Managing Your Money and the Halal Economy with Harris Irfan

[@TheThinkingMuslim]

Please remember to subscribe, comment and like - to improve our reach. jzk Also pls consider supporting our work here: www.patreon.com/TheThinkingMuslim

[@ahmadjuwayni6256]

I don't like the mentality of those who say we must have a caliphate to do anything... that's like saying we need to put the roof on without even building the foundations.. they don't realise how corrupt every aspect of societies are.. from education to economics to law... we need to work on creating an Islamic ethical society in practical ways... not just talking about caliphate as a magic word that will solve every issue by itself.. it doesn't make sense.. That you for the podcast..

[@lexmarkcz]

Ö😊ööö P

[@kalayiskaarag1907]

34:24

[@ZbigniewWarpinski]

La compréhension de Mme Grace des indicateurs de marché est impressionnante. Elle sait exactement quand entrer et sortir des transactions pour un profit maximum.

[@MustyCrowd-u7l]

Merci à Mme Grâce

[@MustyCrowd-u7l]

Elle est courtier agréé ici aux États-Unis

[@CarineDelgado-c6z]

Comment ..? Je suis débutant en investissement crypto, pouvez-vous me guider sur la façon dont vous avez réalisé vos bénéfices ?

[@ZbigniewWarpinski]

OUI!!! C'est exactement son nom (Mme Grace ), tant de personnes l'ont fortement recommandées et je viens tout juste de commencer avec elle depuis la Belgique???

[@BastienMercier-i2h]

Je suis surpris que ce nom soit mentionné ici, je suis tombé sur le témoignage d'un de ses clients sur CNBC news la semaine dernière.

[@fahd4550]

Books suggested: 1. Talking to My Daughter about the Economy: A Brief History of Capitalism by Yanis Varoufakis 2. Debt: The First 5000 Years by David Graeber 3. The Big Short by Michael Lewis 4. Halal Investing for Beginners: How to Start, Grow and Scale Your Halal Investment Portfolio by Ibrahim Khan and Mohsin Patel

[@kalayiskaarag1907]

Thanks alot 34:34

[@fahd4550]

@@kalayiskaarag1907 You're welcome.

[@sufmeister786]

Jzk for posting this list.

[@armgeo6246]

thanks

[@PeaceofLyli]

I'm reading the fourth one right now

[@shaamilthattayil]

I've been watching a number of videos on this channel and keep coming back here to listen to more talks. There was something serene about the talks on this channel, even with guests who are emphatic like Sami Hamdi. I think what I overlooked is how calm and composed the host is. He never interjects the guests. And remains silent for longer periods than other hosts on KZbin. In my opinion, this strategy of letting the guests talk and complete their point is what that makes these videos a pleasure to watch.

[@hichama1449]

ُAgree totally regarding your comments about the host. What you are describing is exactly how a host should be the focus is on the guest and not the opposite. I have met very few people in the media that match such description in the past 30 years and this one is definitely one of them. Thank you for this valuable comment and thank for such excellent podcast. Irrespective of the topic the quality of the approach is impeccable.

[@Abusteif1]

I feel like the best thing about those interviews is that Jalal listens very attentively to what the guest is saying and he always follows up with brilliant questions. The kind of questions that I, as an average listener, would have.

[@candicecole19]

Ya Rab! Do not punish us if we forget or make a mistake. Do not place a burden on us like the one you placed on those before us. Do not burden us with what we cannot bear. Pardon us, forgive us, and have mercy on us. You are our ˹only˺ Guardian. (Quran 2:286) 🤍

[@CEO786]

Oh Allah Azzawajal forgive us through the waseela of the holy prophet Alay his Salatu Wassalam. ❤

[@harriskhan7671]

@@CEO786 Allah swt can always forgive without any holy prophets waseelah.

[@zaryalai54]

Thank you for inviting Irfan back to your program . We all need economic and financial stability and education and he is working for the best of muslim communities.

[@shainn2237]

This ummah united can do so much, may Allah help us to live up to our potential amin

[@shahzad806]

Wealth is not in having many possessions. Rather, true wealth is the richness of the soul

[@PaulBraman-t1h]

Very good🙂,/and it's the truth!!!!!!!!

[@tariqaziz4534]

sad this immaturity exists . OfCourse in spiritual sense and for hereafter richness of soul matters but what Muslim countries like pakistan,egypt bangladesh indonesia need is not richness of soul but mighty economic system.

[@opportunitiesatyourstepwec8974]

Interesting, when your mom needs surgery to save her life, pay the doctors your soul ❤

[@shahzad806]

@@opportunitiesatyourstepwec8974 Richness of the soul drives our actions and decisions, including the compassion and responsibility we feel towards others, like taking care of a loved one. Without inner richness-qualities like love, empathy, and a sense of duty-one might lack the motivation to prioritize another person's well-being, even in dire situations.

[@stevesmith4901]

Yeah next time when you're hungry, pay the grocer with your soul and see how far it gets you.

[@auwalsabiu7052]

Thank you for inviting Irfan once again. Please I want you to invite him some other time to talk on cryptocurrency.

