Can Mortgages be Islamic? | Harris Irfan | Islamic Finance Podcast Ep 1

[@TheSajHussain]

What’s your views on Islamic Banking?

[@Mr.GeeKhan786]

It’s a scam.

[@rosepetal5303]

Islamic Banking does not offer a halal and cost effective solution for Muslims. It seems they are just like the Western banking system but just masked with Islamic terminologies. For example when looking for Islamic mortgages the rates are so high and the general structure seems more aimed at ensuring these Islamic banks gain the most profit as opposed to providing beneficial financial service to Muslims. They mask it as profit or others words, but really is it not just interest and riba? We really need more sharia compliant solutions for Muslims! Its so refreshing to see Harris Irfan speaking on this matter and actually speaking the truth! Thank you!

[@itwasntme4137]

Rip off

[@itwasntme4137]

​@@rosepetal5303totally agree

[@ancientancient-jv1pw]

Islamic banking itself when done properly creates prosperity if not then it will look like a scam.

[@syedabadar4158]

Life will be lot more easier having islamic finances. Especially people who are reluctant to use interest based finances. I really pray that one day insha'Allah will see that day that Muslims are enjoying Islamic finances.

[@MK-vu9pm]

There is no such thing as Islamic banking... just change of name from interest rate to profit rate.. playing with words to halalise things for muslims 😀

[@KhalidKarim72]

Been waiting for this series for a long time, great insights to the beginning of Islamic Finance in the UK.

[@TheSajHussain]

Thanks, it's a long time in the making. Some really exciting guest lined up.

[@abrahamjacobmathew8239]

We need sheriya law aswell here in uk

[@iramshah4398]

So informative and really encouraging for us newbies to see established Muslim guests that have grown their wealth in a halal way, so we can do the same!

[@TheSajHussain]

thank you for your kind words and sharing

[@stephenconnolly1830]

​@@TheSajHussain- you guys are obsessed by the equivalency of Riba with interest, even though the Qur'an and Hadith suggest it is synonymous with economic exploitation. If you never read and engage with the academic peer reviewed literature you will always remain operating in the fossilised past. Worse still, ordinary Muslims will ignore your efforts and unsupported claims by increasingly adopting modern/conventional banking instead. Fractional reserve banking is not unethical it is merely a tool or method used to conduct financial operations. The alternative, gold reserve, has its own limitations and problems.

[@ORIGINAL786dodi]

Very interesting podcast, so many great points discussed which many of us aren’t familiar with. Thanks for sharing! ❤

[@khadeemrumjaun8750]

Love this. Need more podcast like these.

[@TanimZamanOfficial]

Brilliant episode 💯

[@mujjy8091]

Brilliant guest, more of this please

[@syedmaricar9946]

Everything is changing due to expert's in the field of finance.

[@123sumom]

Wow amazing value of knowledge thanks ❤

[@structureone881]

Thanks Saj bhae for bringing out this episode, very insightful

[@astroflyinsights]

12:41 elephant in the room: sukuk turned out to be "asset based" rather than asset backed. This echoes the slow creep of the West to "beneficial ownership" rather than outright ownership.

[@bharatmodi6712]

Good video Saj.❤

[@Aladin-r8t]

The problem is not "money creating fron nothing" but DEBT-MONEY....

[@carlospinha7320]

Very interesting

[@ctrldelete1763]

The problem with Riba is it causes worldwide reverberations: the cost of living to rise, starvation, oppression, ripping off, poor remain permanently poor the list goes on and on. There is a disturbing hadith to what a small piece of riba is compared to. God wages war against those who consume the fat of riba. It was better to live 100 years ago and before than to live today with this massive sin on mankind. May Allah the lord of the worlds have mercy!

[@stephenconnolly1830]

No it doesn't. Only unduly high interest rates and economic exploitation do what you claim.

[@ctrldelete1763]

@stephenconnolly1830 We are well in to those exploitation times. The effects of Riba in small amounts over time has led us here and it will get us closer to what Muhammad pbuh said that one day even those that don't take from Riba will be afflicted by its dust. The worst thing about Riba is we are creating something from nothing when we deal in it. When we do this we are effectively removing the word "Akbar" from Allah SWT. Only Allah SWT is AL-Akbar because it is he that creates something from nothing. Allah SWT knows better and best.

[@MK-vu9pm]

Oh please its embarrassing Muslims show such ignorance... There is no such thing as Islamic banking... just playing with words... interest rates replaced with profit rate, concepts are quite similar.

[@jod5834]

Oh wow, I never expect that- he will call BTC, the real money!!! I love BTC.

[@abdillahiosman1770]

I want to start my first property company in order to get mortgages.

[@1Ummah1924]

So what do you do in regard to banking, money, finance, earnings, housing etc etc

[@strictlyyoutube6881]

The brother mentioned a gross misunderstanding of fractional reserve banking. He made it seem that a bank can make money up by multiples of cash they hold. That isn't true. Banks can borrow money based on the cash they hold as a reserve via other banks. It is known as LIBOR in the UK. The banks will then add a few percentage points to their debtors and make money on the arbitrage. We need to move away from conspiracies and caricatures of the finance industry.

