loans with profit percentage can we take them or not pls guide
Master Arabic
Master Arabic 6 aylar önce
It is pure riba since there is no value addition and it is simply a contract for money now for more money later.
Umidjon Yorkulov
Umidjon Yorkulov 4 aylar önce
Dear brother, I don't think that people in this chat are eligible to give fatwa to your serious questions. Any respondent is unknown for us: their qualification and others. And those comments might confuse other people as well. Please, address with these questions through books, videos of qualified scholar in fiqhul muamalat. Thanks
Abu Bakar
Abu Bakar 7 aylar önce
In financial inclusion: As far as movable people like Pastoralists is concerned, can we use their livestock like cattle camels and goat as collateral for credit?
Heyeru Hussien
Heyeru Hussien 6 aylar önce
If write the loan agreements, instead of fiat money as value of the loan, in gold we can solve the inflationary challenge.
Pierre Clifton
Pierre Clifton 6 aylar önce
Interest is bad: #1) Allah swt commanded it #2) Borrowers (poor) always paying more for things. 400k home @ 7% over 30 years = ~870k paid to the bank. Meaning you paid 870k for a 400k house. Even if the house DOUBLES in price, you still lost 80k in the deal. Not counting renovations/repairs. #3) Expanding on #2, people borrow for cars, education, homes, business, consumer products. It's like a modern day slavery. CONSTANTLY owing the bank. Some people are so entrenched, their whole business models revolves around serving the bank via debt. ...there are more reasons. But don't want to be long. #1 and #2 are more than enough for a lengthy discussion. Kudos again to YQ for bringing RELEVANT information, not solely rehashing issues from 600 years ago like some groups
Robert Hannah
Robert Hannah 6 aylar önce
#2 you got free rent for 30 years. pretty good deal. #1 the prohibition is against riba, which is not the same as interest.
Mu’aawiyah Tucker
Mu’aawiyah Tucker 6 aylar önce
As long as you’re using their Ribaa currency you will not succeed as the fiat itself is born through Ribaa and slowly destroyed by its ghubaar
Su Yini
Su Yini 2 aylar önce
So what we supposed to do?
Mu’aawiyah Tucker
Mu’aawiyah Tucker 2 aylar önce
@Su Yini exit the Ribaa system. It’s easy if you choose to do it. Use a currency that is actually incompatible with Ribaa, which is Bitcoin
Sarah Shahid
Sarah Shahid 6 aylar önce
The final question is the REAL question.
Desert Vox
Desert Vox 7 aylar önce
With the current FIAT MONETARY SYSTEM, there is no ISLAMIC FINANCE possible. Let's be real for one sec. It would have DARAR intrinsically embedded into the so-called Islamic Finance.
Badal Rana
Badal Rana 7 aylar önce
Sheikh talked about this and fiat system
Fire Flames
Fire Flames 5 aylar önce
Enter the Sheikh!
Nasir Usman
Nasir Usman 6 aylar önce
It is a very confusing subject, however if Islamic scholars try, there must be a solution.
Juce 7 aylar önce
BarakAllahu feekom
Nurullah Yetkin
Nurullah Yetkin 7 aylar önce
Jazakhallah khair
Voice Of Kana'an
Voice Of Kana'an 7 aylar önce
Can you tell us where is the video for the next seminar he talked about?
Naser Ali Khan
Naser Ali Khan 7 aylar önce
Shaykh Yasir, Assalam o A'laikum wa rahmatullAhe wa barakatohu, The inflation is a byproduct of the interest. So, an excuse to justify Arriba or the interest because of the inflation cannot be accepted.
Mehe Mehe
Mehe Mehe 6 aylar önce
Tayeb but what if you live in US and have a family and tried to avoid riba for years and did everything possible and keep renting apartments and struggling but at one point you rapidly lose most of your savings, have a car accident and lose a car too and then can’t go to work without a car and can’t drop off and pick up kids without a car and can’t buy groceries without a car and really don’t want to finance a car but feel like you are just pushed into this situation? What to do? To cut yourself pieces? Does Allah want you to go through so much hardship and do something that is not even possible to do??? Is it the necessity then? Does this necessary remove the prohibition?