[@shahzad806]

Your wealth and your children are only a trial, whereas Allah! With Him is a great reward

[@opportunitiesatyourstepwec8974]

Very true. And use the wisdom Allah has given you too

[@Wisdomseeker1028]

Love what we said. I wish we donated more money to social and economic causes rather than only for the poor. We need to be an economic block and use some funds to gain political support and to be able to buy media

[@adilshah5442]

Harris Irfan is the king of his trade- he knows every bit of what he is saying. His knowledge and experience in economics, finance and Islamic finance and its real life application is remarkale.

[@Omarj1986]

you should watch his guest appearance on the Bitcoin documentary titled "God bless Bitcoin" his among heavy weights.

[@adilshah5442]

​@@Omarj1986thanks, will keep that in my to do list

[@mohdnorzaihar2632]

5 times daily prayer means you need powerful "futuristic co-living communal muslim township/village as ummah Socio-economy backbone", while there's all kind of tools-technology-gadget to help the management-business-investment on daily basis. The Amish gain their own softpower from within their fortress@bunker. We could build those townships all over the world(for muslim-non muslim countries/states/district). Peace be upon us all and assalamualaiqum wmt

[@harunabdullah9750]

You already have all those townships in Muslims lands why the fascination with the west and non-Muslim lands? Are Muslims afraid of hijrah?

[@fiqhonomics]

@mohdnorzaihar2632 money backed by food commodities mentioned in hadith (wheat, barley, dates and analogous non perishable staple foods) could work as currency in such a scenario

[@fiqhonomics]

@harunabdullah9750 "Muslim" countries are often less Islamic than Muslim neighborhoods in Westeen countries.

[@mvhommed]

@@fiqhonomicsLiving in a Muslim community in the West still won’t compare to having halal food everywhere you go and hearing the adhaan 5 times a day. And what about the toll these countries have on the children of the Muslimeen?

[@azraghaffar2613]

Amazing podcast. I'm listening to it from Canada. I had problems finding people to invest my money in the halal way here. I always prayed to Allah to show me ways. Luckily one day on KZbin I saw a gentleman clean-shaven handsome middle-aged muslim man talking about his company investing halal way in canada. I immediately called them attended few of their webinar and it's one yr I'm planning my retirement the Halal way ,Alhumdullilah . Now, I'm teaching my daughters the Islamic way to invest . Although I'm saddened by the approach of Muslims here who least care about their investments.

[@harunabdullah9750]

Everything in the west gets invested one way or the other in the stock market which is based on interest profits. The best solution is hijrah and investment in Muslim lands. You cannot be in the belly of the beast and expect non-riba investments

[@jamiedupont789]

you are aware that "muslim lands" use banking systems that function the same way as western banking systems. Even so called islamic banks are questionable.

[@sufmeister786]

As long as we try our best in whatever capacity we have been given. Alhamdulillah for people who are trying to create alternative halal options in financing etc Allah swt bless them and make it a success and easy for Muslims to become a block and a collective for the empowerment of good and pleasing Allah swt as our primary purpose in life. Ameen.

[@AliHaider-zk3uh]

I absolutely love your podcast with Harris Irfan. I have learnt a lot from your conversation with him. Hope he comes again in the future.

[@MARC-fq8by]

This podcast was supposed to provide guidance on managing our money in a Halal way. However, after listening to it, I did not hear any tangible suggestions besides "read this and that." The moderator's question, "What should I do if I had $10,000?" was never clearly answered. It happens every time I sit in a presentation or podcast regarding Islamic Finance. The presenter talks about problems more than solutions and makes me feel that it is better to sit on cash than do anything with it.

[@enzoeclipsed]

Agreed

[@cooldude3421]

You want islamic solution in non islamic society! That's interesting. The simple answer is fix the electric grid rather than lighting candle, that's not smart way of living in today's time. Bringing back islamic system only is the solution . Now don't ask me how to fix the grid. There is a will there is a way.

[@irfanm5892]

i think hes afraid if people listen to his opinion they might lose their money so he doesn't want that to happen

[@GeneralWarlord007]

@Marc, this is indeed the standard, good guests never give you the fish, they rather teach you how to fish. Parallel to this, there is also a risk of giving out financial advice to the masses which is irresponsible because one advice never applies to everyone. However, learn about Bitcoin and consider that your vehicle to exit the rigged riba based FIAT system.

[@greata991]

He clarified that in his answer . No responsible financial advisor would provide a recommendation without a comprehensive understanding of the investor's profile. This includes factors such as age, risk tolerance, financial objectives (both short-term and long-term), current financial situation, investment horizon, income, expenses, liquidity needs, tax considerations, and any existing portfolio

[@candace8186]

There are so many rich Muslims I the world that exist in 3 d world countries like India and Pakistan but there us dire poverty in those countries but also in the west it’s the same. Such financial imbalances!

[@GeneralWarlord007]

Indeed, these are the properties of a bad money where a few get to keep the fruit of their labor saved in assets and the majority running in the hamster wheel of paycheck to paycheck. The system is rigged against the majority.

