Islamic Economy: Shepherd's framework

What is the Islamic economic system and how it differs from socialist and capitalist models? In this masterclass, Almir Colan presents a new model and framework for the Islamic economy.
Topics
0:00 Intro
1:09 Socialist vs Capitalist Growth Rates
4:17 Problems with Socialist Economy
7:15 Why it looked like capitalism was winning
9:17 Definition of Economy
11:13 Production, Trade and Money
18:15 Incentives Drive Outcomes
20:41 Bottlenecks in Socialism & Capitalism
30:00 Islamic Economy - The Shepherd’s Model
32:02 1st Pillar: Wealth Distribution
39:29 2nd Pillar: Wealth Protection
43:32 3rd Pillar: Wealth Creation
49:04 Comparing Economic Systems
50:54 Islamic Economy Framework
This masterclass is part of the "Muslim Money Matters" series. To learn more about "Muslim Money Matters" please visit:
🌐 www.muslimmoneymatters.com
------------
🔗Connect with Almir - www.almircolan.com/links
🌍 Almir's website / Join email list - www.almircolan.com
* X / Twitter - x.com/almircolan
* LinkedIn - / almircolan
* Instagram - / almircolan
* Facebook - / almircolan.page
📚 Learn more and join Almir's "Muslim Money Matters" platform at:
www.muslimmoneymatters.com
Other suggested videos by Almir:
Turkiye's Economy: The Untold Story (full documentary)
• Turkiye's Economy: The...
#IslamicEconomy

[@finaldaylight3804]

Please don't stop doing videos about Islamic Finance/Economy..you are great at explaining it.

[@mohammedh4794]

yes please

[@ofsabir]

I think it would be better if Brother Almir here stopped doing videos like this for a while and started questioning the capitalist education taught to him at Australian universities that cater to Western imperialism. Because brother's superficial knowledge about socialism and capitalism really shows here. This is not a new Economy Framework, he is saying more "I wish Norway was a Muslim country" than "Let's meaningfully re-imagine and change our model of economy following the guidance of our creator", just changing the names of the western social democratic terms to Islamic ones and emphasizing the finance sector's flaws. Here is my full criticism, I spent some time on this, so it would be useful inshAllah: 1-The video has this funny "capitalism is when markets; socialism is when government does stuff" energy. 2-Bro gets the FACTS totally incorrect when talking about the "things associated with modernity and progress" at 8:40 . Literally, NOT ONE single invention he mentioned was invented under a capitalist mode of production. Everything he said (and there are waay more like this) is the direct result of government non-profit beurocracy. 3-He glosses over every important difference between capitalism and socialism. He doesn't even give a concrete definition of capitalism and socialism. Also, he doesn't talk about the older modes of production like those in the Prophet's (pbuh) times or earlier, like slave kingdoms, feudalism, etc. 4- He discusses the problems with the soviet style central planning (which are legit problems and limitations of the day's technology, don't get me wrong) as if that is the defining ideology of socialism or that is the main difference from capitalism. 5-The structural problem of one social class dominating another (Zaalim - Mazlum dialectic in our belief maps onto this very well) and no dialectics under capitalism is not mentioned at all; he naively frames capitalism like a highschool boy as "when markets are free." 6- He talks a lot about production, trade, and money supply, but I don't think he gets the money "supply" part. Like, who prints the money? How is it created? He doesn't mention this critical aspect at all. 7-He makes good comments on the decoupling of finance and real economy, commodification of human life, and fetishization of commodities, yet fails to tie this to a broader understanding of means of production in a system. i.e., to whom the profits go, who owns the factories and banks, etc. 8-The overview of Islamic principles like Vaqfs, Sadaqa, and Zekaat are things we already know that worked well in pre-capitalist economies. Brother is not making a new statement or providing a method of overturning the currently unjust system. He is just making a sweeping statement saying something like "It would be better if the entire world was Muslim and actually obeyed the Laws of Allah."... no kidding, Sherlock :D Who could have thought that? But the world is not all Muslim, and because the economy is a global thing and Muslim countries (not sure if any of those left nowadays) work inside the Western capitalist monetary system, we see what kind of fervent defenders of Western capitalists and imperialists this breeds in those supposed Muslim countries: just look at the gulf, or Saudi or any "Muslim" country and you will see the complete rejection of Islamic principles and bootlicking of western capital. Money corrupts! This is a fact. 9-In a capitalist profit-driven economy where one class of society amassesvaste amounts of money, and the others are by design left with the crumbs, how are you going to enforce wealth redistribution like zakat as they used to before? I am really asking for structural solutions here, not some vague statements. If the rich are the powerful class of society and can influence the government and have access to offshore heavens in the West, how do you think you can effectively collect that money from them? By asking nicely? By making sure they fear Allah? How do you plan to open their hearts and look? Even the petty trader tribes back in the day refused to pay zekaat and went to war with Abubakr. What Bro is saying doesn't go further than: if everyone was Muslim and acted nicely, we would have a great economy. But that is the problem. They are not, and they don't. Especially the ruling elite. What are you going to do about it? 10- 40:00 For the sake of Allah, come on. Is socialism taxing Wall Street, and capitalism not taxing it? Please... 11-In the third pillar, Bro criticizes the welfare-state term, which is okay. Then let's do, I don't know, welfare society or something where the government authorizes the local community councils and re-imagined vaqfs to help people in need, people who are week, people who are down on their luck; which, there are a lot, even in wealthy countries believe me. I don't get the problem statement here. Too much centralization and excessive burocracy is bad? I don't think that's an argument, everyone agrees with that already. 12-Also, in the same part, he just re-explains monopolistic behaviour in market economies. Nothing new, not an inventive concept of 1+1 = 3 or anything. Just a plain old economy of scales and monopolies. The important thing is where the value goes, who produces it, and who takes a cut off of it. Again, it sounds more like "I wish Norway was a Muslim country" than a "Let's meaningfully re-imagine and change our model of economy following the guidance of our creator" 13-Also the concept of partnership and Prophet pbuh talking about the fairness of it etc are not a capitalist or free market concept (as bro gets it right this time). But rather it is about collective ownership of a business and sharing profit (and losses) according to the contribution and risk one takes. What is a generally a significant misunderstanding in this topic is the risk part though. Risk is not just the money contributed, in fact, a billionaire person contributing a million $ to a company is less at risk than the minimum wage worker working there. The billionaire will not even notice the million gone if the company goes bankrupt, but the worker will not have bread to feed his family. What? The Islamic concept of fairness overlaps with the socialist ideas of value creation and organization structures? Who could have thought? :D I hope I was able to make you question some things. Please forgive me if some of my points sound condescending or rude, this is how it came out. jazakallah khair.

