Website - www.MeccaCentric.com MeccaCentric - Producing videos about Islam and Muslims on DVD. Islamic lectures, speeches, talks and sermons are also available on audio CD. “Economic Challenges For Muslims In America” by Jamal Badawi Purchase the full-length lecture at http or call 1-800-607-9810 Another major area of concern for Muslims in America is examined in-depth by Dr. Badawi. He provides possible solutions for three major economic challenges: selling things that are forbidden, the question of riba (is it the same as interest?), and the question of insurance. Then he briefly touches upon the following areas: indirect riba, saving plans and pensions, student loans, working in banks, and interest that is accrued on bank accounts. Other topics discussed: leasing cars, leasing a house Islamically but paying more for it, non-Muslims and their argument for interest, paying over time (deferred payment), and leasing equipment.
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Bullshit!!! so whats the basic difference between interest and rental on house (original+extra)??? this does not make sense at all. in mortgage u have insurance to back losses for investors. THIS is just another deception… this guy needs some real lessonsss…
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im getting really p’d off by what the brothers say about what is halal and what is haram. how can somthing be shirk than at the same time be fardh, ie voting in kufr society. i thought islam was clear
@alphamain Actually Islamic Banking is about sticking to the present capitalist system. Islamic economy is totally different from the present capitalist economy!
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@MrDjangofan both payers of interest and earners of interest are equal. If there were no one to take loans, those people won’t do there business, so they are partners in crime!
u can rent a car if u require it so desperately, but don’t get a deal with a bank! its haraam!
Well if you can’t buy a thing, don’t buy it! its foolish to buy something u can’t afford!
good video, what i found to make money quickly was to sign up to a site known as Heavy dollars - its easy, you do short email surveys and get money
you r 100% right , but where is the loving muslims who love to help each other ,people have lost trust among their brothers
And if all those rich people muslims or non m uslim ,help the poor by paying charity or zakah every year ,there will b no poverty in the world.
ya we do indirectly its called zakat
we give 2.5% of our wealth annually as charity
its required.
That money goes to those in need, and if a poor family needs a car that money would finance a car for them.
He brings up the buying a care example at 3 minutes into the video. The solution is to give the buyer a chart that says what milage and age the car is and how much the dealer will buy the car back (as part of the original contract of buying at a higher price). So, the seller takes part of the risk by being required to buy the car back whenever the seller wants to sell it.
Evil: earning interest on debt you loan to other people
Not Evil: paying interest to evil people
and its given specificaly to :1. The needy (Muslims or non-Muslim)- Fuqara’
2. Extremely poor (Muslims or non-Muslims) - Al-Masakin
3. Those employed to collect - Aamileen
4. Those whose hearts are to be won - Muallafatbul Qulboob
5. To free the captives - Ar-Riqaab
6. Those in debt (Muslims or non-Muslims) - Al Ghaarimeen
7. In the way of Allah - Fi sabil Allah
8. Wayfarer (Muslims or non-Muslims)- Ibonus-Sabael
Actualy there are rich people doing so ! beside there what it’s called Zakat,wich each muslim gives an anually amount of (agriculture produce : 5% produce in case of irrigated land; 10% of produce from rain fed land) and/or (2.5% of cash,gold,silver,trading goods,Produce of mines,Cows buffaloes..ect)
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if you muslims all love each other so much why dont the rich ones just buy others a house and car for no return . thats true faith
Exactly, I’m suprised that children in west are taught *** education but they are never told how money is created and anything about finance. If people were taught money creation and fractional reserve banking more openly, I’m sure 90% of people would have turned against the current capitalist practices. These practices are kept hidden from public!
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Capitalists should never be allowed to monopolize business and finance.
The current Islamic banking system is a step towards total Islamic solutions to economy and finance.
Now that many muslims and non-muslims are warming up to the idea of Islamic finance…we can offer a more ******** alternative to those who wants it…believe me, a lot of people do want a TOTAL Islamic finance - free of riba’ and ambiguities…see how successful the Gold Dinar is…niche market worth expanding.
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Good idea…now, how do we translate this idea into a reality?
First thing first…education. Muslims or at least a sizeable numbers of muslim students must be trained in Islamic Finance/Economics from primary school. There must be tertiary institutions or academies to produce muslims who are well versed in the relevant subjects. The most promising students from all over Islamic world should be in the academy…they should replicate the academy in their own countries or cities.
The reason people cannot think of another system other than the present capitalist system is that all economics and business students are taught assuming they will work in a capitalist environment. That is why you see that even Islamic bankers try to do exactly the same business as conventional bankers, but justify it by signing fatwas from paid scholars. If you read their documents, you can see how flagrantly they are unislamic.
Yes I do have an alternative. First thing to do is to get rid of fiat money and make a currency based on gold, silver etc… e-dinar is a good initiative. Banks should only be there for keeping people’s money and transferring and withdrawing etc… and they should charge fees for it. Now about lending, that should be non-profit and preferably be done by a Government institution. In this way public money is given back to people for starting a business etc… but without interest! u liked the idea
u r very right corleno1820! unless we have an Islamic currency which is based on gold, silver or any other precious metal, it is impossible to do Islamic banking. e-dinar is a good initiative in this regard. Besides that, Islamic banks are notorious for doing the same thing as conventional banks, but calling it interest free by mere use of words. They indeed are compatible with capitalism, which is inherently evil. Elimination of fiat money should be the first step of building an islamic economy
You may be right…and maybe wrong…but most importantly do have a better system?
What is your opinion of muslims opting to stick with conventional system and enriching non-muslims including our sworn-enemies…the freemasons and Zionists?
I don’t thing Islamic banking is right. What Islamic bank, does is to buy a house or a car only when it is sure it has to sell it to you. According to an Ahadith, you cannot sell a product unless you own it and you have to take your products at a place to sell it. But since, islamic bank only purchase to sell it to you, the ownership is phony! Its just like first people in a small village went to a rich man for loan (conventional bank), and now they ask him to buy something for them!
Bankers are filthy rich, thanks to the capitalist system. Do you have any alternative to banking?
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At least the merchant earned his money through some effort in the first place, but the banks don’t lend us their own money, infact they take from others and then lend to others. so they r sitting in between and reaping benefits without doing any effort. Without bankers, people would be much prosperous. Not only bankers earn undeserving money, but they are also filthy rich, while people working their ***** off are not that well to do!