[@TruthForbidden-ku3qg]

Abu Huraira reported The Messenger of Allah, peace and blessings be upon him said “The Poor Muslim Will Enter Paradise before the Rich by half of a day, the length of which is like Five hundred years”

[@asad-kc8zf]

Abu Bakr and Usman (RA) were both rich people. Moreover how do you define who is rich and who is poor ? What are the absolutes for the comparison?

[@TruthForbidden-ku3qg]

Subhan Allah you must know the two khalifs you named ra….Both died poor… They ra were both renowned for giving their wealth to the poor & left nothing for themselves. I hope the Muslims of today would immolate those Great examples found in the lives of Abu Bakar ra & Uthman bin Affan ra.

[@asad-kc8zf]

@@TruthForbidden-ku3qg I am very well aware of all that. Let me rephrase it, if both of them for example started with 100 camels and bunch of date farms then how do you translate to modern day? It’s very difficult if not impossible. I guess it comes down to wants and needs. Which again is a very subjective thing. Give away everything beyond your needs. It’s easier said than done. But we can only try and only we and our Creator knows our intentions. Even with pure intentions, at the end of the day it’s His mercy that will see us through. Allah knows best.

[@ElizabethCooke-c9d]

Hadiths are hearsay about thw prophet and taking hadith as doctrine means you're associating partners to Allah and you're doing shirk. 90% of muslims believing hadiths that go against qurab are doing shirk. You can't attribute anything to the prophet that you are uncertain of. And you can't be certain what anyone said 300 years after the prophets death is true. Be careful. Hadiths perverted Islam the same way the talmud perverted Judaism and also the supposed saying of Jesus also corrupted Christianity. Hadiths are largely all fabrications and innovation. Islam has been hijacked by hadith and so Allah has made us scattered and astray. Muslims must unite on truth and turn back to the Quran alone.

[@CaskeyKin]

lost me at 10 minute mark with his hypocrisy...and blatant hypocrisy at that 1. 10 minutes in and he's already approved/backed the current acceptance of sharia law in islamic finance? i don't get it, is he against riba or not? the current state of sharia accepts some arbitrary amount of riba..yet he's talking about how riba is bad? why the conflicting message? is he suggesting that engaging in something sinful is fine if it's done under some agreed upon level/amount? 2. he then suggests younger professionals should gain experience at mainstream banks/investment firms, partaking in the system that involves riba that he clearly mentions is a sin, before coming to him to work after you've gained the experience at the places he says are the problem, and not to mention that these places are directly engaging in riba, and the money and experience you would be gaining are tied directly to practices that are deemed impermissible... 3. all of this while holding the notion that your rizq is determined, whether you chip away at a labor job all your life, or work at the top 1% of financial institutions making millions...what's due to come your way one way or another...but to him, it's okay to gain your wealth/livelihood in an impermissible fashion until a time when you can gain it appropriately...The notion that you have to partake in the current model and that's the only way to learn? what the heck? everything that is done in financial institutions can be learned and studied--these are not trade jobs that are only learned by doing--you do not have to work the job making the trades, creating the excel sheets, or sitting in the meetings to learn about the system, just as you don't have to fly a plane to design one. the principles are in place, and the field is studied. he should instead provide opportunities for these qualified candidates to work for him instead and not get their hands dirty with impermissible activity. why not create the opportunities you would like to see provided? better yet, why not have someone learn and understand the correct practices from the start instead? 4. he then talks about this life being temporary, and we should be planning for the next life... 5. all of this without taking into the notion that investing is a luxury, not a right, no muslim has to invest or have a passive means of income. stop treating it as a right--it's a luxury. your thesis cannot be the perils of a particular sin, then spend an 70 minutes justifying why it's okay to partake in it until a system exists where that sin does not exist. all while discussing a practice (investing) that is not a requirement, need, or right for anyone, while holding the notion that your wealth is predetermined. it's all contradictory as heck. 1. if it's a sin, and if it's as major as he claims it to be, avoid it regardless, big or small, in any way you can 2. partaking in it to understand it and build a system to avoid it does not justify your intentions 3. do not seek it out thinking that you are doing it so that you can learn from it to avoid it and have an opportunity to avoid it 4. if your rizq is determined, no amount of permissible or impermissible actions you take will adjust that--it's coming to you whether you skip on that financial analyst position at JPMorgan Chase and instead go work as a shoe cobbler 5. investing and financial independence is again not a right--it's a luxury, don't be fooled or swayed into seeking riches in a manner he may have suggested that is impermissible ultimately, i get that he was once in that life and has left it to improve the current system, but it's a case of him knowing better at this time--no reason for him to suggest others take that path knowing full well they are propping up a system that is impermissible with the religion. i do hope he increases the opportunities of truly interest-free investments that are available to muslims (and TRUE interest-free, not some 3% nonsense that some scholars have arbitrarily agreed upon) And allah knows best ultimately..

[@radityomuhamad2526]

5:42 fractional reserve banking is literally printing money out of nothing. If bank get £1, they can lend out £10. They print £9 out of nothing

[@3aliii]

Thank you both. The closing statements were powerful and accurate. Moving as a block is our only way out . We need an Islamic eco system. Me and my peers are ready once an actual Islamic institute is available. Alhamdullilah, Allah is the sustainer.

