Islamic Finance Q&A | Shaykh Dr. Yasir Qadhi and Dr. Main AlQudah Q&A | Epic Masjid

[@sully9937]

Shaykh Yasir's ability to condense complex answers into brief, easily understandable sentences is a great skill

[@wilsonmengole]

Am a Christian am learning a lot

[@latifahnapier8311]

Yesss - One God, One Message. Riba, Interest, Usury is spoken against in the Bible also. Maybe you know that already...welcome!!! Usury is an oppressive financial institution which is really no good for any society.😢

[@HennaWorks]

Masha’ALLAH! We have so many talented brothers and sisters from all types of background. I just don’t understand why we can’t come together as an ummah and collaborate to establish all Sharia compliant social and economic systems. Just imagine how proud Allah (swt) would be if we simply followed his guidelines and the teachings of our beloved prophet (saw).

[@lilyarman]

Hundreds of years Muslim scholars have been keep saying riba is haram. Yes, certainly it is Haram, No doubt. However why they are not trying to work for developing halal financial products. Yes, there is something developed, but always there is limited access. Muslims had a glorious past in science and other areas we all know. Investing knowledge and effort to bring an alternative solution is an act of ibadah. All Muslims scholars have to come forward and bring a solution. Keep saying riba is haram and keep going with ignorance and give fatwa is justified? Seems like we all love to give Fatwa than Invention and bring solutions. As working on invention and bring solutions requires lot of hard work and dedication!

[@drnazimuddin2820]

i am complete agree with you

[@native5647]

Just say it buddy you want him to say everything is Halal and we all are Happy.

[@lilyarman]

@@native5647 I am not saying this. We all talk about the problem but very few talk about solving problems. You are supporting who talks about the problems, but not solving problems. Nothing wrong with talks about problems, but solving problems is an act of Ibadah. Just I would like to remind you that Allah blessed Muslim nations abundent of wealth. You, me and all we know how we use our wealth. Very easily Muslim nations could have been developed a parallel financial system. We all have to come forward and at least trying to address this problem.

[@native5647]

@@lilyarman Yes we have wealth but not a control over it all the big financial institutions are controlled by West they have build the system of which nobody can stay out of it and if I am not wrong Muslim countries have tried and there are bunch of Islamic banks now all over the world but even them have to inter mingle with the rest of the institutions of the world same like we have our own Islamic calendar but we don't follow them you can't say we don't have a solutions we have a solutions or atleast some kind of solutions but the one you are talking about parallel system it is not possible in today's economic climate

[@enami8888]

@@lilyarman true!

[@Mohammad-z5h6m]

I absolutely agree with the sheikh that it is possible to start genuine Islamic financial institutions. However, as he said that we as Muslim community lack vision and leadership to implement it.

[@mazharakh]

Ma Sha Allah Ma Sha Allah We all Ummah genuinely need hundreds of Scholars like him

[@QuranWorldYT]

Allah ❤

[@fightforlife4661]

Dr Yasir is taking a very learned approach of modern day issues of Muslims.

[@oumetlee7727]

Thanking both of you for your discussion, I’m still in doubt of accepting Islamic finance as a solution for riba. Where does the ‘Niya’ resale in order to get profit lies ? In fact Islamic finance imposes more burden on the bearer?

[@muherezanoses7796]

Exactly Riba Haraamu Subuhana Allaha

[@firdausfarooqui298]

Thanks

[@petubaba]

How can I contact Shaykh Dr. Main AlQudah to get guidance on setting up a Federal Credit Union.

[@ricky1998]

Very helpful video. The interviewer did a great job of steering conversation to real world issues and away from ideals. We know what ideal world looks like but it's just impossible this day and age.

[@Abdul-Latif615]

Yeah but the rules still stand.

[@truthmatters007]

Masha Allah thank you for not being influenced by the prevailing interests around mortgage telling us the truth.

[@magandaismael4632]

good

[@muherezanoses7796]

BalakaAllahu wafaikumu wajazakaAllaha hairah

[@tocaboca_1999]

Hope to watchmore

[@ahmadizaman2769]

Wait a minute guys stop criticizing!this is not an idle topic it is a burning topic !as small waves keep coming up and finally give way to the big and strong ones InshaAllah this will happen maybe not in our time 36:36 after wallahuaalum 36:36 36:36 😊😊😅😅😮😢 36:36

[@yushaq2434]

Prof. Ma’n was my teacher at AOU. Brilliant man Ma Sha Allah.

