Buying a Car or Home Without Riba (Interest)
Website – www.MeccaCentric.com MeccaCentric – Producing videos about Islam as well as Muslims upon DVD. Islamic lectures, speeches, talks as well as sermons have been additionally accessible upon audio CD. “Economic Challenges For Muslims In America” by Jamal Badawi Buy the full-length harangue during http or call 1-800-607-9810 Another vital area of regard for Muslims in America is carefully thought about in-depth by Dr. Badawi. He provides probable solutions for 3 vital mercantile challenges: offered things which have been forbidden, the subject of riba (is it the same as interest?), as well as the subject of insurance. Then he quickly touches upon the following areas: surreptitious riba, saving skeleton as well as pensions, tyro loans, operative in banks, as well as seductiveness which is accrued upon bank accounts. Other topics discussed: leasing cars, leasing the residence Islamically though profitable some-more for it, non-Muslims as well as their evidence for interest, profitable over time (deferred payment), as well as leasing equipment.
Comments
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…
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 Really Islamic Banking is about sticking to the present capitalist system. Islamic economy is really different from the present capitalist economy!
@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!
excellent video, what i found to make money quickly was to sign up to a site known as Heavy dollars – its simple, you do small email surveys and get money
you r 100% right , but where is the loving muslims who like 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)
if you muslims all like each other so much why dont the rich ones just buy others a house and car for no return . thats right faith
agree!!!!
Exactly, I’m suprised that children in west are taught Sex education but they are never told how money is made 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!
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 thought of Islamic finance…we can offer a more hardcore 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.
Excellent thought…now, how do we translate this thought 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 reckon 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 excellent 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 thought
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 excellent 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 incorrect…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 buy 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 question him to buy something for them!
Bankers are filthy rich, thanks to the capitalist system. Do you have any alternative to banking?
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 butts off are not that well to do!