[@Ismaeel-eb4pf]

I agree with everything on the most part other than right at the end. I disagree we need to get rich to defeat the powers that be and control the narrative. This is not the solution. This defeats the purpose of our lives from an Islamic perspective although getting rich is completeley halal ofcourse. We cannot attain taqwa and closeness to the creator whilst at the same time striving to get rich. The two are condradictory. The Wali’s of God have all had almost the same thing in common, which is being poor and owning nothing. This world is not for us to enjoy but rather strive and gain closeness to the creator. Call me a conspiracy theorist but all these super rich wealthy elite are worshipping the devil and he is giving them the splendor of the world. We cannot compete no matter how wealthy we get.

[@Stormsea201]

Being poor is not a glamorous thing despite our prophets being poor. In fact, the prophet SAW himself asked Allah subhannatawallah to protect him from the afflictions of poverty. My point is I don't believe it to be contradictory. Our religion permits us a lot of freedom so long we live in halal. Of course I say this humbly

[@salim444]

the ummah needs 1. unity 2. leadership 3. banks 4. industry 5. defense

[@bossssss]

I agree but I think we need to be more educated about Islam. 1. Leadership which will create unity which will lead on to creating a caliphate that is the same model as Muhammad PBUH and His Companions PBU them All.

[@rafid__]

It's time to make it happen 🤲🙏✊

[@SAL-fs1mr]

Banks keep us enslaved in Riba. The Ummah needs a financial system that doesn't require banks.

[@salim444]

@@bossssss yes that too but from what I see, we don't act upon the knowledge and I am trying to emphasize action

[@adamali2886]

The ummah needs the fear of Allah SWT

[@FinanceAdil]

Another riveting podcast 👏 The 'Islamic bank' experiment has failed. Instead, we need: 1. Custodian accounts from fintechs (for day-to-day expenses and short-term savings). 2. Savings accounts from non-bank providers with investment expertise (medium-term savings) 3. Investment accounts (long-term savings)

[@barkkdesignperdis86]

May Allah Reward you my Brothers. I love you guys for the sake of Allah.❤

[@SM-qk5hi]

As much as I respect him the next day isn't written, so imagine dying while earning haram. Wake up for tahajjud and ask Allah to grant you a way.

[@AM-cp6cz]

Exactly. We would never accept this for any other sin. Working at these investment banks, fund managers in a role where deals are being done rhat include ribaa is clearly haraam. No difference of opinion

[@brahimzaidi3849]

Exactly, so many people in the comment section phrasing this guy when he said focus on the main goal. Like basically forget that your wealth is riba and just focus on day tou might be able to change things because you understand things better? My question to him, who are you? What knowledge of islam have you gained to make such advice regarding major sins whereby your giving them some innovative islamic advice that is not according to the sunnah. To be frank, I lost respect for the podcast is allowing for this to be given, remind people that going ti war with allah is a thing. In the day of judgement angels will force a sword in your hand. Life is very short so please remmber that it's not worth eternity in heaven. May allah guide us all

[@Stormsea201]

​@brahimzaidi3849 I understand your point. I don't necessarily agree with that either. However I don't think we should disregard everything he says. Most of what he says, I deeply agree with. Its observations I saw and felt such as the money supply and the inflation part of it. I might even agree with the potential of Bitcoin to replace fiat money

[@SM-qk5hi]

@@Stormsea201 so the point that's extremely problematic is work for the non-Muslim organisations engaging in Riba for the sake of gaining experience and irfan would definitely take them on after they've experienced sinning basically. On yawm al-qiyama will he take all those people's sins rather than look for an alternative. This encouragement to sin in order to gain experience is extremely problematic.

[@brahimzaidi3849]

@Stormsea201 I am warning people to be careful of these youtubers /podcasters. Do not take any nasseha unless they are proven scholars in islamic shariah who know quran and hafith and provide evidence from the scriptures.

[@captainprice6199]

Please invite him more frequently. I started to work in this sector, looking to improve it in line with Islamic principles and need as much guidance and inside info as possible! BarakAllahu feek to the team and the honorable guest.

[@salim444]

May Allah bless you and your wealth

[@captainprice6199]

@@salim444 Allah bless you and all your future offspring brother

[@AM-cp6cz]

Is your company one that deals in ribaa or haraam activities? Cos if so, leave

[@captainprice6199]

@@AM-cp6cz do you have a bank account or work for a company that works completely ribaa free? Such a thing doesn't exist in the western world, not even in the Muslim world currently. The prophet, peace be upon him, said that near the end times, ribaa will be so common, that whoever does not deal with it will not be able to avoid its dust. This is the times we are currently in, and to change that, we sadly have to take a bit of dust and get the know-how. Bro Irfan probably trying the same thing. We either achieve our goals of bettering the world for the Ummah, or die trying. If you know a company interest and haram free in germany, pls recommend. Haven't found any yet.

