Islamic Finance and Crypto Part 1 (2021-04-08) ​

0:00:00 Music
0:00:22 okay today's session will be
0:00:23 a question answer around islamic finance
0:00:26 and crypto
0:00:27 so we have a few simple uh basic
0:00:30 questions first and then we can do a
0:00:31 deep dive into crypto
0:00:33 and the doc's encyclopedic knowledge of
0:00:35 it um
0:00:36 so a couple of first questions one is a
0:00:38 reba
0:00:40 related question specifically which is
0:00:43 would it be considered
0:00:44 river if you pay for services like car
0:00:46 insurance in
0:00:47 installments when they offer terms like
0:00:50 payment annually or a monthly payment at
0:00:53 a higher cost
0:00:54 would this be considered riba oh the
0:00:56 only problem
0:00:58 maybe because the people did not
0:01:00 understand uh it seems to be there's a
0:01:01 general misunderstanding of the meaning
0:01:03 of river
0:01:04 uh the river is is only in in
0:01:08 in in exchange uh
0:01:12 individual with with the of the of the
0:01:13 same type like in money for money
0:01:15 gold for gold silver for server that's
0:01:17 the the six types which means in the
0:01:19 hadith but let us
0:01:21 say for example pound for pound whatever
0:01:23 entity
0:01:24 is used as for valuation this one
0:01:27 uh exchange with with an increase
0:01:30 uh in in in in
0:01:34 for for the one who are obliged to pay
0:01:35 either because of time that would be
0:01:37 very banacia
0:01:38 delay i give you now 100 pounds and you
0:01:41 give me at the end of the year back
0:01:43 110 or 120 or 100 one penny or whatever
0:01:46 even anything
0:01:47 that increase that's that's the
0:01:50 essentially but that's the one post one
0:01:52 with
0:01:52 and the one which is very unfathomable
0:01:54 which is rare and
0:01:56 most likely is not effective nowadays
0:01:59 but in time time the time pass it would
0:02:00 it would have been a possibility
0:02:02 to have a back door forever or then
0:02:04 father like i give you
0:02:07 one pound uh let us say in in in notes
0:02:10 or twenty pound the nose and you give me
0:02:12 the twenty pound in uh
0:02:13 in uh in coins but you give me twenty
0:02:16 one thousand coin
0:02:17 they're called self but this is this
0:02:20 in that case it's only if really the the
0:02:23 the
0:02:24 the surf the pounds in coins are
0:02:26 essentially the same like the pounds in
0:02:28 in paper which is the same because the
0:02:30 coins do not add any value it is usually
0:02:33 a metal which is
0:02:34 just like the paper there it's it's
0:02:36 regarded as valueless
0:02:38 without any value this is more more
0:02:40 clearer in the case of exchanging
0:02:43 let's let's finish the photographers
0:02:44 instead of changing for example day to
0:02:46 date
0:02:46 obviously dates are not about the same
0:02:48 quality and same
0:02:50 uh level of goodness and on the
0:02:53 desirability of other people there are
0:02:55 very valuable dates which you may pay
0:02:57 for
0:03:02 allegedly coming from palestine some of
0:03:03 it comes from israel covered up as well
0:03:05 as that
0:03:05 anyway that's not our issue today and
0:03:08 the
0:03:09 this majdul is highly desirable also the
0:03:11 the type coming from algier and tunisia
0:03:13 is also highly desirable
0:03:15 uh and types from society called khalas
0:03:17 is regarded as very high but there are
0:03:18 other types which are
0:03:19 average and so on so if you value them
0:03:22 in empowerment you will find their
0:03:23 difference because they are really
0:03:24 quality wise different taste wise
0:03:27 desirability wise
0:03:28 in the eye of the people it could be
0:03:30 just based on custom people love the
0:03:32 dates of their own area more than this
0:03:34 or another area and things like that
0:03:36 in that case it may be appears logical
0:03:39 that you may exchange like
0:03:40 let's say usually this are in the time
0:03:43 pass at least i'll exchange them
0:03:45 by measure in in volume but it can be in
0:03:48 weight
0:03:49 you can you can deal in kilogram instead
0:03:51 of dealing in liter
0:03:52 or something like that dry day so yes
0:03:55 you'll tell the ideas
0:03:56 um people may come in the idea since
0:03:59 this is more valuable that other than
0:04:01 exchange maybe
0:04:01 one one uh one
0:04:05 one kilogram or one uh measure volume
0:04:08 measure let us say maybe liter or
0:04:09 a bucket or something like that of a
0:04:12 high value
0:04:13 eighth module against another one and a
0:04:15 half bucket of the other one
0:04:16 this is called level fall and the
0:04:18 solution for that that's that's was that
0:04:20 we have
0:04:21 another narration that the parallel
0:04:24 level
0:04:24 asked to give him some dates so he
0:04:26 brought him some barney
0:04:28 first class date and i said oh that does
0:04:30 not burn me where did you get this money
0:04:32 from
0:04:32 said i i went with our low level date to
0:04:35 the market
0:04:36 exchanged two kela or two for one south
0:04:40 barney
0:04:42 because it's double variable oh
0:04:45 this is this exactly the river if you
0:04:47 want to do that
0:04:49 then sell your tusa of
0:04:53 of over low level dates
0:04:59 whatever other currency with other
0:05:00 entity and then with that by barney
0:05:03 then you have the exact so this is to to
0:05:05 prevent a
0:05:07 false valuation which is not dictated by
0:05:10 the desirable appeal on the market
0:05:12 you may sell sell at the market because
0:05:14 you are in the market sell at the market
0:05:15 value
0:05:17 just assume obviously normal markets
0:05:19 excluding monopoly and all these things
0:05:20 that
0:05:21 are diseases they have their own
0:05:22 treatment each sharia so assume markets
0:05:24 aren't efficient no everything
0:05:26 okay nobody leave the market judge
0:05:27 what's the exchange rate
0:05:29 and the only way is to have another
0:05:30 intermediary currency another leader
0:05:32 evaluation while witnessing so alpha is
0:05:34 not an issue because everything
0:05:36 most exchanges done by human beings
0:05:38 nowadays are not done
0:05:39 item for item of the same type that's
0:05:42 rarely all the still happens
0:05:44 and even if it is the same time it's
0:05:46 extremely rare
0:05:47 nobody will go for example exchanging
0:05:49 his day for another superior days
0:05:51 this way anymore but maybe someone has
0:05:54 plenty of this but doesn't have rice you
0:05:56 will go to the rice dealer and exchange
0:05:57 with them
0:05:58 but then you can exchange arbitrarily
0:06:00 the way you agree on
0:06:02 you feel that your your of date is worth
0:06:05 resolve rice
0:06:06 and the dealers say no no it's only two
0:06:08 and a half and then you wish it two or
0:06:09 three quarter and then exchange that's
0:06:11 perfectly fine
0:06:12 okay so this is a father father because
0:06:14 it's opened the door to rebuy in the
0:06:15 backyard
0:06:16 and for the wrong valuation and does not
0:06:18 let the market say it's
0:06:20 it's proper word
0:06:23 uh so preventing that evaluation is not
0:06:26 correct that you
0:06:27 either over over advantage someone or
0:06:29 other advanced
0:06:30 one and then they drive the market under
0:06:32 the exchange human exchange and
0:06:34 evaluation when it's efficient
0:06:35 function so that's that's secondary the
0:06:37 primary is that
0:06:39 date for date later i'll give you now
0:06:42 we are in a family for example i'll give
0:06:45 you so no and you i have dates you don't
0:06:47 have to say okay i need this i need to
0:06:48 feed my family
0:06:49 say fine let's have here i
0:06:52 you you borrow from me 100 kilo or 100
0:06:56 whatever measure usually i say time past
0:06:58 this will usually done
0:06:59 mostly by by weight nowadays most people
0:07:02 will go
0:07:03 by by by volume uh now
0:07:06 most people will go most things by uh by
0:07:09 uh
0:07:10 uh by by weight but still for example
0:07:14 uh corn uh wheat etc is traded on the
0:07:18 chicago border trade by by uh bushel
0:07:20 which is a which is a volume measure not
0:07:22 a weight measure so it's still
0:07:23 still there but anyway and they say and
0:07:26 then you pay me back
0:07:27 at the end of the year maybe the same
0:07:30 quality or
0:07:30 similar quality 120. that will be days
0:07:33 for date
0:07:35 with the delay and extra with that
0:07:37 addition that's the revenue syria this
0:07:39 is the
0:07:39 that's that would that had it have been
0:07:41 clearly described and also
0:07:43 the overwhelming some people think this
0:07:45 is this is a confusing issue people do
0:07:47 not know what is riba and so on that's
0:07:49 not true this score
0:07:50 is well established it is only in case
0:07:52 of a loan i give you you take for me
0:07:54 alone i'll give you a loan
0:07:55 and then we agree on an increase at the
0:07:58 end of a certain time
0:07:59 in return for the time difference that
0:08:01 increases in the return time
0:08:03 is not necessary that for example i give
0:08:05 you a loan without
0:08:06 this defining a level at the end of the
0:08:08 year and then if you don't
0:08:10 like the injury either you pay me back
0:08:14 or you add and delay is the same is that
0:08:17 almost you that you have modified the
0:08:18 contract at the end is that your day
0:08:20 today
0:08:20 i should have get them from either the
0:08:22 100 itself or the 120 whatever was
0:08:24 agreed initially
0:08:25 the initial one with that may have been
0:08:27 a straightforward not read by the
0:08:29 loan and then at the end of the year
0:08:31 then i ask for an increase
0:08:32 if you don't pay now etc is the same it
0:08:35 is the same it is
0:08:36 for delay for time that's the essential
0:08:39 point of river it is not that there is a
0:08:41 there is a percentage it is not that its
0:08:43 a fixed interest
0:08:44 oh no it is it is money of the server
0:08:47 one time
0:08:48 against money of the same type assume
0:08:50 the types are exactly the same let's
0:08:52 assume for example talk about dollars
0:08:54 or gold ounces or something like that
0:08:57 to be paid in the future with an
0:08:59 increase
0:09:01 so we appeared in the future with an
0:09:02 increase
0:09:04 that's that's the the genuine definition
0:09:06 and this is
0:09:08 the narration and the historic evidences
0:09:10 and so on make it clear that this is
0:09:12 the qatari part of the river you know
0:09:15 many people think uh
0:09:16 the justification for that that it is
0:09:19 making the one who has money taking
0:09:20 advantage for the one who needs
0:09:22 and so on they regard it as a river is
0:09:25 like like abusing the weak one who needs
0:09:27 the needs alone
0:09:28 and sucking his blood that's the main
0:09:31 reason for that
0:09:33 but this is not real that's i think that
0:09:35 one of them that may be one of the
0:09:36 intention of the law
0:09:38 we don't know what's our intention
0:09:39 because the quran did not tell us
0:09:41 about the intention why eriba is
0:09:43 prohibited he describes
0:09:46 he described described uh
0:09:50 but what it seems to be that's not
0:09:52 really the intention or the purpose of
0:09:54 the law which is not necessarily the
0:09:56 reason for the law that is foreign
0:09:59 is that to prevent accumulation the
0:10:01 wealth in hand of the wealthy and
0:10:02 because river will tend to
0:10:04 concentrate wealth in the hand of the
0:10:06 wealthy at the inference as we see in
0:10:07 the world now
0:10:08 practically we don't need to go
0:10:09 philosophical i will see our since the
0:10:11 river has been introduced
0:10:13 in the late middle ages
0:10:16 by the bank of england since then it
0:10:19 developed slowly slowly and then we have
0:10:21 families and houses inheriting wealth
0:10:23 and increasing it and so on and we have
0:10:25 a concentration of wealth
0:10:26 or even self-made millionaires who
0:10:28 become billionaires
0:10:29 and almost now we have almost
0:10:31 trillionaires at the door
0:10:33 because the system leads to that
0:10:35 increase but let us
0:10:36 analyze further how it has little
0:10:38 increase to increase of the wealth and
0:10:40 concentration wealth in one hand
0:10:42 if the wealth increase in in a certain
0:10:44 sub-category of the people
0:10:46 these people will have all the power we
0:10:48 have all the influence
0:10:49 and usually wealth and power and check
0:10:52 will corrupt so they become corrupt and
0:10:54 they corrupt the society
0:10:55 they need dancer they need prostitutes
0:10:57 they need nice looking girls
0:10:58 you know you know you know that look at
0:11:00 any video who are for example
0:11:02 campaigning for a certain investment
0:11:04 and say do you want to become a
0:11:06 millionaire and give you pictures of
0:11:07 girls in bikini
0:11:09 so that you can enjoy your millennials
0:11:11 life that's almost
0:11:12 almost any evitable does not mean
0:11:14 everybody really stick at it like that
0:11:16 but it tends to be going in that
0:11:18 direction over time
0:11:21 if not in one generation a similar
0:11:22 generation not for most all people than
0:11:24 for some people and then it spreads and
0:11:26 become like a disease
0:11:28 and history and human experience have
0:11:29 shown that clearly
0:11:31 that's maybe one the intention of the
0:11:33 law now let us see where this
0:11:36 uh also has becoming now
0:11:39 considerably more efficient in in in in
0:11:43 in in increasing the wealth of the
0:11:45 wealthy and concentrating the power and
0:11:47 wealth in the hand of the few
0:11:48 and depriving the rest they will become
0:11:50 then deprived
0:11:51 and marginalized and then we have them
0:11:53 obviously then we have that conspiracy
0:11:55 theorist you have people rebelling we
0:11:57 have people storming the capital
0:11:58 all of that is mushrooming from that
0:12:00 because the river if they feel that they
0:12:01 are lied to they are
0:12:03 they are marginalized and the plastic i
0:12:06 mentioned these things just
0:12:07 just as a as like like a uh let us call
0:12:10 it as like as sweeter this is not a
0:12:12 philosophical
0:12:13 argument but in the previous financial
0:12:16 crisis in a 2008 2009 10
0:12:19 uh all major banks and all major money
0:12:22 holder got compensated and bailed out
0:12:24 almost all of them
0:12:25 yeah one or two collapsed and unders and
0:12:28 there's a small man
0:12:29 got nothing and he's still behind
0:12:32 in in matter income considerably behind
0:12:35 relative to what he was before and until
0:12:38 now then we have the pandemic now
0:12:40 then those guys who have become bigger
0:12:42 and
0:12:44 fatter and more powerful and could
0:12:47 could really dictate matters of uh
0:12:52 life and death to the general public
0:12:56 this has been this also the the fact
0:12:58 that money can be lent
0:12:59 for money obviously they don't have
0:13:02 sometimes you have also like a security
0:13:03 like a mortgage to secure the loan but
0:13:05 as you could have also in
0:13:06 a non-new serious loan so security is
0:13:08 okay it's no problem
0:13:09 having a security to ensure that the one
0:13:12 who received the loan will pay back
0:13:13 you may have a security like put put a
0:13:15 security or a charge in his house
0:13:18 or in a car or another position that's
0:13:21 freehand that's no problem
0:13:22 russian is perfectly fine that's no
0:13:23 problem but uh so the issue of security
0:13:26 is a secondary
0:13:27 which is reasonable to demand the
0:13:28 securities especially if it's a big loan
0:13:30 there's no problem with that
0:13:31 but the other problem is that look at
0:13:33 for example
0:13:34 uh when it combined with fractional
0:13:36 reserve banking
0:13:38 so the the people put they need the most
0:13:41 people will not feel safe to have their
0:13:43 money at least in
0:13:44 the recent centuries that's that was not
0:13:46 visible in in
0:13:47 essentials so the people did not see
0:13:48 really this aspect of river
0:13:50 in that time but when it one institution
0:13:52 which accumulated
0:13:53 money of the small man who doesn't want
0:13:55 to put the money under the pillow
0:13:58 they attracted him to put the money in
0:14:00 the bank an institution where he
0:14:02 invented it
0:14:03 and sometimes even give either with no
0:14:05 interest just we manage when we save
0:14:07 it is safekeeping you put it in trust
0:14:09 for safe treatment
0:14:10 or sometimes they they give a little bit
0:14:12 of percentage there
0:14:14 like if it's a so-called saving account
0:14:17 and the other bank goes around and lend
0:14:19 it to the higher interest rate to those
0:14:21 who need money for their for
0:14:23 some of them are fall for consumption
0:14:24 and living which will obviously suck
0:14:26 their blood for that
0:14:28 but some of them for investment which
0:14:30 obviously they are investing they should
0:14:31 pay something of the investment that
0:14:33 interest
0:14:33 looks looks logical yeah it looks in
0:14:35 that for that limited
0:14:37 point of view it looks logical but if
0:14:38 you look further down the road
0:14:40 what happened then two things in in uh
0:14:44 leave leave that the one who who who
0:14:46 takes a loan
0:14:47 uh a liberal one if he is a feasibility
0:14:49 for consumption or for investment
0:14:51 because
0:14:51 some as harry came said this liberals
0:14:53 only in the case of consumption consumer
0:14:55 loan
0:14:56 but but but investment loans cannot be
0:14:59 regarded as reba because
0:15:00 it's really part of investment i will
0:15:02 discuss that in a minute
0:15:03 that's just the general public with
0:15:06 together with the fractional is their
0:15:07 banking because this institution is
0:15:09 having thousands of people putting money
0:15:10 there
0:15:11 it is very logical that not all people
0:15:14 withdraw money at the same time that's
0:15:15 normal
0:15:16 unless there's a rush or a or they go
0:15:18 black swan effect
0:15:19 or incident so banks were enticed
0:15:24 to lend more than what they have or
0:15:26 claim that they give certificates of
0:15:28 gold in the times the
0:15:29 peoples were putting their gold for
0:15:31 safekeeping but the issues that effect
0:15:33 for golds
0:15:34 more than what they have really there
0:15:35 that's essentially
0:15:37 the root of fractional uh why should
0:15:40 they do that
0:15:41 what is the benefit of doing that for
0:15:43 them just for having more liability no
0:15:46 no rationality will do that
0:15:47 the reason for that is that they can
0:15:49 loan it out and get
0:15:50 interest so if you have a prohibition of
0:15:53 loaning out and getting interest
0:15:55 then there will be no incentive of of
0:15:58 increasing the money supply
0:16:00 in this in this sick way there is no
0:16:04 no incentive in in
0:16:07 sucking the people's blood because you
0:16:09 are not allowed to do that is not
0:16:10 possible
0:16:11 say the legal system like an islamic
0:16:13 system which was enforced
0:16:14 strictly it's not possible so they will
0:16:16 not
0:16:17 so whatever deposited as as as
0:16:21 checking account if they say in time
0:16:22 past when that was needed maybe nowadays
0:16:24 we will not need even banking in that
0:16:26 sense
0:16:27 that is just safekeeping and they may be
0:16:30 then then
0:16:31 investment accounts or saving accounts
0:16:33 in which you get some some kind of gain
0:16:35 with time then since they are not
0:16:37 allowed to learn this way
0:16:39 they have to look for investment the
0:16:42 whole legal structure will be different