[@mamdouhelshekh8445]

@@ofsabirHi ofsabir I believe that you have a lot of valid points. I agree with a lot of what you said however there’s an undertone of just criticizing his work and making fun of it. Yes, I agree with you that it’s for the most part a bit too generalist overview of the present systems but with everything going on it’s nice to have someone to at least offer a resource even if it just a KZbin short of the problems of capitalism and how there might be a way out even if he doesn’t share too much about it but the way I see it is that this video maybe incentivize a young non-muslim economics student to go study Islamic waqf’s, zakah and sadaqah and how these might offer a way out of the hole that we are all in. Surprisingly, the solution might come off the hands of a non-muslim. who knows? Don’t you agree? I know where you are coming from and I guess you have good intentions. I recommend you try to get in touch and just discuss these matters and challenge him to answer your questions or at least to give it a deeper thought or maybe start your KZbin channel yourself I myself would definitely subscribe to it right away cause I share the same cause as you and the gentleman here in the video.

[@user-zs3pp3bt6e]

The all islamic concepts are great

[@mohammadshahanshahakbar874]

Jazakallah for such information which Muslims lack having such a platform to learn about Islamic Finance and Economic system but Allah made it possible through. May Allah bring khair out of your knowledge and being.

[@fullstackstudent]

Mashallaah absolute masterclass. Barakallaahu fiik. I think you should distill this knowledge into a book so that many more people can benefit. Unfortunately, Muslims and non Muslims don’t understand the Islamic economic model and how it’s the perfect answer.