[@YassineHattab-f4l]

I agree 100% with you that we should act as a block to make a financial independence that we can use to our benefit and support the Islamic community

[@QuantumA1]

One of my favourite topics, thanks for bringing back Brother Irfan. So refreshing; I always leave feeling very charged and inspired to do something meaningful for Islam and the broader world. Thank you for this engaging conversation.

[@MireilleMarechal]

La compréhension de Mme Grace des indicateurs de marché est impressionnante. Elle sait exactement quand entrer et sortir des transactions pour un profit maximum.

[@Lyess0]

47:55 Yep you lost me at bitcoin. Along with all credibility you gathered through the video. You and Seifdean Amos pose a problem then put Bitcoin as a solution and you diminish gold. Same technique.

[@fiqhonomics]

@Lyess0 currency backed by the commodities listed in the hadith, wheat, barley, dates, salt and analogous (non perishable staple foods) commodities e.g. rice, maize.

[@naxpolitikov]

100k views , only 3k likes… that’s how we “support” our muslim community 😊

[@jasonharris351]

I don’t get it, isn’t working in Deutschebank haram because they deal in riba?

[@stevesmith4901]

By that logic, wouldn't it be haram to live in the UK because they deal in riba?

[@coverupper1354]

I am realising Alhamdolillah that Harris Irfan is one of the most profound speakers of our time.

[@syedzakiuddin2162]

One of the best Podcase educating on Real Islamic Finance.. much appreciation

[@Phoenix85932]

I am deeply moved to hear this. I have been reading and educating myself alone and this gentleman is basically talking about what I was reading about. Alhamdulilah!

[@nothonkhan9489]

The whole system is based on debt with yield. In Capitalism debt is foundational. Everything is built on top of it. Name a price of anything that is not linked to debt. Even a tomato in super market was grown by farmer or most likely multinational taking out a loan Can’t be avoided unless you exit the system completely. We are fish in water.

[@GeneralWarlord007]

Exiting the system where possible should be our goal in hope of pleasing Allah and recieving forgiveness. Look at your long term savings and exit those out of the system. Learn about Bitcoin, Khan saab👍

[@fiqhonomics]

@@nothonkhan9489 limited liability on which corporations are founded is also haraam

[@muhammadsuliman4230]

Harris honestly has great plans, may he get the resources available to him to build up this envisioned ecosystem ameen

[@stevesmith4901]

The biggest problem Muslims face when it comes to Islamic finance is coming up with halal currency. It is nearly impossible for anybody right now to use interest-free money/currency since all currency right now is debt-based currency. Bitcoin might be the only real alternative right now. But at this stage Bitcoin is so risky that using it as your only currency will be foolhardy. That said, we need to move away from fiat currency. It is the root cause of all our financial problems.

[@MrWhataboss23]

Sun Tzu: know your enemy Watch Europa The Last Battle. Just watch the first part. And you’ll understand who’s in control of the financial monetary system and what they’re capable of.

[@asim_asif]

They have told us hitler was a bad guy but reality is different, they have brainwashed almost the whole world at this point into thinking that they were the good guys and their system is really the best system mankind has ever produced🙂

[@GeneralWarlord007]

Indeed, thats why we exit the system

[@khurramabbasi3031]

Better than most religious scholars

[@alib7489]

Alhamdulillah... if this episode is as half as good as the last one when you invited brother Irfan last year! Can't wait to listen.

[@oskadavid2964]

Quran say keep what you need and what is above your need give it away.

[@fiqhonomics]

Source?

[@towhidhussain4370]

Assalamu Alaykum wrb. I have been followung Br Irfan for last few years and also read the book Heaven's Banker. To Brother Irfan, did you check the "Social Business" theory by Dr Mohammad Yunus? I think there are room for improvement of introducing Real Economy using Social Business and also make it more islamic if there are elements of Riba in the process. Would love to hear from you using Social Business lens. To Brother Jalal, this could be your next topic to explore further inviting relevant speakers in your show. JazakAllahu Khairan.

[@yrahmed]

12:42 I’d love to learn more about a) the history of Waqfs and b) examples of how to build waqfs in western Muslim communities

[@fiqhonomics]

@@yrahmed we have that in South Africa, Awqaf SA

[@adamali2886]

Irfan is completely wrong about gold and silver

[@Pikadb8815]

This was the shortest hour of my life!! So happy that I found your channel and this episode!! Great message and call for all Muslims at the end of the episode And now I’ll go watch the previous episode with Harris Irfan 🙌🙌🙌

[@alphabeta8403]

5:30 Fractional reserve banking 9:30 Why should we care 14:30 Profit/wealth is NOT a bad thing 22:30 Real vs financial economy 27:00 VC firms 29:00 Inflation; QE 33:20 How to invest $10k 39:50 Prophet Muhammad had skin in the money game 44:50 Fiat Money; inflating money supply 48:00 *Bitcoin* 53:00 Debt 56:55 What Muslims invest in 1:00:00 ETFs; REITs; Derivatives 1:06:00 *Unite economically*

[@ahmedismailabdullahi3821]

Islamic banking stands as you pointed on real economics, risk sharing and distance itself from Riba, gambling like activities and generating money from money without trade. Economic blocks is not functioning, humans traded even during war time. For money countries must return to gold peg system that existed in 1971 as away to the Golden Standard. Bitcoin is risky and has no store value in addition it will increase the gap between rich and pòor. An islamic stock market which is completely different from the traditional market is a long debate!.

