Islamic Finance and Crypto Part 2 (2021-04-08) ​

0:00:00 Music
0:00:19 um
0:00:20 carrying on from last week inshallah it
0:00:22 will be general islamic finance as well
0:00:24 as
0:00:24 uh any additional discussions around
0:00:26 crypto um
0:00:29 if there is anyone on on the list who
0:00:31 has some specific questions around or
0:00:33 actually
0:00:33 actual context uh uh around some of the
0:00:36 terminology like yield farming and all
0:00:38 that kind of stuff feel free uh to
0:00:40 interject uh
0:00:41 you can you can shoot a message into the
0:00:43 chat forum and you know we can we can
0:00:45 give you the floor
0:00:46 um we have a couple of general questions
0:00:48 that were submitted
0:00:50 um bear with me i will dig them out
0:00:55 so one of the questions was around
0:00:58 inflation and mitigating against
0:01:00 depression so
0:01:01 obviously in a fiat world whenever you
0:01:04 um
0:01:05 transact with someone the amount of
0:01:06 money has less value by the time your
0:01:09 term of
0:01:10 uh borrowing is up and then um
0:01:13 it has been discussed in the context
0:01:14 that if these fiat moneys are
0:01:17 uh are really uh the same law applied to
0:01:20 them about usury
0:01:21 because they they depreciate so some
0:01:24 some people argue that's the reason for
0:01:26 the question i think some people argue
0:01:27 that
0:01:28 if you lend in dollars then it's okay to
0:01:31 to charge interest and this is to cover
0:01:33 for the inflation that's that's one
0:01:36 argument
0:01:37 but about this argument is in as so far
0:01:42 legally it's invalid and and and
0:01:45 also economically is not valid why
0:01:49 first of all it is
0:01:52 legally because if you if you say dollar
0:01:54 is a currency now although it is fiat
0:01:56 and that uh originally
0:01:58 it based on on essentially a theft
0:02:01 and a break of covenant between america
0:02:04 which was
0:02:04 backing up with gold and then rescinded
0:02:07 on that whatever it is at the beginning
0:02:09 after that it has been accepted to be
0:02:11 used as medium exchange so it is no
0:02:13 different than gold and silver
0:02:15 as we said if you have tons of gold and
0:02:17 you are in the north pole and shivering
0:02:19 dying of cold then gold will not save
0:02:22 you from bro
0:02:23 thoughts by it you have to buy an ego
0:02:25 and go inside for example
0:02:27 the same apply for the door that there
0:02:29 is a different level of
0:02:30 of evaluation or intrinsic valuation
0:02:34 what that what is the maybe because even
0:02:35 gold what's the meaning of backing
0:02:37 going to sell for what is it it is just
0:02:39 a metal without any human activity or
0:02:41 any human relation it lies in the nature
0:02:43 like
0:02:44 like no difference between it is in any
0:02:46 rock whatsoever except that it's
0:02:48 because it's rare and because it doesn't
0:02:50 stain doesn't oxidize easily and so on
0:02:53 it turns out to be a very useful uh item
0:02:56 and also quite dense and the rarity
0:02:59 allows someone to have a bag with with
0:03:01 10 coins and go around and
0:03:03 do considerable purchases that's it uh
0:03:06 certain culture we're using for example
0:03:08 uh shells something is very nice
0:03:10 especially perfect shells can be used
0:03:13 but gold is more efficient but
0:03:15 they have also value they have static
0:03:17 value and so on so it is
0:03:18 it is essentially the agreement to use
0:03:20 it as currency that's essentially what
0:03:22 it what it makes that's how it emerged
0:03:24 in the historic time
0:03:26 so so this is not an argument that it's
0:03:28 fiat and this is the
0:03:30 inflationary and not all inflation is
0:03:32 due to by the way to
0:03:33 uh uh to a fiat currency
0:03:36 some inflation is doing to increasing
0:03:38 with the money supply
0:03:40 uh which is going back to usury so we're
0:03:42 going down in circle
0:03:43 never ending circle so that's that's uh
0:03:47 that's that's not an argument to allow
0:03:49 the dollar for dollar would increase
0:03:51 the the solution for that but in most
0:03:55 jurisdictions it may be not available
0:03:57 unfortunately
0:03:58 it's partly available for example in
0:04:00 turkey in turkey because in
0:04:02 like 10 15 years ago the era was
0:04:05 depreciating very fast now it has been
0:04:06 stabilized
0:04:07 and the turkish economy seems to be
0:04:09 becoming a little bit more
0:04:10 stable in the last maybe five to ten
0:04:13 years although still
0:04:14 suffering from some inflation but early
0:04:16 about 20 years ago it was
0:04:19 considerable very painful and the people
0:04:21 there agreed then
0:04:22 if they do alone because even even even
0:04:25 if we shared at rest
0:04:26 there's no guarantee that you retain
0:04:28 that you get even your capital back
0:04:30 attained
0:04:31 so they were doing most their contracts
0:04:33 in dollars you barely will be able to
0:04:35 borrow inside turkey at the time
0:04:36 any substantial amount except between
0:04:38 friends and family which may be
0:04:40 even without interest anyway this is
0:04:42 courtesy or
0:04:43 because of love and affection not for
0:04:45 business transaction
0:04:47 uh you were they were using the dollar
0:04:49 as a relatively stable to the
0:04:51 to the uh to
0:04:55 so the solution would be the following
0:04:57 make the contract in stable and
0:04:59 unstable non-depreciating or
0:05:01 non-inflationary uh rightful
0:05:03 make the contracted bitcoin like i lend
0:05:06 you one bitcoin
0:05:07 to be retained one bitcoin at the end of
0:05:09 the year
0:05:10 that's good that's correct no problem
0:05:12 with that then
0:05:14 obviously handing you a bitcoin is not
0:05:16 practical maybe you will not benefit
0:05:17 from it
0:05:18 then we do a surf an exchange exchange
0:05:20 bitcoin for
0:05:21 lyra or for british pound movement at
0:05:24 the price of now
0:05:26 and then you receive the british loans
0:05:27 and go but the contract is in bitcoin at
0:05:29 the end of the year
0:05:30 you come back i or i go to i come to you
0:05:33 say give me my bitcoin
0:05:35 you say i don't have bitcoin handy will
0:05:37 you agree to
0:05:38 receive japanese yen at the today's
0:05:40 price at that price in the future
0:05:42 cannot be agreed in advance if you
0:05:43 agreed in bad ones this is usually
0:05:46 just playing by play going from a fixed
0:05:48 interest in the back door
0:05:50 we agreed on a certain value in the
0:05:52 future which is unknown in the backdoor
0:05:53 it doesn't solve the problem
0:05:55 of haram and the problem even of
0:05:56 inflation
0:05:58 so i may agree most likely or i tell him
0:06:02 no no you'll go by in the market and
0:06:03 bitcoin transferred me from to my
0:06:05 address my address
0:06:06 i have the right to do either no money
0:06:07 most people will be accommodating
0:06:09 so okay japanese is good now what's the
0:06:12 price check the price now
0:06:14 and give me the equivalent things every
0:06:15 year so we have another exchange so the
0:06:17 beginning exchange in the indian
0:06:18 exchange
0:06:18 or the local council era but the
0:06:21 contract is in bitcoin
0:06:22 this way the excuse of of
0:06:27 the excuse of inflation deflation is
0:06:29 gone
0:06:30 there you have no currency or something
0:06:32 with someone saying
0:06:33 bitcoin also looked to its relative to
0:06:36 the lyra but in itself did not fluctuate
0:06:39 so people get fooled so they'll say oh
0:06:41 bitcoin maybe at the beginning of here
0:06:42 at the
0:06:43 it's a peak and then we have a bear
0:06:44 market in between and it goes down maybe
0:06:46 by 80
0:06:48 yeah relative to the dollar which
0:06:50 indicates that there's some problem with
0:06:51 the dollar itself not with the bitcoin
0:06:53 itself
0:06:56 depending on which reference frame
0:06:57 you're using so the solution for that
0:06:59 for those who would
0:07:00 want to avoid the usurious contract is
0:07:02 to
0:07:03 and and to also avoid the issue of
0:07:07 inflation is to do the contract in
0:07:08 bitcoin or in gold if they think
0:07:10 gold is more stable which is most likely
0:07:12 more stable because the amount of gold
0:07:14 in the world is much bigger
0:07:15 that's the reason only maybe in few
0:07:17 years bitcoin will
0:07:19 will have a cup of market capitalization
0:07:21 almost like gold like 10 trillion or
0:07:24 in dollars again where else we got used
0:07:26 to measure everything in dollar we
0:07:27 should have measured everything in gold
0:07:29 but that's not unfortunately the case so
0:07:32 we have 200 in dollars
0:07:34 so uh it may be become 10 15 trillion
0:07:37 that's essentially the market
0:07:38 capitalization of gold and then the
0:07:39 price will be fluctuating is but will be
0:07:41 stable
0:07:42 dating to any other currency so so that
0:07:45 that's that's a solution for
0:07:46 those who come to the museum it may if
0:07:48 you may face legal problems in
0:07:50 in the in the in the domain you are
0:07:53 living
0:07:54 some some will not if you need to
0:07:56 enforce this contract via
0:07:57 in courts or example the other side is
0:07:59 not complying or something like that
0:08:01 then they may say this is not valid you
0:08:03 should have done it in local currency it
0:08:05 may be in some
0:08:06 in some jurisdiction in other
0:08:07 illustrations i don't think there's a
0:08:08 problem
0:08:10 all southeast asia you can have a
0:08:11 contract like that so just choose the
0:08:14 the
0:08:14 the uh the currency or the or the
0:08:18 commodity which you think is the most
0:08:19 stable or the one who should realize
0:08:21 that it is
0:08:22 keeps its value as much as possible for
0:08:24 example you
0:08:25 don't need even if you think gold is is
0:08:27 not that reliable there's a problem with
0:08:29 it and it's taking a delivery
0:08:30 then do the contract in in balance or
0:08:33 oil or do the contracts in
0:08:35 in bushels of wheat or corn
0:08:38 so that's not a good argument to allow
0:08:40 that that's okay to have an interest
0:08:41 because it will balance
0:08:43 the inflation code inflation rate is not
0:08:45 known in advance
0:08:46 and you are not under even even look at
0:08:49 the
0:08:49 calculation of inflation you see for
0:08:51 example in the recent years
0:08:53 people will tell you the inflation rate
0:08:55 has been quite reasonable we don't have
0:08:56 a hyperinflation despite
0:08:58 of the increase of the money supply the
0:09:00 huge increase all over the world
0:09:02 especially this one year in the pandemic
0:09:04 because the massive parenting of money
0:09:06 unlimited printing even lower interest
0:09:09 rate down to zero or even below below
0:09:11 zero negative
0:09:12 which encouraged to almost
0:09:16 insane moral ending and borrowing but
0:09:20 still we see for example
0:09:21 blood and so on is not inflated that