[@uzbeemohideen5335]

Alhamdu lillah,I'm living for 35 years in Germany I did not by Haus becaus our Mufti Sahab Taki Usmani said you can't have Rebah.

[@jaffarsamoon6711]

❤ unless the Islamic faith and eeman is established in the hearts of people and simultaneously a true Islamic state is established under the command of "saliheen " we can not abolish the " riba" but we have to struggle in this direction. Inshallah we will be successful.

[@haq786786]

Aameen. Aameen.

[@JamiluLauwali-zj5hs]

❤ yes alhamdillahi Allahu Akbar

[@HalalTimes]

I am not sure whether people will be satisfied with these simplistic answers. Many of us love talking about ideals but want to avoid the realities of today's modern economies and how they function.

[@d.bcooper2271]

Lol

[@d.bcooper2271]

20:54 inflationary nature of fiat currency is very different of deflationary

[@truthmatters007]

Shaikh Yasser seems trying to get more agreeable answer. I am glad the Shaikh stood his ground.

[@irshadahmed9831]

Sheikh has commented well by saying we have the sources but lack in accumulating the resourcing and implementing the Shariah finance system

[@MusaddiqAkhtar]

The fiat currency question was a very important one- but I’d would have wanted to hear more about it.

[@haha-cm6pg]

Agreed. Fiat currency is not the true money. Gold is. Also other metals like silver. They don’t work in inflation.

[@JangLa-f6w]

Entire U.S. dollar is false, it's play money. It was taken off the gold standard since 1972.

[@kumonkazi7414]

My Q to esteemed Dr! The current Islamic loan companies give a 1098-MORT every year saying you can get a tax break thru SCH A. Is it accepted islamically. If so what is the difference with traditional mortgage.

[@Abdul-Latif615]

I have realized that all my family who indulge in riba have other issues. Such they do not attribute to their loan but the core is the same. Food for thought.

[@Isabella_kh]

What issues do you mean? Do you mean the spiritual effects of paying interest which is haraam?

[@azuz1698]

Is the follow up seminar recording available? That would be very helpful.

[@IE-cz9qq]

10:20 what about the point that in western loans the lender has significant risk that the borrower defaults on the loan (he as insolvency protection)

[@asherekaaman6270]

great job he did

[@ryanmcknight5063]

Would the seminar alos be recorded and made available to us on youtube? I pray and hope so.

[@symbiotezilla12345]

I hope so as well!

[@ahmedharagi7191]

جزاكم الله خير

[@abdullahe3674]

Where do I find the second recording. The afternoon session? Jazak Allah Kairan

[@Hawd74.]

Manshala and he make it clear everything

[@mohammadihtsham7755]

Ma Shaa Allah!*

[@ahmedtharik1]

The past part is the solution... Nice talk & informative..!

[@hamidrafique2789]

My question is " what " shall a self-employed person in a society that does not have a welfare system does when he / she is incapicitated esp when they dont have a regular income , so they invest in some scheme where they keep on getting some return on their fixed deposit

[@BKAYS]

Alhamdulilah

[@mohammedsiabdelkader182]

أستغفر الله العظيم الذي لا إله إلا هو الحي القيوم وأتوب إليه

[@RauzZy21]

informative! Thankyou verymuch.,.. how i wish you would discuss/ lecture us the islamic view on cryptocurrrency! ☺️☺️

[@Know_Allaah_The_All-Mighty]

Inna Lillaahi Wa Inna Ilayhi Rajiun Jazak Allaahu Khayran Allaahumma Aameen to all the Duas!

[@aamir8197]

😮

[@uksenegambians2176]

The simple solution would be to lend someone gold rather than fiat money and ask for the same amount of gold to be returned at the agreed time. This way the lender is sure to get his or her value back rather than using fiat currency. Many people do not realise that gold can be bought and sold and these certificates can also be exchanged and transferred just like before Nixon became president.

[@muhammadmwahid8853]

@17:18: Does anyone have the link for the detailed discussion mentioned here?