[@learnearn492]

So how to put 10K to invest still waiting for actionable advice..... Also how come stocks are halal they have Riba based loans??

[@stevesmith4901]

The 10K you're holding on to is riba-based currency. There, I solved your 10K investment problem.

[@learnearn492]

@@stevesmith4901 Not if I exchange for same amount

[@opportunitiesatyourstepwec8974]

My interest now .. only thing I Wana learn

[@GeneralWarlord007]

Google the book, The Bitcoin standard. Happy learning👍

[@drasifofficial]

Much needed, deep conversation.

[@zak992]

This was deep just about kept up with it ! May Allah make both of you amazingly successful in your respective fields, came to the conclusion being content with one slice of bread is better than running after a whole loaf !

[@Nafrodamus]

Riba is literally part of Fiat currencies. So you cannot have money/cash without being involved in Rina.

[@Nafrodamus]

*Riba

[@Omer1996E.C]

Not money, only fiat currency. Even gold is money

[@Nafrodamus]

@@Omer1996E.C I'm talking about inflatable currencies... Gold is only inflatable by papers which has led the world to Fiat. Read some books! 😉

[@Omer1996E.C]

@@Nafrodamus you're telling me to read some books? My dear, finance is my field of profession. Gold or silver cannot be artificially inflated, except with the force of arms. Like if a government forced you to deal with paper money by confiscating your Gold (like how they did in the past), or if they banned using other currencies and means of exchange (by enforcing a single legal tender, which many governments do). So, basically, gold and silver can't be artificially inflated except with the force of arms

[@Nafrodamus]

@@Omer1996E.C Okay! Maybe you are just angry because you define money in another way... Thx for the Info!

[@deception6666]

Invite Sheikh imran hossein 🔥

[@irfanm5892]

damn this guy is good

[@nabilawaseem-saeed653]

This was such an interesting and much needed episode. I'm looking currently at where my pension is invested and so glad to hear that there are some, albeit few, options available to us Muslims. We definitely need to promote investment into the community in diverse areas and I can vouch for the Aziz Foundation as they funded my daughters Masters degree!

[@asiya271]

Wow first time I am seeing a CEO who has such in depth knowledge about Islam Mashallah! Keep it up! and yeah we are really benefitting from this knowledge!

[@SGLT2]

I really enjoyed when he was on in 2023!

[@stevesmith4901]

If Harris Irfan had dismissed Bitcoin, I would have dismissed him. Because people who don't understand currency/money dismiss Bitcoin. It is the best form of currency/money we have today. Harris has gained a follower in me.

[@TheCastedone]

What can bitcoin do if the power cuts?

[@stevesmith4901]

@@TheCastedone The same thing I do when I lose my internet connection. I wait for it to come back.

[@Abdur-Rahman862]

Dont know how to break this to you but your opinion holds little value.

[@stevesmith4901]

@@Abdur-Rahman862 But what about Harris Irfan? Does his opinion hold value?

[@Abdur-Rahman862]

@@stevesmith4901 haven't watched the whole video

[@AhmadouXodia]

So now etf is not haram? REIT is not haram? There is no such thing as halal stuff unfortunately

[@sheraisy123456]

I used to like Mr Irfan but after he started talking about bitcoin I love the guy , welcome to the bitcoin rabbit hole 😎

[@zohebakhtar265]

Imagine this scenario: Rehan and Umar are 2 friends and they want to start an ice cream truck business together: Rehan paid 20% and Umar paid 80% to establish the business In a true partnership, Rehan now owns 20% of the business and Umar owns 80% of the business and thus they will share the profit or loss accordingly. Just because Rehan owns a smaller % of the business, Umar cannot force Rehan to buy ice creams every day from their truck. That would be illegal Also, if Rehan buys ice cream from the truck and doesn't pay for the ice cream, Umar can take him to court for the price of the ice cream, but cannot force him to give away his share of the business. This will again be illegal. So in a nutshell, these so-called "Partnerships" where they force you to pay rent on the properties you buy as partners is like forcing a partner to buy ice cream from the truck and thus is an illegal transaction in Islam or even ethically.

[@stevesmith4901]

I have no clue what you're talking about. All renters are forced to pay their rent. No tenant has the choice not to pay rent. That's why we sign a contract with the house owner.

[@AJ-baraka]

Great interview. My question is how can Harris Irfan promote Bitcoin when we don't know who is really behind it, who are the founders and who is pulling the strings? which raises the issue of Gharar (or extreme uncertainty)... Additionally, there is also the possibility that the US and other world powers may decide to ban Bitcoin if they feel that it may affect their economies and the current financial system.

[@SAL-fs1mr]

Bitcoin is completely open source, so it isn't necessary to know who satoshi is. He doesn't have any special control over the bitcoin network. You can run a full node and be a full peer on the network, verifying the integrity of the ledger using your computer, not beholden to anyone else. Even if banned, you can still use Bitcoin. I would personally not choose to be a slave to their system of Riba currencies and banking.