[@AlmirColan]

Have been thinking about it📚😊

[@skasifweb]

​@@AlmirColanYes👍🏻 Jazakallah Khair ☝🏻From India

[@RAVPower-]

Most of the people dont understand in general about economic Models , it’s not just Islamic finance 😅

[@ajam3086]

​@@AlmirColanSir could you please cover Hardins Tragedy of Commons from Islamic perspective

[@ZionistWorldOrder]

these videos reach more people than books

[@Omer1996E.C]

I just discovered this incredible channel, sad it took me all this time

[@Abuidriss]

Jazzak Allâh khayr brother. Much respect. Very good explained. Islam is the solution for mankind. Salam from Germany.

[@mohabatkhanmalak1161]

Amazing lecture, I fully support all the different areas that you discussed, including the socialist, capitalist and Islamic economic systems. Your three presentations of Wealth Distribution, Wealth Protection and Wealth Creation are brilliant and shows immediately the framework of a proper economy. The truth of the matter is that in an Islamic economy its a win win for all. The ones at the top win and the ones at the bottom win, if only they could see. ☘

[@user-bm4pk1mk1t]

Your videos are just blowing my mind about what's actually going on in this world and how many problems those ignorant people have created. and it's also given me a better understanding of how important economic knowledge is. I wish my life was better to have the opportunity to have class with you. May Allah bless you for this insightful knowledge, uncle. ❤❤

[@ef4768]

Islam is truly a Divine revelation.

[@victorkey1218]

Jazakallah khairun brate ❤

[@moafro6524]

MOST DEF A MASTER CLASS. Thanks bro

[@user-il1hu5xp2x]

Thank you so much, jazaka allah khairan جزاك الله خيرا

[@fatimahibrahim1398]

This is is highly beneficial sir! May Allah reward you with goodness in this world and the hereafter. Jazakumllahkhair for helping me reflect and think about what is most important. Well taught!

[@hratham]

Masha Allah, jazakallahu khair. Keep us educated

[@mohammedbinhamza7612]

You are amazing, JazaakAllah.. This was a refresher on Economics from my MBA days. The addition of Islamic ethos in the mix makes it a masterclass indeed.

[@Nigerianprince419]

Thank you for making this, you’re one of the only people I see talking about Islamic finance

[@omerfarukozdemir5340]

Wonderful and very informative video, thank you.

[@aurangezaib6353]

Sir please continue this noble project

[@dedblade3094]

One of the best videos i have ever watched. Thank you so much for your hardwork.

[@mohamedlaminetounsi56]

Thank you for the lecture, may Allah reward you for this effort

[@silentbyte196]

Very Interesting video, keep making MORE!!

[@TehreemAyesha]

Alhamdulillah, the video is amazing. Request you to go into much more detail and create a video series, if possible. Jazakallahu qair

[@user-jm4ns2hk1u]

شكرا لك على هذه الحلقه الجميلة ⁦🌿✨

[@iftutahir760]

MashAllah. very beneficial, Allah bless your efforts and allow the ummah to realize this beautiful Sheppard`s model, Ameen!

[@aymanz83]

Amazing video and sharing information. thx for sharing

[@ozhazem]

جزاك الله خير تعلمت منك ما لم اتعلمه في الجامعة

[@flypiflypi8835]

before oct 7th I found your channel and benifitted alot, and subhanallah after the attrocities i couldnt help but thinking your courses are now very relevant. I will subscribe for MMM and look forward for more of your content

[@user-nq5ju3rp3z]

Vaaleykum assalam wa rahmatullahi wa barakatuh, easy understanding and interesting, thanks MR Almir Colan.

[@abdallabootaanshabeel9167]

Thanks again and again

[@MubarekDahirOsman]

Jazzakallah Amazing lecture and well explained i see my self to the path of shepherd may allah guide me to the right path ✍️🤲

[@timmyjan]

we need more videos for you my brother :)

[@AlmirColan]

insha'Allah will be uploading more - let me know what you would like to learn more about

[@JoniRifaldi]

@@AlmirColananything related to Islamic economic system

[@user-bm4pk1mk1t]

😂😂​@@JoniRifaldi

[@Ezwan-dg2oo]

Jazakallah khair for doing this sir. Been hoping tt someone would thoroughly research & talk about Islam Economic Model per Quran & Hadith and start bring the topic/discussion to the mainstream, if possible. All the best.

[@mohammedamanuddin980]

Thank you so much.