0:09:23 extremely it's actually inflated
0:09:25 the the goods of living of food and so
0:09:27 on have inflated
0:09:28 a bit ten percent maybe but still it's
0:09:30 not what you expect
0:09:32 like hundred percent something like in
0:09:33 the weimar republic or what's something
0:09:35 in argentine
0:09:36 argentina the reason is very simple the
0:09:39 inflation is happening but you don't
0:09:41 notice it's happening in the stock
0:09:42 market
0:09:43 all these run-up stock markets
0:09:45 essentially inflation
0:09:46 because the entities there did not
0:09:49 improve anything in productivity
0:09:51 or price to earning ratio or
0:09:54 dividends to be to be worth of this
0:09:57 obviously dividends are given again in
0:09:58 dollars so maybe the dividend
0:10:00 over shared time password may be two
0:10:02 dollars in the year
0:10:03 it may be now 20 but still the 20 is as
0:10:05 as as bad as the two dollars in time
0:10:07 past
0:10:08 nothing so it's the inflation is there
0:10:11 but it is
0:10:11 in places luckily not rating the usual
0:10:14 consumer yet
0:10:15 at least in in big economy like britain
0:10:18 and america
0:10:19 but in third world economies where the
0:10:21 stock markets are small
0:10:23 and most money goes really for the usual
0:10:25 living and so on the people are hit very
0:10:27 bad
0:10:28 look at venezuela and so on and that's
0:10:31 the reason people
0:10:32 are escaping their complete almost
0:10:34 completely cryptos even governments have
0:10:36 recognized
0:10:36 like venezuela although the motivation
0:10:38 venezuela was really uh
0:10:40 to underrun the american sanctions
0:10:43 that but they should have been wise
0:10:45 enough that's because they are
0:10:46 narrow-minded they are simple-minded
0:10:47 they're the rulers they're the the
0:10:49 people that we kind of blame them with
0:10:51 our
0:10:51 fukaha and also some simple mind like
0:10:54 what here about the fat was our cryptos
0:10:56 and so on
0:10:56 and some countries for everything
0:10:58 foreign
0:11:02 the socialist in south america or the
0:11:04 government they are to be simple-minded
0:11:05 it's a deep issue but the reality is is
0:11:08 like that
0:11:09 is that it doesn't solve the problem of
0:11:11 inflation and
0:11:12 but legally strictly legally it doesn't
0:11:15 it adds to inflation actually
0:11:17 strictly illegally it is uh the
0:11:20 the whole inflation is coming from the
0:11:22 money supply and from the usurya system
0:11:24 itself
0:11:26 that that you can't get income just be
0:11:29 based that you give money someone is to
0:11:31 work as as
0:11:32 as a loan not as a participation which
0:11:34 is liable of gaining unknown
0:11:36 losses yes indeed if you give yourself a
0:11:39 loan there will be some defaults but
0:11:40 these defaults are
0:11:42 are usually very harshly treated by the
0:11:44 law all countries which have usurious
0:11:46 system they have a very strict
0:11:48 system of of usurious uh
0:11:51 loan and protection of that the capital
0:11:53 and our lender the lender has
0:11:55 enormous protection the world war does
0:11:58 not have this protection and if he has
0:12:00 he has to pay back there is no escape
0:12:01 with interest
0:12:02 is unescapable there's no way and if it
0:12:05 is
0:12:05 secured by by by house or like in case
0:12:08 of mortgages
0:12:09 they will sell you they say they will
0:12:11 sell you their your house
0:12:12 without any mercy so it is
0:12:16 under for so this this this this system
0:12:19 is not like participating in
0:12:22 like participation bonds or sukhoi
0:12:25 madhava things like that
0:12:26 there there is a much more risk and the
0:12:28 money is working directly in real
0:12:30 economic i gave a last time the example
0:12:32 of buying a car which i did by throwing
0:12:35 the different there's difference in the
0:12:37 economic activity
0:12:39 there's a certainly difference in the
0:12:41 economic activity because raj
0:12:42 has to pay the money really physically
0:12:44 give the money in the hands of the
0:12:46 dealer
0:12:46 buy the car and have it in its yard even
0:12:48 largely insisted even
0:12:50 that must be in their own yard which is
0:12:52 a good symbolism it doesn't need
0:12:54 you can't keep it in for in custody at
0:12:56 the dealer it is
0:12:57 it's owned by raj or by the bank which
0:13:00 is giving
0:13:00 give you an installment contract for
0:13:02 cars and is there but like i said no no
0:13:04 we have to
0:13:06 they send an agent the driver he drives
0:13:07 it from there to their
0:13:09 own yard your own garage that's there
0:13:11 it's not even in the dealer place
0:13:13 anymore
0:13:14 to make sure that there is no no issue
0:13:16 with any with any
0:13:17 user yourself and then you buy it from
0:13:19 raj he is the seller he's the owner of
0:13:21 the car
0:13:23 and this this this has this have certain
0:13:25 economic activity not
0:13:26 just money going from record to record
0:13:29 even the minimal activity of receiving
0:13:30 the car putting it there waiting for
0:13:32 someone to buy maybe the one who wanted
0:13:33 onija to buy it
0:13:34 change his mind and then they wait for
0:13:36 someone else to uh to come maybe it
0:13:38 takes several months there will be
0:13:39 depreciation
0:13:40 all of these activities are real
0:13:42 activities in the real economy
0:13:43 not in the entire entry in bank in
0:13:46 bankruptcy
0:13:48 and it has effect if it's accumulated
0:13:50 over thousand hundred thousand millions
0:13:52 of people
0:13:53 it has a considerable effect cannot be
0:13:56 neglected that effect is not
0:13:57 is not to be underestimated not to be
0:13:59 neglected all of this work for
0:14:01 for for for a more real economy based on
0:14:04 that what we have
0:14:05 now in hand not what we can borrow and
0:14:07 shift it on the future generation
0:14:09 on the back of them and they get stuck
0:14:11 with it so neither from economic point
0:14:14 of view in the long run
0:14:15 nor from sharia point of view it is uh
0:14:18 it is uh
0:14:19 the claim that they are using fiat and
0:14:21 things like that uh it justify
0:14:23 charging interest because money is
0:14:25 depreciating also
0:14:26 to cover the depreciation it's not
0:14:29 justified but even if you
0:14:30 because you don't know how much the
0:14:32 initiation would be there if you
0:14:34 know it exactly maybe but the only way
0:14:37 to know exactly is to value something
0:14:39 which is not depreciating or you think
0:14:41 it's somehow having an intrinsic
0:14:42 immutable value like referred to gold
0:14:45 that's what i just suggested you do the
0:14:47 contract in gold
0:14:48 or you do the contract in wheat or
0:14:50 barley
0:14:52 and there you are not secure from the
0:14:54 sudden inflation due to events in the
0:14:55 universe which under nobody's control
0:14:57 which is okay
0:14:58 all of us said to suffer if the next
0:15:00 year is dry
0:15:01 no rain or very little air then
0:15:03 obviously we have less sweet
0:15:05 and then the wheat prices will go up or
0:15:08 if it is
0:15:10 nicely any beautiful year of agriculture
0:15:13 with there will be over production of
0:15:15 wheat and with price or
0:15:16 width amount will be available more and
0:15:18 demand will be possibly less or the same
0:15:21 so it will be less desirable and any
0:15:23 other measure it will go down
0:15:27 so that's that's that's concerning this
0:15:28 so this is not a justification for
0:15:30 usually
0:15:31 that's not justification fusary and also
0:15:34 the other
0:15:35 thing that the other usually just
0:15:36 justifications claim that some as hari
0:15:39 that this kid is
0:15:39 if it's a commercial contract it's okay
0:15:42 because the other side is investing and
0:15:43 making money
0:15:44 okay if it is so then why not making
0:15:47 participation or
0:15:48 madara and it's not complicated
0:15:51 especially if the other side
0:15:52 is having even if it's a small business
0:15:55 still it can't be formulated
0:15:58 it can be formulated really it's a bit
0:16:01 complex
0:16:01 than a landing controller landing
0:16:03 correctly usually assembler
0:16:04 usually is very simple that's the reason
0:16:06 the people who have money
0:16:08 prefer usually i lend you that you give
0:16:09 me with this person at the end of the
0:16:11 year i don't bother what you are doing
0:16:12 with it you can go to hell
0:16:13 as long as i have the security i either
0:16:16 physical security like a house
0:16:17 so i can't take it if i don't get or i
0:16:19 have the security at least the law of
0:16:21 the state will enforce you
0:16:22 and then i will put charge against your
0:16:24 salary but charge you
0:16:25 or even come even if you're bankrupt
0:16:27 i'll come and clean your house
0:16:29 leaving you depending upon the law in
0:16:31 england they will leave you one
0:16:32 television
0:16:33 maybe one bed and one table or something
0:16:35 like that they take a rest
0:16:39 that's it so it is it's a user is very
0:16:42 good for the money
0:16:43 the one who has money has cash and the
0:16:45 lazy one who doesn't
0:16:47 and the greedy one who doesn't want to
0:16:48 participate in the economic activity
0:16:50 and take economic risk risk and shift
0:16:53 the risk for everyone else
0:16:57 um we have somebody who can uh find some
0:17:00 more detail around crypto
0:17:01 uh inshallah um so we were going to
0:17:05 discuss more details subjects like yield
0:17:07 farming and things like that and the
0:17:08 brother may well have some additional
0:17:09 questions uh so as
0:17:11 um if brother naim is ready would you
0:17:13 like to
0:17:14 um unmute him if you want to ask
0:17:16 directly
0:17:17 yeah yeah
0:17:20 um there we go
0:17:24 slamming brothers thank you for giving
0:17:26 me the opportunity
0:17:29 um sheikh there's a couple of
0:17:32 issues that are surrounding this market
0:17:34 at the moment because it's so
0:17:35 uh quickly developing and innovating
0:17:39 i get asked the question a lot of the
0:17:40 time about yield farming
0:17:43 and from my perspective nearly all of
0:17:45 that sector
0:17:46 involves usury based products lending
0:17:48 and borrowing
0:17:50 um and they throw in jargon such as
0:17:53 we need really it's not our perspective
0:17:55 what is the reality of real value yeah
0:17:57 the examiner's available there are many
0:17:59 yield farming for example yeah that's
0:18:00 right
0:18:01 uh yen finance the first one was
0:18:04 shot up uh during the real fun farming
0:18:07 but yields are
0:18:08 available earlier like by staking and
0:18:11 taking paws
0:18:12 and things like that so let's say have
0:18:14 you take a look at yield uh
0:18:15 in finance what they do my understanding
0:18:18 is that they
0:18:19 you uh for those who are do yield
0:18:22 farming they have a
0:18:23 they have like a front end like a web