[@mohameda.i.baranyikwa6551]

May Allah reward This Sheikh for his great intention. It is a shame on us Muslims not being able to establish Muslim banking.

[@yusnimanlotfi7587]

Please come to Malaysia brother. Our Islamic banking is growing.

[@mohameda.i.baranyikwa6551]

Insha Allah May Allah Make it easy for me. Thank you for your open heart I hope you will host me Should I decide to relocate to your country. Shukran

[@candace8186]

Assalaamu Alaykum this is great will the class lecture be available to others?

[@user-mr1nk5is5b]

So why does al rayan bank loan say if you dont keep up repayments your home will be reposessed? So again, were taking the risk?

[@riyadmohammad]

27:46 Period so there is no actual halal islamic financing. The discussion should actually end there.

[@F2rhad]

I am aware of the negative side effects of Riba on society and individual and the reason that why Allah has forbidden it. However, I am wondering that if I lend someone 10,000 and the promise of paying back is in 2 years (just an example) so in 2 years my 10,000 would lose its purchasing power due to inflation. Isn't it fair that instead of 10,000 we make a deal that he pays me 12,000 to cover the loss ? One might argue that well I should do it as qarze hassan and expect the reward from Allah, which I totally agree but what about the monetary aspect ?

[@noyonbhai1440]

Is there any quranic verse where Allah told us to share risk benefit in taking loan? Where did you get the risk sharing concept in quran and hadith? In my country, banks often deduct the interest when a client proved that the business was not profitable.

[@ZZ-np8vm]

25:00 sure for businesses you can do profit sharing but how about assets. Most consumer loans are for houses and cars. How would that exist in islamic system or is that discouraged

[@alijawed1234]

Share ownership in true essence and start paying back the principle amount. If you cant find a lender who sees a point in doing so, then live in a rental property... OR start saving and get yourself home or car that you afford. You can't have it all. Halal is always testing..

[@FlexSZN23]

What about the difference in the value of the USD. If the USD goes up in value do we have to get rid of the money that “we made” since you are counting Savings as riba?

[@d.bcooper2271]

That guy doesn't care about reality 🙄 he only promotes his "Islamic economy," which is based on a fractional reserve banking system.

[@SamirKuraishi-vw2xe]

Assalamu alaykum, how can I ask a fiqh question about e-commerce and dropshipping. With all the arguments for and against it being halal?

[@candace8186]

Assalaamu Alaykum thank you for your immense knowledge. Can you give us in the west some solutions? You pro don’t live in the US and due to your knowledge you knew what to do. What can we do?

[@peace1236559]

How about insurance and bankruptcy protection

[@azhajouj]

I have a question what is the different between Islamic Bank loan of purchasing a car as in example the cost by the dealer 20,000 dollar and the bank will offer you a loan by purchasing the same car for you and charge you 23000 $ and make a profit of 3000 dollar without any risk and the client will bear all charges that the bank gained. This not a Riba? The same thing for Islamic mortgage!!

[@harunskywalker4942]

The value of gold is also not stagnant AND gold itself suffers inflation. The same with fiat money.

[@d.bcooper2271]

You can't print copies of gold ✨️

[@abubakar806]

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?

[@afzalrazapk08]

The older people invest their their money in national saving scheme and get monthly profits. What about this?

[@truehuman9449]

How to dispose accumulated interest from the bank's deposit?

[@AlyTiad]

Please give me what type of books that I can enhance my knowledge of Islamic situations

[@d.bcooper2271]

28:40 the REAL context.....

[@candace8186]

Can you post the class that was given after this post?

[@fberki]

They should come up with business partnership platforms for people with money and business ideas to partner up and there should be fair losses and gains on all partners.

[@abdullahimaalim8345]

This is really amazing. However, I have a question about lending in two different currencies. For example, the bill for which I am helping my friend to settle is in dollars but since I did not have any physical dollars at that point, I lend him an equivalent amount of our local currency at the rate in time. Now, what is the obligation here? the dollars or the equivalent amount of local currency? considering the rapid inflation of our local currency against the dollar, he is likely to pay me more now than it was previously. Is that riba? I will appreciate your answer.

[@peace1236559]

how about devaluation ?