[@azikazikazik]

I love you man may Allah aid you

[@user-mv2tw3bm9t]

JazakaAllah Khair yah akhi. Please make a book on islamic economy

[@aamirraza6503]

Great Video

[@aamirmajeed2040]

Jazakallah Khair

[@Asifkhan-yf3wh]

Mash allah very fascinating and informative video Tnx for making this and for hard struggle.. Please sir make more videos related to economic topic.

[@JoniRifaldi]

May Allah bless you with long life so that you can keep sharing knowledge

[@RafiqulIslam-jj8co]

Thank you sir

[@Fatoumamouddj]

I learned something today ❤❤❤

[@NW-ek6ff]

Very beneficial lecture. Many thanks

[@AlmirColan]

You are most welcome

[@_whatistruth]

WalaikumAssalam Warahmatullah. Jazakallahu Khairan

[@tofael8541]

I had no idea that, this kind of research is undertaking. I just loved the "Shepherd's framework".

[@ahmedalshalchi]

ma shaa Allah ... Wonderful explanation bro Almir Colan always ... You are very underrated on social media , this has to be changed ... May Allah bless you ...

[@AdamOsman97072]

hopefuly i got alot information about economy and how it works thanks your effort doing this

[@AlmirColan]

Glad it was helpful!

[@mehrabhossain2000]

Great video ❤

[@nawafspov1]

Amazing work, and grerat presentation. I have always had this image in my head of the seesaw you drew showing the comparison between capitalism, socialism, and Islamic economy, you articulated it in a very good way. Maybe sheikh you can put this knowledge in a book and it can be used as a reference because I can tell you wanted to showcase the model even more but time wasn't on your side.

[@realitybeckons4120]

Allahumma barik

[@abdulqadeer-zl4sy]

I love your vidoes about Islamic economic,these are very important for me ,as i am a student of economic, doing my bachelor's, i hope you will make some more amazing videos like this ❤❤

[@AlmirColan]

Thank you for your kind words. Let me know what you would like me to talk about in the next video

[@af8828]

you're a student of a pseudoscientific cult; aka neoclassical capitalist economics. you will not learn any serious economic theories (eg, marxian economics, degrowth economics) during your bachelors.

[@saadakram7609]

enlightening

[@najibullahhassanzoy9280]

Thanks for sharing your invaluable thoughts on islamic economy. A major economic sphere not discussed is consumption of goods and services. This a major issue in addition to production, distribution and protection. You also did not explain the role of state in an islamic economic system and how government fiscal policy will work? Bayt ul Mal is not mentioned. Sustainable use of resources is still another point which islamic economy can well address using the concepts of Mizan and Israf. Keep the good work. Jazakallah Khair!

[@user-ef4xs8fv4s]

This is great. Islamic Economic System will be backup and revive global economy as a whole.

[@theblackmuslim101]

Brother can you do a similar in the states there are a lot of brother who would like to ask questions and engage while getting this information!

[@Asifkhan-yf3wh]

Like interst and banking system and Islamic Banking system

[@Mohamuoud]

Great

[@wadie4682]

Islam is total system , framework from God to humans to live by , subhana Allah

[@hawkarsabir7709]

best subject of alive as arguing to do.

[@hiddenstar6628]

Walaikumussalam Oarahmatullahi Oabarokatuh. I’ll be glad if you answer me jajhakallah khair. Which middle east university will be best for learning islamic economics?

[@mohibquadri4053]

Too Good 💎 Sir which books would help in understanding how money works and how to earn more in corporate world as engineer..

[@AlmirColan]

We have a video about top 5 books on Islamic finance, just search for it / its on my website as well

[@AdilBhat-rd6dr]

Islamic is really a complete way of life. SOCIAL, ECONOMIC, SPRITUAL, RITUALS AND HAS OWN CULTURE, EDUCATION

[@AliSarb-sy5ie]

Alhamdulillah

[@LEGENDARYN_MUSLIM]

Can you please publish this as an article so i can use it for citations

[@AlmirColan]

insha’Allah

[@shafiabid1009]

ماشاالله ❤

[@punishedsnake-0001]

"For somebody with money and power everything is for sale" nice

[@markov.2467]

Dawa 5 steps: Islam is a system>Systems are to be implemented and they need authority and a governing body>That is a Khilafa system>We need to work towards it in a jamaa and this is fardh kifaya>It needs to be on the Rasulullah's methodology

[@mrs7041]

Very informative vedio for students like me Thankyou. Question:- Can we any how establish Islamic economies in micro environment or a single company by staying and dealing in large unislamic economy.

