Riba

There's 10 cases where women inherit more than men.

Those who work in the banking system will give you very strong arguments why Riba should be permissible.

AI is locked everywhere.

Everyone's using it.

There's riban nasi'ah and riban fadhal.

Now let's just break that down a bit more for people.

Riban nasi'ah just means the riba or the excess of delay.

Yeah.

For example, if a token represents genuine ownership in a Sharia-compliant underlying asset which clearly defines rights and operations then there is certainly potential for it to be structured in a Sharia compliant manner.

But if we are simply tokenizing a conventional interest based bearing date or creating a token whose economic substance involve Gharar, Riba or an impermissible underlying asset then putting it on any blockchain does not make it Sharia compliant.

I think all of the gentlemen have made really important points, actually.

Just one thing which springs to mind when if we park the discussion of digital assets, generally speaking, so whether it's cryptocurrencies or central bank digital currencies or whatever it may be, and we just think about tokenization, I think there's a really interesting question around access.

There was a fatwa that was issued by the European Fiqh Council many, many decades ago.

The essence of this fatwa is you have to exhaust all non-Ribah-based means.

And if you've exhausted all the non-Ribah based means and there's no Islamic financing available, then go ahead and purchase your first home with a conventional mortgage.

But you'll notice the two caveats over here that you've exhausted all of your means and there is no Islamic financing available to you.

Giving zakat is a fundamental pillar.

Not consuming haram money is a big deal, right? Riba is a big problem.

It's a serious thing.

So, and, and stealing is a serious thing.

And now people think it's too hard to live without riba.

It's just too hard.

Riba is so repugnant to Allah SWT that during the lifetime of the Prophet SAW, when they conquered Makkah and Allah SWT commanded the believers, give up your riba, give up that haram wealth in Surah Al-Baqarah.

And then when Allah SWT, He threatened the believers.

He said, if you do not, فَإِلَّمْ تَفْعَلُوا Allah SWT says, فَأْذَنُوا بِحَرْبٍ مِّنَ اللَّهِ وَرَسُولِهِ Then beware of a war with Allah and His Rasul.

I'll pay $300 for this.

You've just done riba.

Riba al-fadl.

That is Riba al-fadl.

You have now the Riba.

How have you done Riba? Because now, what's this card? This card is in place of money.

There's no difference between money and this card.

Okay? There's no difference saying, okay, here's $150.

There's this thing called Bay ul Aina or, uh, Bay ul Ajal in, in the Madhhab.

What is that? Well, it's kind of a, uh, the Maliki Madhhab especially saw it as a trick to do Riba.

So let's say that I wanted to take a loan from, from you, Ayan, um, because mashallah, I know that you're rolling in dough, right? So I say, "Ayan, loan me, uh...

Can I have $100?" And you say, "Yes, but I need $110 back." We both say, "Well, we know that's haram, but we have a solution." What am I gonna do? What I'm gonna do is I'm gonna sell you these AirPods, I have these AirPods, um, and I'm gonna sell them to you for, uh, $100 and you're gonna sell them back to me for $110.

Killing is not prevalent today? Very.

Riba is not prevalent today? Many.

Yani nasallallah al-afiy, maybe in every house there is riba.

Uh, problems with husband and wife.

So financial literacy to me, it's not just learning how to budget or how to utilize your money.

It touches on a lot of aspects that we do as Muslims on a day in, day out basis, whether it's coming from Zakat, Sadaqah, halal earning, avoiding Riba, supporting your family, even saving for Hajj and inheritance.

These are aspects that I think all Muslims should learn at a very basic level, [clears throat] and, and to really educate ourselves.

So it's not neutral, and there's a lot of things, there's a lot of aspects that walk right into finances.

So one example is saving for Hajj, for example.

A lot of the advice you'll get on YouTube are from non-Muslim sources on financial literacy obviously is not gonna have that aspect in there.

It's also not gonna have the aspect of, of avoiding Riba or not being in debt, or of trying to get out of debt or even halal income, income as well.

That's where the core of it happens to a Muslim, or that's where we should be financially literate for that aspect.