[@younismohamed5520]

I like yasir qadhi a lot, and have learned a lot from him. But I hate when certain things are set in stone in Quran and sunnah, and an issue comes up, the solution is concluded from modern approach. We are in this life to serve Allah, in Allah says interest is haram we shouldn't go near the fitnah. Who cares if this day and age isnt ideal no one said it would be, did we forget this life is a test? Part of the test is avoiding riba no matter how much we want to use it to progress in life, people who think like this are blind to the fact that Allah is the planner and the all seeing and all knowing. This is why we need a khilafah, an islamic system that will benefit the muslims and unite them.

[@TheTruthSeekerMe]

I agree 100%

[@hummermessi5982]

Is riba and bank interest the same or different?

[@alijawed1234]

Same

[@zahurmalik9447]

I'm not a religious scholar but I know for sure, the Quran is very clear on the subject. Americans are on record to have said that they exercise a check on the syllabus of almost all the Muslim world's religious schools especially Saudi Arabia etc. what if one is a graduate of American university. Only Allah knows the best

[@roberthannah7983]

The Quran does not define riba and caliph Umar was not sure of the meaning. Riba was like loan sharking. Modern interest is not riba

[@hichama1449]

Interesting that the speaker mentioned that there is a possibility to overcome the Riba issue with creation a federal credit union supported by Muslims in the USA. However how such bank can get away with the fractional reserve banking that inherent to any bank and is by essence not halal.

[@kumonkazi7414]

I know one christian bank which offers an alternative. You pay 10% as equity and bank puts 90%. Monthly you pay rent not mortgage payment. So your equity increases till the equity bemes 100 by the end of loan period. Yearly you get a statement of equity changes but no 1098-MORT So you can take only standard or itemized deductions without interest on your return. What is Dr’s views on this

[@InquiryCentral]

Wich bank?

[@jodolski]

So how does the bank make money?

[@kumonkazi7414]

@@jodolski A bank is a financial institution and like any lender takes an interest on the principal it gives. Interest is usury which is not permitted in Islam. Read Surah Baqarah v. 275. Also there are hadith to highlight that lowest sin in a interest transaction is doing incest with one’s own mother. Christianity and Judaism allso forbade interest or usurious transactions. Did you hear about the Jewish organization in NY which gives interest-free loans only to other Jews

[@kumonkazi7414]

@@jodolski one way a bank can make money is by puting its money in investments that grow. If they make a bad decision then the shareholders of the bank should bear the brunt. But banks today are likecreepers that cling to the trees and drink its sap or insects that were used in the time of Jesus Christ to suck out bad blood from a diseased person. Even in Shakespeare’s ‘Merchant of Venice’ there was no mention of interest or usurious transactions.

[@amirabelardo8203]

What is the name of the bank ?

[@muherezanoses7796]

Takaballaha wamini kumu

[@blacknwhitenblue]

thank you for this video, but based on many limited study and experience in banking (both islamic and conventional) I have a question which I have tried asking numerous scholars in Pakistan who support IB, but none have found it worthy of a response..maybe someone here would answer: Islamic Financial Products and the risk sharing model is good.....but are the same products halaal if traded in fiat currency? which is not backed by any asset...and is also multiplied due to fractional reserve banking.

[@blacknwhitenblue]

around 21:30 a similar question is raised, however, just because fiat can buy gold/silver or anything on spot doesnt mean it can be used for lending/borrowing...for example...if I am in a risk sharing agreement with a IB, and borrow $5000, buy 50 units of goods and sell 15 days later for $6000, making a $1000 "profit"....how do I calculate what part of the profit is because inflation/deflation?

[@asmahabib2813]

Aselam aleykum. What about countries where sheria complaint mortgage alternatives are nonexistent (many countries in Europe) or in some other countries they are more expensive than the conventional banks? Does not Islam take into consideration the fact that the Muslim community is lagging financially from the rest of the society, and this is going to affect the coming generation in addition to the psychological consequence of being dragged around from one dirty rental house to another in the whole of their development? What about the fact that we as a society at the bottom of the financial hierarchy the whole time will have less (to none) power to affect the society with our religion? I have heard that it is allowed to buy a car that costs a certain amount of money to a little more of that amount with a predefined monthly payment for the whole of the payment period. If this is allowed for a car, why cannot it be allowed for mortgage as well? In certain European countries (it may be the same in the states as well, I don’t know) I can buy a house with a predefined monthly payment for example 10 years.