0:16:43 look for investment the bank would be
0:16:45 able to negotiate and find investments
0:16:47 either by buying for example shares in
0:16:49 your behalf
0:16:50 or on behalf of the depositor in general
0:16:52 because the saving account
0:16:54 does not specify which kind activity of
0:16:56 the bank will do so you put a saving at
0:16:57 the bank they will give you that
0:16:58 percentage
0:16:59 either fixed or variable usually if it
0:17:01 is done islamically it will never be
0:17:03 fixed
0:17:04 the bank will have the liberty then if
0:17:06 it's run probably say okay
0:17:07 and now the best way with this moneyhood
0:17:10 and saving obviously the same accounts
0:17:12 will have certain restrictions for
0:17:13 example
0:17:13 you cannot withdraw arbitrarily or if
0:17:15 you draw before the quarter you don't
0:17:17 get any
0:17:18 any gain you just get your capital and
0:17:21 possibly even less than the capital
0:17:22 in case of that the accounts show that
0:17:25 there may be a deficit there may be a
0:17:27 loss which is very rare but it could
0:17:28 happen theoretically it could happen
0:17:30 so you come before the the the quarterly
0:17:33 payout day
0:17:34 and you want the money i'll say okay
0:17:35 fine we cannot prevent you from having
0:17:37 the money
0:17:38 but our banking situation shows that
0:17:40 this
0:17:41 this quarter we did not make any gain
0:17:44 actually a very small loss
0:17:45 anticipated loss of five percent seven
0:17:47 percent we give you nine percent of the
0:17:49 money
0:17:49 until you do the financial condition
0:17:51 then you give you your duel you're right
0:17:53 at the calculation
0:17:54 something like that will have to be
0:17:56 fixed then
0:17:57 but then the bank would then invest
0:18:01 wisely supposedly because they want to
0:18:03 they want to have also because
0:18:04 they are the manager of this this pool
0:18:06 they will have they will have the
0:18:08 percentage of management
0:18:09 with the bank owner or themselves maybe
0:18:11 shareholder or single persons
0:18:13 or entities or a government they want to
0:18:15 have also their their
0:18:16 management fee paid and a bit of income
0:18:18 extra or extra
0:18:20 money made the rest they will try to
0:18:22 maximize it
0:18:23 by choosing good investment yeah maybe
0:18:25 single you as a single person will not
0:18:27 be able to negotiate as a you will not
0:18:29 be able
0:18:29 to with your hundred pounds a thousand
0:18:31 pound five thousand part to be a venture
0:18:33 capitalist
0:18:34 but if the saving accounts are like a
0:18:36 pool
0:18:37 and the bank is the one who is the
0:18:38 venture capitalist or the banks
0:18:41 then you have a considerable number of
0:18:44 capable entities who can negotiate and
0:18:45 look at the markets and look what is the
0:18:47 worthy investment what's the
0:18:48 developments
0:18:49 what's the new new technology depending
0:18:51 obviously one bank will have
0:18:53 a investment management world who are
0:18:56 savvy and more
0:18:58 is more conservative and so on and you
0:19:00 will see also from their
0:19:02 yearly and reports how much they are
0:19:04 achieving and how much risk they are
0:19:06 they are doing and you invest
0:19:07 accordingly like exactly what the people
0:19:08 doing now in investment funds the same
0:19:10 thing
0:19:11 you know there are conservative funds
0:19:13 but you can expect much
0:19:14 increase there are speculative funds and
0:19:16 you have plenty of increase but the
0:19:18 possibility of loss
0:19:19 and you make your choice as investor so
0:19:21 this institution will be then
0:19:23 forced to analyze the project in the
0:19:25 case of loaning out
0:19:27 the may the problem is that the one who
0:19:29 needs money for his
0:19:31 uh for his uh for for his consumption
0:19:33 needs
0:19:34 that's the problem the identity of
0:19:36 conception
0:19:37 but the prohibition of reba will protect
0:19:39 him from being
0:19:41 forced to pay just for several hours
0:19:43 they'll just say there will be no
0:19:44 you know no no incentive for banks here
0:19:48 yeah maybe for banks but for
0:19:49 private persons all or the government
0:19:52 there should be an incentive because
0:19:53 giving
0:19:53 giving loan in that case someone for
0:19:55 sure not not as a
0:19:57 investment contract but rather as a loan
0:19:59 to be retained exactly the same amount
0:20:01 is a charity issue is a condom in the
0:20:03 world act we should get rewards from
0:20:05 allah
0:20:06 so this charitable attribute to the
0:20:08 people should be encouraged
0:20:10 and if if it if it becomes lacks or weak
0:20:13 the state should have said should have
0:20:15 certain loans
0:20:16 which are interest-free to be given for
0:20:18 those who really need that like for
0:20:20 example student loans and things like
0:20:21 that
0:20:22 so this should cover the needs of the
0:20:23 people nowadays
0:20:25 to answer these are you say that the the
0:20:27 the
0:20:28 the interest on on on
0:20:32 on investment loans is not is not riba
0:20:35 should not be treated as haram is
0:20:36 different the labor is only for
0:20:38 consumption
0:20:38 the reality of the river the answer for
0:20:40 that is that this is definition from
0:20:42 their imagination because
0:20:44 all the all the texts and all the
0:20:46 evidences
0:20:47 does not specify that what the receiving
0:20:49 will do with the money is you're going
0:20:50 to consume it or invest it or something
0:20:52 if you know he's going to invest it then
0:20:54 you are then you are supposed to be
0:20:56 saying okay let's become partner
0:20:58 you would go in or mutagen or other form
0:21:01 of
0:21:04 sharing of benefit
0:21:07 but the reality now at least since the
0:21:10 uh actually since the beginning of the
0:21:13 bank of england that it became more and
0:21:14 more prevalent
0:21:15 slowly in time that's that's the way the
0:21:17 labor works it doesn't work in one
0:21:19 generation it accumulates
0:21:20 until you have a crash then it
0:21:22 accommodates again until i crash and
0:21:23 every time you
0:21:24 the crash will get you in a higher level
0:21:26 of inflation
0:21:28 and higher level of misdistribution in
0:21:31 the society
0:21:32 for example uh the the wealth was more
0:21:35 evil in security america before the
0:21:37 clash of 29 than after that
0:21:39 so the so the the rich one have became
0:21:42 higher level and the poor one have been
0:21:43 sent clear and
0:21:44 the poverty level has been going with
0:21:47 the we will under
0:21:48 the number has increased slowly rather
0:21:50 than decreasing despite
0:21:51 all the enormous production and progress
0:21:54 since the 2009 um
0:21:58 crisis 2008 1910
0:22:01 the banks are surviving on what on
0:22:03 investment loans no
0:22:05 they're surviving on credit card loans
0:22:08 which are extremely
0:22:09 serious and and and and predatory 25
0:22:12 30 percent and these are almost
0:22:16 99 of them are going for uh for
0:22:19 non-productive purposes just for
0:22:21 consumption purposes
0:22:22 that's why the banks if you check the
0:22:24 the various banking reports
0:22:26 and the audited reports of them the only
0:22:28 thing which gives you
0:22:29 above water is this one so that's
0:22:32 refused even in the practical terms what
0:22:34 the assad claimed that
0:22:35 they invaded that the loans of
0:22:38 investment
0:22:38 given for investment is
0:22:42 a fixed interest or as a loan contract
0:22:44 is not if you want to give it for
0:22:45 investment
0:22:46 and there is a wealthy investment then
0:22:47 do do an investment contract
0:22:49 for example shares for example mudaraba
0:23:01 the issue of usury has opened for the
0:23:03 states the opportunity to borrow
0:23:05 and hence also having the the problems
0:23:08 of being the
0:23:09 the public hand being in debt and so on
0:23:11 because they could entice people to have
0:23:12 money either
0:23:14 at home or abroad depending upon the
0:23:16 international situation and the world's
0:23:18 distribution in the world
0:23:19 like america now america is living that
0:23:21 or american government is living
0:23:22 on a considerable amount of borrowing
0:23:24 from their own people which is much less
0:23:26 because
0:23:27 they will barely have any say by barely
0:23:29 having an average any saving
0:23:31 or for because they will essentially
0:23:33 extreme or
0:23:34 consumer society or money from the
0:23:37 chinese have been worked out again
0:23:39 the chinese will not give them money
0:23:40 except for interest and there's no way
0:23:42 that the american government will offer
0:23:44 them to invest in america and have a
0:23:45 return or something like that
0:23:46 because the government is taking for
0:23:48 whatever non-productive or things which
0:23:50 cannot be evaluated
0:23:52 unattended so the result to encourage
0:23:54 the people to
0:23:55 to come forward and then give loans they
0:23:58 have to pay interest
0:23:59 but it exists in the interest system
0:24:01 encourages also government government to
0:24:03 borrow the alternative
0:24:05 for the government if there is no
0:24:06 borrowing with interest either borrow
0:24:07 with no interest which should seem to be
0:24:08 impossible nobody will give you
0:24:10 or taxation which is like
0:24:13 structured as uh attacks which be the
0:24:17 on certain people certain wealth and
0:24:20 records should be kept
0:24:21 that this tax is not taken forever as a
0:24:23 tax but taken as a loan
0:24:24 so it's like a compulsory loan and
0:24:27 retain as it is
0:24:28 in the moment of return the state may
0:24:29 decide to compensate the people and give
0:24:31 them
0:24:32 as something to uh to to give them a
0:24:34 good feeling
0:24:35 give them an extra bonus certain
0:24:37 percentage
0:24:39 as as a thank you i thank thank you but
0:24:41 it's not part of the contract
0:24:42 like the brothers i'm used to when he
0:24:44 borrows something he used to pay back
0:24:46 the double
0:24:46 not not ten percent more the double he
0:24:49 borrowed the camel he sent
0:24:50 two comments back etc so there are
0:24:53 solutions for that but they are
0:24:54 not as easy as usually seems to be very
0:24:57 easy
0:24:58 all what you need is a for usery in the
0:25:00 case of government swallowing is that
0:25:01 you have the international standing and
0:25:03 the respectivity of the country and the
0:25:04 threat if they default
0:25:06 or war the claim war in the case of
0:25:09 internal
0:25:09 uh internal borrowing in a certain
0:25:11 country you have the all the strictness
0:25:13 of the law and you know how
0:25:14 how harsh the laws especially capitalist
0:25:16 countries are concerning
0:25:18 loans they will get their own if
0:25:20 necessary by by selling your
0:25:22 your house and so on uh even if it's not
0:25:24 secured by the house they still can
0:25:26 even if you did not secure the loan
0:25:28 initial house they may bring a charge
0:25:29 against your house
0:25:31 and they can enforce it in the courts so
0:25:34 that's that's all what
0:25:35 they will so the the claim that it is
0:25:39 allowed for for investment but not
0:25:42 that essentially an investment loan is
0:25:45 essentially like a loan for for
0:25:47 investment purposes
0:25:48 is not really alone in that sense is a
0:25:50 mistake it can there's another structure
0:25:52 which will work well and which will make
0:25:55 also the one who gives the money
0:25:56 forced to do more due diligence than
0:25:58 just having the illegal protection
0:26:00 of the courts or possibly uh a security
0:26:04 informal mortgage or real estate or her
0:26:06 or or our house or something like that
0:26:11 so it will it will could create a
0:26:14 different economy together if you
0:26:16 allow interest the economy will become
0:26:19 more
0:26:19 debt based and people produce it at a
0:26:23 certain time it looks like this economy
0:26:24 can grow faster and
0:26:26 and uh is capable of of recovering from
0:26:29 from recessions faster and so on because
0:26:31 of this users aspect
0:26:33 but in reality you are you are putting
0:26:36 the
0:26:36 the burden on the problem on the next
0:26:38 generation because usually these loans
0:26:39 especially for government loans are
0:26:41 usually
0:26:42 they're obviously short-term loans for
0:26:43 liquidity quick liquidity
0:26:45 bills and so on but if you go to guilds
0:26:47 and bonds there are 10 years
0:26:49 20 years 30 years the american standard
0:26:52 is the 30 years
0:26:53 we have even here decently of country
0:26:55 issuing bonds for 100 years law
0:26:57 meaning you are battling their
0:26:59 grandchildren with your own
0:27:03 mismanagement of your life and your
0:27:04 consumption
0:27:06 so it looks like everything is fine
0:27:08 we're having a quick
0:27:09 quick recovery we have a nice
0:27:12 development of of
0:27:13 of of new industries and so on
0:27:16 loan borrowing but that particular work
0:27:19 has to be paid back
0:27:20 it just doesn't come from nothing it has
0:27:22 to be who is being bad the children are
0:27:24 the grandchildren
0:27:25 so there's a problem there in the long
0:27:26 run and that's the reason the system has
0:27:28 to collapse
0:27:29 and then you have a mass defaults and
0:27:32 then everything is
0:27:33 struck out obviously by by mass default
0:27:35 and mass bankruptcies and
0:27:36 obviously there is not background so
0:27:37 we're not going to go with that no no
0:27:40 not painless that would be very painful
0:27:41 there will be a foreclosure of
0:27:44 massive mortgages confiscation of
0:27:46 muscles wealthies and so on and after
0:27:48 all of that
0:27:48 then the rest is forgiven going to zero
0:27:52 it's gone to zero another thing also
0:27:55 concerning to
0:27:56 that's which if it's if it has a usually
0:27:58 uh
0:27:59 element in it is that this deaths can be
0:28:02 can be packaged and sold at a discount
0:28:06 so you can you can get the cash quickly
0:28:08 now and let the other one who has the
0:28:09 patience
0:28:10 to wait for uh packaging that and
0:28:13 maybe half of the delivery derivatives
0:28:16 maybe
0:28:16 more than half i don't know what is is
0:28:19 essentially packaged loans
0:28:21 freddie mac and uh whatever in america
0:28:23 the
0:28:24 most mortgages are packaged and sold
0:28:26 further and this area has an injunction
0:28:28 for that an extra injunction
0:28:29 that there are some prohibited selling
0:28:30 the loan loans
0:28:32 cannot be sold it can be transferred for
0:28:35 example i i owe you
0:28:37 uh i have to pay 20 pound
0:28:40 and then and other bosses
0:28:44 owes me a 20 so i can't give a transfer
0:28:46 to you but please instead of taking for
0:28:48 me i transfer you to other bustle
0:28:50 and there are not obliged and if he's
0:28:52 capable of payment to accept this
0:28:54 transfer
0:28:54 so instead of paying me 20 and i pay you
0:28:56 20 unless i pay you directly that's the
0:28:58 only
0:28:59 permissible but no permissibility of
0:29:02 selling the loan i cannot sell the loan
0:29:03 make a document
0:29:04 and rush owe me 20 pounds
0:29:07 and they sell it in the market obviously
0:29:09 i would sell it at a discount
0:29:11 only 20 pounds and the people will only
0:29:14 will
0:29:15 why should they sell it at the discount
0:29:17 because actually i gave up
0:29:18 the rashma with maybe 10 or 15 earlier
0:29:21 so i'm still if i sell it at 17 i'm
0:29:23 still gaining some money some extra
0:29:25 and the other one is waiting for his 20
0:29:28 so
0:29:28 so that's it works so document is sold
0:29:30 under its face value
0:29:33 so all of these diseases
0:29:36 can can be cannot be controlled except
0:29:38 by strict prohibition
0:29:40 of money for money over the same time
0:29:42 let's assume the time is very
0:29:43 well specified in case of dates we say
0:29:46 there's variation
0:29:46 even in case of wheat there are
0:29:47 different ways there's winter wheaters
0:29:50 etc and there's small variations and
0:29:52 things like that
0:29:53 leave that at the side that's not go for
0:29:55 really for things which have
0:29:58 no variation whatsoever if it is
0:30:01 the only way for a loan to be paid back
0:30:03 like this that's it
0:30:05 now let's go to this uh uh issues like
0:30:08 for example installment sale
0:30:10 installment sale is not is is not the
0:30:13 contract in the case of installment
0:30:15 or a server payment is different than a
0:30:17 usually contract it's not a road
0:30:19 it can be something structured alone
0:30:20 then you have you cannot you cannot
0:30:22 be part of it for example let me give an
0:30:25 example a
0:30:26 simple example everyone who has a car
0:30:28 there from
0:30:29 the dba will send you a statement saying
0:30:32 uh
0:30:32 if you pay for the whole tax for a year
0:30:34 it is this amount
0:30:36 if you pay half yearly then you notice
0:30:38 that the half year amount is more
0:30:39 slightly more than the
0:30:41 the the the the half
0:30:45 than half of the yearly amount so you
0:30:47 want to say 300
0:30:49 half of the year will be 150
0:30:50 theoretically but they ask you if you
0:30:52 pay half yearly you'll be 165
0:30:54 15 extra etcetera but this is
0:30:58 the one demanding the payment is the
0:30:59 dvla is the entity
0:31:01 and and and you are the payee so you
0:31:03 have to show the other issues
0:31:04 installment or you should direct
0:31:06 the same with many other facilities
0:31:08 there's a problem in installment for
0:31:10 example many cars
0:31:14 there's actually another contract with a
0:31:16 finance company
0:31:17 separate from the car seller that's the
0:31:19 either problem comes
0:31:21 so what happens there the car company
0:31:23 gets all its money
0:31:25 the cash value actually from the finance
0:31:28 company
0:31:29 and the finance company become your give
0:31:32 you actually the
0:31:33 the pay in your behalf and then this is
0:31:35 alone against you it is
0:31:37 it is treated and and legally as alone
0:31:41 and then it is in in the west obviously
0:31:43 it's a serious loan
0:31:44 this one then the installment actually
0:31:46 are not installed it's already
0:31:48 it's a loan payment and not installment
0:31:50 for for an entity being soldered
0:31:52 and someone thinks this is a very tiny
0:31:55 difference
0:31:55 it looks at face
0:31:58 completely different no it's not it's
0:32:00 definitely there's an essential
0:32:02 difference
0:32:02 if the car company itself is the one who
0:32:05 taking the stolen from me then
0:32:06 there it will be an installment contract
0:32:08 which is all regulation and legalities
0:32:10 and respect
0:32:10 it will be a sales contract the other
0:32:12 one is a long contract which has
0:32:14 all legality and other aspects
0:32:19 so it makes a difference it makes the
0:32:20 difference in the universe
0:32:22 the same is that the way the the
0:32:23 so-called islamic banking which is
0:32:25 available in england but from from one
0:32:28 or two banks i think only
0:32:30 and maybe some of them even the major
0:32:31 banks have even islamic banking
0:32:33 department even in america they have
0:32:35 a standby department like for like big
0:32:36 bank city banks of what they noticed
0:32:38 that's many people like that that they
0:32:40 don't want and they found it as
0:32:41 it's economically efficient that's good
0:32:43 there's no problem with it really for
0:32:44 them economically
0:32:47 in that case for example they don't