Manu 7 aylar önce
Alhamdulillahi 👍
Faizah Noor
Faizah Noor 7 aylar önce
i live in malaysia and we hv islamic banking here. as a consumer, i dont see any difference btw the conventional and islamic banking. only the terminologies used are different.
BF KHAN 7 aylar önce
There is a difference, you will be safe from Allah's punishment for sure
Faizah Noor
Faizah Noor 7 aylar önce
@BF KHAN you definitely missed my point
Robert Hannah
Robert Hannah 6 aylar önce
@BF KHAN Why would Allah care if you paid the bank with interest or with a deferred markup murabaha?
Umidjon Yorkulov
Umidjon Yorkulov 4 aylar önce
@Robert Hannah please, rediscover what is murabaha sale before jumping into conclusion. The outcome of halal meat and haram meat is the same: you satisfy your hunger, but the process and approach is not the same. The consequences as well, doctors do not recommend to eat meat of the animal that is not slaughtered for example
Robert Hannah
Robert Hannah 4 aylar önce
@Umidjon Yorkulov I know murabaha is a repurchase by the client with a deferred markup. The deferred markup is the compensation for the bank for the time value use of its money. Islamic scholars say there is a difference between just charging interest and putting a deferred markup on the product being financed. As a financial analyst I can say there is no real difference, in fact the murabaha is usually more expensive for the client. Its the same as what financial traders call "repo", which is just priced like interest. Why would Allah care which way the product is financed, as long as there is no exploitation? Unlike the halal/haram meat example, there is no clear description of what riba is. Riba al jahliyya was in fact the exploitive increase (redoubling ) of unpaid debt of poor debtors, like loan sharking.
Uzma Tayyab
Uzma Tayyab 7 aylar önce
What about takaful insurance policy
Khalil Dahbour
Khalil Dahbour 6 aylar önce
Where is the second part about home mortgage??
mkbaigs 7 aylar önce
Credit card is giving money with service charges of 25 $ for 6 months no interest can v take it
Nur 6 aylar önce
Is there a video about the next talk the one they’re talking about here?
young dunno
young dunno 7 aylar önce
car insurance is haram and we all have it But need of house is more then a car
Anas Shaikh
Anas Shaikh 6 aylar önce
@saf466 its not a legal requirement to own a car. Why buy a car knowing that you will have to commit haram? Use public transport and avoid haram. Hypothetically if eating pork was a requirement for driving a car would you then buy a car knowing that you have to eat pork? Even though it is a legal requirement?
Anas Shaikh
Anas Shaikh 6 aylar önce
@saf466 I live in South west London brother. You can rent a car. The basic insurance to drive the car on the road comes with it. So u don't have to purchase insurance separately with rental car. I have rented car several times so i know this. Rent a car just as they say rent a house instead of mortgage. Let's not have double standards.
Anas Shaikh
Anas Shaikh 6 aylar önce
@saf466 Jazakallah khair brother. Just to clarify my argument was purely on logical grounds. I still live on rent and very hesitant to take our mortgage out of fear of haram. But as u said everyone's circumstances are different and Allah will judge us based on our efforts and sincerity.
Anas Shaikh
Anas Shaikh 6 aylar önce
@saf466 as Long As You Are Not the One paying the premium for the insurance it is permissible for you to take a benefit of an insurance or make claims on it and the same goes for health insurance and any other insurance. For e.g. Employer giving health insurance, we are allowed to use it and make claims on it as we are not paying for the insurance. Same applies to rental car. Excess has nothing to do with the permissibility. Excess is u paying for the damage not towards insurance. This is the opinion of majority scholars.
Franklin Armstrong
Franklin Armstrong 7 aylar önce
17:09 Not sure it's time to celebrate when the credit card itself could be haram?