0:18:26 page
0:18:27 you deposit let's say if ethereum for
0:18:28 example or some another or maybe a pair
0:18:31 of things
0:18:31 depending upon how they're structured
0:18:33 nowadays i think some of you have
0:18:35 become so advanced or sophisticated that
0:18:37 they you don't need to provide liquidity
0:18:39 except by one currency
0:18:41 maybe bitcoin or even arab bitcoin
0:18:44 because bitcoin is self-restructured but
0:18:46 not under that easy
0:18:47 but w or w btc
0:18:51 or abc or various calls very various
0:18:55 projects are producing bitcoin so it can
0:18:58 be it can be
0:19:00 used for this purpose for though you put
0:19:02 it in a certain pool
0:19:05 you provide liquidity so there's the
0:19:07 liquidity meaning you private provide
0:19:09 the money because it's really liquidity
0:19:11 it means essentially you provide the
0:19:12 financial energy the money
0:19:15 there and then you you have earnings
0:19:18 this earning is happening from the
0:19:20 participation in the pool
0:19:22 which is contributing to the stability
0:19:24 of that
0:19:25 cryptocurrency whereas say for example
0:19:27 let us say it is cardano for example
0:19:30 participating to a liquidity of this of
0:19:32 the scale
0:19:33 you are producing new cryptocurrency
0:19:35 like mining
0:19:36 producing new blocks so we are doing
0:19:38 real activities
0:19:39 creating new wealth and taking a certain
0:19:42 percentage fixed order and fix is not
0:19:44 really what
0:19:44 taking percentage from that so this is a
0:19:47 perfectly legitimate
0:19:49 investment uh it's not as you know you
0:19:50 know there's no other party like taking
0:19:52 from you the
0:19:53 the cryptos you have deposited let's say
0:19:55 the wp btc or the other for cardano
0:19:59 and promising you that after one day or
0:20:02 ten day or fourteen days because of the
0:20:05 cycle is 14 kardash
0:20:06 after 40 days i give you that plus five
0:20:08 percent no that's not the case
0:20:11 they say it will contribute to
0:20:12 everything we are trying together to
0:20:13 mine
0:20:14 if you go to a certain pool some pools
0:20:16 are more efficient than the others
0:20:17 so it is like like putting your money
0:20:20 going to shops and say
0:20:21 you need capital to buy goods and so on
0:20:23 okay yeah i give you some capital
0:20:25 you you go and buy from the wholesaler
0:20:27 and try to sell as much as you can and
0:20:29 so on and give me at the end of 14 day
0:20:31 a share of the of the profit let's
0:20:32 profit sharing
0:20:34 so that's that's what that's the most
0:20:36 polls are like that
0:20:37 as i said i am the only one which is
0:20:40 really lending
0:20:41 making a lending contract take from you
0:20:43 as a deposit
0:20:44 and promise your interest for your money
0:20:46 fix the interest
0:20:48 or even it can be valuable and fix it on
0:20:50 your just your money being deposited
0:20:51 there
0:20:52 and they lend to the other people
0:20:55 and the lending is done by a lending
0:20:57 contract usually they'll end
0:20:59 substantial amount and the are big
0:21:02 companies a big corporation and they
0:21:03 have to deposit because they don't want
0:21:05 to require their their bitcoins and so
0:21:07 on they
0:21:07 keep it as a security and that's what
0:21:10 soldiers do
0:21:10 i don't know what's ahab ave is doing a
0:21:13 thing but it was called initially lent
0:21:15 so the question now for yield farming
0:21:18 my question is that someone who is
0:21:20 interested should go for
0:21:22 and see what they are doing exactly what
0:21:23 are the various foods my not my
0:21:25 information until now is that most
0:21:28 activities
0:21:29 except a little straightforward lending
0:21:31 done by celsius i know that i know the
0:21:33 description i have seen videos about
0:21:35 that
0:21:36 and are they just from the name
0:21:37 guesswork that's a guest you have to
0:21:39 check
0:21:39 what they are even if we call it lent is
0:21:42 not relevant but they call it
0:21:44 because yeah the issue of usury unknown
0:21:46 user is irrelevant they can call it
0:21:48 lending
0:21:50 abracadabra it doesn't matter what is
0:21:52 really done i don't know in arabic
0:21:53 and soldiers just look like a bank a
0:21:56 state like a bank
0:21:57 see that's a very good example um i find
0:21:59 the easiest way to understand a lot of
0:22:01 these is if you look at it from the
0:22:02 perspective of a bank and you're buying
0:22:04 an ownership or a share in that bank
0:22:06 effectively some of these tokens like
0:22:08 celsius tokens they're governance tokens
0:22:10 and sales is a lending protocol so it's
0:22:11 almost like owning a share in a western
0:22:13 man and said you said the bank that's it
0:22:15 then
0:22:15 that means that buying uh the shares of
0:22:18 uh
0:22:19 bankruptcy haram because the government
0:22:21 that's amazing
0:22:22 but what's about why why uh yen dot
0:22:25 finance
0:22:26 it's a governor's government's token
0:22:28 yeah for for a
0:22:30 project which is doing uh billions now i
0:22:32 think i think it's reaching out the
0:22:34 billions
0:22:35 of of people depositing and earning
0:22:38 depending upon
0:22:39 the skill and the internal uh superior
0:22:41 programming of hearing fans
0:22:43 because what's his name andrew cronjie
0:22:45 the one who has made it first yeah
0:22:47 this guy seems to be a genie a genius in
0:22:50 metal programming
0:22:51 and he started this programming instead
0:22:53 of yourself looking
0:22:54 who has better yield they will jump from
0:22:55 this from this from this
0:22:57 the the the the the project or the
0:23:00 software does that for you they follow
0:23:02 the prices look everywhere
0:23:04 and transfer from year to year in a very
0:23:07 efficient
0:23:08 way making sure that you get the highest
0:23:10 that's for the depositor
0:23:11 not for the owner of the the owner of
0:23:13 the token is just a controller
0:23:15 just a governance this activity is
0:23:18 perfectly fine
0:23:20 in itself especially as long as every
0:23:22 ever every
0:23:23 uh every uh pool is like as described
0:23:26 like a cardano like uh
0:23:28 other pools mostly they are not usually
0:23:31 yes by understanding maybe i'm wrong but
0:23:33 it has to be
0:23:33 we have to see exactly in the white
0:23:35 paper how it is done and so on the
0:23:37 details that's the leader say
0:23:38 the one the people asking about that
0:23:40 should help me a little bit by going
0:23:42 yeah because i cannot read everything of
0:23:44 course of course i think that's the key
0:23:46 if we can
0:23:46 um pick out which one of these platforms
0:23:49 are i was perfectly based on usually
0:23:52 at the moment i know that sales just
0:23:53 flying for some time but because i was
0:23:55 starting it i did not buy sales use
0:23:58 cryptos i avoided it i avoided the
0:24:01 in finance because i did not catch it
0:24:03 and it was almost zero and it flew away
0:24:05 forget about it yeah likewise i think
0:24:07 it's okay believe it
0:24:08 it's the same for me and ave i just
0:24:10 sidestepped that because
0:24:11 i don't know rv it's cause it's called
0:24:13 blend this makes me successful but the
0:24:15 word len does not mean very much
0:24:17 maybe land and pools what's the problem
0:24:20 with that
0:24:21 because i said for them they have no
0:24:22 sensitivity in in the west for three
0:24:24 four hundred years now anything with
0:24:25 interest
0:24:26 has completely disappeared there's no
0:24:28 sensitivity
0:24:29 they're actually shocked that muslims
0:24:30 and others have problems
0:24:32 with with only those who study history
0:24:35 know that christianity and judaism is
0:24:36 more extreme
0:24:37 christianity basically was extremely
0:24:39 anti usually for centuries
0:24:41 for all the centuries until the nearly
0:24:43 until they capitulated in the near age
0:24:45 and still that capitalization was
0:24:46 complete there are christian functions
0:24:48 the
0:24:48 catholic church are trying to study how
0:24:50 they can establish
0:24:52 an unusual system but they're
0:24:55 overwhelmed by the
0:24:56 surrounding structure that's the reason
0:24:59 the bank and the
0:25:00 the church bank or the bank was a bank
0:25:02 of water what's his name anyway
0:25:05 for for the vatican said it is the bank
0:25:08 which was involved in some scandals in
0:25:10 the 70s and 80s and 90s
0:25:13 this bank is a huge bank but they cannot
0:25:16 they are unable to confront the
0:25:17 surrounding society
0:25:19 and they don't have the will they give
0:25:20 up essentially they have given up
0:25:23 we know that they have given up colors
0:25:25 but
0:25:26 will again so you have to have to be
0:25:28 historian the common public donors i say
0:25:30 this bank is giving me two percent dumb
0:25:32 anyone giving me better oh yeah
0:25:34 land will give you eight percent oh jump
0:25:36 to land he doesn't ask is it is it you
0:25:39 because for him nothing called you
0:25:40 serious the old use
0:25:42 the word usurious means that you take
0:25:44 advantage of the borrower
0:25:45 by by charging very high loans and even
0:25:48 that
0:25:49 people have become insensitive
0:25:52 you may have read about the scandal
0:25:53 about this owner of newcastle is having
0:25:56 some
0:25:57 some borrowing facility obviously very
0:26:00 short term
0:26:01 and the interest rates the effectiveness
0:26:03 that yearly are horrendous several
0:26:05 thousands
0:26:07 so that somehow uh
0:26:10 some some some some church organization
0:26:12 where were doing
0:26:14 ads accepting ads for this guy and then
0:26:16 when they noticed that
0:26:18 they were in a state of shock and they
0:26:19 retreated only that
0:26:21 several thousands it's unbelievable just
0:26:24 for short term loan you are unsqueezed
0:26:25 as well
0:26:26 but you have for example your boiler is
0:26:28 damaged you borrow for the
0:26:30 pair of 100 and then pay maybe at the
0:26:31 end of the month 200 if you calculate
0:26:33 that yearly
0:26:34 it goes several thousands so this is
0:26:37 really
0:26:38 usurious in the sense take an extreme
0:26:39 advantage but they have lost the
0:26:42 the fundamental principle that even
0:26:44 having one penny extra
0:26:45 will will end ultimately a safe
0:26:47 advantage
0:26:49 because the sharia i should not come and
0:26:50 tell you up to two percent
0:26:52 this would be illogical and will show
0:26:54 that the sharia isn't from ours from
0:26:56 humans
0:26:57 because the two percent may be in
0:26:59 sometimes usurious
0:27:00 in that sense and sometimes less than
0:27:03 what you deserve because of inflation
0:27:05 so actually i will fix it any amount but
0:27:07 the cherry affixes
0:27:08 any increase even if i want penny
0:27:11 some people even surface entertain one
0:27:13 extra smile oh yeah that's obviously
0:27:15 just going through the moral realm it is