0:32:48 finance the house they don't pay the
0:32:50 house owner the full money and make it
0:32:52 between you and them alone and with that
0:32:54 loan is then paid that's either a lump
0:32:56 sum if that eight years
0:32:57 or paid monthly or more weekly it
0:32:59 doesn't matter it doesn't matter how
0:33:00 it's paid
0:33:00 it's a loan it's structured as a loan we
0:33:04 give you for example
0:33:07 that house is for let's say 1 million
0:33:09 they pay the company their one million
0:33:11 and then they calculate according to
0:33:12 their own tables and so on
0:33:13 that you are if they if they distributed
0:33:16 over if this is good now they give you
0:33:18 that's a loan paid in your behalf so
0:33:20 they pay that and then you are liable
0:33:22 for that
0:33:22 obvious such a big amount is dually
0:33:24 secured and they secured by the house
0:33:26 if the house have enough equity they
0:33:28 will do it if they don't doesn't have
0:33:29 inequity they will not do it
0:33:30 that's that's the way it works but
0:33:32 that's okay let's have enough equity so
0:33:34 that they secure their
0:33:35 their loan that's okay the same with
0:33:37 installed contract you may have secured
0:33:38 also the house that's not a problem
0:33:40 securing it
0:33:41 securing that you received your money
0:33:42 what's your staff or to
0:33:44 either being a payment for for for a
0:33:46 sales contract
0:33:47 or being a payment for a loan whatever
0:33:50 it is security
0:33:51 is not an issue myself some people think
0:33:53 security it's a it's an issue it's not
0:33:55 an issue security is perfectly
0:33:56 permissible and there isn't
0:33:58 and also a good discipline for both
0:34:00 parties it secures the the
0:34:02 the one who gave you the loan i don't
0:34:04 usually
0:34:06 or the one who will sold you the car in
0:34:08 installment
0:34:09 that you you will stick to your
0:34:10 installment properly for example saudi
0:34:12 arabia i did buy a car installment from
0:34:14 rajki the way it goes he buys the car
0:34:17 you go see the car you you tell him for
0:34:21 example he say i have plenty of cars go
0:34:22 and see
0:34:23 if you don't like anyone go to an agency
0:34:25 and choose a car
0:34:26 they buy that car and until that moment
0:34:29 until you see the car at raj
0:34:30 you are not obliged to buy normally you
0:34:33 will buy obviously
0:34:34 if you if you uh if you uh
0:34:38 show an intention that do not buy more
0:34:40 often frequently you will be blacklisted
0:34:42 there you are playing games
0:34:44 but so maybe they don't even bother
0:34:46 because large
0:34:47 banking is is having so many customers
0:34:50 so if you are buying an installment
0:34:51 so even the car which you do not like
0:34:53 there will be another one which you like
0:34:54 a ticket so it will be no problem even
0:34:56 i don't think even they need to look at
0:34:58 blacklisting but it never happens but
0:35:00 you are not obliged right he buys it
0:35:03 even they arrived he insists even
0:35:04 certain formalities like the car will be
0:35:06 transported to their garage
0:35:07 and then you go to the garage there
0:35:09 that's okay agree then
0:35:11 the like is selling you the car in
0:35:12 installment is not loaning you any money
0:35:15 it's selling your car in installment so
0:35:17 you see in that case
0:35:19 is forced to buy the car pay the people
0:35:22 out
0:35:22 and have a car have an entity inside his
0:35:24 hand
0:35:26 have something not money something
0:35:28 entity
0:35:29 of usability or having food or having
0:35:31 something like that it's not just money
0:35:33 for money
0:35:34 money for money alien pure is that you
0:35:36 can visualize that
0:35:37 the sense of it is that let's assume you
0:35:40 have you have uh
0:35:41 10 krogers in your pocket
0:35:45 that's at the current price is almost
0:35:47 like 20 000
0:35:48 dollars and you are you you lost your
0:35:51 way in the desert
0:35:54 you cannot that encore you cannot eat
0:35:56 them you cannot drink them you cannot
0:35:58 you will die there's no no no
0:36:01 no no value in in for your survival and
0:36:03 the necessities in the
0:36:05 or it is you are in the north pole and
0:36:07 you are shivering of cold and you are
0:36:09 dying
0:36:10 the thing the ten krogans will not give
0:36:12 you a shelter you will die
0:36:14 you better have whatever they call it
0:36:17 igloo
0:36:18 of a scheme above your head surviving at
0:36:20 least the severe cold
0:36:21 rather than having a ten crocodiles may
0:36:24 have this chemotherapy i'll give you my
0:36:25 glue
0:36:26 give me that which is maybe worth only
0:36:28 one quick give me the tent for that you
0:36:30 will be happy to pay it
0:36:31 to survive so money alone in the sense
0:36:34 that there's a pure money
0:36:35 revaluation like there are other types
0:36:37 of money which have some validity
0:36:38 for you some value like for example
0:36:40 wheat you can at least eat it
0:36:42 but that's that's a very limited uh
0:36:45 aspect of mobility
0:36:46 it won't be able to give you shelter in
0:36:48 the north wall it won't be able to get
0:36:50 you water in the desert
0:36:51 but at least you can eat a bit of it
0:36:53 crunch it yeah maybe
0:36:54 and survive a little bit maybe it's
0:36:56 worse in the desert you will even become
0:36:58 more thirsty and die
0:36:59 so you see you see the point money by
0:37:02 self should not be regarded as
0:37:04 capable of by itself to do anything
0:37:07 some additional item or human activity
0:37:10 should be added to
0:37:13 this way money give against some other
0:37:15 meaning
0:37:17 the the user system made money as if it
0:37:20 is capable of being rented they call it
0:37:22 rent for money
0:37:23 they fully suffice like i rent you a
0:37:26 house
0:37:26 i rent you my money but that's in it
0:37:29 it's the reality is this
0:37:31 money itself renting is impossible house
0:37:34 i can rent you because you can go there
0:37:35 and shelter you can lock the door and
0:37:36 have privacy and shelter
0:37:41 i i i give you a car for rent you can
0:37:44 drive it you can't go to destinations
0:37:45 you can do something with it
0:37:48 but money alone will do nothing for you
0:37:51 you have to do something extra
0:37:52 now the the user system makes you do
0:37:55 everything and the one who has the money
0:37:56 does nothing just give you the money
0:37:58 that's it and have the protection of the
0:38:00 law by squeezing you and
0:38:02 and sucking your blood if necessary or
0:38:04 taking your house
0:38:05 as a mortgage so this is that's the
0:38:07 fundamental point
0:38:09 pure money is itself of us nothing
0:38:13 it's just something agreed upon to
0:38:14 evaluate
0:38:16 and uh so if you go to this depth you
0:38:19 see how it
0:38:20 is a real function in the in in you know
0:38:23 and the prohibition of usery will put
0:38:25 money in this right place
0:38:26 it is only an evaluation mean and it
0:38:29 should
0:38:30 never produce anything by itself except
0:38:32 with an additional
0:38:33 with an additional human effort or
0:38:35 additional entity and that additionally
0:38:37 cannot be only for the one who receives
0:38:39 in the case of loans
0:38:40 also the one who gives the loan should
0:38:42 should receive also should participate
0:38:44 in some
0:38:44 activity or some doing something in the
0:38:47 universe in in the
0:38:48 in the physical reality like a raj is
0:38:51 doing something what he does he
0:38:53 gets the car pay the the agent
0:38:57 and the car is in his garage it may be
0:38:59 so today it may be so tenure
0:39:01 we maybe get unlucky nobody wants that
0:39:03 car and stay there and what's
0:39:05 almost impossible we know that it's very
0:39:07 rare but it could in principle is there
0:39:09 he's taking certain risk and he's
0:39:11 relieving from the car dealer from from
0:39:14 that that car and giving them the cash
0:39:15 so the car dealer can
0:39:17 further go and buy other things and buy
0:39:19 spare parts and do other services
0:39:21 and he can sell the cardboard and get
0:39:24 the
0:39:24 the benefit of installing differences
0:39:26 between installment and cash value
0:39:29 because that's the reason for him to why
0:39:31 because the cash the
0:39:32 the the installment price
0:39:36 is obviously different than the cash
0:39:37 price it's by agreement
0:39:40 so you value the time we value all these
0:39:42 things implicit in the car
0:39:44 in the car in the car is very in the car
0:39:46 entity
0:39:47 not just because it's it is it is pure
0:39:49 gold or
0:39:50 or krugerrands or or british pound notes
0:39:52 of 20 no it's something more than that
0:39:55 because these 21 and even the kroger and
0:39:57 the gold corona
0:39:58 themselves they have no utility as such
0:40:01 something else must be added to make it
0:40:03 you having utility
0:40:04 you can't buy things with it
0:40:07 you can't get services with it you can
0:40:09 do something with it
0:40:11 while in the case of stone in an
0:40:13 installment contract you buy the house
0:40:14 in installment the house however you
0:40:16 tell it in itself
0:40:17 you move in the house and live in it you
0:40:20 buy the car you
0:40:21 start the engine and drive the car away
0:40:23 obviously
0:40:24 will demand certain securities the
0:40:26 standard security is that
0:40:27 you agree that they write to your
0:40:29 employer you have to bring
0:40:30 certain evidential employment that the
0:40:33 employer will cut even the
0:40:35 installment and pay them directly you
0:40:37 agree on that it's
0:40:38 perfectly fine very beautiful very nice
0:40:40 arrangement it's much better
0:40:42 than arrangement here they rely on the
0:40:44 one who having the installment or their
0:40:46 own to pay from a
0:40:48 believer no no actually it should be
0:40:51 prudent but they cannot do that because
0:40:52 they are living from sucking the people
0:40:54 blood
0:40:54 so they cannot even credit card how can
0:40:57 they say
0:40:57 we will give us a guarantee that is that
0:41:00 that your employer over there that
0:41:01 you disclose to them how much money you
0:41:03 are getting and so on and they make an
0:41:04 estimate
0:41:05 and they have a percentage of people
0:41:06 defaulting and they add enough interest
0:41:08 and enough security
0:41:09 so that even the defaulting people they
0:41:11 can't take them if necessary to court
0:41:13 and
0:41:13 make their life miserable that's it but
0:41:16 that is
0:41:17 very very nice and very reasonable and
0:41:19 see anything wrong with that
0:41:21 and i bought the car in front and it
0:41:24 went to the university
0:41:26 and uh and the uh
0:41:30 the university uh issued that and it was
0:41:32 deducted from the salary directly
0:41:34 without much headache
0:41:37 in reference to this then so if somebody
0:41:39 was to buy
0:41:40 a product a commodity and it was between
0:41:42 you and the
0:41:43 seller for example that's installment
0:41:46 contract
0:41:46 they may phrase it because they are they
0:41:48 are born in usury
0:41:50 like they say in the church born in sin
0:41:54 the unborn their fathers are born is
0:41:56 usually the grandfather becomes
0:41:58 so deep in the mind that nobody can
0:42:00 think otherwise
0:42:02 nobody can imagine the word otherwise
0:42:04 but they may formulate it but the
0:42:05 question is that
0:42:06 the question is that contract with me
0:42:08 and you the seller
0:42:09 and me if they tell you this is that is
0:42:12 is done by companies
0:42:13 i don't want to hear about this company
0:42:15 i have nothing to do with the company is
0:42:16 the contract between me and you
0:42:18 that's fine if for example
0:42:21 even if they phrase it as a loan okay
0:42:23 for legal reasons they
0:42:24 sometimes they are forced to phrase it
0:42:26 as a loan for legal reasons okay so for
0:42:27 example i bought a bike
0:42:29 from honda once and it was zero percent
0:42:31 apr
0:42:32 and it was with honda directly however
0:42:35 some more expensive even if
0:42:36 it's 100 dpr it doesn't matter okay as
0:42:39 long as it was with honda directly
0:42:41 if honda uh deferred that zero percent
0:42:44 apr to a third party
0:42:46 in that case in that case it will not be
0:42:49 it will be impossible because that party
0:42:51 will not
0:42:51 why they should go think very well but
0:42:54 even if you assume
0:42:55 it is it is accepted somehow just so
0:42:57 maybe a bank wants to be friend to
0:42:59 honda because they have much interaction
0:43:01 with them so they offer them this
0:43:02 service as just as there is
0:43:04 for bookkeeping then it is a loan but is
0:43:06 zero percent so it is non-usages loan
0:43:08 okay and even your zero percent
0:43:12 so i'm having a direct unlikely that's
0:43:14 almost impossible to envisage
0:43:16 that party will do what they say unless
0:43:18 as i said like a major company like
0:43:19 honda
0:43:20 and they have relation with some banks
0:43:22 and essentially the bank is doing that
0:43:23 for them as a service
0:43:25 for bookkeeping and things like that
0:43:26 that's it okay so
0:43:28 in the event for example i make a
0:43:29 contract with someone and they put if
0:43:31 they
0:43:31 say five percent apr based directly with
0:43:33 a person so effectively becomes
0:43:34 installments
0:43:35 yeah it's installment isn't something
0:43:36 that the way they call it apr and so
0:43:39 only just to make calculations
0:43:40 okay this may be this may help also to
0:43:42 make it
0:43:43 because uh the one who's selling you
0:43:46 these things at a as an installment for
0:43:49 this
0:43:50 he wants also for his money to work for
0:43:51 him
0:43:53 somehow so why he should you sell you a
0:43:55 car or a house for installment over 30
0:43:56 years
0:43:57 and not having like the average people
0:44:00 are earning his five six percent
0:44:02 if that's the average that people are
0:44:03 earning or outside is that
0:44:06 and he is not earning similarly then
0:44:07 there is no incentive for him to sell
0:44:09 you at
0:44:10 uh uh uh uh in installment
0:44:14 so there there will be usually between
0:44:16 the the later payment
0:44:17 for for for purchases and the
0:44:20 immediately
0:44:21 there will be nobody a difference
0:44:23 otherwise the people will not give you
0:44:24 this facility say well go i will go back
0:44:27 rather why should i why should i i sell
0:44:30 for a house for
0:44:32 or or if you are a builder for example a
0:44:35 construction company
0:44:36 why should we sell for installment if
0:44:37 the money we are making there is less
0:44:39 than what we make
0:44:40 if we buy shares or government in this
0:44:42 country they have also government bonds
0:44:44 and so on
0:44:44 so the apr is calculated to reflect what
0:44:48 people expect to gain in general in the
0:44:50 society
0:44:53 so the dimension of apr and things like
0:44:54 that is because the language of interest
0:44:56 and so on and again has
0:44:58 exchange it is an annual percentage rate
0:45:00 it does not indicate what
0:45:01 is it is it for interest is this for
0:45:03 installment is it installment rate
0:45:05 read it as an installment rate a related
0:45:07 question to this in the terms for
0:45:09 example i have
0:45:10 uh an agreement with them and if they
0:45:12 have within their terms that
0:45:14 if you lapse in payment yeah there's
0:45:16 less than a point of delay
0:45:18 it does there is a problem here is that
0:45:19 because uh
0:45:22 they don't have the facility like for
0:45:24 example i said raj we have in saudi
0:45:26 arabia
0:45:26 does not have this in the contract it
0:45:28 doesn't have to ensure that it doesn't
0:45:30 happen
0:45:31 it he get paid directly from your from
0:45:34 your uh
0:45:35 from your uh employer and
0:45:39 in the case you you in that case
0:45:40 obviously if the employment is
0:45:42 terminated then they will see someone is
0:45:44 either you pay
0:45:44 the balance maybe you give you a bit of
0:45:46 discount by calculating back down
0:45:48 with a certain percentage rate a
0:45:50 discount is okay or we take the car
0:45:53 sorry that will be a little bit harsh
0:45:56 but this is cleaner
0:45:57 this is cleaner and avoid using here
0:45:59 they don't have this facility
0:46:00 the legal system is protecting loans
0:46:04 the strongest protection is loans for
0:46:06 example
0:46:07 if you buy things with debit card and
0:46:09 credit card
0:46:11 debit card comes from your back directly
0:46:13 it's like paying cash it's just
0:46:15 a tool to do a transaction
0:46:19 credit card
0:46:22 get the money there for the for the
0:46:24 receipt there's a decision no difference
0:46:25 there's
0:46:26 a few differences i'll mention later
0:46:27 when it comes to great cars but for the
0:46:29 for the seabed for for the for the for
0:46:31 for for the
0:46:32 for for for the one using credit card he
0:46:34 has certain benefits by enforced by the
0:46:36 law for example you have certain
0:46:38 insurances
0:46:38 you have certainty so if you buy
0:46:40 something with credit credit card you
0:46:42 have
0:46:42 more legal protection the system is so
0:46:44 built to protect
0:46:46 loans and that's
0:46:49 if they say system encourages that
0:46:52 encourages being in in in debt
0:46:54 encouraging the
0:46:55 usury the whole system has been
0:46:57 developed over centuries
0:46:58 to encourage that for example you may
0:47:02 you may have a cash 100 million for a
0:47:04 large building
0:47:06 commercial building but you don't do
0:47:09 that it will be stupid here in england
0:47:10 to do that what you do you go just have
0:47:12 a down pay fiverr
0:47:13 and then uh you uh you
0:47:16 indulge in in 20 years 30 years mortgage
0:47:19 fixed or otherwise
0:47:21 why because the interest payments are
0:47:23 tax deductible
0:47:26 you see the point the whole system is
0:47:28 built in so you are stuck now in the
0:47:30 system now how to deal with the stack
0:47:32 it's a problem i know i understand you
0:47:34 have just just to survive the problem is
0:47:36 that you make the firm conclusion
0:47:38 that you don't delay the payment or you
0:47:40 tell them i am
0:47:41 in crisis now please give me a grace
0:47:43 period usually
0:47:44 most most installments by seller and so
0:47:47 on
0:47:47 usually they will cooperate that's the
0:47:50 only way
0:47:51 so in this instance for example
0:47:52 sometimes people would would object to
0:47:54 the fact that
0:47:55 in the contract there is this problem i
0:47:56 know i know i know in the contract
0:47:58 there's no escape
0:47:58 this is that otherwise you will not be
0:48:00 able to buy anything installment
0:48:02 you mentioned once for example about the
0:48:04 example of bahira
0:48:06 uh when she was spreed and then the
0:48:08 people who were freeing her wanted to
0:48:09 put the additional condition
0:48:10 of having her as part of the inheritance
0:48:13 i think or
0:48:14 if they can inherit from her or maintain
0:48:16 the name yeah you can you can
0:48:18 i i understand that you can make the
0:48:20 intention that this is an enlightened
0:48:22 islamic law and even if you accept it it
0:48:23 will be not enforced but the reality it
0:48:25 will be enforced against you by the law
0:48:26 here
0:48:27 but anybody that that's intention can't
0:48:28 be done that's not the case
0:48:32 us they they ask for for their their
0:48:36 alliance to be with them
0:48:37 which means they have set the rights of
0:48:38 inheritance and things like that