[@AlmirColan]

That might be a topic in one of the future videos insha’Allah - but in short - we can do a lot to establish these principles in our life even if system around us is not ideal.

[@lale5767]

Great question, from a pragmatic view we do need a path to transition to a more halal economic system.

[@samimidost6587]

there is a very strange fact about Turkiye (Turkey). As far as i know it is the only country in which inflation reach three digits but did not cause any social unrest ! in all other examples once the inflation reached 3 digits then it exploded and reach thousands or millions percent! and riots .. so on.. what is special for Turkiye? eh our country is not a place where Islam is perfectly implemented, no maybe quarter of Islamic Institutions functioning but even that small part of Islam in our life serve as a safety switch. although our politicians are very corrupted and this cause our economy to reach 3 digit inflation in every 15-20 years, until now it never led to big riots and unimaginable inflation explosions like it happened in Venezuela or Germany after WW1. institutions like Zakah , Sadaqah and Waqf saved our social fabric. ALHAMDULILLAH

[@AlmirColan]

We have documentary about Turkiye’s economy and seperate case study as well - watch it for full set of stats and what’s happening there

[@simtiaz111]

Can we work together I'm a mba finance student and research of Islamic economics

[@abdullokhurinbossarov2276]

Do islamic banks lend money from the central banks or it is separate? İf they lend, how are they Islamic, if the central bank lends money with the interest?

[@suryaadi404]

Imo "banks" was never an islamic institution, there were bait al mal (much like treasury). Money business that is buying and selling money, what banks do, was never an islamic perspective on wealth and money.

[@hawkarsabir7709]

successful

[@AhmedHassan-yc5fb]

I think your Sheperd's model is somewhat too focused on some individual who would bring about some prosperity by enforcing certain goals and ethics rather than it being enshrined in a legal code. I also think that you did not emphasize the problems of the usuary-based economy and its distructive influence. Maybe I missed your ultimate intentions. Anyways, very informative talk.

[@user-bw1hk6ib8z]

Excellent comments and good question indeed. Thanks

[@QamruddinKhan-hf4dn]

In one of the Allama Iqbal's work there is a chapter where devil's conference is there and iblis and his councilors were discussing, in one of the verse iblis was telling his councelors "...Demands of present age however spell the apprehension, lest sharia of prophet (saws) would come to light one day, beware of him thousand times..."

[@mohammedshoib60]

33:51

[@mohammedshoib60]

11/06/2024

[@user-oi1dz1zy1y]

❤

[@lale5767]

22:31

[@FireFly969]

Mr almir, it makes me so happy, when i see people that looks from west, but are muslims, alhamdulilah. Because the islamic economy is from god, i beleive its the best economy and can make wonders if practiced wjth the right people and govs.

[@user-il1hu5xp2x]

As a muslim, i watch these videos about people showing you jow to make momey, business models....... And i notice from them that they dont care about the other side as long as they make money, its like 90% of them with this mindset, as long as it makes money, doesnt matter how moral that business is, there is money, welcome, they dont have any respect to morals, thay this thing we should not do, as it will kill our communities more and more...

[@muhammadbenjuraij7734]

Brilliant summary of this subject 😊 I have studied 2 Bachelors in the Sharia sciences taught through the medium of Fusha Arabic, but economics was not extensively touched upon and this summary was very impressive! Keep them videos commimg inshallah because you’ve got gift😊

[@tenyeh]

That's not quite accurate for the Quranic Economics are based on the principles of Mutualism (Symbiotic Economy) and cooperative society. The abolishment of the employer and employees relationship.. for preserving verses 60:9 and 5:101 of the Quran.

[@asus7941]

Hey I learned and enhance my skills on Forex Trading (that is spot market), Which now seems Haram to me, as I put so much time learning and practicing when I thought I give it a shot Your video came up Infront of me. Now I'm confused, I'm a job person I can't produce anything, I think maybe through forex If I create proft (surplus) I may be able to fund my community for production. I'm really confused till now I was thinking Allah helping me to learn so I may get self sufficient but your video maybe a another sign.