0:27:17 useless
0:27:19 if you expect a braves for it or some
0:27:21 extra exception i think
0:27:23 it's already uh going into the demand of
0:27:25 labor
0:27:29 so that that's that that's that's the
0:27:31 point they lost the sensitivity so we
0:27:32 have to read everything more in detail
0:27:34 but for for the casual initial look
0:27:38 without going digging deep in every
0:27:41 and every it doesn't seem that that all
0:27:44 these
0:27:45 yield farming and so on all of them are
0:27:46 the liquidity pools
0:27:50 essentially the one who really doing the
0:27:53 clear lending are few doesn't mean they
0:27:56 don't exist they do exist one important
0:27:58 like sales users is very important
0:28:00 and they're working with hundreds of
0:28:02 millions i think it's it's dealing that
0:28:03 with billions
0:28:07 yeah so i would say just to sum that up
0:28:10 then the reservation would be
0:28:12 you'd have to have a look as to if this
0:28:14 is a product based on borrowing and
0:28:16 lending markets in that case you'd step
0:28:18 away
0:28:18 if it's uh liquidity providing and
0:28:20 you're there to facilitate transfers in
0:28:22 the market then that should be and if
0:28:24 the government is talking for a project
0:28:25 or a facility or a company or whatever
0:28:27 you call it what you used to call
0:28:28 because usually this project
0:28:30 is belonging to a certain economy
0:28:31 because especially in case of lending in
0:28:32 proper
0:28:34 banking style you have to have you have
0:28:36 to have some kind of centralization
0:28:38 to have legal enforceability and that's
0:28:40 what sales you should do you have to
0:28:41 have qic
0:28:43 know your customer uh obviously the
0:28:45 customer have to be identified
0:28:49 although it's not necessary because you
0:28:50 have the security of the deposit which
0:28:52 you are holding with iron fist
0:28:55 in the blockchain but still they have to
0:28:57 so that they comply
0:28:58 with the uh legal requirements so that
0:29:01 no no regulator will come say ah
0:29:03 you are covering up for people evading
0:29:06 taxes or people
0:29:07 laundering money or something like that
0:29:09 so all of this is done
0:29:10 so it's essentially like a crypto bank
0:29:12 or a blockchain bank
0:29:15 managed and running better than banks
0:29:16 generally in that sense
0:29:18 but it is ultimately uh
0:29:23 maybe a component also that because
0:29:24 because it's done in cryptos it's also
0:29:26 some some kind of
0:29:27 a bit of farming or a bit of of
0:29:29 liquidity creation is going in
0:29:31 somewhere there but the contract is at
0:29:34 face
0:29:34 is is is a is the river contract at face
0:29:39 because it seems to be there they are
0:29:41 they are able to give
0:29:42 considerable interest yeah i mean that's
0:29:44 one of the biggest business cases for
0:29:46 celsius they don't have overheads they
0:29:47 don't have offices they don't have staff
0:29:49 it's all done
0:29:50 blockchain service but also i think they
0:29:52 benefit from the nature of cryptos and
0:29:54 that's also
0:29:55 add to that so they give i think how
0:29:57 much seven six seven percent while the
0:29:59 banks are giving only half percent
0:30:01 yeah yeah it's clear yeah it's without
0:30:04 any doubt
0:30:06 so that's the point in the in the in
0:30:08 this in in this case
0:30:10 but i think the majority of whatever
0:30:12 i've ever seen and so
0:30:13 is staking is really for a pool and the
0:30:15 poll is really by
0:30:17 essentially what you are doing is
0:30:19 similar to if you are doing uh
0:30:21 bitco bitcoin mining my because bitcoin
0:30:23 is a
0:30:24 proof of work and it has to be and the
0:30:27 mining is horrendous it needs so much
0:30:29 electricity
0:30:30 that they become a little bit uh almost
0:30:33 monopoly mostly a couple of chinese
0:30:36 minor and maybe texas minor there's one
0:30:38 in the emirate and few like that
0:30:40 and the cost such electricity is
0:30:42 unbelievable
0:30:46 um just on that trail of thought would
0:30:48 you think or propose that there's a
0:30:50 possibility here for
0:30:52 an islamic styled system similar to
0:30:55 celsius but not based on interest
0:30:57 in which finance can be locked up and
0:30:59 smart
0:31:01 perhaps this is something that deserves
0:31:03 a bit of exploration like
0:31:04 islamic banking yeah but make it on
0:31:06 blockchain remove the
0:31:07 uh overhead and structure
0:31:10 the legal aspects and so on and
0:31:12 obviously i i
0:31:14 i would say people do not like the kyc
0:31:16 and so on because they don't want to be
0:31:17 pursued by the taxation authorities
0:31:20 but that is uh but as an institution
0:31:23 which is working in the in the open you
0:31:25 have obviously comply with the with the
0:31:27 over i
0:31:28 think even if you don't believe this is
0:31:30 the right way or they are legitimate or
0:31:31 something like that
0:31:32 to avoid the headaches and the problem
0:31:34 you have to comply with these
0:31:35 regulations
0:31:36 like for example they start packing a
0:31:37 better they they complying with the
0:31:39 regulations
0:31:40 or like i identity and verification i i
0:31:43 would say there's no problem with that
0:31:45 that is ultimately that an entity which
0:31:48 is maybe not legitimate or having a
0:31:49 religious
0:31:50 taxes living taxes that's not in your
0:31:52 mortgages
0:31:53 this is our last act in the universe
0:31:55 nothing can be done about that
0:31:57 for that you have to establish another
0:31:58 state elsewhere another authority
0:32:00 but this is not not a matter you can ask
0:32:03 a bank to do
0:32:04 or like investment community that's a
0:32:05 must you know you have to ask
0:32:07 nations and people to do to take their
0:32:09 history in their heart
0:32:10 but different cryptos have given to
0:32:12 people considerable powers
0:32:14 this will diffuse the power from the big
0:32:16 money centers into
0:32:18 uh widely even sales use
0:32:21 but if you have the sales you spoken you
0:32:23 are participating the governance and you
0:32:25 are voting
0:32:26 uh and and obviously you look
0:32:29 you're looking for your own selfish
0:32:30 interest but with so many selfish
0:32:32 interests so they will balance out
0:32:34 into the interest of of the the whole
0:32:37 rather the community rather than just
0:32:39 one bank management of one order and
0:32:42 most of the money go to everyone
0:32:43 although the oh yeah the sales use owner
0:32:46 owns considerable amount but
0:32:48 still the community is having a bigger
0:32:51 share
0:32:52 considerably much more bigger share so
0:32:55 it's it it it eases some of the the pain
0:32:58 of the usuria system
0:33:00 but but unfortunately you see muslim
0:33:04 the only one one country which really
0:33:06 made a breakthrough in that
0:33:07 a little bit is iran by but the reason
0:33:10 why the sanctions
0:33:11 yeah they were forced to kind of come to
0:33:13 that level to change the amount that and
0:33:15 then
0:33:16 appearing all in all that just just not
0:33:18 only that just allow it to be used
0:33:20 internally for buying and selling inside
0:33:22 the country that's
0:33:23 completely like any currency and also
0:33:25 remove these issues over the capital
0:33:27 gain taxes if there's any capital i
0:33:28 don't know iran is going to get taxes
0:33:30 okay don't regard it as a capital gain
0:33:32 the guard is just a currency
0:33:33 and the people will deal with it freely
0:33:35 this way they can invite
0:33:37 considerable amount of money which is
0:33:38 running away from taxes or running away
0:33:41 god knows what is it someone said this
0:33:44 way
0:33:44 drug money will come come on people like
0:33:47 money is taken by the cia
0:33:49 money loan that it come on people the
0:33:53 the biggest money launderer in the world
0:33:55 take it from me and they have the
0:33:56 responsibility with that
0:33:57 because i wasn't once 10 years ago it
0:34:00 involves this
0:34:00 hsbc bank no no no no the federal
0:34:03 reserve
0:34:04 that's the biggest milestone in the
0:34:06 world so this is all
0:34:08 this all shake we have to we have to
0:34:10 rebel against that
0:34:11 and tell the international and then they
0:34:13 should also adopt the
0:34:14 xrp or xlm to for transaction
0:34:18 so that the the swift system which is in
0:34:20 the in the iron fist of america will be
0:34:22 will be defeated and finished that's it
0:34:26 then you have both of the sanction of
0:34:29 your back and you have prosperity and
0:34:30 you are getting some money from outside
0:34:32 which can come
0:34:32 and invest in the country like any money
0:34:36 just a few steps but you have to have
0:34:37 they have to have to get the mentality
0:34:39 first of all yeah the the the mentality
0:34:42 faced with the islamic mentality that
0:34:44 you are as a muslim country you have a
0:34:46 well message
0:34:47 that's number one secondly that you
0:34:50 should not care for fear of these big
0:34:51 capital central academy
0:34:52 they can be undermined and now there's a
0:34:55 tool which helps you that entire past
0:34:57 you may be underscore is fine
0:34:58 okay necessary but now the resistance is
0:35:00 not there yeah i think that's a bit of a
0:35:03 profound insight we haven't had
0:35:04 a tool like this for hundreds of years
0:35:06 and now we suddenly have another option
0:35:09 right you can bypass most of these
0:35:10 regulations that's the next step
0:35:12 but i think iran found out the hard way
0:35:14 up until now they've struggled with
0:35:15 sanctions
0:35:16 embargoes sanctions and the same should
0:35:19 apply for pakistan
0:35:22 and the majority of these central banks
0:35:24 are andorra they are western educated
0:35:26 and they cannot
0:35:27 think outside the world of the west yeah
0:35:30 they can't see outside of that
0:35:31 perspective yeah
0:35:32 i i was discussing with some even saudi
0:35:34 arabia and said about how to deal with
0:35:36 the
0:35:36 user in the world and said it's not
0:35:38 possible the whole world the investment
0:35:39 is not possible and they got tuned in
0:35:41 that they think the world can work this
0:35:42 way
0:35:43 but then islamic banking was invented
0:35:45 essentially became active in the 70s and
0:35:47 80s
0:35:47 and everyone was smoking and making
0:35:49 jokes and so on until it proved itself
0:35:51 and then later on came with the oh it's
0:35:53 actually child's interest
0:35:55 they sell you a house more than this
0:35:56 original price because they don't they
0:35:58 are ignorant of what was used or even
0:36:00 the meaning of usury
0:36:01 it's a symbol of contractual obligation
0:36:04 and another point which came but really
0:36:06 is asked but because it
0:36:08 usually happens only between in big
0:36:11 sales contracts and so on