0:48:41 uh but uh
0:48:45 but but they don't have because she's
0:48:46 buying herself from them
0:48:49 or aisha is paying her off and treating
0:48:51 her as ayat
0:48:53 so and the said
0:48:56 agree to that this condition is invalid
0:48:58 it will fall by the boy's side
0:49:01 because they should not have put that
0:49:04 condition they should
0:49:05 ask someone is that permissible because
0:49:08 necessity of logic to dictate that
0:49:10 is for that what you do the one who
0:49:13 would put the
0:49:13 slave free is the one who has the right
0:49:15 of war sharing an inheritance and also
0:49:17 sharing the name and many other aspects
0:49:21 like you are we are together with him in
0:49:23 the same army
0:49:24 but they did not do anything
0:49:34 so agreeing on that with the intention
0:49:37 knowing that the other side have no
0:49:38 right to do that and uh
0:49:39 and default on it i think it's perfectly
0:49:41 permissible because they have no right
0:49:43 to do that
0:49:44 but the problem the surrounding law
0:49:45 system will not protect you in that
0:49:47 sense
0:49:48 that's why that that's one way to deal
0:49:50 with it that you have the intention not
0:49:51 to
0:49:52 in order to not but to avoid really the
0:49:54 reality that you may be forced you have
0:49:56 to
0:49:57 make your situation so well organized
0:50:01 that that's that's lead us to the issue
0:50:03 for example of credit cards
0:50:05 credit cards have many benefits
0:50:09 as i said many purchases are protected
0:50:11 sometimes they you have you have
0:50:13 what they call it pay cashbacks in like
0:50:15 purchases of certain type like
0:50:17 if you purchase food and things like
0:50:19 that and how do you know the
0:50:21 the the sales is clearly with what one
0:50:23 of these uh
0:50:24 especially supermarkets so it's clear
0:50:25 that the majority of things they are
0:50:26 selling
0:50:27 is foods so every whatever sale it's
0:50:29 sold in the uh
0:50:31 whatever buy from the supermarkets etc
0:50:34 or other places which are known to be
0:50:35 food places or mostly food places
0:50:38 you have a certain cashback etc this is
0:50:40 all very good
0:50:42 but the problem is that obviously you
0:50:43 serious why they are showing that to get
0:50:45 the people
0:50:46 to sink in usually as much as possible
0:50:47 in debt so if someone have the firm
0:50:49 intention
0:50:52 i know i know the contract is usually
0:50:53 but i will never
0:50:55 and they have until you get for example
0:50:57 the the bill
0:50:59 and uh you have a think about about a
0:51:00 month period and then there's a due date
0:51:03 the due date you pay either many moment
0:51:04 and then you continue paying
0:51:05 and if you also want to want and pay
0:51:07 considerable usually
0:51:08 i don't have interest or you pay it off
0:51:12 and then you don't pay any usually
0:51:15 so if you have the intention to do that
0:51:17 and organize yourself that you don't buy
0:51:19 anything unless you have the money
0:51:21 really in your bank account to pay it
0:51:23 but you're using the credit card
0:51:24 to benefit from the cash back and to
0:51:26 benefit from the protection the legal
0:51:28 protection
0:51:29 which is giving to purchases but you
0:51:32 have to
0:51:34 to to control your situation strictly
0:51:37 and buy
0:51:37 nothing to pay nothing which you don't
0:51:39 have in the account
0:51:41 it's in the account not to be expected
0:51:43 to come it's in the account
0:51:44 so that when the due date come you pay
0:51:46 the full amount you go
0:51:49 then you have then you have to think
0:51:51 about another decision
0:51:52 can i enter such a contract with this
0:51:54 intention you can't do the htrc i will
0:51:57 do it like barrier their condition is
0:51:58 battle i will not
0:51:59 comply with it and i'm able to not to
0:52:01 comply
0:52:02 on the other hand you don't know what
0:52:04 events and what calamities can happen in
0:52:06 time and then you get stuck in with some
0:52:08 with some interest payment and then you
0:52:11 are in trouble
0:52:12 because most likely will not be able to
0:52:14 default in the interest payment
0:52:15 there's no escape from that if you if
0:52:19 you if you don't pay in
0:52:20 the in the due time you may get a crisis
0:52:22 or something like that an emergency
0:52:24 so you have to judge you have to judge
0:52:26 yourself at this situation and make
0:52:28 make your uh make your decision better
0:52:31 that
0:52:31 you daddy they will follow the raider
0:52:33 example that i will enter that knowingly
0:52:36 that there is invalid condition there
0:52:38 but i will never comply with them and
0:52:40 they will
0:52:40 fix my situation that's whatever they
0:52:42 want to decide himself
0:52:44 i know some people who have such credit
0:52:46 cards and they're strictly doing like
0:52:47 that but after several years the bank
0:52:49 noticed
0:52:50 smell the rat and then asked them to
0:52:52 leave
0:52:53 to leave their account because the
0:52:55 market is making nothing but
0:52:56 most like most most of the time the
0:52:58 overwhelming majority of people 99
0:53:00 percent are stuck
0:53:00 up to their nose and even on top of
0:53:03 their head in
0:53:04 in interest and so on double interest
0:53:06 triple interest so the bank is very
0:53:07 happy
0:53:08 that a few guys are so savvy and shrewd
0:53:10 and sharp
0:53:11 that they are benefiting the bank but if
0:53:14 someone is really benefiting
0:53:15 considerably over a long time
0:53:16 they may think about closing his account
0:53:18 sending a police let up
0:53:20 we have this studied your account
0:53:22 experience i know someone
0:53:23 from the family we started your account
0:53:26 that
0:53:27 when we decided we are not able to offer
0:53:29 you any services anymore
0:53:32 so that's that's uh it could be
0:53:35 that is i don't know it could be another
0:53:37 reason maybe i did for these
0:53:39 relatives transferred with my name and
0:53:40 so i go
0:53:42 this guy has to be has to be embargoed
0:53:45 everywhere
0:53:45 like i'm a bargain almost everywhere
0:53:47 except maybe one or two banks
0:53:50 for example maybe that maybe it's not
0:53:51 because they notice that this guy is
0:53:52 milking us we're not milking him
0:53:55 but this is rare so if you can so you
0:53:58 can you can take the
0:53:59 various case that okay i have there's no
0:54:02 way i can get
0:54:05 my my livelihood and my life manage this
0:54:07 somehow reasonably there's maybe no
0:54:09 necessity like necessity of like a sword
0:54:11 on your neck but there's a
0:54:13 need really really need blessing need
0:54:16 considerably not really a necessity
0:54:18 compelling necessity we should make
0:54:19 haram halal no
0:54:20 but there's a pressing need to do that
0:54:23 so i will do it this way
0:54:25 okay now thanks to the house mortgages
0:54:27 how small this is
0:54:28 definitely the the bank is different
0:54:30 than the house said
0:54:31 the banks comes in the third party they
0:54:33 compensate they give the
0:54:35 the they close the the reliability of
0:54:38 the the owners
0:54:39 most of owners will have themselves also
0:54:41 a mortgage to be settled
0:54:43 they close that and settle it and clean
0:54:44 it and you have nothing to do with them
0:54:46 you have to do it with the bank
0:54:47 or the mortgage company it's not the the
0:54:49 previous owner disappears
0:54:51 he has no existence in the contract also
0:54:53 it's not an instrument contract
0:54:55 now can anyone go in that now with a
0:54:57 question now
0:54:59 which faced many people especially since
0:55:01 many from india and pakistan
0:55:02 many pious muslims coming into the uk
0:55:06 especially in the 50s and 60s when when
0:55:08 after the world war they needed hands
0:55:09 and so on and they were
0:55:11 wide open for so many workers and things
0:55:14 like that
0:55:15 and they recognized that really to get
0:55:18 established and
0:55:19 become a little bit financially
0:55:20 independent you the best thing is to own
0:55:22 a house you cannot just pay it in
0:55:23 forever
0:55:24 so then the hanafi especially because
0:55:26 most of these is from india pakistan
0:55:28 hanafi hanafi came with the
0:55:30 the solution referring to that in
0:55:32 motherhood
0:55:33 that that
0:55:37 there's no reba in india
0:55:41 but this is this argument is and many
0:55:43 people follow that and so on i i don't
0:55:45 mind if they follow this fatwa and they
0:55:47 rely on the mufti but i think the fatwa
0:55:49 is not is not persuasive honestly
0:55:51 because first of all
0:55:56 someone could argue that after the world
0:55:58 war and after britain
0:55:59 withdraw from india formally there's no
0:56:02 state of war with britain so let's say
0:56:04 think about that as an example
0:56:05 so this is not the harvest yeah it's a
0:56:07 domain of dominican
0:56:08 is different than herb that's that's the
0:56:10 first mistake there
0:56:12 so so that's not a domain of harp
0:56:17 secondly uh the hadith they rely mostly
0:56:20 there are
0:56:20 some hadith narration from akhole i
0:56:22 asked many people
0:56:24 my other advocate is president i told
0:56:27 him
0:56:28 he asked me about that and asked him to
0:56:29 get me that heavy day referred to
0:56:32 he brought me a translation but nobody
0:56:33 got me really the wording of the hadith
0:56:35 so i can do a search for it
0:56:36 until now i did not find that so-called
0:56:38 hadith it's most likely morsel from
0:56:40 macro
0:56:41 and that cannot be an authority
0:56:44 but even if that the they come with the
0:56:47 semi-russian argument saying and because
0:56:49 in dalat harbi
0:56:50 their money and their life is their
0:56:53 money is a booty for the muslims in
0:56:55 principle
0:56:56 yes that's if you are in a case of help
0:56:59 because you're fighting with someone
0:57:00 but it's not conceivable that i'm not
0:57:02 fighting with you i have a contract with
0:57:04 you
0:57:05 selling or buying something and i'm in
0:57:06 state of war with you
0:57:08 with you at least as a person at least
0:57:10 you have maybe a security maybe you are
0:57:11 from a domain of harm but you cross over
0:57:13 the border with with the visa with the
0:57:15 security with the covenant
0:57:17 then you are not happy anymore
0:57:20 and if i cross to that or help i have a
0:57:22 covenant of security
0:57:23 otherwise you wouldn't cross without
0:57:25 being killed by them so i have some kind
0:57:27 of
0:57:27 governmental security in a personal
0:57:28 level this means i don't kill them and
0:57:31 they don't take their money
0:57:32 without justification so what's this
0:57:34 defecation to take their money because
0:57:35 they are happy they're not any happy for
0:57:37 me
0:57:37 as long as i'm in their heart going to
0:57:39 do business and entering with the
0:57:40 security
0:57:42 so you see you see the problem this
0:57:44 argument is not very persuasive
0:57:46 it seems to be confusing between harvard
0:57:50 they are not the same the difference is
0:57:51 not the same
0:58:01 entity and you sneak in that entity uh
0:58:04 the cover of that to do military
0:58:06 activities or jihadi
0:58:08 activities and you can't kill and
0:58:10 blood yes definitely there's adult help
0:58:12 for you
0:58:13 and they will kill you if they catch you
0:58:14 that's clear there's a state of war
0:58:16 and you sneak there you did not come
0:58:18 with security you did it like a spy
0:58:21 putting yourself at harm's way that's
0:58:23 fine so it's perfectly fine
0:58:25 but i said it's not conceivable that you
0:58:27 you will be buying and selling with
0:58:29 with with with with the river or having
0:58:31 alibaba contract
0:58:32 somewhere it's not conceivable let's go
0:58:35 going secretly in that place and looking
0:58:37 at someone to say what's about
0:58:39 i i give you a a 50 of a pound and you
0:58:41 give me a tender beer one 100 pounds
0:58:43 that's what it's not conceivable
0:58:48 so this confusion between that if nobody
0:58:51 got me that hadith
0:58:52 if anyone is aware because all of you
0:58:55 most of you are really from
0:58:56 indo-pakistan background so maybe they
0:58:59 they have seen it or something that
0:59:00 what's the wedding in arabic so i can do
0:59:02 a search
0:59:02 i did search for a few things keywords
0:59:05 it doesn't bring anything
0:59:06 to summarize they they've based the
0:59:08 hanafi have based this on this
0:59:10 uh legit narration then is that what
0:59:11 were they yeah that's mostly that
0:59:13 narration and also i think
0:59:14 that's out of necessity because they say
0:59:16 people have there and they pay rent
0:59:18 so let's just construct that as a rent
0:59:21 potentially as a rent yeah if you if you
0:59:23 follow this
0:59:24 you may say okay otherwise uh i'll be
0:59:27 paid
0:59:28 being granted to the non-believers or
0:59:30 the kuffar
0:59:31 even if they are not harvey and draining
0:59:34 my my my
0:59:35 my income for all life while if i go
0:59:38 with a mortgage
0:59:38 it may be if it is done properly and
0:59:42 you you can do it properly with even
0:59:44 with a juris mortgage it may
0:59:46 it may end that you are paying less than
0:59:48 a rent so you are paying rent anyway
0:59:50 someone could construct it this way
0:59:52 but i have difficulty seeing how to do
0:59:53 it
0:59:56 okay so there wasn't constructed if you
0:59:57 can construct it and make a mental image
0:59:59 which you think you can't justify it
1:00:01 for yourself right but in principle
1:00:03 strictly speaking how the contract is
1:00:05 structured is is
1:00:06 definitely a users contract it's not an
1:00:09 inspired contract
1:00:10 so in this instance just to summarize
1:00:12 it's because while the islamic banking
1:00:14 while islamic banking are offering like
1:00:16 the
1:00:16 like rent to own and roofing things like
1:00:18 that but
1:00:19 some people say there's more i i saw one
1:00:22 right one
1:00:23 guy writing this is more exploitation
1:00:26 than than
1:00:27 it's not small excitation because
1:00:28 islamic banking have another premises
1:00:31 so they are usually demanding either a
1:00:33 slightly higher percentage and more
1:00:35 percentage rate
1:00:36 to cover their debt situation or the
1:00:38 down payment the essential debt is much
1:00:40 bigger because they don't have the
1:00:42 protection of
1:00:44 of of the of the
1:00:47 usual system law the the juris
1:00:51 law of the the law system will protect
1:00:53 you usually
1:00:54 and interest payment and loans in the
1:00:56 west is so tough and strong
1:00:58 that the banks can do very well with the
1:01:00 down payment uh
1:01:02 five percent three percent seven percent
1:01:04 they can't do very well
1:01:06 there's no comparison between state
1:01:07 protection i think in this case this
1:01:09 individual
1:01:10 he used uh an illa what he perceived to
1:01:13 be an illah you know you normally what
1:01:15 you you
1:01:15 you can look at a thing and you you may
1:01:17 construct something oh it's to do this
1:01:19 then they made that as a
1:01:26 so this is what his quote is so this is
1:01:27 some chap when you say google this might
1:01:29 be the guy
1:01:32 to be this is his quote to be honest
1:01:34 with you after
1:01:36 reading numerous books on islamic
1:01:37 finance and rereading all fake materials
1:01:39 on
1:01:40 us
1:01:43 i have come to the conclusion that fixed
1:01:45 rate mortgage loans are islamic can be
1:01:46 more sound than so-called
1:01:48 islamic home finance purchases the
1:01:50 prohibition of reba was designed to
1:01:52 combat the abusive exercise that's
1:01:53 that's the problem
1:01:54 that's that's that is not designed for
1:01:55 that that's his imagination not designed
1:01:57 for that
1:01:58 design to protect the money supply and
1:01:59 to protect the value of the currency
1:02:02 and to make evaluation genuine related
1:02:04 to human activity and human evaluation
1:02:06 genuine of the masses will come to the
1:02:10 crypto why the crypt is really a
1:02:12 revolution crypto is the first
1:02:14 time now in the west that we're having
1:02:16 finance decentralized
1:02:18 and the power of the big bomber entity
1:02:21 is the
1:02:21 slowly diffusing and going to the
1:02:23 general public that's what crypto will
1:02:25 bring
1:02:26 that's what we'll be controlling that's
1:02:28 what was in time passed was in that you
1:02:29 have the power when you have your own
1:02:31 dnr
1:02:31 in gold in your pocket that has been
1:02:34 stolen from the people
1:02:36 almost everywhere in the world starting
1:02:37 with america you know that
1:02:39 that president uh roosevelt issued an an
1:02:43 um and presidential order prohibiting
1:02:46 the americans to oh god all gold were
1:02:47 confiscated
1:02:49 and nobody can own gold and this was all
1:02:51 taken through that i don't think it's
1:02:52 going to be
1:02:52 compensated whatever that and all gold
1:02:55 should be in the treasury
1:02:56 this way the premium the power of the
1:02:57 people you would have your
1:03:00 your dinar in your hand with your gold
1:03:02 dollar or silver dollar
1:03:03 in your hand it's gone it's all in the
1:03:06 hand of the government and the
1:03:07 government's obviously under the
1:03:08 influence of the major interest and so
1:03:09 on much more than under the
1:03:11 single vote of the simple single person
1:03:15 okay in this subject and i think we can
1:03:17 launch it going back through so that's
1:03:18 not as the
1:03:20 the user is deeper than he thinks it's
1:03:22 not protection thing
1:03:23 say individuals from exploitation
1:03:25 they're protecting the whole community
1:03:27 from the depreciation of money
1:03:29 concentration of wealth in and ahead of
1:03:31 the few
1:03:31 it is trying to enforce as much
1:03:33 decentralization as possible
1:03:35 so in this case this chef has
1:03:37 effectively made a premise and use that
1:03:39 flawed premise to justify something like
1:03:40 revival
1:03:41 when there is he has to if he if he
1:03:43 believes in that he can't justify him
1:03:45 he cannot force anybody and anything in
1:03:48 the islamic domain when there's islamic
1:03:49 state
1:03:50 the laws will be clearly written and
1:03:52 anyone doing something like that the
1:03:54 first time he gets a warning the second
1:03:55 time it will be execution
1:03:57 because reba is is some people read the
1:03:59 ayah if you don't stop taking ribba
1:04:02 then accept the declaration of war from
1:04:04 allah's messenger they think this is
1:04:06 some hadith says
1:04:09 he would be given a sword and then you
1:04:11 say and the horses say
1:04:12 come and fight against allah his
1:04:14 messenger symbolically
1:04:16 that's the meaning of the ayah the
1:04:18 meaning of the ayah is that you are
1:04:19 making
1:04:20 you you are committing an act of war
1:04:22 against allah this messenger
1:04:23 meaning against the public public uh
1:04:26 order
1:04:27 meaning the ayah of harabah applies to
1:04:29 you execution of crucifixion or cutting
1:04:32 hand the legs across
1:04:33 and that's what every habba said those
1:04:35 who are taking user you should be giving
1:04:36 face warning because user is sometimes
1:04:38 difficult to discern and
1:04:40 that's what they're doing is the user
1:04:41 here by court order obviously
1:04:43 and the second time he does it the the
1:04:45 imam has to strike their strike their
1:04:46 neck
1:04:47 this is not an easy thing as people