[@AUU-n3n]

💯 You nailed it bro! “One dirty rental to the next”…..no consistency for you kids…..where is the considerations for the reality we living in? If you pay rent for 5 years your giving these kufaar $150,000 for generations and staying broke….this is how we suppose establish our children and dean?

[@aliabdihaj001]

What about different currency exchange on debt base

[@TheIlyasqazi]

Assalam Alaikum If anyone know where to listen to his complete lecture which he mentioned during his talk that a detailed lecture he will be going in 3 days. Please share the link if anyone have. JazakAllah khair

[@aslamsaleem2215]

islamic finance not to be limited by personal banking saving but rather need to address international monetary system pushing the world towards debt crisis for interest money that is today's major crisis . Islamic world should make a global finance banking to provide loan based on Islamic finance will help to solve many problems

[@DavidSacks-yq1il]

With all respect shiek, As you mentioned, if one part of the transaction is haram, it can taint the whole process. Therefore, even with cashback, one must be cautious to avoid any interest or other haram elements to keep the entire transaction halal.

[@haroonbaig5674]

It is very easy to establish an islamic finance n economics organizations.

[@azhariqbal1390]

A principle was mentioned that any lending transaction that benefits the borrower like in case of cash back is Halal. But earlier a contradicting example was given that in case of a business loan, if the interest rate is 3% and the borrower makes profit of 100%, then it is unfair with the lender because he is making only 3% whereas th borrower is making 100%. Why here the benefit of the borrower became Haram?

[@masyed760]

Loan and charity are two different things in Koran. For loan Allah says no loss to lender and no exploitation to the borrower

[@sniperrana]

I need this Quran recitation at the end of this video.. anybody can share link?

[@mohammedmohiuddin6851]

search 'Sazzad Gul' in KZbin .

[@yt_9584]

When I heard the CV of the guest I was expecting some deeper insight. Shaykh asked some good questions but the responses were quite shallow unfortunately. Other than the deflation/inflation question, how will a loss sharing system practically work? The money that a bank lends ultimately belong to its customers. If banks starts sharing losses of the lended money, how will they pay back their customers. And how will that impact the confidence of the customers? Why would they put their money in such a bank which can't guarantee that it will not loose your savings? Not to say that in current practice, bank doesn't invest customers money in risky trades, etc.

[@humairaamatul1143]

Brother, you should read the Quran completely in your mother tongue, then you will understood, prohibited lending on Interest system, we can lend the money on Profit basis system. Dont lend on loosing businesses, if lend but not starting the profit or started losses then close the business take back the balance principal amount, may be a small amount Wil loose. But 99% businesses were successful. 1% failures are not big issue.

[@mamamia8511]

Inflation is due to interest and fiat currency is based on fractional banking which is again inflationary!! So each fuels the other and can't be adopted

[@Alfaatiha601]

Assalamualaykum sheikh. Can i use credit card for installments? Like smart tv, mobile phones and etc ?

[@FragranceFanatic-x7w]

Don’t live above your means if you can’t buy it you can’t afford it

[@samsam2669]

Buy used one

[@lupahsugpuntubulawannurjan2747]

Assalamu alaykum writing from zamboanga city, Philippines. Is it halal to buy from a store whose capital is from Ganda riba? Although we may not be part privy to his loan what makes me different from him? My intention perhaps. But, I simply LOWER MY GAZE if against my WILL, PER THE QURAN instructions say. Alhamdulillah. 2 reliefs for one difficulty, eh?

[@mohei56]

The current financial system is more complex than his explanation for example when he said that saving account is haram because it is guarantee but he didn't take in consideration that it is grantee because an insurance not investment, is insurance is not halal.

[@adanhussein4075]

Asalam Aleikum! The Sheikh is correct that " Fiat currency has no instrinsic value". He is also correct that it can buy you " Gold and Silver, the real, sound and even Islamic money". Thus it is a proper substitute and therefore " Riba applies on it, when it is lent with interest". This is the view of most Scholars of Islam. However, when you unpack, to use his words, Banks nowadays don't lend you their currency (share capital and reserves), neither Depositers currency held in Trust. All they lend you, after Gold and Silver were " de - monteized by the UN) is " mere air on which they charge you interest on air after you sign the Loan and or Mortgage contract". My honest question is has the Bank lent any sound wealth of it or its Depositors to you! If no, does " Riba" apply on such Loan transactions or not?"