0:36:13 most the most invoices you especially
0:36:16 big invoices
0:36:17 are having like 60 days payment time
0:36:20 yeah so you the moment you receive the
0:36:22 goods you receive the invoice and then
0:36:24 you have 60 days for payment
0:36:25 and this happening also in the small
0:36:26 scale for example for the services like
0:36:29 internet like
0:36:30 like sky like virgin you receive the
0:36:32 bill and then you have like 15 days or
0:36:34 16 or a month
0:36:35 for payment
0:36:39 then some some some people try to
0:36:41 develop something they call it uh
0:36:43 factoring yeah yeah to uh
0:36:46 to say okay transfer the bill to us and
0:36:49 then we
0:36:50 we uh we we we give you
0:36:53 the face value of the bill with the
0:36:55 discount or something and then they
0:36:56 negotiate with the other they wait
0:36:58 they have the the the capability of
0:37:00 waiting to get the money and sexual
0:37:02 right
0:37:02 but i mean the one the seller the seller
0:37:05 who doesn't want to wait okay you don't
0:37:08 need to wait
0:37:09 uh we give you instead of for example
0:37:11 you are the customer have to pay 100 we
0:37:13 pay you 90
0:37:14 and then we wait for the customer
0:37:15 colleague from the 100 this factoring
0:37:17 some people also were objecting to that
0:37:19 and say this is
0:37:20 this is reverse user but it's not this
0:37:22 is not this is not this is
0:37:23 that a sentiment of debt it is not a
0:37:25 debt contract that's number one
0:37:27 it is transfer of debt under this count
0:37:29 some people will refer to the authority
0:37:31 that the warfare
0:37:32 told them when were there when there was
0:37:34 an agreement that they will depart
0:37:36 medina
0:37:37 and they said we have some debts outside
0:37:39 which is not you yet
0:37:40 so delay our going is
0:37:43 that a claim that he said
0:37:46 reduce down and ask for advanced payment
0:37:50 of other people reduction in return of
0:37:53 advanced payment
0:37:54 but i don't think if we don't need even
0:37:56 some people say the hadith is reliable
0:37:57 not reliable no need for that because
0:37:59 the contract is not a journalist
0:38:00 contract
0:38:02 it's definitely not a resource contract
0:38:06 and it is affecting the economy is the
0:38:07 opposite of usually in every respect
0:38:10 it brings what is in the future you
0:38:14 forward so it can go to the
0:38:16 communication today
0:38:18 instead of being the burden for tomorrow
0:38:20 so it's completely opposite it's the
0:38:21 opposite
0:38:22 so it's perfectly fine
0:38:25 there's no problem with that for example
0:38:27 but this is usually
0:38:30 not that widely needed really and
0:38:33 but it seems to be for example in
0:38:35 america we were i was
0:38:37 in the educational office in in the 80s
0:38:39 uh
0:38:40 a gentleman who was trying to do like
0:38:42 some factoring business and visited
0:38:44 me and in the education i was the head
0:38:46 of the officer term the direct
0:38:48 and then was suggesting to participate
0:38:50 in some eventual and we're discussing
0:38:51 that
0:38:52 and he said he took fatwa
0:38:55 he took fatwa from scholars and so on
0:38:57 that is perfectly halal and things like
0:38:59 that
0:39:00 and i agreed with that at the time i did
0:39:02 not analyze as much as i said that
0:39:03 it doesn't look like there's a it's a
0:39:04 useless contract but i didn't pass away
0:39:07 because i didn't have any capital
0:39:08 or anything to participate but the idea
0:39:10 was that because in america plenty of
0:39:12 these invoices are there
0:39:14 and he was going try to do a business of
0:39:17 settling their invoices at a discount
0:39:18 and then wait for them
0:39:20 and then split as a manager of this
0:39:22 whole split the the
0:39:24 gain between him and between the
0:39:26 participant or something like that
0:39:29 obviously have to be structured as a
0:39:30 company and contracts are very
0:39:31 complicated but
0:39:32 that's the sense that's the essential
0:39:34 business itself
0:39:35 the guarantees and the contracts and so
0:39:37 on this is a legal issue has to be done
0:39:38 in every country according to
0:39:40 the legal requirements and legal
0:39:42 practices and a
0:39:43 contractual obligation etc which is i
0:39:46 think straightforward that can be done
0:39:47 that's not a problem
0:39:51 so this is factoring but then said it's
0:39:53 better if someone asked about this
0:39:55 information
0:39:56 just to check pulled by pool or what's
0:39:57 really what's the activity
0:39:59 is it really a genuine for and for usery
0:40:02 it's not actual percentage it's not the
0:40:04 issue of the
0:40:05 the issue is really money from money of
0:40:08 the same time the same time
0:40:10 with the delay with an increase there
0:40:12 was one issue
0:40:14 discussed last time that somebody
0:40:15 sometimes you have an installment
0:40:17 contract or you have maybe
0:40:18 a installment payment for for services
0:40:21 for insurance something like that
0:40:22 and if you don't pay in in the due time
0:40:26 they charge something they call it exist
0:40:28 take structures again as if it is an
0:40:29 interest
0:40:31 the problem you from your side you will
0:40:34 be obviously in a squeeze
0:40:36 because the contract contained that the
0:40:38 best is
0:40:39 the best it would the best would have
0:40:40 been like like like a
0:40:42 like a delay penalty but in that case it
0:40:45 has to be
0:40:46 you have to be guilty of delaying
0:40:48 although you are capable of payment
0:40:50 then it can be structured and the
0:40:52 islamic law that may be
0:40:54 regarded as the ability but this is
0:40:56 really a topic which is
0:40:58 problematic in the sense that that is
0:41:01 the way structure in the west
0:41:02 it is regarded if you delay it it is
0:41:04 like a lawn and then you have either
0:41:06 you pay the same or you you pay with
0:41:08 this interest rate as a
0:41:10 we make it as alone it turns out to be
0:41:11 121. that's what make a problem
0:41:14 for these things but since
0:41:17 in most cases of many payments it's
0:41:19 almost impossible for anyone to pay
0:41:23 to pay to to pay the lump sum
0:41:27 although i would advise really paying
0:41:29 them some because it is
0:41:31 smaller and easier but anyway then
0:41:34 in that case you have to really
0:41:38 control your finances so strictly that
0:41:40 you are certain
0:41:41 that the installment like say they want
0:41:43 to receive the salary you put
0:41:45 aside immediately all the installments
0:41:47 due
0:41:49 don't touch them as if money for someone
0:41:52 else
0:41:54 at least good discipline this way will
0:41:55 never come that when
0:41:57 when the payment due comes this is most
0:42:00 of the time this is
0:42:02 easily done by having things in the
0:42:04 directory but or standing order
0:42:06 so if you do that with this intention
0:42:08 then because of the necessity that you
0:42:10 have otherwise in this environment then
0:42:13 i think such a contract
0:42:15 you may sign it but you have to have
0:42:17 these clearly in your mind
0:42:19 the repercussions the problems of the
0:42:21 environment which is based on usurious
0:42:23 system
0:42:23 on an interesting basis
0:42:28 um we've got some questions around uh
0:42:31 sorry name name do you have any more
0:42:32 questions or uh comments or anything
0:42:34 no brother thank you nothing specific
0:42:36 about it continue studying
0:42:38 continue studying the various cryptos
0:42:40 and various things and and
0:42:42 try to write down from the white paper
0:42:44 and how things are done
0:42:46 what was really the process behind the
0:42:48 scene
0:42:50 this way we have a summary so we can we
0:42:52 can discuss things in the future
0:42:54 more intelligently
0:42:58 because i'm essentially most of these
0:42:59 things i'm just expecting i'm guessing
0:43:02 understand there's thousands so
0:43:04 technically
0:43:05 trust me there are various types like
0:43:10 liquidity pools uh liquidity provider
0:43:13 et cetera there are a few major types
0:43:15 essentially
0:43:18 like for example in in investing either
0:43:20 you give it to someone who
0:43:22 has as alone and he has retained it with
0:43:23 a certain percentage
0:43:25 and you have possibly a security like a
0:43:27 house or you give it to as a
0:43:29 participation like a venture capital
0:43:31 or you buy this this entity is big
0:43:34 enough to issue shares and they sell
0:43:35 shares
0:43:36 or the issue bonds that's again the debt
0:43:38 so we say no no bonds we don't want we
0:43:40 want participation so cook
0:43:42 so it will be like essentially issuing
0:43:44 something like uh
0:43:46 like shares but with no voting rights
0:43:48 all what you have is just gain right
0:43:50 or dividend rights and
0:43:53 possibly because they are so cook they
0:43:55 may be like large nominal values
0:43:57 like hundred thousand something like
0:43:58 that while shares are usually small
0:44:00 so the public can participate and
0:44:02 participate also in governance
0:44:03 and voting but that's it it's only a few
0:44:06 basic side
0:44:07 types and the rest is won't come back
0:44:08 just because it's more sophisticated
0:44:11 that record keeping but essentially if
0:44:12 you go there that's essentially the
0:44:13 times
0:44:14 since since the beginning of time it's
0:44:16 essentially that
0:44:20 all you buy someone who needs goods but
0:44:23 he cannot don't have the cash secret i
0:44:25 buy for you
0:44:25 and they be selling you of markup uh
0:44:28 maybe mostly as installment that's
0:44:30 that's montagera and things like that
0:44:32 only a few times
0:44:35 phenotype or the special types or or
0:44:38 genuine types
0:44:38 genetic types and the rest are
0:44:40 variations and maybe cross relation and
0:44:42 things like that
0:44:44 so it's not as miserable because the
0:44:46 thousand cryptos no
0:44:47 it's only few types of liquidity
0:44:50 provider
0:44:51 a few types of mining few types of
0:44:54 block block creation and things like
0:44:57 that
0:45:01 yeah okay so there's a few
0:45:05 questions uh related to um
0:45:09 forex and trading pairs yeah so i mean i
0:45:12 don't know anything about this if
0:45:13 there's anyone
0:45:13 who's um asked this question if they
0:45:15 want to um actually
0:45:19 address it directly um essentially it is
0:45:21 so that you sell a currency
0:45:26 buy another currency i i give you a
0:45:28 british pound that's the
0:45:29 basic i give you a british pound
0:45:33 and you give me japanese yen why i'm
0:45:36 doing that because i think the japanese
0:45:37 year now is cheap
0:45:38 and in the future i will be able to sell
0:45:40 the japanese yen
0:45:42 and get more british pounds or vice
0:45:44 versa
0:45:45 that's essentially that now how it is
0:45:47 structured is now
0:45:48 uh now they very assume they are various