[@AlmirColan]

Better to stay away from Forex. Very problematic. Keep it Halal for the sake of Allah and be strong on that. I will schedule one of the next videos to talk about forex insha’Allah.

[@asus7941]

@@AlmirColan I'm not very strong person let see how long I can control my urges. Wealth and riches are really a fake god it promises so much things and now I understand why firon was corrupted.

[@asus7941]

@@AlmirColan Please hurry and talk about forex, I'm a young guy with worldly desire in heart, Wealth and riches are really a fake god that promises so much, Now I understand why firon was corrupted. May Allah the absolute one guide me to right path, as I don't like working for someone else.

[@Chalo_Taste_Karen]

😮

[@walidb123]

There is a staggering flaw in your description of capitalism. In almost all the innovations you mentioned and more (such as the Internet, GPS, Google, the microchip, touch screens, vaccines, wind energy capture), the state either invented or injected huge sums of money into. Capitalism often socialises risk for major inventions and interventions. A recent example is Tesla which has so far received 2.8 billion which will increase due to competition from the Chinese EV market

[@shuma3401]

Oh, the sweet smell of capitalism bias wafting from "this is the system (capitalist) producing all things associated with progress and modernity' at 8:51. Care to defend your stance, Almir Colan?"

[@aftaabkhan7535]

.

[@mohamedmostafa-st6zj]

بارك الله فيكم ياليت جامعات المسلمين تملاء بأشخاص مش حضرتكم حسبى الله ونعم الوكيل

[@ofsabir]

I think it would be better if Brother Almir here stopped doing videos like this for a while and started questioning the capitalist education taught to him at Australian universities that cater to Western imperialism. Because brother's superficial knowledge about socialism and capitalism really shows here. This is not a new Economy Framework, he is saying more "I wish Norway was a Muslim country" than "Let's meaningfully re-imagine and change our model of economy following the guidance of our creator", just changing the names of the western social democratic terms to Islamic ones and emphasizing the finance sector's flaws. Here is my full criticism, I spent some time on this, so it would be useful inshAllah: 1-The video has this funny "capitalism is when markets; socialism is when government does stuff" energy. 2-Bro gets the FACTS totally incorrect when talking about the "things associated with modernity and progress" at 8:40 . Literally, NOT ONE single invention he mentioned was invented under a capitalist mode of production. Everything he said (and there are waay more like this) is the direct result of government non-profit beurocracy. 3-He glosses over every important difference between capitalism and socialism. He doesn't even give a concrete definition of capitalism and socialism. Also, he doesn't talk about the older modes of production like those in the Prophet's (pbuh) times or earlier, like slave kingdoms, feudalism, etc. 4- He discusses the problems with the soviet style central planning (which are legit problems and limitations of the day's technology, don't get me wrong) as if that is the defining ideology of socialism or that is the main difference from capitalism. 5-The structural problem of one social class dominating another (Zaalim - Mazlum dialectic in our belief maps onto this very well) and no dialectics under capitalism is not mentioned at all; he naively frames capitalism like a highschool boy as "when markets are free." 6- He talks a lot about production, trade, and money supply, but I don't think he gets the money "supply" part. Like, who prints the money? How is it created? He doesn't mention this critical aspect at all. 7-He makes good comments on the decoupling of finance and real economy, commodification of human life, and fetishization of commodities, yet fails to tie this to a broader understanding of means of production in a system. i.e., to whom the profits go, who owns the factories and banks, etc. 8-The overview of Islamic principles like Vaqfs, Sadaqa, and Zekaat are things we already know that worked well in pre-capitalist economies. Brother is not making a new statement or providing a method of overturning the currently unjust system. He is just making a sweeping statement saying something like "It would be better if the entire world was Muslim and actually obeyed the Laws of Allah."... no kidding, Sherlock :D Who could have thought that? But the world is not all Muslim, and because the economy is a global thing and Muslim countries (not sure if any of those left nowadays) work inside the Western capitalist monetary system, we see what kind of fervent defenders of Western capitalists and imperialists this breeds in those supposed Muslim countries: just look at the gulf, or Saudi or any "Muslim" country and you will see the complete rejection of Islamic principles and bootlicking of western capital. Money corrupts! This is a fact. 9-In a capitalist profit-driven economy where one class of society amassesvaste amounts of money, and the others are by design left with the crumbs, how are you going to enforce wealth redistribution like zakat as they used to before? I am really asking for structural solutions here, not some vague statements. If the rich are the powerful class of society and can influence the government and have access to offshore heavens in the West, how do you think you can effectively collect that money from them? By asking nicely? By making sure they fear Allah? How do you plan to open their hearts and look? Even the petty trader tribes back in the day refused to pay zekaat and went to war with Abubakr. What Bro is saying doesn't go further than: if everyone was Muslim and acted nicely, we would have a great economy. But that is the problem. They are not, and they don't. Especially the ruling elite. What are you going to do about it? 10- 40:00 For the sake of Allah, come on. Is socialism taxing Wall Street, and capitalism not taxing it? Please... 11-In the third pillar, Bro criticizes the welfare-state term, which is okay. Then let's do, I don't know, welfare society or something where the government authorizes the local community councils and re-imagined vaqfs to help people in need, people who are week, people who are down on their luck; which, there are a lot, even in wealthy countries believe me. I don't get the problem statement here. Too much centralization and excessive burocracy is bad? I don't think that's an argument, everyone agrees with that already. 12-Also, in the same part, he just re-explains monopolistic behaviour in market economies. Nothing new, not an inventive concept of 1+1 = 3 or anything. Just a plain old economy of scales and monopolies. The important thing is where the value goes, who produces it, and who takes a cut off of it. Again, it sounds more like "I wish Norway was a Muslim country" than a "Let's meaningfully re-imagine and change our model of economy following the guidance of our creator" 13-Also the concept of partnership and Prophet pbuh talking about the fairness of it etc are not a capitalist or free market concept (as bro gets it right this time). But rather it is about collective ownership of a business and sharing profit (and losses) according to the contribution and risk one takes. What is a generally a significant misunderstanding in this topic is the risk part though. Risk is not just the money contributed, in fact, a billionaire person contributing a million $ to a company is less at risk than the minimum wage worker working there. The billionaire will not even notice the million gone if the company goes bankrupt, but the worker will not have bread to feed his family. What? The Islamic concept of fairness overlaps with the socialist ideas of value creation and organization structures? Who could have thought? :D I hope I was able to make you question some things. Please forgive me if some of my points sound condescending or rude, this is how it came out. jazakallah khair.