[@fiqhonomics]

Islamic money is tangible and has intrinsic value, e.g. gold, silver, dates, wheat, barley and salt, as per the hadith.

[@SAL-fs1mr]

@@fiqhonomics the Hadith never mentioned that these were the only forms of money allowed. Those are just what were commonly used at the time.

[@GeneralWarlord007]

Its doesn’t matter who is responsible for creating Bitcoin. The code is readable for everyone. There are a few string pullers, the miners, the noderunners, the companies within this ecosystem and in result of the Blockwars, we learned that Noderunners are the most powerful, who are those? It can be you, me or our mothers. Its so simple. US is not blocking, their presidents are cheerleaders of it Bitcoin to collect votes. China banned it and it is still used and mined in China. Bitcoin is unstoppable because it is impossible to enforce the ban. Read about the Bittorrent protocol and why it is still impossible to ban that. Bitcoin works on the same peer to peer principles. Kinda same issue to banning it like banning Hawala😁. Banks can cry all about it but still massively used worldwide.

[@fiqhonomics]

@SAL-fs1mr bitcoin is limited, all the examples of money in the hadith are tangible, there is an element of luck in finding the nonce, bitcoin mining uses a stupendous amount of electricity, bitcoin is very complex for the layperson to understand

[@Meccabestplace]

Allah❤

[@farukbayraktar-z8j]

I'm currently studying Computer Science in Germany and take great interrest in economy. Maybe i could be part of your project some day, help improve helal investing. Best regards

[@postcutclarity]

Reits are considered halal? I get the part that you own houses but isn’t most of their houses owned by banks? If you you are leveraged indirectly or directly depending on how you view it. Because you own part of a company that uses leverage to buy houses? Are there any reits that only use their investment buyers money and not the banks?

[@GrayRhino-d2h]

I completely disagree with his view on venture capital. In fact, among various funding vehicles, I would argue that venture capital is closest to Islamic principals (given that the underlying company is not engaging in haram business) and should be encouraged for Muslims to engage in. Just for a moment, imagine a world where only Islamic financing is an option. Entrepreneurs cannot borrow to implement their innovative ideas, investors do not have the understanding and the risk appetite to support crazy ideas in Sharia compliant way. This will completely kill innovation. You won't see Google, SpaceX or similar innovations in Islamic world, because someone has to finance them but only the founder has the vision. Venture capitals are the main drivers of innovation (the only financing option that is willing to take huge risk in an early stage), and taking risk is not prohibited in Islam.

[@user-qk1ix7sf4e]

If dollar can be backed by crypto. For example usdt/usdc. Why we can't back gold. For example for every gm of gold we provide tokens

[@Shikatanori-qf5gq]

VCs are investing in high-risk investments that have the potential to be hugely impactful. If they didn't exist there would be much less investment in high-risk (aka innovative) endeavors. And we need VCs because otherwise our economies won't innovate.

[@Brinjal-yu1vi]

Islamic Banking can only Work properly when the whole Society abide's by the Law and is Corruption Free.

[@WaleedGaziani]

Mudarabah contracts are very commonly used in Islamic Banks in Pakistan. You highlighted that you haven't find one. Is there any deficiency in such contract according to your knowledge and perspective? kindly do shed some light. Thanks

[@THELASTMESSAGE1]

Instead of bitcoin isnt there a gold backed cryptocurrency.

[@midoevil7]

I was hoping he get into the point regarding the current trust level in western financial institutions. As a Muslim, Even If I was to invest in the financial tools or even in commodities like gold, it is still in the western institutions hands. Gold ETF's for example are shares in physical gold stored somewhere, which is usually a western country, the same goes for ETF's , as most of stock brokers are also western, or they required some link to the banking system. So, if western governments decided to pull the plug, they may force these brokers to refuse liquifying muslim individuals assets. You want to sell your ETF, Gold ETF, Shares, Skuk ? Well, give me a bank account. Yours is frozen because you are muslim/in-muslim-country? well, tough luck, no money for you. We are seeing this with the war, the sanctions, and even normal individuals , online banks will just block account out of nowhere.

[@mazinalikarar2523]

I am interested in investing in a Halal S&P 500 index. Unfortunately SPUS is not available outside US. What are my alternatives for tracking S&P 500?

[@rameezahamed]

I have a doubt on this discussion. Is the speaker asking us to work in bank for experience of 2-5 yrs as a Coder and then leave that job for Islamic economic company to be brought up for the sake of ummah ? Isn't sinful to work there in first place ?

[@francesbernard2445]

There are conscientious Jewish people around too. Since the year 1948 in Israel JEwish people and Muslim people are often being triangulated against one another. Who all may be doing that triangulation of people against one another cannot be that easily discovered.

[@iffatarakhanam1872]

Assalamualaikum. First thanks to Thinking Muslim for doing this video. The Riba free business and investment is very rare now a days and we Muslim ummah need these very much. I am from Bangladesh. Can anyone suggest me how to invest in a Riba free way in my country.