0:45:51 currencies
0:45:53 they are different they are currency but
0:45:54 the different types so
0:45:56 you can exchange at any value which is
0:45:58 dictated by the markets and agreement
0:46:01 but it has to be according to the hadith
0:46:06 immediate immediate transaction so
0:46:09 this means
0:46:12 the transaction must be immediate at the
0:46:14 current price exactly
0:46:17 unnecessary what's done in the forex
0:46:19 exchanges it's at the current prices
0:46:21 you buy at the current price now and
0:46:23 obviously the hand over some people say
0:46:25 there's no hand over they think hand
0:46:28 over means or
0:46:28 get them yet meaning you have to be in
0:46:30 the hand and you have the paper and then
0:46:32 count them on twitter and the other
0:46:33 encounter with you this is a
0:46:34 simple-minded way of saying
0:46:36 meaning immediate at the immediate
0:46:38 current price it can be
0:46:39 done on the phone without any problem it
0:46:42 can be done on the phone
0:46:43 it can be done electronically it can be
0:46:45 done in the blockchain
0:46:46 so there's no problem problems arise
0:46:48 that people
0:46:49 do these obviously to to do it in an
0:46:52 exchange
0:46:53 you cannot have arbitrary amounts so
0:46:55 they have structured it in like
0:46:56 like certain lots a lot of these hundred
0:46:59 thousand years
0:47:00 lots certain lots they are well defined
0:47:02 you can read that
0:47:03 in the various exchanges what what are
0:47:05 the lot of definition how much is the
0:47:07 lot
0:47:07 different how many uh yen is in in a lot
0:47:12 okay that's no problem that's it just to
0:47:14 make a trading in a systematic and
0:47:16 well structured way as as units instead
0:47:18 of talking about
0:47:19 uh fractions and smooth fractions and
0:47:21 cryptos who work even with fractions
0:47:23 but in this case it seems to be it is
0:47:26 working usually a lot although they have
0:47:27 done
0:47:28 divided the lots and fractions of lots
0:47:30 and things like that
0:47:32 obviously when you when you uh when when
0:47:35 you
0:47:36 buy you should pay but then i buy
0:47:39 i i buy a japanese in one lot or one
0:47:42 contract of japanese yen or one
0:47:43 a lot it's actually a lot not a contract
0:47:46 i have to pay the appropriate amount of
0:47:49 british pounds it may happen that they
0:47:51 don't have the full amount
0:47:52 so it would have been no problem if i
0:47:53 have a amount that is is available to
0:47:56 exchange or available in the
0:47:57 in the blockchain the problem we don't
0:47:59 have
0:48:00 theoretically strictly speaking in the
0:48:03 back
0:48:03 but back it has to be available someone
0:48:06 has to
0:48:07 lend you this amount which is called
0:48:09 margin you buy one margin
0:48:11 yeah to magnify your gains they give you
0:48:14 a loan
0:48:16 here maybe the problem comes so the
0:48:18 problem is not the authority exchange
0:48:20 the problem is that they give you
0:48:23 a loan with interest that's humanity
0:48:27 then you may find traders who are happy
0:48:30 with the just
0:48:30 the the commission they are making from
0:48:32 the trades and they allocate to you
0:48:34 money
0:48:36 as a margin without interest
0:48:40 it may be there is no problem but what
0:48:43 you are actually buying is you buy you
0:48:45 are filling the
0:48:46 full price while from your pocket really
0:48:49 you are
0:48:50 paying with five percent let's say if
0:48:51 you are going one to twenty margin
0:48:53 five percent and the ninety five percent
0:48:56 of it
0:48:56 is is placed in that place by the
0:48:59 exchange
0:49:00 in your behalf now there's perfectly no
0:49:04 problem in that
0:49:06 unless it is usually a contract so you
0:49:08 have to look exactly what's it what's
0:49:09 the condition
0:49:10 with the broker and so on it's rarely
0:49:13 you will find any broker who will give
0:49:14 it interest free who is happy with
0:49:16 enough
0:49:17 traffic and interaction to uh to
0:49:20 uh to live only on the commissions or on
0:49:23 the
0:49:24 split between of our ancel and things
0:49:27 like that
0:49:27 who's having just to be a market maker
0:49:29 and make his money from
0:49:30 their differences it may be enough for
0:49:32 some because some exchanges are doing
0:49:35 hundreds of billions a day uh yeah
0:49:38 possibly a hundred billion a day or
0:49:40 something like that and if this is just
0:49:42 just
0:49:42 just a small fraction like one hundred
0:49:44 thousand of that that's hundred million
0:49:46 that's baraka
0:49:47 it's more than enough and he has keeps
0:49:49 enough liquidity at the side to get to
0:49:51 give it to you
0:49:52 and obviously he will even if it is with
0:49:54 interest or not interest the moment
0:49:56 you get a margin call the market moves
0:49:58 against you you need to have put more
0:50:01 to cover up for the difference or the
0:50:02 current price and you don't comply with
0:50:04 that
0:50:05 or he doesn't lend you further for that
0:50:08 he will close the position i guess you
0:50:10 will on this it's not sure
0:50:13 so that's that's what's really happening
0:50:15 behind the scene
0:50:17 you buy some people thinking buying one
0:50:19 margin ah
0:50:21 i'm multiplying actually you are
0:50:22 borrowing and you're paying interest
0:50:25 for short term even for few a few
0:50:27 minutes they still calculate the
0:50:28 interest
0:50:29 if it's really interesting there's no
0:50:30 interest there's no problem that's
0:50:31 dependent on exchange
0:50:35 the same habit for example shorting
0:50:37 stocks some people said you are selling
0:50:39 what you don't have it's not true that's
0:50:41 you should be selling what you have you
0:50:42 have it
0:50:44 if it's done cleanly probably according
0:50:45 to the law as it should be
0:50:47 actually your broker borrow for you the
0:50:49 stocks from someone who owns them
0:50:52 sometimes they they give you imaginary
0:50:54 non-existing stocks that will be
0:50:55 a problem which may end with what we
0:50:58 have
0:50:58 two weeks ago what was that what's the
0:51:01 name of this problem
0:51:02 this was this game stop wall street yes
0:51:04 yes i think
0:51:06 part of the problem was that they were
0:51:07 shorting stock which are not existent
0:51:09 even
0:51:10 imaginary there's no no where that
0:51:12 caused the problem but because part of
0:51:14 the problem not about the pathway
0:51:16 but let's assume it is done probably
0:51:18 your your
0:51:19 broker look around there are people who
0:51:21 have uh
0:51:23 who have stocks kept for safe keeping
0:51:26 with him
0:51:28 and he has the permission usually when
0:51:31 you keep
0:51:32 stocking they call it a no no no they
0:51:34 have a certain template keeping it in
0:51:37 in in-house or in broadcast account or
0:51:39 something like that
0:51:40 on safekeeping by the broker it has a
0:51:41 certain term if you keep it there
0:51:43 it's part of the agreement that he can
0:51:45 lend it it's a custody agreement yeah
0:51:47 so you have to sign that over to say
0:51:49 that you're happy for them to do that
0:51:51 to do that so he takes them and give it
0:51:53 to you they were going to short it so
0:51:54 you have now
0:51:55 lot maybe or severals or thousands or
0:51:57 millions of stocks
0:51:59 and you sell them at that price but you
0:52:01 are obliged to retenders someone said
0:52:03 how can you help yes you can go into
0:52:04 open market and buy them again
0:52:06 and if they have it happen to have been
0:52:08 declined then you are the lucky one you
0:52:09 are buying them at a lower price
0:52:11 someone say this is taking benefit from
0:52:13 people misery
0:52:14 this is no difference between buying law
0:52:17 and selling high is the same
0:52:18 just the opposite direction actually it
0:52:20 is good making the market
0:52:21 efficient i don't think there is any
0:52:22 even moral issue there
0:52:24 actually if it is done probably this way
0:52:28 and you borrow the stock stocks from
0:52:30 from when you bought a stock from from
0:52:32 your broker
0:52:33 he's not going to give it to you because
0:52:34 you have nice blue eyes or black eyes no
0:52:37 he will have a security
0:52:41 and what's the security either cash in
0:52:44 hand
0:52:44 or recharge you interest which makes for
0:52:46 him a tasty
0:52:47 to to to lend to you so either way
0:52:51 if there is interest charged or for a
0:52:53 loan
0:52:54 then it is that there is a real problem
0:52:58 and that is a real problem but assuming
0:53:00 there's no interest
0:53:01 and the this broker is having just by
0:53:03 the by the transaction fees and the
0:53:05 splits and the margins
0:53:06 and all these things then you have
0:53:09 borrowed these stocks what will mean
0:53:11 you're borrowing when you borrow any
0:53:12 item the ownership of the item
0:53:16 transfers to you it becomes your item
0:53:18 becomes your ownership and then you own
0:53:20 it and you can sell it
0:53:24 and the reason you are selling it now is
0:53:25 that you think this price is very good
0:53:27 for selling it and getting it
0:53:28 instead getting it instead of having a
0:53:30 million uh
0:53:32 i wish i have a million ibm stocks
0:53:35 at the moment and i think it's declining
0:53:38 tomorrow or in a few
0:53:39 weeks and so on i said it and then uh
0:53:42 you sell it and you
0:53:43 think that the dollars you will get for
0:53:44 them later
0:53:46 or the you can buy them for the the
0:53:48 dollars will not decline in this
0:53:50 this is a time like as if if you expect
0:53:52 a company to collapse maybe in a few
0:53:54 weeks then you start shouting or a few
0:53:56 days
0:53:56 or you have some some information or a
0:53:58 rumor and you do that
0:53:59 and then obviously the dollar will not
0:54:02 even if it is a fiat it will not decline
0:54:04 that much in these few days
0:54:06 that extremely much expectation so we'll
0:54:08 still be winning in dollar attempts
0:54:11 and this will make market more efficient
0:54:13 and will make also will
0:54:14 will put pressure on companies which are
0:54:16 not properly run and so on
0:54:19 to to be kicked out of the market i
0:54:22 don't think it's bad
0:54:23 frankly speaking i don't think it's bad
0:54:25 if it's done probably and there's no
0:54:27 interest or usually unlikely that you
0:54:29 will find brokers will
0:54:30 will lend you stocks without having
0:54:34 something uh
0:54:38 kind of thing maybe they insist that you
0:54:39 should have some cash there enough
0:54:41 as a security which you cannot touch and
0:54:43 so on that's all that enough for them
0:54:45 and they don't charge you any interest
0:54:47 that maybe in the case of shorting
0:54:49 that may be the way to go
0:54:53 all they land you say we have to keep a
0:54:55 security in your behalf we need you this
0:54:56 amount and we charge you interest and it