[@AlmirColan]

For the sake of readers, I will overlook your remarks which lack the basic adab of a Muslim addressing another Muslim. Reading your criticism seems to be based mostly on your interpretation of what I said. I would suggest for next time you give a specific full sentence and raise a specific concern rather than reading into my intention and the sort of vibe you are getting. One sentence that you do quote you misunderstood... let me explain - when I said "things associated with modernity and progress" - the key part there is "associated." I did not say that these things are modernity or progress, which also would not be so wrong a position to take - but I referred to how people look at things based on their perception of things. Later, I explain that there are positive and negative things created around us and what is what is based on values one holds. So as I said, associated here is things we associate in popular culture, not Islamic frame of reference. The rest of the criticism seems to be coming from what you conclude at the end to be your interpretation of what is Islamic economy and key principles. Your thinking seems to be impacted by the idea of "collective ownership" which you think is Islamic. You also seem to misunderstand and conflate relationships that employers have with people working for a wage and business partners who have business investors working and sharing in business profit and risk. So what you call the Islamic principle of fairness is not actually Islamic because people should not be coerced to enter a partnership with others if they don't want to, so collective ownership is not fairness but coercion. I think the rest of your points stem from these misunderstandings and again if you have a specific point you wish to raise I will try to respond if done in good faith.