1:04:49 think
1:04:51 but as in islamic to me and you don't
1:04:52 have islamic going here you have you
1:04:54 have this situation
1:04:55 i would construct if necessary saying
1:05:00 i regard that as a rental payment and
1:05:02 they have no other way because i have to
1:05:03 pay rent i have to live in a house as a
1:05:05 necessity i have prepared in this europe
1:05:06 penguin i at least i
1:05:08 i take ownership and instead of my money
1:05:10 going to the
1:05:11 surrounding society which is a capital
1:05:13 society or at least a sinful society
1:05:16 it's better at least i have accumulated
1:05:18 wealth so that my children can inherit
1:05:20 and have a better start than myself
1:05:22 that may be i think it is
1:05:25 analyze it in this direction but not in
1:05:27 this direction he's saying he's trying
1:05:28 to make a philosophical argument
1:05:30 which is nonsense which is manifestly
1:05:33 nonsensical
1:05:34 because say that this contract is is
1:05:36 more exploitation than that
1:05:37 is not true it may be in the single case
1:05:39 looks more exploitation or more harsh
1:05:41 because the the nature of the contract
1:05:43 dictate to be more
1:05:45 more secure and more tough as the all
1:05:48 the reports
1:05:49 has shown after the crisis of 2008-2009
1:05:52 and that's what invited many banks major
1:05:54 bank centers in the world to other
1:05:56 islamic sector department and or did we
1:05:59 have recent reports i think for various
1:06:00 entities i'll try to find
1:06:02 my son abdullah is interested in that he
1:06:04 collected some references
1:06:06 who said that islamic finance and so on
1:06:08 has proven to be more robust
1:06:11 and free and resistant for the for the
1:06:12 economic crisis which is true
1:06:14 because that's the design the economic
1:06:16 crisis comes from this
1:06:18 fundamental deep disease that money can
1:06:20 do something by its own entity by its
1:06:22 own nation it can't be
1:06:24 it is not if uh
1:06:28 seeing as you're on loans right with
1:06:29 your permission two types of loans
1:06:32 what's very popular now in the market
1:06:33 because you were mentioning again
1:06:35 is pcp personal contracts alone so
1:06:38 rather than high purchase where say okay
1:06:40 say a cost ten thousand pounds
1:06:41 you pay a deposit you pay off the
1:06:43 monthly installments
1:06:44 um you know and then you buy the car you
1:06:47 sometimes get your zero percent api
1:06:48 that's this web no problem
1:06:49 with a pcp car say you have a 10 000
1:06:51 pound car yeah
1:06:53 and you you are renting the car
1:06:55 effectively for three years and what you
1:06:57 are paying off
1:06:58 is not the value of the car the 10 000
1:06:59 but the 5 000 on the depreciation so at
1:07:01 the end of this period
1:07:03 right you have three options you can
1:07:07 pay the deposit buy the car you can give
1:07:09 the car back
1:07:10 or you can enter into a new contract and
1:07:12 you know exchange the car and all this
1:07:13 kind of stuff yeah that's at least
1:07:14 that's a long time because that's that's
1:07:16 yeah i guess
1:07:16 you don't see any problems no problem
1:07:19 final question my wife had there's some
1:07:21 options that people are doing now kind
1:07:23 of it sounds to me what she's described
1:07:25 is like a life insurance effectively for
1:07:27 people i think
1:07:29 over 35 or whatever you pay a monthly
1:07:31 amount into a pot
1:07:32 for the community so that if you pass
1:07:34 away your funeral expenses are covered
1:07:36 well there's the insurance issue the
1:07:38 insurance ratio is completely different
1:07:40 the insurance issue had been made in
1:07:41 time passed on a mistake that
1:07:43 that if i guarantee you alone or
1:07:45 something then i cannot charge you money
1:07:47 for that but it's not guaranteeing alone
1:07:49 that i got guaranteed in islam classical
1:07:52 abdomen is not complains can be
1:07:55 accumulating by money
1:07:56 it's just it's just uh it's just just a
1:07:59 courtesy or or i do for you as a friend
1:08:02 or a relative
1:08:04 but this is not the mind but what what
1:08:06 ensures is really a new contract
1:08:08 that people put initially in a pool
1:08:10 that's originally a contract
1:08:12 and they they they they support each
1:08:15 other socially
1:08:16 but only only the pool participants were
1:08:19 not in the pool or they should be
1:08:20 supported
1:08:22 that's perfectly no problem no funeral
1:08:25 costs being for life
1:08:26 for a life uh uh for life insurance to
1:08:30 be paid at a certain age
1:08:32 or set in salary at a unlimited time
1:08:34 open-ended
1:08:35 all of this is there's no problem for
1:08:37 them i think sheikh zarka from therefore
1:08:39 and his son anderson and uh
1:08:42 i think the father has another mohammed
1:08:44 or muhammadan anyway one of them is
1:08:46 understanding muhammad
1:08:48 has concluded and that even the
1:08:50 commercial one
1:08:52 said the commercial essentially the
1:08:54 company although the
1:08:55 it that company appears as that doing a
1:08:57 contract with you a reality the company
1:09:00 is
1:09:00 is doing nothing except that managing
1:09:02 the pool and contracting in behalf of
1:09:04 the pool
1:09:05 but you don't see it it doesn't look
1:09:07 like that you are putting in the pool
1:09:08 but it is necessary
1:09:09 by its own way of building because if it
1:09:12 would not have been like that it would
1:09:14 not be working and functioning how it
1:09:15 will factor for the company whatsoever
1:09:17 the commodity will not be able to create
1:09:19 from know where the money it is
1:09:20 from the pool from the other participant
1:09:22 so it's really
1:09:23 even if it is required commercial
1:09:25 contract here because
1:09:27 the the the major alpha in in the
1:09:31 came to the conclusion that the mutual
1:09:34 insurance where people put in a pool
1:09:36 which is declared as legally like that
1:09:38 and this time still exists in america i
1:09:40 think it used to be until recently
1:09:41 maybe still available in britain that
1:09:44 one there's no sharia objection to it
1:09:45 they came to that conclusion
1:09:47 they finished with that he said even a
1:09:49 commercial one they said the commission
1:09:50 is haram because it's a contract between
1:09:52 you and the company
1:09:53 they say mistaken because they're
1:09:55 contacting the company even if the
1:09:56 company appears to be the contract
1:09:57 partners the only giving the guarantee
1:09:59 they acting essentially in behalf of the
1:10:01 whole they're like general managing
1:10:03 director
1:10:04 okay so and if if someone ancestor is a
1:10:08 maybe
1:10:08 the company is acting in behalf of the
1:10:10 pool could be maybe the law could be
1:10:11 phrased like that
1:10:12 and it it he said even that is is not
1:10:16 and i think he's right this is a new
1:10:17 contract and according to the general
1:10:19 principle that
1:10:20 basic ruling about all contracts is is
1:10:23 permissibility
1:10:25 unless the serial evidence shows that is
1:10:26 this specific contract of the service
1:10:28 condition as
1:10:30 and the moment is permissible it is
1:10:33 obligatory for the
1:10:34 parties to fulfill it they have to
1:10:35 forbid the covenant and this is derived
1:10:38 as never
1:10:38 you will come to within the book of
1:10:39 tawheed this is part of the general
1:10:41 principle that the basic
1:10:42 ruling about action etcetera is
1:10:44 permissibility
1:10:46 including contracts but for contracts it
1:10:48 is the moment it's
1:10:49 proven to be permissible the moment is
1:10:51 concluded it is then obligatory or the
1:10:53 parties to fulfill
1:10:54 according to the command of will
1:10:57 don't break your covenants covenant
1:10:59 breakers are condemned and all of that
1:11:03 so i think this for the life insurance
1:11:05 that i don't see any problem the problem
1:11:06 was in the past in the misunderstanding
1:11:08 trying to take derivative something
1:11:11 derived by
1:11:12 deduction making the derivatives a base
1:11:15 that's not the way to
1:11:16 you go to the base from which that
1:11:17 derivative has been driven and to check
1:11:20 does it apply or not so that's that's
1:11:24 where the problem comes
1:11:26 is that the derivation is used as a base
1:11:28 for another derivation instead of going
1:11:30 both to the root
1:11:31 the fundamental principle and clarified
1:11:33 and therefore
1:11:34 i think it's i think it's established
1:11:36 now with certitude
1:11:37 if you see in the book or down the road
1:11:39 that the basic ruling of activities
1:11:41 all occurring clearly as permissibility
1:11:43 is no need to ask and
1:11:44 and contracts all contracts are
1:11:46 permissible and the moment they are
1:11:48 concluded correctly
1:11:50 they are then binding for the parties
1:11:52 and the
1:12:09 as my lord and so on and you edit and
1:12:12 promise me escape from fire that's
1:12:13 that's the covenant
1:12:15 that's breaking the covenant is the
1:12:16 cover but this one don't know what
1:12:17 according to
1:12:21 usually covenants allah also sealed in
1:12:22 the name of allah so to become like a
1:12:24 covenant allah is the like
1:12:27 or guardian party so covenants are very
1:12:28 civil in islam
1:12:30 so that's that's no no issue with that
1:12:32 so i think but to the basically
1:12:34 that's that's the all the influences
1:12:36 both the one in the pool the mushroom
1:12:38 the original one
1:12:38 which was like that and the commercial
1:12:40 one because really the commercial
1:12:42 company offering the contract be it
1:12:44 coming in front of you as a party and
1:12:46 you don't you're not aware of the pool
1:12:48 is does not change the reality that they
1:12:51 are really
1:12:52 acting in behalf of the pool and having
1:12:53 their cut there as a management fee and
1:12:56 uncertainty
1:12:57 there's also there usually you find an
1:12:59 objections various objection of a
1:13:01 certain
1:13:02 insurance is that the insurance company
1:13:03 will invest usually in usual yes
1:13:06 because they are very conservative they
1:13:07 have to watch carefully for the money
1:13:09 because they have the heavy obligation
1:13:11 etc they invest in
1:13:13 government but what they can do that's
1:13:15 how the
1:13:16 world where or where in the world is
1:13:18 functioning everything is have become
1:13:20 usurious
1:13:21 even if you run away from misery
1:13:22 transplant you
1:13:24 if they if the society and the
1:13:28 the world is managed properly based on
1:13:30 equity rather on loans
1:13:32 and and debt and if the debt is
1:13:34 discouraged and
1:13:35 and participation and sharing is
1:13:38 encouraged
1:13:39 then we have another reality but that's
1:13:41 it they have to invest
1:13:43 and also in that sense if a person how
1:13:46 he derives his money is not necessarily
1:13:48 directly your concern
1:13:49 so yeah yeah absolutely your contract is
1:13:52 just with them if he goes and smokes
1:13:53 crack with it
1:13:54 you're not guilty for him smoking crack
1:13:56 exactly exactly
1:13:57 but are you but to excuse the insurance
1:14:00 companies
1:14:01 so because insurance will not have
1:14:03 really a good effect and
1:14:05 the benefit it's supposed to do even if
1:14:07 it's a pool except it's managed in
1:14:10 large numbers you have to have thousands
1:14:12 tens of hundreds of millions of insured
1:14:14 people
1:14:14 so that the risks can be distributed and
1:14:16 they can care for each other
1:14:18 directly or indirectly but this will be
1:14:20 huge amounts of money to have to invest
1:14:22 it
1:14:23 and there's no way in in the current
1:14:25 environment except over so the insurance
1:14:27 company cannot be blamed for the reality
1:14:28 which is not under their control
1:14:30 that's the reality which has been
1:14:31 developing now for several centuries
1:14:33 it is the public authority and the state
1:14:35 and the legal system is to blame
1:14:37 they are not to blame they have to
1:14:38 manage what is they have they have to
1:14:40 manage to give the insured people the
1:14:42 the compensation they need in the case
1:14:43 of the
1:14:44 uh the need for for for payment and so
1:14:47 on
1:14:47 but that's their obligation they cannot
1:14:49 be forced to live in a dream world which
1:14:51 is impossible
1:14:53 the blame is on under general society
1:14:56 and the state not on them
1:14:59 some objection obviously about like like
1:15:00 life insurance that this is speculative
1:15:02 understand will not believe in cuddle
1:15:04 obviously
1:15:04 i don't need to discuss that you can you
1:15:06 can take that with all respect and check
1:15:08 it and they've been
1:15:08 these is nonsensical
1:15:12 has nothing to do with believing in
1:15:13 kadal and things like that and i shall
1:15:15 own all of these things
1:15:17 all of this is nonsense the same with
1:15:20 pensions and things like that this is
1:15:21 all
1:15:22 nonsensical you're contributing today
1:15:24 some money
1:15:25 so that you can retire and have some
1:15:27 income some good solid income too
1:15:30 depending upon how much you are paid and
1:15:31 then concerned and there are tables or
1:15:33 statistics used for that
1:15:34 so it has nothing to believe
1:15:38 the universe works this way people
1:15:39 become old in the average
1:15:41 maybe you don't become old maybe you die
1:15:43 too early and your family gets lucky
1:15:44 it's a big lamb that comes up
1:15:46 maybe maybe not that's all that's all
1:15:49 that's all that depending upon the
1:15:51 individual situation and the purpose of
1:15:52 the pool
1:15:53 is to spread that evenly as the risk
1:15:55 evenly as much as possible so everyone
1:15:57 shares in this country what that's it so
1:16:00 this is all nonsense
1:16:02 all this issue of that is speculation
1:16:03 and not believing in qatar and things
1:16:05 like that this is all nonsense
1:16:07 ignore that ignore that that's like like
1:16:10 i said
1:16:11 this argument should be living against
1:16:12 the prophet salam and he goes in the
1:16:14 battle
1:16:14 he does not even have one shield he has
1:16:16 two shields on top of each other
1:16:33 inshallah so um next belk of the subject
1:16:35 i'm not sure if you'll be able to get
1:16:36 through all of it today
1:16:37 this issue of usually an installment is
1:16:39 very sore i understand very difficult
1:16:41 everyone has reality
1:16:42 to settle it for for the mortgages in
1:16:45 the western way if you cannot get one
1:16:47 someone could construct the following
1:16:48 say okay
1:16:50 i have really a need for housing
1:16:54 paying rent meaning there's outgoing and
1:16:56 going obviously in a society which is
1:16:58 more dominant enormously and to others
1:17:00 why if i make it as a mortgage payment
1:17:03 although
1:17:04 dictated by necessity now we can argue
1:17:06 because i have to have to live in some
1:17:07 place
1:17:08 either it is rent or it is mortgage then
1:17:11 it may be then excusable by washington
1:17:13 that because of the current condition
1:17:15 that i'm not in a domain of islam and
1:17:16 are
1:17:17 not under the law of islam that i'll pay
1:17:19 this and at least accommodate something
1:17:21 for myself
1:17:22 in later age and for my children because
1:17:24 you are paying pain
1:17:25 and if it done structured properly and i
1:17:28 think most most wise people
1:17:30 reasonably will do that structure
1:17:31 properly you can get
1:17:33 the payments essentially to a level
1:17:35 similar to arrent
1:17:36 or sometimes even less but then you
1:17:40 accommodate wealth and you're
1:17:41 understanding yourself and then you are
1:17:43 not wasting your understanding that we
1:17:46 should not waste
1:17:47 uh waste money and west wealth we should
1:17:50 protect wealth and grow wealth
1:17:51 and the injunction of the quran don't
1:17:53 give the support the one who are
1:17:54 irrational
1:17:55 not able for money management their the
1:17:58 money should they mismanage it even if
1:18:00 they have inherited it
1:18:01 putting them put in the massage that
1:18:03 they cannot manage you managing their
1:18:05 behalf
1:18:05 so that money is produced and advanced
1:18:08 and
1:18:08 unprotected and growth or for example so
1:18:12 protecting wealth and increasing wealth
1:18:14 of a muslim is a desirable thing it
1:18:16 should be should be considered
1:18:17 considerably
1:18:18 look for example
1:18:23 i was investing having orphans and he
1:18:24 was investing for orphans
1:18:28 and hammer in in high class
1:18:31 very luxurious wine and the person said
1:18:36 i see that allah is indicating that ham
1:18:38 will be prohibited
1:18:40 russia and get rid of it before it if
1:18:42 it's prohibited you cannot sell it
1:18:43 anymore
1:18:44 because otherwise you will lose the
1:18:45 orphan money so jesus shows clearly
1:18:52 nothing for foreign that's for the for
1:18:54 the answer the salary say oh this leads
1:18:56 to this
1:18:56 and if you look behind the door there is
1:18:58 a there's a five-round devil and if you
1:19:00 look in the back
1:19:01 there's a goat although this is nonsense
1:19:03 the reality is
1:19:05 when the injunction came it came when it
1:19:07 comes then you cannot sell it anymore
1:19:11 even it's valuable at that time but it
1:19:13 was valuable before
1:19:14 i don't know i don't remember if abutal
1:19:16 hacum died or or
1:19:17 missed some opportunities and i think he
1:19:19 missed a few and it was lost
1:19:22 and i think he most likely compensated
1:19:24 from his own money because he is he's
1:19:26 he's obliged for due diligence that's
1:19:27 really what i'll have real life
1:19:29 definitely but so keeping wealth
1:19:32 developing wealth inclusion or for
1:19:34 example whoever or
1:19:36 manage the money or often he should work
1:19:37 in it what they call it
1:19:39 like the prudent man way and increase it
1:19:42 otherwise the sadaka the zakah will eat
1:19:44 it away
1:19:45 because if you continue years every year
1:19:46 work that two and a half percent still
1:19:49 after when the orphan becomes like out
1:19:51 of age for
1:19:52 it's a baby now it comes of age after 20
1:19:54 years almost half is gone
1:19:55 so you have to work on it to increase it
1:19:57 so it's not eaten away
1:19:59 the sadaka will eat it away there's no
1:20:01 escape which is
1:20:04 not on the personality because the
1:20:06 orphan is a baby
1:20:08 and he is not liable for salah or any
1:20:09 other thing but zakah is liberal in his
1:20:12 money
1:20:13 he's not in in the person and being
1:20:16 being out about
1:20:20 addressable by the law and obliged
1:20:22 sublimation his money his money is his
1:20:24 money
1:20:25 even after death
1:20:28 even if he's not obliged for salah ocean
1:20:30 because he's not capable of complying
1:20:32 with this commandment but that he
1:20:34 said his money but this is only second
1:20:36 ratio so
1:20:37 as i said this issue with mortgages on
1:20:39 is a sole issue
1:20:40 the best analysis i would say the best
1:20:43 way to
1:20:44 out is first of all try to get this
1:20:46 islamic mortgage even they are a little
1:20:48 bit more clumsy and harsh because
1:20:50 they have to structure such a way that
1:20:52 because they don't have the legal
1:20:53 protection of the system
1:20:55 until now at least maybe one day it will
1:20:57 be they will come to their senses
1:20:58 because we see their
1:20:59 various methods of payments and so on