0:54:58 will be an interest issue
0:55:01 yeah that would happen in game stock is
0:55:04 is
0:55:05 both these big hedge funds who are
0:55:08 conspiring to show that stock because
0:55:09 they think the company is weak
0:55:11 or they wanted to i don't think they
0:55:13 wanted to buy corrupted just because it
0:55:15 is
0:55:15 they don't like it it's not it doesn't
0:55:18 the russian human being will not do that
0:55:19 the company is weak
0:55:21 shorting may work but i think one of the
0:55:25 problem is that
0:55:26 they over overshot it they sold stocks
0:55:30 which are not an existence which is not
0:55:31 our borrowed property so they sold what
0:55:33 they don't
0:55:34 have and when it market went against
0:55:37 them and they needed to cover their
0:55:38 shorts they couldn't find stocks
0:55:40 and the stock price went ballistic
0:55:43 and they were forced them to to cover
0:55:45 their their margins by borrowing
0:55:47 trillion billions
0:55:48 from the banks and some of them almost
0:55:52 i think some of them were close to
0:55:54 bankruptcy or something like that
0:55:55 and they started moaning you have to
0:55:57 blame yourself you did not do your
0:55:59 homework properly first of all you as
0:56:02 far as they know
0:56:03 they they sold stock which you don't
0:56:05 have
0:56:07 they don't exist not being borrowed not
0:56:09 existing stocks
0:56:11 and that's that's that that's that's a
0:56:12 bad thing economically a bad thing
0:56:15 leave it as haram definitely harm to
0:56:17 sell what you don't have in hand
0:56:22 like sending you a bed in the first
0:56:24 service i said you despaired no
0:56:26 hunt at first shoot it down have it in
0:56:29 your hand and sell it to you
0:56:30 not selling it was why it is flying
0:56:33 because if you do that
0:56:34 i could on the agreed price like i said
0:56:36 get rid of me the bed
0:56:37 i have no wear this it flew away now you
0:56:40 have to deliver me the bed then you have
0:56:41 to go and maybe buy it from
0:56:43 hunter and that'll notice that you want
0:56:44 to squeeze he will give you the bed for
0:56:46 10 times the price that's exactly what
0:56:47 happened
0:56:48 and get stuck selling what you don't
0:56:50 have i think the main problem there is
0:56:52 selling what you don't have
0:56:54 and uh there is this this group of
0:56:56 people
0:56:57 who are well oiled and synchronized they
0:57:00 are not a new group they are systematic
0:57:02 for 10 years now
0:57:03 or something like that they were
0:57:04 established 10 years ago they were
0:57:06 watching wall street and trying to get
0:57:08 an opportunity
0:57:09 for the small man to to beat the big
0:57:11 guys giving a nice
0:57:12 one under the gather and they got this
0:57:14 opportunity and they give give them
0:57:16 uh hammered their heads although they
0:57:18 are hit by by you
0:57:20 by by by the broker not co-operating or
0:57:23 suspending trading
0:57:24 for various kinds of excuses but this is
0:57:26 obviously for the legal system
0:57:28 under and even the congress to
0:57:30 investigate what has happened there
0:57:32 etc but in principle
0:57:35 the main problem is coming they're not
0:57:37 from a shortage itself if it's
0:57:39 done properly that you're shorting real
0:57:41 stocks which you have
0:57:42 borrowed but from uh from
0:57:45 Music
0:57:46 the from selling what you don't have you
0:57:50 see again why the one of the wisdom of
0:57:52 the prohibition of not selling what you
0:57:53 don't have
0:57:58 um i've got a question um there's a bit
0:58:00 of a lengthy one here some of it you did
0:58:02 cover last week but
0:58:03 we can go through inshallah uh there's a
0:58:05 context to it so
0:58:07 brothers asked there is a mursal hadith
0:58:09 reported by a
0:58:10 be known as imam of his time imam
0:58:13 of dimish and we discussed that last
0:58:16 time yeah yeah
0:58:17 the man of harp that's it first of all
0:58:20 it is morsel so it's not an authority
0:58:22 because he may have taken it from a
0:58:24 sahabi
0:58:25 he may have taken the reliable sahabi he
0:58:27 may hear this
0:58:28 sahabi and he may have met a man in the
0:58:31 market claim to a sahabi and was at
0:58:32 least himself
0:58:33 in a human shape we don't know so this
0:58:35 is not an authority a morsel is not an
0:58:37 authority number one
0:58:38 secondly we say this is rationally not
0:58:40 conceivable
0:58:44 and and the hanafi applied in double
0:58:46 quote right to england english is not
0:58:48 for the one who living in england
0:58:49 whether it's a covenant of security
0:58:51 or even having a citizenship it is not a
0:58:53 hubble it's another
0:58:54 no doubt it's a domain of cover the
0:58:55 quran is ruling here even
0:58:57 even even though johnson will not tell
0:59:00 you this is the reign of islam islam is
0:59:02 dominant here islam is not dominant he
0:59:03 will admit that's not an issue of that
0:59:05 but it's not that
0:59:06 we understate the war of them so how can
0:59:08 how could you have a contract with
0:59:10 someone
0:59:11 in their heart on the battlefield while
0:59:13 you are fighting him
0:59:14 in a state at least you have a ceasefire
0:59:17 have a ceasefire
0:59:18 for six months and then you do some
0:59:20 transaction with him
0:59:21 but that's not half anymore it's the
0:59:23 other coffer only
0:59:25 so the way that our harvest is is
0:59:26 obscure it's not clear what it doesn't
0:59:28 mean
0:59:31 there if it means there are cover it
0:59:33 doesn't apply because if you end up
0:59:34 cover
0:59:36 both sides are at peace both sides uh
0:59:39 are obliged to respect each other's
0:59:41 blood and and wealth
0:59:42 and in that case you are not at liberty
0:59:45 to take advantage from a kafir with
0:59:47 whom you are not in a state of war or or
0:59:50 sled his blood or take his money without
0:59:51 legitimation
0:59:52 his money is as protected as the muslim
0:59:54 money exactly
0:59:56 there's no evidence that if it had the
0:59:59 price i wanted to
1:00:00 give that e-way with the harvester you
1:00:01 are allowed to take user informa kafir
1:00:04 but even in that case usually what if
1:00:07 the application is upside down because
1:00:09 actually you are not taking
1:00:10 you're not taking user from a cover here
1:00:12 an ignorant from a company you are
1:00:13 giving them they are making them fatal
1:00:15 and bigger
1:00:16 by giving them
1:00:19 so that's that's this is not not uh
1:00:23 anyway if if this but this brother who
1:00:25 mentions hadith can get me the arabic
1:00:26 text exactly
1:00:28 from the head of your books and so on
1:00:29 because i could not locate any
1:00:31 any wording which i can do a search wide
1:00:34 search for it
1:00:36 just just for fun to see what's this
1:00:37 hadith and just come
1:00:40 back
1:00:54 and they would say in matter of fact and
1:00:57 uh
1:00:57 deep understanding is superior to them
1:00:59 in matter of narration and
1:01:01 and exactness and strength in one nation
1:01:03 maybe a shabby is is a
1:01:05 ahead of him is known for piety and
1:01:08 and what a good advice how to behave how
1:01:13 to behave with wife with family with
1:01:14 friends and things like that
1:01:16 let's get minors i need to get some
1:01:17 things like that
1:01:20 and things like that shabi is the man of
1:01:24 perfect and meticulous narration
1:01:28 very meticulous superior too many even
1:01:30 superior to some sahaba
1:01:31 one time uh abdullah uh grammar was
1:01:34 passing
1:01:34 and the shabby was was talking about the
1:01:38 the battle of wild based on all the
1:01:40 narration he he here
1:01:41 and synchronized them properly because
1:01:43 if you talk about battles usually people
1:01:45 narrate the whole story without giving
1:01:47 their snacks
1:01:48 and then he stood and he was i may say
1:01:50 this boy because it was boy
1:01:52 at his time was young this young man
1:01:57 remember the battle better than myself
1:01:59 and i was present he was
1:02:00 he was better than those who were
1:02:02 present
1:02:04 because you got all the nation put them
1:02:06 correctly and then that's the amount of
1:02:07 narrations
1:02:09 may be not to that level but it's first
1:02:11 class not that no one have the best
1:02:12 i regard him as superior to to even
1:02:16 hasselbasa a matter of fact
1:02:22 and the narration is his first class no
1:02:23 doubt about that and priority and
1:02:25 devotion
1:02:26 without any doubt but there's no
1:02:28 guarantee that he received it from
1:02:30 someone someone liar or someone
1:02:32 someone uh
1:02:35 untouched with you and he trusted him
1:02:36 because everyone can
1:02:38 you may trust someone who is not
1:02:39 untrustworthy this can happen
1:02:42 easily you could be misled other people
1:02:46 also
1:02:46 have various level shabbies more more
1:02:48 shrewd in this and more
1:02:51 exacting in in choosing his men so if a
1:02:54 morsel of shabby is very strong
1:02:56 the strongest here really even stronger
1:02:59 than
1:03:00 musa
1:03:13 itself is not an authority
1:03:18 by itself even if it's the strongest
1:03:20 tell us
1:03:21 cannot be enough because you want to
1:03:23 know that this is coming from the rafale
1:03:25 either will test it good that's
1:03:26 established by tawatur a multiple
1:03:28 corroborating reversal
1:03:30 or bo would almost would be unreasonable
1:03:33 without bordering one's attitude
1:03:35 and for that a morsel
1:03:38 cannot get you a certainty bordering
1:03:41 will say to you it'll get you maybe
1:03:42 high probability but not enough to be
1:03:44 almost certified or bothering with
1:03:46 attitude it's not
1:03:48 because this absent man is still there's
1:03:51 all probabilities about him
1:03:52 it's 50 50. it could be a liar could be
1:03:55 a truthful could be an angel could be a
1:03:57 devil
1:03:58 so 50 50. that's not the 99
1:04:02 reliability we want on 95 plus which we
1:04:05 want really
1:04:06 to be close to substitute okay
1:04:09 but i say logically it's not possible
1:04:11 because we are not allowed
1:04:12 to take advantage from the kafir who is
1:04:14 not in a state of war he has the same
1:04:16 protection for money and wealth
1:04:17 like like anybody like a human being
1:04:21 for complete protection by being a
1:04:22 catholic does not allow
1:04:24 us to in the battlefield yes allowed to
1:04:27 shed his blood and to take his money as
1:04:28 a body but this is it for a happy
1:04:30 of a harvey is not it's not conceivable
1:04:33 that you can do or use it
1:04:34 i can contract whatsoever until the war
1:04:37 is over and we are in ceasefire
1:04:39 and allahu says the jews would become
1:04:43 shallow here
1:04:44 i don't think it's in baqarah maybe
1:04:45 later but it's crazy
1:04:49 this will not be punished for that what
1:04:51 we do to the goyims
1:04:52 to the gentiles allah said no no whoever