[@nailachou1174]

Could bitcoin be coopted or confiscated by central banks and/or central governments or a central authority? Can bitcoin be transacted as ETF (like ETF gold) whereby you’re not actual owner of the bitcoin but own some aspect of it?

[@rsalleh1969]

Can Irfan elaborate why gold is easily manipulated? Bitcoin now is also being speculated. Instead of just bitcoin or crypto as money, should we consider a crypto that is tied to real gold. That is really a tangible intrinsic value money.

[@t7eenehkofta868]

Brother wins on bitcoin

[@admirhoxha9748]

the guy says gold can be easily counterfeited! how on earth can you counterfeit Gold my friend? And you think bitcoin cant be? 😂 I dont expect this comment from a muslim guy! you lost me there!

[@wasifmahmood834]

Also, I definitely agree with Pfida model. It is one of the only companies I know, that was not affected in the same way by how all other banks reacted when Liz Truss and her economy destroying budget was made. Their customers were not affected in the same way. I have also met the people behind it and they are genuiney good people.

[@farazchoudhry3560]

Brother Harris, I need to get in touch with you. I want to invest in a fund that will become our welfare tomorrow iA. I'll check you out and be in touch. I aim to create a counter economy for us iA. JK and Salaam.

[@yusufhissein1292]

Mashallah brother may Allah make it easy for you. I have money but I don't know where I can invest. We have seen mudharaba and musharaka but the organisation running this financial modes are not genuine.

[@dkoz8321]

I have seldom seen such an unprofessional , syciphantic host! He just sit there as nods his head and mums 'yeah', "yeah'. There is no debate, there is no counterpoint.

[@shk.owais1911]

I'm planning to setup a call center for sales of real estate in USA, is it a halal income? Bcoz the buyer might hv to get loan to buy d house. Plz advice.

[@Shikatanori-qf5gq]

How is his product different than an equity investment with a dividend? I am trying really hard to understand this.

[@mri8517]

IMF sat down with El Salvador to talk about the Risks of Bitcoin. Sounds good to me.

[@GeneralWarlord007]

If IMF had to do that… El Salvador knows they are on their way out of slavery😎. I wish more countries had the courage to buy 1 Bitcoin every day like Salvadorians do👍

[@salemshaikh9772]

Basic is missing , too far from reality . What muslim need is not there. Middle class and lower class they car more about riba .must talk from there prospective .

[@riekaadinda5002]

I still dont understand what is the ideal structure of islamic economy. Can anyone refer me to a book/podcast/video about it? I want to understand the big picture and also in practice.

[@nabilsaheb7968]

I think that our youngesters would avoid working and engaging with these finance institutions, because of none islamic way. instead they should get guide and support from experienced financers like you to start up a new islamic institutions and organisations.

[@AbdullahAbdullah-yw5ho]

I disagree with the fact of mentioning Ethical finance instead of Islamic finance. That ethic is based on Islamic principles and rulings. If you decide to remove the term Islamic in order to please or attract certain customers then it’s your choice, but is it the right own? I am not certain about it, but what I am certain about is to advise the general Muslim public that there is no need to mention the word Islamic in our financing.

[@The_Angry_BeEconomist]

I'm a muslim, I worked as an economist in the largest financial institution in the country where I live, and I disagree with this guy, I'm not going to go into everything but I won't listen to this man give me directions to the freeway.

[@akifkhan2932]

Why no episode on Bangladesh success why ignoring good news only highlighting bad news negative doom spiral

[@georgesoros5782]

i dont think we can achieve such concept in the current western secular paradigm. such islamic financial concept cant do transactions or provide service with systems that arent sharia compliant. since the western systems are fully haram to the core, the islamic financial system should then exclude that whole western market. And only do business with brics and even then the non islamic bric coountries do non islamic compliant transactions/services. The best is to build with all the islamic countries but that is a project that is almost impossible to achieve since the corruption is widespread. Its better for muslims to reach a individualistic/local solution

[@EhteshamShahzad]

The concept of fractional reserve banking is not true. The bank doesn't not need deposits to make a loan. If a bank believes a person can make good on a load, the bank lends them the money. Where does the bank get the money from? They can borrow from the state/federal bank. Of course, the bank would prefer to use the depositor's money to make the loan as that would increase their profit margin. But the concept in fractional reserve that the bank is limited by how much they can loan out based on how much reserves they have is not true. Source: Understanding the Fed's "Money Printer" (QE, the Stock Market, and Inflation) by Ben Felix. Do what you may with this information.

[@stevesmith4901]

All deposits with the bank are loans to the bank. A bank is promising a return on your deposit. It simply promises you less return than it demands a borrower. It makes no difference where they get the money from. You might say, "but I don't earn any return on my cash with the bank." Yeah, that's probably because you have a checking account with the bank that doesn't pay any returns. However, a savings account will.

[@AbdulLathiefP]

Do not invest in Commercially dubious and socially useless ventures. 27 minute of the video

[@HHH78709]

Bitcoin

[@AbdulLathiefP]

Imf and world bank exist to enrich a small group of people 😂 Minute 48