1:21:01 are developing now which looks like
1:21:03 closer or coming closer to islamic types
1:21:07 for example for buying cars like
1:21:09 substituting with lease and
1:21:10 buy to parishes and things like that and
1:21:13 some of them are more
1:21:14 effective like for example i'm aware
1:21:15 very well aware that the
1:21:17 giant of holland phillips prefer to
1:21:21 purchase much of its uh raw material and
1:21:25 pre-fabricated icons and so on by the
1:21:27 muthajala
1:21:28 the mutagear they asked for an islamic
1:21:30 monk we need this amount of this
1:21:32 material this amount of
1:21:34 chips and things like that it's namaste
1:21:36 and and
1:21:37 but we don't have the cash for it so the
1:21:39 bank goes and buy their that for for the
1:21:42 big amount obviously they can contract
1:21:44 very well and so on
1:21:45 they might as a good discount that they
1:21:48 can from the manufacturing the same
1:21:49 affects horizon
1:21:50 one the same one the virus city
1:21:53 buy that with that and then they sell it
1:21:55 to to
1:21:57 to phillips with a markup
1:22:01 and philips is very happy with this way
1:22:03 they found it more efficient than
1:22:04 borrowing and bike
1:22:07 someone will relieve them from the issue
1:22:08 of negotiating and getting the best
1:22:10 quality
1:22:11 etc and they're financing this way
1:22:14 plenty of things like that
1:22:16 and then they buy it at the market
1:22:17 possibly with the installment they don't
1:22:18 officers
1:22:19 and they manage it they have a
1:22:20 reasonable contract
1:22:22 so it is in many in many areas this is
1:22:24 more effective and more beneficial and
1:22:26 better for them than
1:22:27 the usurious and the western contracts
1:22:29 in the case of houses
1:22:30 because i said the legal i think is the
1:22:32 legal protection and the need of having
1:22:34 that substantial equity
1:22:36 and also the necessity is that most
1:22:38 houses the problem with most houses
1:22:40 are already having a mortgage so the
1:22:41 bank has to settle that one
1:22:43 cut that out and so on buy it and so
1:22:45 also it's very complex for the
1:22:47 islamic banking but they are doing
1:22:50 the only problem is that down payment is
1:22:52 is stiff i think that's the main problem
1:22:56 and the interest the de facto interest
1:22:58 about the institute let's call it
1:23:00 installment rate to remove that word
1:23:01 interest from it
1:23:02 the installment rate is slightly higher
1:23:06 to compensate also for possible
1:23:07 fluctuations it cannot be variable
1:23:09 it has to be decided now
1:23:12 so the contract is fixed now monthly
1:23:14 like this amount for 30 years or 25
1:23:16 years it has to be fixed now
1:23:17 it cannot be a variable one while
1:23:20 obviously nowadays especially in these
1:23:21 last
1:23:22 last year and the years the early year
1:23:24 when the interest rate became very low
1:23:26 in the last few years especially last
1:23:27 year it's almost become zero even
1:23:29 sometimes negative
1:23:30 it's very lucrative to go and borrow it
1:23:33 but you will never get a fixed rate
1:23:35 uh mortgage in the uk at least in
1:23:39 america you may get i don't think maybe
1:23:40 they have abolished it
1:23:42 because fixing something at a 0.5
1:23:45 percent for 30 years
1:23:47 appears to be life-threatening
1:23:50 dangerous for banks and so they will i
1:23:52 don't think they will do it
1:23:54 in america it used to be the fix that it
1:23:55 only used to be the standard in the 80s
1:23:57 as i remember
1:23:58 and 90s and 70s and so on but i think
1:24:01 this was also abolished
1:24:02 after the uh enormous interest rate ha
1:24:06 increased in the 80s and then declined
1:24:08 after that and i think everyone went to
1:24:11 to variable rates and ballooning
1:24:15 payments and things like dangerous
1:24:17 things
1:24:18 so even if it looks now the look at it
1:24:20 we are never sure
1:24:21 although who knows maybe in seven ten
1:24:25 years suddenly you have a
1:24:26 higher inflation and rates become
1:24:29 nonsensically high and then you earn
1:24:32 more trouble than with the islamic
1:24:33 banking which is fixed
1:24:35 in that sense anyway
1:24:39 more economy and rather than really
1:24:41 legality but as you said that's the
1:24:43 problem yeah
1:24:44 we move on to cryptocurrency then
1:24:45 there's a bit i need to read out so
1:24:46 basically
1:24:47 um
1:24:52 cryptocurrencies in essence is
1:24:54 prohibited to summarize what his point
1:24:56 of view is crypto is issued by unknown
1:24:57 people not by
1:24:58 not backed by anything not real not made
1:25:00 from anything it's via software
1:25:02 if it was banned it would become as if
1:25:04 as zero as if there's
1:25:05 as there is no backing is wealth
1:25:07 creation from nothing which is haram and
1:25:09 sharia
1:25:10 he refers to the narration on hand to
1:25:12 hand describes the correct economy as
1:25:14 based on that statement
1:25:15 paper money in origin was based on gold
1:25:18 now it's issued by the state and loss is
1:25:19 linked to gold but it's accepted
1:25:21 with crypto no one is forced to accept
1:25:23 it as legal tender whereas paper money
1:25:25 there is a legal requirement to
1:25:26 facilitate change so basically there's
1:25:28 two
1:25:28 parts to this one is that inherently
1:25:31 it's nothing
1:25:32 and secondly uh it's because of not
1:25:35 having this protection
1:25:36 so for now in concluding to paraphrase
1:25:39 it's haram to use haram to mine haram to
1:25:41 manufacture pump dump etc
1:25:44 now that fiat has proliferated and money
1:25:46 is issued by the state in the same way
1:25:48 once crypto abduction happens maybe
1:25:51 later once it
1:25:52 prohibits proliferates it can become
1:25:53 legal tender in which case it will need
1:25:55 to be
1:25:56 revisited so specific questions is it
1:25:59 created from nothing
1:26:00 is cr cryptocurrency this is all based
1:26:04 on
1:26:05 on on imagination not created nothing is
1:26:08 created from
1:26:08 from a solution of certain equations or
1:26:10 from certain criminal activities
1:26:13 on a blockchain on the
1:26:18 combined action of human beings
1:26:20 interacting with a program the program
1:26:21 alone
1:26:22 has been created the human beings by by
1:26:24 mental processes
1:26:25 uh and the the way the the cryptos are
1:26:29 minted either by by
1:26:30 proof of work or proof of stake or other
1:26:32 types of initial mint
1:26:34 for certain amount is is done by by uh
1:26:38 it's created from mathematical equations
1:26:40 and second but this is not nothing
1:26:41 that's that's
1:26:42 that exists but it doesn't exist as a as
1:26:45 a physically uh
1:26:46 a physical entity like gold and silver
1:26:48 but it does exist as as as
1:26:50 existing in the same an abstract in the
1:26:53 index
1:26:57 of the abstraction and this is an
1:26:59 existing type of existence not every
1:27:01 existence is necessary
1:27:05 independence from a certain mind that's
1:27:08 that's not true that's number that's
1:27:09 number one
1:27:10 that's not just numbers so this is then
1:27:12 but come on
1:27:13 come on someone when we argue for
1:27:15 example let's say let's take bitcoin
1:27:17 because it's the simplest one
1:27:18 other ones are more complex bitcoin is
1:27:21 is
1:27:21 uh you you get one bitcoin or you get a
1:27:23 certain i want bitcoin if you solve
1:27:24 certain
1:27:25 mathematical and hash equations okay if
1:27:27 you produce certain hash equations as
1:27:29 all
1:27:29 which are very complex and very
1:27:30 difficult and consumed
1:27:32 by the sign of the program which people
1:27:34 regard as another negative but negative
1:27:36 or positive
1:27:37 is anyone it consume considerable
1:27:39 electricity
1:27:40 it has come actually in in certain areas
1:27:43 that they prohibited the mining
1:27:44 because the electrical supply has
1:27:46 crashed in certain areas
1:27:48 about that so it is not from nothing
1:27:50 it's from electricity and human activity
1:27:52 that's number one
1:27:53 that's faulty secondly produced by
1:27:56 nobody is not necessary we don't need to
1:27:58 do for
1:28:12 then you can exchange whatever rate you
1:28:14 would like but if it is hand by hand
1:28:16 immediately immediate transaction no
1:28:18 future action there
1:28:20 for these specific ones and further who
1:28:23 are similar to them we shall discuss a
1:28:25 bit
1:28:26 so it with hoist producing with we don't
1:28:29 know the sweet which we are exchanging
1:28:30 who produce it maybe from canada maybe
1:28:32 from india and we don't know what
1:28:34 who did the production actually the
1:28:35 world the one who produces allah
1:28:38 essentially human activity is just
1:28:40 associated with the production so all of
1:28:42 this is based on
1:28:43 on on a very uh
1:28:46 materialistic narrow-minded
1:28:50 look at the meaning of existence someone
1:28:53 could say
1:28:54 these hash equations obviously they
1:28:57 derive
1:28:57 they are derived in a certain
1:28:58 mathematics based on certain axioms but
1:29:01 if we assume that
1:29:02 the general axioms of set theory
1:29:05 like the theory of bernie and so on is
1:29:07 essentially represent really some kind
1:29:08 of an absolute mathematics
1:29:10 derived from necessity of reasons we
1:29:12 could say these equations and their
1:29:14 solutions
1:29:15 exist actually in the knowledge of allah
1:29:17 before even the creation
1:29:18 they have even more legitimate type of
1:29:21 existence than gold
1:29:22 gold was only a contingency of a
1:29:24 possible universe
1:29:25 which was not created yet but created by
1:29:27 the will of allah
1:29:28 so if you go to the depth of existence
1:29:32 that's that's it the bitcoin has more
1:29:34 existence
1:29:35 in this in the sense of a solution large
1:29:37 equation
1:29:38 more genuine existence you could say
1:29:40 it's some kind one is history existence
1:29:42 but in an abstract
1:29:43 so in the mind on the knowledge while
1:29:46 gold
1:29:47 is not necessarily existing it's only
1:29:48 connected in this universe in another
1:29:50 universe there may be no gold maybe
1:29:51 something
1:29:52 else so these these arguments are
1:29:55 and they're not really describe the
1:29:58 itube existence
1:29:59 uh let me mention some some small issues
1:30:01 just secondary and go back to that
1:30:02 someone asked me uh if rosh
1:30:06 or if mind is something uh
1:30:10 folk muddy meta natural metaphysical
1:30:14 then how come that when you shot someone
1:30:16 in his head he forgets everything and
1:30:17 loses his mind etc
1:30:19 so it seems to me he's connected to her
1:30:21 because he thinks the problem is that
1:30:22 people think that the road or the mind
1:30:24 or when someone dies that his rock goes
1:30:26 ascend in the heaven
1:30:27 they think there's something separate
1:30:29 like gas or like
1:30:31 clothing like you have a clothing that
1:30:33 someone can take the clothes and go away
1:30:35 it's not like that
1:30:36 it's not like that this is what his mind
1:30:38 is essentially the functionality of the
1:30:40 brain
1:30:42 as an entity which has a well defined
1:30:45 internal organization
1:30:47 it is it is realized materially
1:30:50 must be realized materially to be active
1:30:52 but it has abstract
1:30:54 existence at least in the knowledge of
1:30:55 allah understanding this one can be
1:30:58 loaded in another being and make that
1:31:01 another
1:31:02 being uh make it you will be loaded
1:31:05 you will be created will recreate you
1:31:08 and what you don't know now when what
1:31:11 kind of body is it
1:31:12 is it out of iron steel is it out of
1:31:14 stones is it out of
1:31:16 another universe with another material
1:31:18 but the structure of the mind
1:31:20 that abstract entity is metaphysical it
1:31:24 can be
1:31:24 loaded in various bodies and then you
1:31:27 are recreated and you are selected
1:31:29 you are yourself you that's your
1:31:31 identity that's it so
1:31:33 it's known that if you shot that that
1:31:35 that you lose your mind
1:31:36 because this this this intellectual
1:31:39 entity
1:31:40 has become ineffective it still is known
1:31:42 to allah
1:31:44 if you're short and you lose your mind
1:31:45 and then after seven years you die
1:31:47 how you are your receptor you're set in
1:31:49 the same state before losing your mind
1:31:51 after you're losing your mind there's no
1:31:52 accountability so there's no reason to
1:31:54 resurrect the situation
1:31:55 and you will be shown how this works
1:31:57 that at that time
1:31:58 so just going back so you we have to get
1:32:02 a little bit out of this very
1:32:03 materialistic point of review
1:32:06 thinking that it has to be something
1:32:08 tangible in your hand no no it can it
1:32:09 can be
1:32:10 perceived by the mind
1:32:13 it can be perceived by the mind and it
1:32:15 has has existence in the mind
1:32:17 although some things which are existing
1:32:18 in mind may not exist outside
1:32:20 it doesn't matter still they have an
1:32:22 existence in the mind
1:32:23 and we have obviously
1:32:26 because the the irrefutable evidence
1:32:29 that the universe is not necessarily
1:32:30 existing and that has optional
1:32:32 uh we will get it to that in charlotte
1:32:34 book of tahiti in the second part
1:32:36 after some time inshallah the details of
1:32:38 that
1:32:39 that that the universe must have been as
1:32:41 well being created by a biafra
1:32:43 free agent by three shoes that he shows
1:32:44 that by necessity as a
1:32:46 being with knowledge and because it's a
1:32:47 necessarily existing being
1:32:49 his knowledge is comprehensive all
1:32:50 possibilities are contingency
1:32:52 including the master and mathematical
1:32:53 and the logical absolute
1:32:55 necessities is part of his being he's an
1:32:57 absolute mind
1:32:58 he's a pure mind so this
1:33:02 the the the all these mathematical
1:33:04 entities exist in that mind
1:33:07 from eternity so they claim they are not
1:33:09 existent of nothing is not nothing
1:33:11 they are not nothing the definition is
1:33:13 something but something
1:33:14 you don't touch with your hand does not
1:33:15 mean it is it is cannot be occurrence
1:33:17 you cannot be something it is think
1:33:19 now is it is it having any value
1:33:23 values for these things based on human
1:33:26 agreement
1:33:27 look for example how do you say that
1:33:29 there will be there will follow the
1:33:30 dimension six types
1:33:32 and give you also the the way to make
1:33:34 chaos and compare other things to it
1:33:37 is that if these types different types
1:33:40 if they are the same type they have be
1:33:41 exactly the same amount either kill or
1:33:44 wasn't
1:33:45 or in the case of entities which are
1:33:47 abstract
1:33:48 count if they are counted like like one
1:33:50 bitcoin for what bitcoin
1:33:54 and if they're different you can
1:33:56 exchange arbitrarily
1:33:57 the way you wish the way you wish to as
1:34:00 you wish what is as you wish how the
1:34:02 wish comes from
1:34:02 those comes from the perceived value
1:34:05 from the benefit perceived
1:34:07 as i said if you are in the north pole
1:34:09 and you you're shivering and you're
1:34:11 about to die
1:34:12 and then ischemo comes to say i have an
1:34:13 igloo but i will not admit you to the
1:34:15 igloo until you give me the ten
1:34:17 for this night at least until tomorrow
1:34:19 that rain or whatever comes
1:34:20 pick you up and get you in in a safer
1:34:23 place and this will give me all the 10
1:34:24 coins in your pocket
1:34:26 you give him 11 points because that's
1:34:28 more desirable to survive
1:34:31 okay there's a bit of duress here but
1:34:32 but in general in the markets there are
1:34:34 many people interacting and then you
1:34:36 will find if this price does not like it
1:34:37 go to another one once we have the
1:34:39 markets become big and
1:34:40 huge it will be there will be sufficient
1:34:42 uh offer encounter offer to balance
1:34:44 things over there will be also monopoly
1:34:46 and binomial all of these diseases
1:34:48 human diseases but does not negate the
1:34:50 fundamental nature of the market
1:34:52 or being balancing prices according to
1:34:53 wishes and needs of human beings
1:34:55 in in reasonable in the average so
1:34:58 cafeteria so that's what will create our
1:35:01 desirability of value
1:35:02 for example in time past a time of islam
1:35:04 if i'm not mistaken
1:35:06 i think a dinar was usually equal seven
1:35:08 dirham now
1:35:09 i did not translate those in grams and
1:35:12 see how much it is
1:35:13 as well but it seems to be that it seems
1:35:16 to be trunks someone translated
1:35:17 that i think uh uh uh when one ounce of
1:35:21 gold
1:35:21 was valued at at seven ounces of silver
1:35:25 or something like that
1:35:27 and then this sunk continuously through
1:35:29 time until now we have
1:35:30 like for example an ounce of silver is
1:35:33 is not even how much is now about 30
1:35:36 dollars let's say
1:35:37 take a dollar as intermediary and the
1:35:39 other one is about 2 000
1:35:41 meaning three thirty sixty so one to
1:35:44 sixty it used to be one to seven
1:35:46 but they have to do the calculation
1:35:47 detail but it was different
1:35:49 although their entity and their nature
1:35:51 and physical and chemical politics did
1:35:53 not change
1:35:54 depending upon desirability and
1:35:55 availability
1:35:58 so the claimant is nothing is not
1:36:00 correct the claim is
1:36:01 created by unknown people it doesn't
1:36:03 make it it doesn't make anything
1:36:06 in any any sense whatsoever
1:36:10 that the issues of pump and dump that's
1:36:12 that's that may be
1:36:13 prohibited because it's be cheating and
1:36:14 so on but this is the same thing if you
1:36:16 falsify for example the coins let me
1:36:18 give you an example of a historic
1:36:20 qualification you don't know about it
1:36:22 to historical visitation one
1:36:24 unfortunately it comes in our we have to
1:36:26 look in the mirror to see our
1:36:27 bad history abnormality number one when
1:36:29 he some some arabist and some arab
1:36:31 nationalists praise him as
1:36:32 the one who invented the islamic dnr and
1:36:36 things like that
1:36:37 what did i do although it is just coined
1:36:40 the islamic dinar with the with the
1:36:42 word that they like something like that
1:36:45 and
1:36:45 uh and with support
1:36:49 which is a trivial act symbolically that
1:36:51 you have the dinar
1:36:52 stuck in your later on it was must be if
1:36:55 it is
1:36:56 if it is minted it will be minted the
1:36:57 name of the khalifa in the time of
1:36:59 uh or something assumed it was having
1:37:03 that it didn't have that
1:37:04 i think it has the name and also we have
1:37:06 some over from the time i want to have a
1:37:08 few because
1:37:09 it was very short so it is very valuable
1:37:11 well one of those
1:37:12 will be uh you cannot buy even for a
1:37:14 couple of millions of dollars nowadays
1:37:18 what does that mean one do
1:37:21 he did meet them and the people regarded
1:37:22 them as a substitute for the
1:37:24 ones which are minted by the romans
1:37:27 and the ones minted by the romans were
1:37:29 argumented by the byzantines according
1:37:31 to the same
1:37:32 system uh valid and going or going on
1:37:35 since the time of the roman empire the
1:37:38 old roman empire
1:37:41 so what's you see where's the shooting