[@faisalali5025]

Bro, he's been in the field way more earlier than your parents were planning to have you.

[@strictlyyoutube6881]

@@faisalali5025 I am not that young brother just to let you know.

[@faisalali5025]

@@strictlyyoutube6881 anyways I wanted to draw your attention to his experience (sorry I was harsh with my words).

[@h0444fbj]

How do u share the risk of default on a house finance ?

[@AzurBlue-b5y]

Can someone explains how a bank can lend $10 against a deposit of $1 . I can understand $1 to $1 but how can it be possible legally lend more than 100% value of deposit??

[@_truthful_q_]

Search Fractional Reserve Lending. Actually, it's worse than that. Banks create money out of nothing. It's not based on customer deposits.

[@aimtiaz_]

Thats the crux of fractional reserve banking. Banks keeping 10% and loaning the rest out. If you deposit $1,000 into a savings account and the bank keeps 10% in reserves, your bank holds onto $100 and lends out $900 to another customer. That customer spends $900 on lets say car repair and the auto shop deposits the money into the bank. Bank again will keep 10% of that or $90 and lend out $810. So on deposit, the bank has 1000 + 90 = $1090 and lent out $810 creating this 810 out from thin air.

[@AliAli-bc6ir]

I wanted to setup an Islamic reit Went to local Mosque in Canada The imams did not want to do anything with it Imams only tell you don’t do this don’t do that But then do not want to be part of any solution What can a normal Muslim do??

[@MudassarMahmood-v7c]

Decided to step away from property development after my first 2 projects , I really enjoyed it but unfortunately there was a nagging feeling inside that it wasn’t right , waiting to see if we can get decent halal finance in the near future , may Allah guide us all

[@acg52_]

Did you speak with StrideUp, Offa or Gatehouse?

[@Dusty118]

Gatehouse is not shariah compliant. It’s a debt-based product

[@AliAli-bc6ir]

Did development where?

[@RIMJANESSOHMALOOG]

Allah said that sadaqa is increased, riba is destroyed. Save a little, give a lot of charity. If u can’t afford a three bedroom house cash, then u can’t have it, rent and trust in Allah, or move to a different country.

[@itwasntme4137]

I asked an Islamic mortgage to buy my house. It was costing me far more then interest mortgage. I had no choice but go for the interest mortgage. Very sad.

[@Sncc1]

There is always a choice of renting

[@_truthful_q_]

I went with islamic finance. Yes, it was more expensive, and always changing the rate, but Alhamdulilah, i didn't have it long.

[@stephenconnolly1830]

​@@_truthful_q_- you wasted your money. A traditional mortgage is not Riba. You have not read the peer reviewed literature and have been misled into believing Riba = interest. It does not. Riba = economic exploitation only.

[@stephenconnolly1830]

​@@Sncc1- that is true, renting is the alternative. However, Riba is not synonymous with interest. Instead, Riba = economic exploitation, please read the peer reviewed literature which makes this clearer.

[@_truthful_q_]

@stephenconnolly1830 Hey, what do you know? No, really what? My choices worked out so well for me without compromising my religion in the least. I have very little knowledge, but all knowledge belongs to Allah. I ask Him Who created me, and He guides me. The outcome is better than I could have hoped for. Mercy and Blessings from The Lord of the Worlds. Alhamdulilah! Yah Allah, grant me good in this world and good in the hereafter, and save me from the punishment of the blazing fire! 🤲🏾

[@AM2K2]

Beware of false profits

[@TheSajHussain]

Not sure I understand what you mean

[@MRW515]

Ha Ha very good 👍

[@eyaidghanim7431]

Muhammad(SAW) the best man to walk the earth, Allahu Akbar!!

[@MRW515]

@@eyaidghanim7431 Hubal Akbar!!

[@eyaidghanim7431]

@@MRW515 Allahu Akbar!!!

[@opulentpi]

The biggest Gangsters of all are the Banks AKA Banksters.

[@mohamedabdiasis1107]

Islam banking is not paper money or electonic islamic bank no intrest and is gold and silver

[@_truthful_q_]

Sam Harris: "Banks are rotten places", bruh. I wonder how long it took him to find ti's out...🤔

[@mukhtarzhonbedkar9195]

Now we will witness how afghanistan will grow using all islamic rule

[@UriAhd-ff2uj]

This banker eat too much RIBA.. also feed your family with RIBA money..

[@fasman170]

On my to read list - heavens banker Reading Yanis Varuofakis book recommended in one of earlier interviews of IH Would live for this guy to start halal investment for ordinary muslims with limited financial means

[@Adworxprintingcom]

IS THE ISLAMIC MORTGAGE HALAL OR HARAM? GIVE SIMPLE ANSWER

[@user28914]

its haram because there is no such thing as an ‘islamic mortgage’

[@wackypeace1135]

There is no simple answer

[@stephenconnolly1830]

​@@user28914- you are not a scholar and your opinion is wrong. Read the peer reviewed literature to correct your ignorance.