[@sohrabamiri7917]

How much Egypt have to paying to the world bank or I M F How much Turkey Have debt To the world bank or I M F How much pakestan MUST pay to the International Bank or word bank or I M F How much bangeladesh MUST pay to the world bank or I M F Why you can not see clearly the Muslemes world bad situation Please try to be Independent and truth

[@Democrazee]

Just going around in circles ….didnt explain Islam based economics ….what were you trying to get here …..economics isn’t sentimental it’s just real and in the face brutal ….this was kind of glorified socialism

[@MaskedTraderOfficial]

It’s Not Practical…

[@ezzahzam2354]

🤣🤣🤣🤣🤣🤣

[@af8828]

3:00 This is an asinine statement in the foundation of your argument - it completely discounts your entire claim before you've even gotten to explaining "Islamic" economics. To assert that socialist economics "failed" passively due to some intrinsic flaw is both a politically infantile, and ahistorical take, Almir. It fails to acknowledge the 500 years of colonialism which led to the development of imperialism (i.e., the highest stage of capitalism) and its eventual global hegemony. The imperial (capitalist) core, weaponized this hegemony, using it to besiege (militarily, economically, socially; by any and all means) any nation or people that tried to implement socialism. That is to say, socialist economics never "failed"; rather they were *actively sabotaged* by the global hegemon repeatedly, and are to this day (see: Cuba). What you have done here, is no different than what xenophobes do, when they claim other "races" or religions from the global south are "inferior", citing their decaying social structures or lagging infrastructure. Those places are violently destabilized and exploited; that's why they are "failing" - NOT due to some intrinsically inferior characteristics. Kindly reframe your argument now that I have reminded you of the historical context. Continuing this rhetoric after having read this (I know you've read it) will leave me no choice but to assume you're just a grifter.

[@af8828]

You also parrot the "free market" myth immediately after. Such a thing does not exist. Both socialist and capitalist economies are centrally planned - the only difference is, rather than a government constituted, of and representing the needs/will of its people, capitalist economies are planned by oligarchs to further increase their profit extraction. The "invisible hand" is just financiers from large firms manipulating stocks to their benefit, often to the detriment of the living conditions of the masses.

[@af8828]

6:30 You further use your "XYZ" example to demonstrate that as socialist economies advance, they stagnate. From an Islamic perspective, tell me, why in the world are you accepting the capitalist premise that infinite growth is a viable, sustainable, rational, or desirable outcome? GDP growth is a backwards metric reliant on infinite plunder and extraction, and we live on a planet with finite non regenerative (and also finite regenerative on a human time scale) resources. I could clear every forest in the US, and it would result in massive GDP growth. However the real economic impact would be devastating. Again, GDP is a backwards metric.

[@af8828]

8:30 Another myth perpetuated: that "free market" private enterprise is responsible for tackling problems via risk taking. FALSE The VAST majority of innovation, even in capitalist countries, comes from publicly funded research which is unlikely to yield profits whatsoever. Private enterprise has one raison d'etre: to gain quarterly profit. You cannot possible do that by sinking money in research and development into a prospective technology/ innovation which may or may not pan out. What happens in reality is: the public funds research which is more likely to be unprofitable but may pay off in the long run by fostering some form of improvement. THE MOMENT this research pays off, private equity swoops in (because private capital defacto runs the government via lobbying), and immediately begins to reap the profits of this publicly funded innovation. This is the case with insulin, and with nearly every medical or technological advancement that has emerged from the capitalist core.

[@AlmirColan]

I believe there may have been some misunderstanding regarding certain critical points I raised. It seems you may have jumped to conclusions too early or not fully considered my arguments. The incentives that I criticise in socialism and capitalism create problems at different stages of their economic cycles. Both have positives and negatives that need to be considered within the context of their respective goals. Socialism failed due to underincentivizing human behaviour, while capitalism will fail because it overincentivizes it - both unrestrained by real intrinsic values and faith to guide it towards a more holistic and balanced life.

[@af8828]

@@AlmirColan You are parrotting the baseless appeal to nature argument that claims humans are naturally greedy. It is made by capitalist (Mccarthyist) propagandists. Why are YOU as a muslim making this false argument

[@MaskedTraderOfficial]

Nice JOKE😂😂😂😂

[@humbertoreyes3433]

Seriously?

[@maximind5677]

Why you seething bro, calm down.

[@srcp1551]

wonder if you'd be interested in making 'use specific' islamic economic videos? @AlmirColan i.e. These days people deal with many financial solutions like: Takaful, purchasing cars/commodities from banks etc or maybe these 'specific' topics aren't your focus? I just want to learn.

[@AlmirColan]

We are planing to make more short (eg 5 min) videos about these frequently asked questions - I am open to ideas