1:37:42 the shootings haven't got one he did not
1:37:44 mint his exactly the same way
1:37:53 is it is 4.73 or something
1:37:57 the abnormal current dinar is between
1:37:59 4.20 or 25
1:38:01 so the man stole something in his pocket
1:38:03 this criminal
1:38:04 anyways
1:38:08 you don't expect him to be pious and
1:38:10 avoid cheating the whole ummah the whole
1:38:12 world
1:38:12 with this dinner just a cheating
1:38:17 so this time this the the the nurse
1:38:19 after that which i admitted the same
1:38:20 process
1:38:21 people may be unaware about that is that
1:38:23 he's the cheater and the people after
1:38:25 him
1:38:25 work if he were aware about that he
1:38:27 would have made
1:38:28 moved hell and earth to change it but he
1:38:30 did not i was not aware about that
1:38:31 everyone was cheated
1:38:34 and it's most likely done deliberately
1:38:36 because all that are here and this way
1:38:37 that the other ones the
1:38:38 legal one the sharia one with the islam
1:38:40 that's the reason it was really by by
1:38:42 weight
1:38:42 not by dinar and they should focus
1:38:44 warned about something
1:38:47 are counterfeit and things like that
1:38:49 with various kinds of counterfeiting
1:38:52 so that's one religion it does not deny
1:38:54 that this islamic venus are called
1:38:56 islamic american
1:38:57 dinar is it was used by the people as a
1:39:00 currency yeah they were fooled about it
1:39:02 and maybe in the case of zakat they
1:39:04 maybe the account was not calculated
1:39:05 properly but says you know what daniel
1:39:07 anyway because you bring this cat is a
1:39:09 percentage to 100
1:39:10 from what you have and then you just
1:39:12 weigh it and bring it by numbers or
1:39:14 that's not a problem but then may change
1:39:17 a little bit
1:39:18 but he cheated the people and the
1:39:20 developers went in his pocket
1:39:24 another cheating is what what what nixon
1:39:27 did when he
1:39:28 divorced the dollar from uh from the uh
1:39:30 from the
1:39:31 uh from gold to the gold standard
1:39:35 but the is not stopped by the
1:39:37 divorce the democracy is a declaration
1:39:38 that we're not going to pay you away
1:39:40 forget about that regard the dollar as
1:39:42 stand by itself
1:39:43 it's backed somehow in his imagination
1:39:46 but the reality
1:39:47 the people the marcus recognizes not
1:39:49 backed and the dollar started going down
1:39:52 relatively to what to gold which is the
1:39:54 original how come the
1:39:55 gold shot that time in the 70s until it
1:39:57 reached the
1:39:58 or at that time teaching over a thousand
1:40:00 thousand eight hundred something
1:40:02 or eight hundreds of it that's meaning
1:40:05 that
1:40:05 the markets and the perceive that where
1:40:08 is the difference went
1:40:09 in in america's pocket american economy
1:40:13 and since then the theft is ongoing by
1:40:14 by fraction banking by by usurious
1:40:17 uh tricks by by stable survey by
1:40:20 the the letting the dollar they slowly
1:40:23 decline and increasing the money that
1:40:24 they supply
1:40:25 slowly slowly they cannot increase it
1:40:27 very fast otherwise everything will
1:40:28 collapse so they'll do it slowly
1:40:30 and this way half of the american wealth
1:40:32 is just actually
1:40:34 sucked from the blood of the rest of the
1:40:35 world slowly over just very short like a
1:40:38 slow poison
1:40:39 so that's cheating but it doesn't make
1:40:42 the dollar not not
1:40:43 not useful for exchange if both parties
1:40:46 agree
1:40:46 to use it as amino exchange so the
1:40:49 second point is also not really
1:40:50 uh analyze the deep enough and properly
1:40:54 so neither is that there's something
1:40:55 existent it's called bitcoin
1:40:57 which exists as a solution or
1:40:59 originating as a solution
1:41:01 and that entity abstract entity doesn't
1:41:03 need to you don't need to touch it to
1:41:05 the
1:41:05 with your hand that you can't touch it
1:41:06 with the hand of your mind you can't
1:41:08 touch it
1:41:08 you can perceive it and analyze it and
1:41:10 calculate it that's number one
1:41:12 secondly it is uh who produce it or not
1:41:16 uses is not relevant thirdly
1:41:18 there may be some cheating or something
1:41:20 in the initiation but this does not make
1:41:22 it completely
1:41:24 invalid as a currency it may make
1:41:25 someone who cheated as liable
1:41:27 and maybe people should should ask for
1:41:30 compensation these are secondary issues
1:41:31 they're not related being a currency or
1:41:33 not
1:41:37 so this is the point that is for bitcoin
1:41:39 and similar ones
1:41:41 as far as volatility is concerned though
1:41:42 is that his consideration
1:41:44 that's acceptance because the amount
1:41:48 available is small
1:41:49 the volatility is there but the
1:41:51 volatility is also why he's looking only
1:41:53 in the volatility
1:41:54 god is also having this volatility
1:41:56 considerable volatility over
1:41:58 sometimes in the short time we have like
1:41:59 for example we have about six months ago
1:42:01 this
1:42:02 over going up and down around 1800
1:42:05 yeah roughly in dollars
1:42:08 and fluctuating around that but there
1:42:10 will there be sometimes the volatility
1:42:12 goes several hundred percent several
1:42:14 years
1:42:14 now because bitcoins and other things
1:42:16 are much smaller
1:42:17 a much smaller pool and uh and people's
1:42:20 psychology is still not
1:42:22 mature and they are not mature
1:42:23 currencies or not mature markets yet
1:42:25 but let's say but not material markets
1:42:27 yet the
1:42:29 volatility is is quite big very little
1:42:32 amount to the sale and buy can can move
1:42:33 the market but this can happen for
1:42:35 example in
1:42:36 in times of farming and so on the
1:42:38 volatility of food
1:42:39 food stuff and rice and so on could be
1:42:41 considerable
1:42:42 it could be essentially considerable
1:42:45 look at for example when when the
1:42:46 syrian crisis started the two three is
1:42:50 down the road
1:42:51 you you could not find many more uh many
1:42:54 many
1:42:54 many types of olive oil coming from
1:42:58 syria
1:42:59 and the prices doubled and tripled and
1:43:01 then went down so it can't happen
1:43:03 harvest was not available some some some
1:43:05 were not harvest
1:43:07 and obviously the prices kind of olive
1:43:10 oil coming from
1:43:11 from greece and then italy and spain uh
1:43:13 it changed also in price at least partly
1:43:15 and in sympathy to that
1:43:18 they have price fluctuation so
1:43:20 volatility is is
1:43:22 i don't see volatility is
1:43:26 that's just because the market is still
1:43:28 small and not mature enough
1:43:29 not big enough when the market is small
1:43:32 the fluctuation will be high let's look
1:43:34 for example at that
1:43:36 at uh like artwork and so on
1:43:40 the volatility is you can you can regard
1:43:42 what is i know most
1:43:43 an artist that does have an artwork at
1:43:45 his life maybe it goes
1:43:47 uh for a few hundreds of thousands of
1:43:51 pounds
1:43:52 and then after had his death it jumps
1:43:54 into the millions possibly
1:43:55 and this could be in a very very short
1:43:58 time in a few years it could be over
1:43:59 centuries
1:44:00 but you can calculate the illegal
1:44:01 volatility
1:44:04 so that's that's the validity is not i
1:44:05 don't think what's had the volatility to
1:44:07 do with with the
1:44:08 with the yes it is it is desirable for
1:44:11 for for for uh uh
1:44:14 for economic policy to stabilize the
1:44:18 currency
1:44:18 so that people have safe and safety
1:44:20 about their investment and their money
1:44:21 and so on
1:44:23 but in reality is it is not achieved
1:44:26 especially in the usurious system and
1:44:28 the volatility now the people rushing
1:44:30 into bitcoin and so on because
1:44:31 it has proven itself originally people
1:44:33 say it's a scam it doesn't exist
1:44:34 exactly actually and then
1:44:39 time passed then we have the the the
1:44:42 first rush
1:44:43 in 2013 for the bitcoins and also
1:44:47 and there were a few actually at that
1:44:48 time 2013 2014
1:44:51 then there was as usual at any market
1:44:53 there was a bull market then
1:44:54 there was a bear market then there was
1:44:55 the russia 1718
1:44:57 yeah and then went down now we have the
1:44:59 cycle it's actually a four year cycle
1:45:01 because of the halving
1:45:02 of the bitcoin so they're still all
1:45:04 other cryptos are in men
1:45:06 although they are not as they have but
1:45:07 they are moving somebody
1:45:09 and then out as well itself were
1:45:11 established in such a way that the
1:45:12 institutions are
1:45:13 going in and since the supply is limited
1:45:17 and the various forces are fighting
1:45:19 buying and selling
1:45:20 that's uh that's what you get you get a
1:45:22 volatility
1:45:23 someone coming in on such a small market
1:45:26 buying a big amount
1:45:27 push the price up and some people who
1:45:29 vote at global hub have
1:45:31 been lucky by buying india they will the
1:45:33 moment the price go to i said level up
1:45:35 say
1:45:35 aha that's a good opportunity to take
1:45:37 profits they dump it and then go down
1:45:39 and up and down it's natural it's how
1:45:41 markets work and this can be magnified
1:45:45 by
1:45:45 like by future trading by the things
1:45:47 which happen has to be analyzed as a
1:45:49 matter of their legality and so on
1:45:50 differently but
1:45:54 actually someone could say the future
1:45:55 trading and so on maybe even more
1:45:56 stabilizing because could be used for
1:45:58 hedging this is all completely
1:45:59 complicated things
1:46:00 there's a legal aspect of it see if
1:46:02 these contracts are valid shall we
1:46:03 realize
1:46:04 obviously they are for the western
1:46:06 people they don't care about sharia so
1:46:07 it's valid for them as it is structured
1:46:09 in a certain way
1:46:10 and a matter of
1:46:14 its effect in the markets it may be very
1:46:16 well stabilizing
1:46:18 not necessarily increasing the
1:46:20 fluctuation
1:46:21 and there will be market market
1:46:22 participants who are obviously
1:46:24 uh mischievous and they wanted to
1:46:26 manipulate and do pumps and
1:46:28 dumps and pumps rally and uh decline and
1:46:31 so on so to benefit from that there will
1:46:33 be
1:46:34 so usually the big entities do that but
1:46:36 now the
1:46:37 the general public is organizing itself
1:46:39 into like this this
1:46:41 wall street what they call them bet or
1:46:43 something like that and they did this
1:46:45 the story of
1:46:46 of gamestop and things like that so the
1:46:49 public is
1:46:50 but anyway cryptos are giving the
1:46:52 general public more power
1:46:54 than than big entities because it's
1:46:57 decentralized
1:46:59 so in this in this in this case so we've
1:47:01 covered the issue of crypto
1:47:02 now you've mentioned futures and lev and
1:47:05 legend so
1:47:06 futures works for both uh can be
1:47:08 applicable to normal trading and
1:47:10 in terms of uh crypto as well so
1:47:12 everything
1:47:13 is official contract is that an
1:47:15 obligation to deliver
1:47:16 it is many of the futures are like the
1:47:19 salem contract but
1:47:21 the ones in the west i don't think they
1:47:22 are fulfilled as a
1:47:24 if if you want this technicality i i
1:47:26 would avoid these until
1:47:27 until we read the technicalities for
1:47:29 example for islamic banking and so on
1:47:31 they have also they have get taken back
1:47:33 was our future and things like that
1:47:36 and i think there's some pathways that
1:47:37 they can use for hedging and things like
1:47:39 that
1:47:40 but i have i did not read that because i
1:47:42 i did not bother really about these
1:47:44 areas yet i don't think it's
1:47:45 it's for the majority of people of an
1:47:48 interest
1:47:49 that maybe if it's for hedging that is
1:47:50 really for institution and banks
1:47:53 and the big organization for general
1:47:55 people it will be usually
1:47:56 creation and they don't think it's
1:47:58 advisable i think with the amount of
1:48:00 crypto traders
1:48:00 there is the option to for example buy
1:48:02 in future i i
1:48:04 i i wasn't with them yeah they're
1:48:05 introducing now futures on some
1:48:07 some of the cryptos and options as well
1:48:09 but the cryptos themselves
1:48:10 they are traded usually uh for immediate
1:48:13 settlement
1:48:14 and the second is done in the blockchain
1:48:16 immediately in principle though
1:48:18 training on something that doesn't exist
1:48:21 is that even permissible because
1:48:22 you know for example a harvest a harvest
1:48:24 doesn't exist
1:48:26 who said this doesn't exist if i for
1:48:28 example if i was to buy an orchard
1:48:30 and someone's planting the orchard and
1:48:32 i'd buy an option on the orchard if
1:48:34 it yeah that's the salam you can you can
1:48:37 agree with someone to
1:48:38 to deliver you next year or the year
1:48:39 after next that an amount of wheat
1:48:42 for example which is not yet here um
1:48:57 it has to be agreed the price has to be
1:48:59 agreed at the moment like for example
1:49:01 your i i i you commit i commit
1:49:05 to to deliver 100 tons of wheat next
1:49:07 year at this certain day delivery date
1:49:10 at this price with this quality usually
1:49:13 qualities are fixed now by the exchange
1:49:15 and they will check very
1:49:16 strictly and so on uh for a
1:49:19 different price per ton
1:49:23 and then you you i pay the price now and
1:49:25 then receive the wheat later
1:49:26 that's this classical salam and this
1:49:28 permitted yeah
1:49:30 well it wouldn't be not familiar with
1:49:33 the western markets but do they
1:49:35 do they um do they actually fix
1:49:38 quantities or do they say if the yield
1:49:40 is good no noise fixed node is fixed
1:49:43 it was not as fixed as it is like
1:49:45 standardized contract
1:49:46 100 or thousand bushels the only way i
1:49:50 know anything about this is just through
1:49:51 the movie trading places
1:49:53 so they have the frozen concentrated
1:49:54 orange juice market
1:49:56 and if i was to buy the frozen
1:49:58 concentrated orange juice market
1:50:00 in the future without specifying i want
1:50:02 this many oranges
1:50:03 yeah um just saying on the on the basis
1:50:06 of the oranges
1:50:08 with a certain specification as as fixed
1:50:11 the exchange that's well known
1:50:13 like deferring payment basically
1:50:15 essentially but you
1:50:16 the the orange juice is not even created
1:50:18 the
1:50:19 plants have not been brought through
1:50:22 maybe say you know enough in the fruit
1:50:24 phase maybe next year
1:50:26 because usually near contracts are
1:50:28 covered but their contracts going maybe
1:50:30 for one or two years
1:50:33 at this price for today in dollars the
1:50:36 only problem with this trading in the
1:50:37 west again the users contract
1:50:39 instead of putting the full price order
1:50:42 as a margin as a as a security that you
1:50:45 will
1:50:45 fulfill your covenant and so on you may
1:50:47 borrow from that from the
1:50:49 from the broker
1:50:53 you put only a fraction and the list is
1:50:55 put by by the broker
1:50:57 and he will charge you interest that
1:50:58 would be then the problem so that's the
1:51:00 leveraging
1:51:01 the leveraging and interest that's the
1:51:02 leveraging the problem will be
1:51:03 leveraging with interest
1:51:05 not the leveraging itself okay it's not
1:51:08 a problem
1:51:09 if it's allowed to be on leverage okay
1:51:11 and then you keep margin calls and
1:51:13 things like that but this is all
1:51:14 to make sure that the contract
1:51:16 obligation will be fulfilled and then he
1:51:18 will force
1:51:18 force you to sell if you cannot fulfill
1:51:20 the obligation
1:51:23 he's saying that i thought futures what
1:51:25 about future trading
1:51:26 pricing ahead of the harvest um
1:51:30 if you want to unmute and ask the
1:51:31 question directly because that's
1:51:33 the way that that is the the price ahead
1:51:35 of the harvest by buying future
1:51:36 contracts there's no other price
1:51:38 how do you price otherwise yeah so the
1:51:40 point is it's
1:51:41 still a fixed quantity that you're going
1:51:43 to receive in the end it's not the
1:51:44 specular yeah
1:51:45 you buy a contract or 2 or 10 and so on
1:51:47 sometimes some will exchange give you
1:51:48 like a fraction of a contract
1:51:50 a small quarter tenth of a contract
1:51:51 that's a contract like like
1:51:53 like let's say uh thousand tons of sugar
1:51:56 for example
1:51:59 okay so okay is it a shy is that clear
1:52:01 enough
1:52:02 um
1:52:06 um maybe it's just my
1:52:10 uh poor recollection but i thought that
1:52:13 trading in the unknown future
1:52:18 was something not permissible
1:52:29 it is non-existent usually trading is
1:52:31 something we're selling something not
1:52:32 existing and so on
1:52:33 is harlem but this one is a because
1:52:35 these things are controlled these things
1:52:37 do exist in the future by necessity we
1:52:39 have we will have harvest
1:52:41 unless the whole world have no so for my
1:52:44 for my simple
1:52:45 mind can you just clarify what
1:52:48 conditions is it that it's haram and
1:52:50 what conditions is it
1:52:51 that is trading fusion doesn't exist
1:52:54 buying a saying something is this one
1:52:55 not in your hand is haram like i said i
1:52:57 sell you this bird in the sky
1:52:59 give me the money now that's my own
1:53:01 because not in
1:53:02 my control but except from that is that
1:53:05 what is repeatable and can be expected
1:53:07 to be in existence
1:53:08 like like we eat barley orange juice etc
1:53:13 obviously this this will be available
1:53:15 whatever it will be available more or
1:53:17 less
1:53:17 maybe there will be a squeeze there may
1:53:18 be all your entry but it is
1:53:20 unconceivable that all of that will not
1:53:22 be available there will be no wheat next
1:53:23 year altogether
1:53:24 this means simply that the whole world
1:53:26 is extinct has come
1:53:28 so that's not considered that's not a
1:53:29 matter of discussion so
1:53:31 and with the fixed in well-defined
1:53:34 amount
1:53:35 i buy from 100 ton well-defined amount
1:53:38 with a well-defined specification
1:53:40 with will establish price now you agree
1:53:43 on the price now
1:53:46 contracting now that's it okay uh okay
1:53:48 so
1:53:49 um i'm trying to understand like apply
1:53:51 for wheat while if your value for fresh
1:53:53 juice
1:53:53 applies also for oil for everything so
1:53:56 so what you're saying is that a farmer
1:53:58 could sell
1:53:59 a future harvest or crop
1:54:02 to a trader one year in advance
1:54:05 of that harvest for a fixed amount
1:54:09 uh for a fixed quantity and
1:54:12 it would be conditional obviously on a
1:54:15 decent harvest producing the crop no not
1:54:17 transitional conditions
1:54:18 even if he doesn't have additional
1:54:20 harvest he has to go and get it from
1:54:21 elsewhere
1:54:22 it's a commitment to deliver it doesn't
1:54:25 need to be a farmer
1:54:28 okay so that's where the difference is
1:54:30 no no no you you've clarified it for me
1:54:32 because i was
1:54:33 struggling with this because everything
1:54:36 would appear to be conditional if you're
1:54:37 talking about future harvest but if
1:54:39 you're saying
1:54:39 regardless of the harvest the farmer has
1:54:41 committed
1:54:42 he's committed to procure or source