[@samik2108]

Sorry to say... "like halal" is not a term that we should be floating around.This session was not answering real-time issues and solutions. Better, just go ahead say what we have presently is not halal. Yes, we need to establish one for ones seeking real halal options of financing. Nevertheless, thank you for this session.

[@samcomiddleeastabudhabi4824]

thanks for all very good information

[@shahbazzafrulislam]

Dr, cash back on using credit card is from Riba, please open the secret why banks giving you 100 and taking back 95. Please open the secret of how money is being printed by FR without real mortgage, and current credit based world economy. However using credit card itself involve us in Riba. suppose we use credit card and we lost job or become insolvent then will bank forgive 95$ or if we couldn't pay for long time, and when we have money then will bank will take back 95$ only ?

[@imranusmani2535]

Greed of luxury - pushing into haram , Best compounding is between age of 20-30 ( 10 years ) before marriage If u gave ur children 10,000 dollar for example , after 10 years @ 36% bcos he is unmarried and no household expenses - 10,000 become - 2,16,465 After 10 years he married with good working capital and doesn't fall into haram and such things 🎉 World distraction maximum at the age of 20-30 Study business & finance for halal trading - husband & wife both should good in finance education than its become more easier to follow

[@charliefoxtrotter]

ikhwan muslimeen have long justified riba as darurah, going back to freemason m abduh who instituted postal riba in egypt. recall it was Lord Cromer (aka Evelyn Baring, of the UK Barings Bank) who made abduh mufti of Al Azhar. anyway, most US muslims are ignorant of the problems of islamic finance & the deep penetration of the MB in the US (MSA, ISNA, et al). whisky is still whisky even if you put an "Islamic whisky" label on it. in any case, so-called Islamic finance is supported by the jp morgan's, Wells Fargo's of the world. this should say A LOT.

[@uksenegambians2176]

I thought credit cards are haram purely because you enter in to agreement of paying an interest if your repayments are delayed. That’s the act that renders it haram. My question is now how can cash back be halal if obtaining the credit card that would enable that is haram?

[@masterlee6828]

Life insurance has practice of Riba, Gharrar and Gambling according to the majority of ulama. Make simple that's consider riba if there is 1. Interest 2. Late fee 3. Overdrive fee 4. You receive more than what you paid or vise versa It doesn't matter what islamic term you used is still haram.

[@abubakar806]

Questions: Using movable properties like livestock cattle camels and goat as collateral for credit to pastorals is Sharia compliant or not?

[@abubakar806]

How you see this question brother currently I am working on livestock financial inclusion pilot program: we are going to finance the pastoral by using their own movable properties like camels cattle and goat as collateral as security against credit. Because they don't have another collateral

[@native5647]

@@abubakar806 Where are you located ?

[@abubakar806]

@@native5647 From Ethiopia 🇪🇹

[@sameeranazeer9521]

Assalamu alaikum wa rahmatullahi wabarakatuhu Brother. I live in India. I would like to know how the Muslim minority here should go about with RIBA.

[@dani18pk]

@epic masjid, will the next lecture be available as well?

[@abdulisaacs5989]

I ask the guest if he paid cash for his property(If he owns it). How many people can live in the west without borrowing money.

[@madeehamanzursultan6202]

Isn't the purpose of cash back to promote more usage of credit cards, or in simple words riba??? So how is cash back halal when it's sole purpose is to entrap people and make them develop a habit of using the credit card more frequently.

[@bossman1514]

As long as you are paying on time without interests, you are not doing anything wrong. Credit company wants you to use the card because they make money from the businesses where you used the cards. It doesn't matter whether you use a debit card or a credit card, there is a processing fee every business will need to pay. If you don't want to support you can always use cash.

[@d.bcooper2271]

​@@bossman1514 sadduz zaree'ah

[@saeedsaid9275]

Whos recitation is it at the end?

[@EPICMASJID]

Shaykh Sajjad Gul