Adi Rosli
Adi Rosli 7 aylar önce
Our 1st world Islamic countries are amongst the riches in the world, why can’t these countries setup a totally independent banking system for the Muslim world? Essentially this talk simply shows we know the real problem but pls talk about the real more holistic solution..
Robert Hannah
Robert Hannah 2 aylar önce
They export, import and finance a lot with the rest of the world, thats why they are wealthy.
young dunno
young dunno 7 aylar önce
insurance is not halal this long but because of the hardship there becomes hala we all have car why not house
BF KHAN 7 aylar önce
If one own a car, by law whichever country you live in, your car have to be insured.
WhiteChocolateMocha 7 aylar önce
The answer to mortgage problem is in the Quran: Allah made business halal and interest haram (2:275). Our finance and economy should only be based on halal business i.e products and services, make/buy and sell. Imagine how many jobs we can create just by adhering to this single verse.
Nika K.
Nika K. 3 aylar önce
Whst would be an example of one of these jobs created on that thing that doesn’t already exist nowadays?? What would that create new that doesn’t already exist today ?
Knowledge House
Knowledge House 7 aylar önce
Didn't Allah SWT said that "don't make religion hard for people" ? if we are to go with the mindset of Sheikh Qudah - Muslims living in the West will never achieve "ECONOMIC FREEDOM" and will continue to live in poverty and will be begging non-Muslims for financial assistance. We live at a time where major financial institutions are dominated by non-Muslim entities. They are powerful and will stay powerful if Muslims are prohibited to engage in financial transaction to ensure their economic freedom. I am sure there are a reasonable and practical solutions to the issue of getting loan for legitimate reasons such as student loan, purchasing home/property which guarantees financial freedom for the next generation, and other causes that will help the ummah..etc. It is precisely people like Sheikh Qudah that makes people stay away from Sharia and Islam. I am so disappointed.
Robert Hannah
Robert Hannah 4 aylar önce
Yes, riba was really about exploitation, millions of people and thousands of businesses using credit for good purposes is not riba.
Robert Hannah
Robert Hannah 2 aylar önce
@Ezzeldin Algazzar You just pay off the loan like any other loan (or murabaha, or musharaka, or ijara).
Naser Ali Khan
Naser Ali Khan 7 aylar önce
Halal enough is a joke. Are we making mockery. Either it is halal or haram.
Suhail Ch
Suhail Ch 7 aylar önce
I think he means lesser Haram or more towards halal. Not every Haram is to the same level.
Mr Panda Bear Official Channel
Mr Panda Bear Official Channel 7 aylar önce
Even money cash is actually haram, if you want to be strict
Omar Hashim
Omar Hashim 7 aylar önce
Who says that ?
Khalil Dahbour
Khalil Dahbour 6 aylar önce
How to contact or email dr alqudah
Adan Hussein
Adan Hussein 2 aylar önce
Asalam Aleikum! The Sheikh is merely emphasing the traditional and existing opinions on the matter. The foundational question for Muslim Scholars to adequately answer is " whether or not after 15th. August,1971 - when Niton temporarily suspended the backing of " fiat paper currency on Gold Standard, we are as a matter of fact - dealing with natural, sound and Islamic money". If the answer is " No" then the application of " Riba" is erroneous. On the other hand - if you hold that " anything used as money is money and thus attract " Riba" if lent, then this view is incorrect. According to my understanding - money whether on the basis of Islam or secular conception is - Gold and Silver and or receipts of Gold and Silver. Anything else including " fiat currency " is fake. The fact that - the fake fiat currency can be exchanged or buys you Gold and Silver is inadequate for Gold and Silver have also through " the UN / IMF / World Bank - demonetised by fiat and is a mere asset like - a Camel and a copper metal for which their exchanges for more isn't " Riba". Wabillahi Towfiq
rfz Aylar önce
@Adan Hussein Gold and silver being used as currency isn't any different than using fiat money.... 5 lbs of gold isn't going to feed a family of five on an island where gold holds no value. Fiat currency is critical because its supply can be relatively easier to control than gold. Gold or any material/commodity's value can plummet arbitrarily, like with a massive gold mine discovery.
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