1:54:46 the um you know the crop and sell it so
1:54:50 it could be from a neighbor it could be
1:54:51 from another country but it's his
1:54:52 commitment
1:54:53 and regarding the birth what do you
1:54:55 expect when one man wanted that to do
1:54:57 salafi right
1:54:58 said i will deliver this and this from
1:55:00 my for my from my landlord from my
1:55:01 gardener
1:55:02 so then from your garden or from another
1:55:04 garden don't
1:55:05 mention that in the contract just commit
1:55:07 to deliver this amount of wheat
1:55:11 that's an excellent clarification
1:55:14 but the farmer in america they do that
1:55:16 by you buying and selling future
1:55:17 contracts that's what they do
1:55:20 because this is made made standardized
1:55:23 size of contracts and so on
1:55:24 to make it easy and these contracts are
1:55:26 available for the dow
1:55:27 for trading and so on
1:55:31 okay there's a question about options i
1:55:32 don't know what those are but what's
1:55:34 similar similar similar option is that
1:55:36 you know
1:55:38 you you commit to a call option that i
1:55:41 can't take that from you in the future
1:55:43 at this date
1:55:43 at this price which is paid now
1:55:47 at the due date i can't go
1:55:50 i can't call the option and you deliver
1:55:53 obviously
1:55:54 if if if the if the item at that time
1:55:57 the price is
1:55:58 is is less than the the strike price
1:56:01 then it is stupid to ask you to
1:56:02 uh to deliver at that price i just let
1:56:04 it expire worthless
1:56:06 and they go buy from the market
1:56:11 the one who's selling you the option is
1:56:13 for example option
1:56:14 the similar future why why the farmer is
1:56:17 selling you for example
1:56:18 uh one contract like a ton or so many
1:56:20 tons of bushel
1:56:22 because you have the feeling maybe the
1:56:23 next year will be a bombardier
1:56:25 or it will be rumble the prices may be
1:56:28 declined
1:56:29 let me secure a good price now and you
1:56:31 are willing to take a risk okay
1:56:33 disagree on that at that price but if it
1:56:36 turns that it's really a bambar
1:56:38 then the one who have the future
1:56:40 contract will will will be obviously
1:56:42 losing the farmer secured himself if
1:56:44 that if the
1:56:45 prices increase then the farmer has
1:56:48 forgotten the increasing price but
1:56:49 secure this amount the other one say
1:56:51 well give me at this lower price which
1:56:52 we agreed
1:56:53 forget about the the market price now i
1:56:56 will take it from you by the old price
1:56:57 agreed upon
1:56:59 but you have the security because we are
1:57:00 the seller usually the the commercial
1:57:03 the one who's producing the goods
1:57:04 is securing himself that price is good
1:57:06 for me let me secure it by
1:57:08 by selling it in the future at the fixed
1:57:09 price
1:57:12 got a few other questions related to
1:57:13 krypton there's quite a few questions
1:57:15 there maybe we could schedule for
1:57:16 another session if that's uh
1:57:18 okay yeah perhaps if the guys want to
1:57:19 accumulate some questions if you've all
1:57:20 got my
1:57:21 um but fundamentally the crucial that
1:57:25 they are nothing
1:57:26 is made out of nothing is is imaginary
1:57:28 that's not because they are made
1:57:30 and especially bitcoin specifically by
1:57:32 the
1:57:33 proof of work by it consumes such amount
1:57:36 of electricity
1:57:38 unbelievable even the the estimated last
1:57:41 year i think the amount
1:57:42 consumed is in total in the whole world
1:57:45 is more than what all switzerland
1:57:47 consumes the whole country it's enormous
1:57:50 unbelievable so don't underestimate that
1:57:52 this is this is this is well
1:57:54 paid on obviously they sell it for again
1:57:56 otherwise
1:57:57 they will stop mining exactly like i've
1:58:00 got mine
1:58:02 if the price of gold is is good enough
1:58:04 they will dig and work hard on mine if
1:58:06 not then just let it
1:58:07 wait there's no good working and
1:58:09 spending our energy and paying
1:58:10 and paying workers as well exactly the
1:58:12 same exactly
1:58:14 only you are mining in the in the
1:58:16 abstract realm
1:58:17 in the virtually
1:58:22 but that exists and that exists that has
1:58:24 a type of existence that's another type
1:58:25 of existence
1:58:28 sheikh on the issue of uh crypto then
1:58:30 there's certain activities that are
1:58:31 within there so we we've you've
1:58:33 mentioned about futures you mentioned
1:58:34 about
1:58:35 um yeah this remains now this is
1:58:38 like a staking like you put your cryptos
1:58:40 in the network to stabilize the network
1:58:43 and do certain activities
1:58:44 that's i don't there's no problem that's
1:58:45 an investment that's this
1:58:47 the putting the cryptos they work then
1:58:49 in in
1:58:50 in very the nodes well in video
1:58:54 in verification verifying transactions
1:58:57 and getting fees paid and you get share
1:58:59 of this fees
1:59:00 this is like participation like shares
1:59:03 there is something
1:59:03 they called yield farming i did not
1:59:05 bother reading that very much
1:59:07 did not go in that direction because
1:59:08 they're not planning to go into yield
1:59:10 farming
1:59:10 even staking myself but if they if they
1:59:14 are
1:59:14 feeling funny doesn't mean they're going
1:59:15 to see various yields and see what is
1:59:17 the best one and recepted
1:59:18 the question is that yield you serious
1:59:21 or not is it really participating in the
1:59:22 network activity
1:59:24 and taking share of that of the proceeds
1:59:26 that's fine no problem
1:59:27 if it is like i know that's at least one
1:59:30 kill to the sel that is
1:59:31 celsius is essentially your deposit like
1:59:34 i said like
1:59:35 almost like depositing in the bank and
1:59:37 you have you paid fixed interest
1:59:39 and how they make the money not only in
1:59:41 the terminal kept is actually
1:59:42 it is that's not very decentralized it's
1:59:45 relatively centralized
1:59:47 the management of the sales use but the
1:59:50 you put that you put you don't put
1:59:52 dollars in what sells use
1:59:53 they go around and lend
1:59:56 the lenders usually institutions and so
1:59:58 on but they insist on
2:00:00 they are very savvy they insist on on
2:00:03 on security which is two and a half
2:00:06 times
2:00:07 the tie the the value the value board at
2:00:09 the time of the borrowing
2:00:11 in in in in bitcoin or in ethereum so
2:00:14 you have to deposit there together
2:00:16 that means those institutions or bitcoin
2:00:18 and ethereum
2:00:19 instead of which is idle knowing nothing
2:00:22 they put it and then
2:00:23 that money they can do some other
2:00:25 activities so this is usually just
2:00:27 clearly this is
2:00:28 fixed interest and it is uh
2:00:31 as far as it's money for money with the
2:00:33 game but i have to study exactly the
2:00:35 exact
2:00:36 this this is farming or that's not no no
2:00:38 this is one cell's use that's
2:00:39 a sales use that's this celsius
2:00:46 crypto it is if you check in gecko you
2:00:49 find that
2:00:50 in the top 20 i think selju's it's a
2:00:53 very desirable one for them because they
2:00:54 have no problem with issue obviously
2:00:56 they don't think about that
2:00:57 they say but any any wise person will
2:00:59 not go really put his money in the bank
2:01:01 and getting point five or point zero
2:01:03 five percent
2:01:04 he would rather go and put it that in
2:01:06 cell juice
2:01:19 depositing in
2:01:24 in the bank and the bank lending so it's
2:01:26 lending and depositing so it's most
2:01:27 likely it is it is done
2:01:28 having a river that's this one this
2:01:31 sells use other yield farming what they
2:01:33 are really is usually most of it is the
2:01:35 staking in in liquidity pools to provide
2:01:38 liquidity for the network
2:01:39 and it's necessary for the network to
2:01:41 function because the
2:01:43 state so called proof of stake is is the
2:01:45 way the transactions are verified
2:01:47 this centrally without having to trust
2:01:50 anybody
2:01:50 by mathematical rules then you have to
2:01:53 stake
2:01:54 the whole design so that you have to
2:01:56 stake your your cryptos there and then
2:01:59 the transactions are then verified and
2:02:02 if confirmed there is certain
2:02:03 transaction fees
2:02:04 and the accommodation such weeks will
2:02:06 you will get a share of that
2:02:08 and uh and it varies of course up and
2:02:10 down and so on certain condition but
2:02:12 this does not look like anyhow this is
2:02:13 like
2:02:14 investing in a pool which is uh which
2:02:16 participating in the
2:02:17 network activity and the general
2:02:19 activity of the network doesn't seem to
2:02:20 be halal
2:02:21 but we have to look at that everyone is
2:02:23 more in detail what's it that was what's
2:02:25 yield farming exactly
2:02:26 in farming seems to me that they they go
2:02:28 from from pool to pool the wool and try
2:02:30 to find what is the one with the maximum
2:02:32 and
2:02:32 transfer from here to here here so the
2:02:34 system that you
2:02:36 uh like why finance that very many the
2:02:38 first one and the most
2:02:39 prominent one of the in farming uh it
2:02:42 you put your money there in form of
2:02:44 their crypto and then they will
2:02:46 go around actually uh they will go
2:02:49 around and check all
2:02:50 the available pools see which one is
2:02:52 having better at the moment and they
2:02:53 shifted from here to here
2:02:55 mathematics is doing that for you
2:02:56 instead of everyone going shaking
2:02:58 various scraps darling around it will do
2:03:00 the job for you
2:03:01 so that's that's the function of uh yfi
2:03:05 for example it doesn't look like there's
2:03:07 anything haram in that
2:03:08 there's definitely not but the question
2:03:09 there may be one of the polls is maybe
2:03:11 not
2:03:11 not really a participation or a
2:03:15 liquidation
2:03:16 liquidity pool it's more like a landing
2:03:18 pool
2:03:19 which may russia will be charging
2:03:20 interest and then we'll have issue of
2:03:22 usury
2:03:22 but until now except celsius which is
2:03:25 clear that and also
2:03:26 a couple of cryptos odd ones like hex
2:03:28 and so on which like a
2:03:30 certificate of deposit you would you
2:03:32 would put
2:03:33 was it there give it a fixed time and
2:03:35 the stiff penalty for early withdrawal
2:03:38 as stiff as that for example if you draw
2:03:40 next day you cannot
2:03:42 you know you have you start even until
2:03:44 half of the time
2:03:45 if you fix for example for 10 years then
2:03:48 you cannot withdraw anything before five
2:03:49 years otherwise
2:03:50 you will get nothing after five years
2:03:52 you get maybe one percent two percent
2:03:54 is very stiff but you have to have to
2:03:56 keep it there i don't know how it works
2:03:58 to
2:03:58 to accumulate wealth is it network
2:04:01 activity or something like that i did
2:04:02 not see exactly what is
2:04:04 someone must read the live paper and
2:04:06 read the uh read the
2:04:07 skeleton of the program to see how it
2:04:09 makes money
2:04:11 or it is like creating new cryptos and
2:04:13 distributing them selling them that's a
2:04:15 possibility
2:04:16 minting like like minting company it has
2:04:18 to be seen if it is so there's no
2:04:19 problem
2:04:20 even if they call it certificate of
2:04:21 deposit it doesn't matter what is the
2:04:23 name
2:04:24 what is the essential activity
2:04:27 i think we've covered quite a bit of
2:04:28 ground here i'm just conscious of the
2:04:30 time um
2:04:31 okay if people's thoughts are to maybe
2:04:33 extend this to another session what
2:04:34 would your availability be like would
2:04:36 you like to
2:04:36 uh schedule it for a future session or
2:04:40 let them think about that and so on if
2:04:43 people will
2:04:43 if people are interested in cryptos and
2:04:45 yield farming and go and read more
2:04:47 the small writing and what's exactly
2:04:50 going behind the scene and come next
2:04:52 week and then we can maybe uh
2:04:54 learn from them benefit from them okay
2:04:56 the general headline is like that if it
2:04:58 is really a usurious
2:04:59 activity river activity then it's haram
2:05:02 if it is not like
2:05:03 running a pool to stabilize the network
2:05:06 and participate in the yield
2:05:08 or the yield could be coming either from
2:05:11 from from
2:05:14 fees charged for those activities and
2:05:16 things like that that's all perfect fine
2:05:18 no problem
2:05:19 okay in this case what i'll do is um
2:05:21 everyone has submitted my number so if
2:05:23 you want to
2:05:23 if there's an appetite to schedule this
2:05:25 for next week with um
2:05:27 with more details then let me know um
2:05:30 otherwise you know we can resort back to
2:05:33 you if you prefer or your whatever your
2:05:36 consensus is
2:05:38 uh okay so i'm getting one personally
2:05:40 saying interested in
2:05:41 extending it for another week um
2:05:43 obviously to make it fruitful
2:05:45 um okay brilliant are you okay with next
2:05:47 week
2:05:48 for today but as i said kryptos are
2:05:51 really could be
2:05:53 the one which will bring because it is
2:05:55 very difficult to go around with gold
2:05:57 coins in your pocket really that is
2:05:59 replacing gold with with bitcoin or
2:06:01 other cryptos in your pocket and if
2:06:03 the moment it's really the people can
2:06:05 enforce it on countries and government
2:06:07 and and and so it's coming slowly that
2:06:10 you can buy with them as with that for
2:06:11 you
2:06:12 with like with your wallet in the phone
2:06:14 for example or
2:06:15 an image of the wallet and that one says
2:06:17 unsafe to be in the phone
2:06:18 and then you can buy and sell and so on
2:06:20 directly then you don't need really
2:06:22 to have a checking account all that you
2:06:24 may need i mean even
2:06:25 there you could have even uh participate
2:06:28 in in pools and things like that
2:06:29 directly
2:06:30 so it will you would expect the banks to
2:06:33 fight
2:06:34 up to death against that because it will
2:06:36 endanger and mean
2:06:37 bank mean big interest so it could
2:06:39 decentralize and make the
2:06:41 common man more capable of participating
2:06:44 in the
2:06:44 general economic activity than elsewhere
2:06:46 there will be big
2:06:47 so-called whales there will be some
2:06:49 corruption oh yes
2:06:51 cause it's ultimately it's not a
2:06:52 mathematical equation doing everything
2:06:54 there's some human beings in
2:06:55 in some central or or really join points
2:06:59 of importance
2:07:00 and human beings what they are they will
2:07:02 never cease to be having some corruption
2:07:04 under them
2:07:05 some greed and things like that that's
2:07:06 that's that's what's happening in the
2:07:08 usual markets
2:07:09 we saw that in this wall street bet
2:07:13 but in that time the republic was able
2:07:15 to catch that that
2:07:16 speculative fund and cause them to lose
2:07:18 billions which is good there's a good
2:07:20 slab in the face
2:07:21 but with cryptos that will be in the
2:07:23 standard people will go this way and
2:07:25 then
2:07:26 and that's the reason that also
2:07:27 governments will concern about taxes and
2:07:29 so on
2:07:29 they have to find another system
2:07:33 that's the reason i in a tweet i i i
2:07:35 addressed
2:07:36 governments in muslim countries that
2:07:37 they should think out of the books and
2:07:39 allow these scriptures to be used
2:07:42 in the country both internally because
2:07:44 iran is using it for international trade
2:07:46 obviously to under american sanctions
2:07:48 but how the american section enforced
2:07:50 because all transactions are under the
2:07:52 american watching eye through the swift
2:07:53 system
2:07:54 nobody to undermine the swift system
2:07:55 palace finish consumption how can you
2:07:57 enforce action it's impossible
2:07:59 do it even internally and don't worry if
2:08:02 you have a
2:08:03 local currency or make it digital or
2:08:05 don't make it digital don't worry about
2:08:06 it
2:08:07 leave currencies back in time past time
2:08:09 but there was no official currency it
2:08:11 was gold silver and europe people pocket
2:08:13 people have their
2:08:14 money in their own hand the state does
2:08:16 not need to step in
2:08:17 and economic policy can be done
2:08:18 otherwise without playing with the money
2:08:20 and decreasing the money supply and
2:08:22 deflare inflating with the whole economy
2:08:25 and then deflating sometimes part of the
2:08:26 economy
2:08:27 there's no need for all of that and we
2:08:29 go back to real in the situation where
2:08:31 we have real value
2:08:32 always an abstract one because it
2:08:34 existed so it's not nothing
2:08:36 it is something okay so uh can i suggest
2:08:39 if we
2:08:39 terminate now um if everyone can uh
2:08:42 prepare some questions if they want to
2:08:44 submit it to me beforehand
2:08:45 otherwise we can always um open up for
2:08:48 further discussion
2:08:49 if we don't have enough questions so we
2:08:51 agreed that next week will be a
2:08:52 continuation of this q a then
2:08:54 okay okay okay okay
2:08:58 but also everyone should check also
2:09:00 whether someone asked us which cryptos
2:09:02 over interest and so on
2:09:03 search yourself and see what they are
2:09:04 offering what's it what is this the
2:09:06 liquidity pools what they are doing
2:09:08 what is the activity which being paid
2:09:10 for usually
2:09:11 in the same crypto deposit do a bit of
2:09:13 research and
2:09:14 get some at least concise summary for
2:09:16 each one then
2:09:18 if you have not done so i would suggest
2:09:21 that your earliest convenience
2:09:23 either you can do an arabic and
2:09:24 translate or if you can do both as good
2:09:26 do release your thoughts for arabic and
2:09:28 english on crypto because this is a
2:09:31 significant uh ruling there's been quite
2:09:34 a few for tower going on like shaykh
2:09:36 items most of them rely on this basis of
2:09:39 you need to have some known person that
2:09:40 suddenly makes fiat
2:09:42 paper money valuable right so it you can
2:09:44 see the gaps in it but peop there's a
2:09:46 real need now
2:09:47 for early adoption uh and because there
2:09:50 are i mean i know there's a brother name
2:09:51 is in here
2:09:52 who can who has knowledge on this matter
2:09:54 and he studied it well
2:09:55 there's brothers involved in in the
2:09:57 field who have knowledge but they feel
2:09:59 that they're being hamstrings somewhat
2:10:00 by scholars
2:10:01 and they know themselves and the fat was
2:10:02 given they don't the scholars themselves
2:10:04 are giving it don't have a sufficient
2:10:05 understanding
2:10:06 of maybe a scientific or mathematical
2:10:07 background to understand
2:10:10 the phenomena you know so i think
2:10:11 there's a need for this and also
2:10:13 ask anyone who has also some experience
2:10:16 there and visited something and read the
2:10:17 field
2:10:18 to summarize various criminals and so we
2:10:20 can even make judgment about
2:10:21 seven but the general one is a good idea
2:10:23 anyway what we said today
2:10:25 maybe if uh if we could give it to
2:10:28 someone to have a transcript and then
2:10:30 summarize from there it would be a good
2:10:31 idea in english and we'll see how we do
2:10:33 inshallah
2:10:34 good okay
2:10:38 next week
2:10:45 Music
2:10:54 so
2:10:57 Music
2:11:07 you