[@stephenconnolly1830]

​@@wackypeace1135- wrong, there is a correct answer - read the peer reviewed literature.

[@allykhan8594]

Fractional Reserves! Can't be halaal. And islamic banking can't tear it away from being part of fractional reserves.

[@stephenconnolly1830]

Why? You need to give a reason. If it is a socially agreed custom without causing economic exploitation (the correct definition of Riba) then what is the problem?

[@bekiraltindal9053]

I didn't watch the entire video but I hope you provided a solution, otherwise this whole video is counterproductive.

[@secrets.295]

Islam finance was NEVER anything different than conventional banking. Interests always exist in Islamic banking, in fact interest rates in IB are higher than CB. The difference is they don't call it interest, they call it profit rate. 😂😂😂. Are u kidding me? So u just change the name of a concept and then suddenly it becomes halal? 😅. So if I open a brothel and instead of calling it s.e.x activities and then I change it to exercise, can it suddenly becomes halal? All I need to do is change the name to Islamic Brothel and I just have to pay a couple of imams and tell them that my brothel is sharia compliant and then suddenly its halal? Muslims please. Do not be that stoopid. It's a big sin to use the name of religion in order to corner out competition from the market. It's so corrupt.

[@AsrarSyed-q3e]

You need to fact check, the speaker went way beyond on some of the facts on banking for example on loan to deposit ratio. You must get someone from ‘conventional’ banking to explain the regulations in place on liquidity and capital management. Also without banking the world will stand still, you need to invite a ‘conventional’ economist to explain.

[@Voice4DaVoiceless]

.

[@iftikharsadiq-j9q]

Its sad to see when so called muslims think with their pocket in mind rather than the word of allah

[@stephenconnolly1830]

This position is prejudice not reason.

[@iftikharsadiq-j9q]

@@stephenconnolly1830 Gods law IS Reason

[@immers2410]

He’s too smart for his own good

[@Nina-e4v]

Could you rephrase it?

[@stephenconnolly1830]

It's a pity this banker doesn't understand Riba at all. It is NOT synonymous with conventional bank interest. Instead, the Qur'an and Hadith describe Riba as "economic exploitation" and nothing more. The peer reviewed literature, particularly the publications by Prof. Farooq, demonstrate this position. So far, no-one has bothered to even try falsifying this position in academia.

[@ibrahimjan6643]

@saj hussain so you agree your guest doesnt get riba.. Im not following I thought you were agreeing with him in the podcast

[@zelareka]

that 1 pound becoming 10 pounds is not how i works at all. how can this guy comment on something he does not know

[@A.I.Ekspozay]

i believe it is called "Fractional Reserve Banking"...

[@zelareka]

@@A.I.Ekspozay except the banking system does not work that way

[@xerxesafshar8784]

Whithout ribba we wouldnt have all these modern infrastructures and facilities .no internet/no Flights, no Electricity all these facilities need huge INVESTMENTS! YOU CANT BUILD AND FINANCES MEGA INFRASTRUCTURES AND SCIENCE AT THE SAME TIME WITH "ORGANICS REVENUE MONEY "

[@stephenconnolly1830]

You are confused. Riba is economic exploitation which is good for only the wealthy few. Interest, on the other hand, is important for society to develop and for individuals to progress.

[@xerxesafshar8784]

@stephenconnolly1830 you are confused, today without Riba --> No Internet, No Nvidia, No Google, no Airbus, No Siemens, No Electric Motors, No Amazon. All these huge companies need debt to evolve... do you think you can found a company like Tesla? Which need billiards dollars of investments in an Islamic banking way? Wt the hell are ou talking?

[@Nazir-t3x]

So According to your stupid analogy and belief Riba should be Halal ? If yes then That's Kufr.

[@xerxesafshar8784]

@Nazir-t3x then according to your hypocrite statement you should not use any tools built with riba money like internet/computer/cars/flights/medical devices ;) dont be hypocrite et lets live like cavemen! All the stuffs actualy are built with the help and financement via Riba money so period

[@xerxesafshar8784]

@@Nazir-t3x if you use all tools and stuffs built with the help of riba it is like contributing to the riba banking system.... so with your stupid statement you are prooving yourself that you are a munafiq and in full kufr lol

[@HatimMukabele]

"A person who does not know the people and conditions of his time is ignorant" (Ibn Abidin) It is not possible for a wealthy person who has lived in the UK Dubai axis to understand Islamic banking. During the Ottoman period, Some Pashas would asked a rich person that buy military equipment and sell it back in installments. If you study how to recover a wife of someone who accidentally divorced her with 3 time than you will understand that Islamic banking is not something underestimated, brother Harris. I recommend you follow at least one school of thought(fiqh) and then well study of the Islamic history.

[@khalidbel2950]

There's no such thing as halal finance!

[@aimtiaz_]

You cant have Islamic Finance without an Islamic government and society who can create, operate and sustain an islamic financial & economic system. Islamic Government > Islamic Financial System > Islamic Banking > Islamic Finance product. What we are doing is looking for 100% sharia compliant products in a 100% kafir run countries and financial system and then scratch our head and think - "why isnt this working?!?"