1:04:55 fulfills your contract
1:04:57 and that's proper allah loves those who
1:05:00 fulfill their contracts
1:05:03 so you are not allowed to do i use a i
1:05:06 usually contract
1:05:09 with gentiles or non-muslims now
1:05:14 um so you've covered the first part now
1:05:17 in relation to life practically
1:05:19 now i think what the brother was trying
1:05:20 to do is because this ambiguity about
1:05:23 um he should go back but let me
1:05:26 summarize quickly i said
1:05:28 the best justification for that is that
1:05:30 the the
1:05:31 the hanafi should be the best way i
1:05:33 would say
1:05:34 is that for you to decide they are
1:05:37 internally
1:05:37 how you are comfortable and you will be
1:05:39 able to answer your mother
1:05:40 the best justification we say okay
1:05:43 islamic banking is not available or
1:05:45 available in a limited amount
1:05:46 because of legal protection of the
1:05:49 usurious system and non-protection of
1:05:51 the islamic system
1:05:52 they have to charge they have to ask you
1:05:54 for a high down payment which most
1:05:55 people do not have
1:05:57 secondly the contract is much more
1:05:59 stiffer and well structured
1:06:01 than the usurious contract because the
1:06:02 jews contract do
1:06:04 they just contract you can't renegotiate
1:06:06 the interest and
1:06:07 settle it and so on and the case of
1:06:10 islamic contract is not as easy you can
1:06:11 set that you can resell and buy and so
1:06:13 on more complex
1:06:14 and more costly so all of these issues
1:06:18 was not widely available yet
1:06:21 i have the following option that the
1:06:23 necessity of the hajja is the following
1:06:25 i need to live in a house definitely
1:06:27 this is this necessity i live with
1:06:28 universe
1:06:29 and inevitably i'm paying either rent
1:06:33 or this usurious installment or a pay
1:06:36 interest payment
1:06:40 the the need instead of the housing is
1:06:42 clear
1:06:43 if i go in that contract then that money
1:06:47 which is going out anyway whenever we
1:06:49 are in a clever environment so it will
1:06:50 enrich and
1:06:51 strengthen the far in general and their
1:06:53 banking system and the taxation system
1:06:55 and so on
1:06:57 that money is going anywhere either i
1:06:59 dreamt or something like that
1:07:00 but if it goes as despite being a
1:07:03 serious contract now the
1:07:04 argument of hajj or necessity comes this
1:07:07 way i'm developing slowly
1:07:09 if i do it systematically and tighten
1:07:11 the belt and do it properly
1:07:13 i'm slowly building equity
1:07:16 after 20 30 years if everything worked
1:07:18 fine especially if i do a contract which
1:07:20 has
1:07:20 for example an inclusive line ensure
1:07:23 life insurance that in case of death
1:07:24 before that the life insurance will
1:07:26 compensate all of these things
1:07:28 then i am certain that at least i have
1:07:30 developed some wealth for myself and my
1:07:32 own children
1:07:32 and strengthen the muslims and the
1:07:34 muslim world and obviously
1:07:36 there are many injunctions to protect
1:07:38 wealth to increase wealth
1:07:39 to increase muslim strength and all of
1:07:41 these things and there's a need for that
1:07:43 definitely need is there maybe not
1:07:45 necessary but need
1:07:46 and and the question is that is this
1:07:49 need or necessity is sufficient to allow
1:07:51 haram which is obviously the user
1:07:52 contract which is haram
1:07:54 making it in this physical situation
1:07:56 permissible
1:07:57 like the necessity of someone died
1:08:01 dying of of starvation to eat pear pork
1:08:03 for example either non-haram
1:08:05 at this most likely i would i would
1:08:09 incline to say yeah it is the need this
1:08:11 is there's no necessity but there's a
1:08:13 blessing need which is uh which is uh
1:08:16 supported by various hadith and various
1:08:18 issues one of them is that for example
1:08:20 a man in madina came to rashford
1:08:29 overnight she was healthy nothing
1:08:30 probably then in the morning we woke up
1:08:31 she was already dead we could not do the
1:08:33 car we could not slaughter her before
1:08:34 that she died in the night it's
1:08:35 just a few hours there or a few minutes
1:08:38 you don't know where was it
1:08:40 in the early part of the night or the
1:08:41 last part of the night
1:08:43 and uh smite what to do
1:08:46 it's just matter you cannot eat it so
1:08:48 that means she's the only thing we have
1:08:50 and that nobody is as poor as myself are
1:08:53 in medina
1:08:55 said that eat it so in that case he has
1:08:58 a need
1:08:59 clearly he is not in a prison neither is
1:09:01 danger of death
1:09:02 because he can still go to neighbors he
1:09:03 can still go big and he can
1:09:06 and that's for charity but so you cannot
1:09:08 say it's a nature of death
1:09:10 but it is oppressing it relieving him
1:09:12 from asking the people and become a
1:09:13 beggar
1:09:14 something like that at least for a
1:09:15 limited time because they can eat from
1:09:17 it
1:09:17 can make dry meat of it and it can't
1:09:19 suffice for them a camel will suffice
1:09:21 for a household if it's
1:09:22 diet probably and the olives are skilled
1:09:24 in these things it may suffice for
1:09:25 months
1:09:26 relieve him from the burden of looking
1:09:29 for charity or something like that
1:09:31 until he can get above his feet
1:09:35 so you see you see my point
1:09:39 so this is we could not see this is a
1:09:40 necessity like life on death
1:09:42 or the knife on your neck but it is
1:09:45 and it is it is not it's not good to uh
1:09:49 define necessity only that the knife is
1:09:51 not nick except in the case of
1:09:52 pronouncing
1:09:53 that's only the excuses maybe but even
1:09:56 cutting
1:09:57 limbs is also a necessity which allows
1:09:59 you to announce
1:10:01 if you are threatened for example they
1:10:02 gouge your eye or cut your hand you can
1:10:04 pronounce coffee for example
1:10:06 and some of them said necessity even
1:10:08 wider than i said i cannot tolerate
1:10:11 any any any any lashes one or two lashes
1:10:14 i will give up and they
1:10:15 i will say whatever they want from me so
1:10:17 not everyone is at the same tolerance
1:10:19 level
1:10:19 so from this from this approach with
1:10:22 this argument
1:10:23 there may be some some argument but for
1:10:26 everyone to decide
1:10:28 i think for the majority of people of
1:10:29 small income like most uh
1:10:31 uh assembled pakistani who came yearly
1:10:34 in
1:10:35 in uh in the 60s 70s and so on
1:10:40 and started putting one one pound on top
1:10:42 of one pound and bought
1:10:43 a small facilities as a small houses on
1:10:46 undeveloped now they are well
1:10:47 established they have properties and
1:10:49 their children are
1:10:50 willing to do relatively well to do i
1:10:52 think
1:10:53 i think for them it would have been
1:10:55 legitimate based on that argument
1:10:57 not the argument without help that's not
1:10:58 a good output unfortunately the same
1:11:01 same mufti they did not give the fatwa
1:11:03 for the small businesses and so on for
1:11:05 issue
1:11:06 of it got stuck with the issue of of
1:11:09 insurance obligation insurance is even
1:11:11 clearer and cleaner than that
1:11:13 so many small businesses did not have
1:11:15 business insurance or things like that
1:11:17 and they suffered for example in certain
1:11:20 areas there have been even racist
1:11:21 attacks and bearing of shops and i think
1:11:23 in south wall and other places some
1:11:25 shops have been attacked by
1:11:27 whites or resistant bnb people and some
1:11:29 band and they have no insurance
1:11:31 so they their livelihood and their their
1:11:34 business
1:11:34 they should have given a similar fatwa
1:11:37 at least
1:11:40 it's more more reasonable to allow it
1:11:43 for
1:11:43 for for insurance which is just based on
1:11:46 that is
1:11:46 an island ancient islamic law there is
1:11:48 no no
1:11:50 no warranty to an exchange of money but
1:11:52 there's no sovereignty
1:11:53 something else it's another contract
1:11:56 unfortunately so our current focus are
1:11:59 unfortunately not uh they cannot
1:12:03 Music
1:12:04 you cannot rely really on on there it's
1:12:07 very unfortunate
1:12:08 the unfor you you can see that's very
1:12:10 unfortunate since even centuries
1:12:12 since really takrid since like uh
1:12:15 someone came with the idea i think it is
1:12:18 uh i remember his name
1:12:19 that all the madaya only one and
1:12:22 everything has been settled that's not
1:12:24 true
1:12:25 and the result that for example when the
1:12:26 printing press came we have the calamity
1:12:28 the catastrophe
1:12:29 which has happened that they prohibited
1:12:31 that was one essential
1:12:34 one essential factor of the decline of
1:12:36 the muslim world one of the facts was no
1:12:38 no not the only man the main the main
1:12:40 factor is that
1:12:41 the corruption of the government system
1:12:43 that's definitely the one
1:12:45 but that corruption system is that the
1:12:46 one who led us to help for example
1:12:49 later governments to share that with
1:12:51 money were
1:12:52 to to give the government legitimacy and
1:12:55 other maybe out of sincere intention
1:12:57 even
1:12:57 to protect from motivation for islam to
1:12:59 have structures like like
1:13:05 and things like that which is completely
1:13:07 it's just church
1:13:08 turn islam into a church make it make it
1:13:11 make a
1:13:12 state church with the result state
1:13:14 church always will be will be a problem
1:13:17 it's always be a problem even if it has
1:13:19 the most intelligent people
1:13:20 accidentally usually it will not be
1:13:22 because the state does not like
1:13:24 intelligent people
1:13:25 to give fatwa that's the nature of power
1:13:28 power corrupts and the power of the
1:13:31 after the observation
1:13:32 of malawi was it was was increasing and
1:13:34 the power of
1:13:35 of the public and the power of focal
1:13:36 health genuine one
1:13:38 is decreasing so we got that photo that
1:13:41 was the result of that but still
1:13:43 this could have made a big difference
1:13:47 so the islamic well they have been
1:13:48 pressure came earlier and then
1:13:50 widespread printing the widespread
1:13:52 printing will be connected possibly due
1:13:54 to
1:13:55 improvement in in paper manufacturing
1:13:57 and that will lead to improvement in
1:13:59 that manufacturing and that will lead to
1:14:01 that all many things very very complex
1:14:03 very interrelated issues we missed that
1:14:05 because of
1:14:06 directly because of this fat or the
1:14:07 focal indirectly because what
1:14:09 the absorption of power corruption or
1:14:11 government systems is from our yes but
1:14:21 after that after the 5th century's
1:14:23 exchange rate became really more aware
1:14:25 than on the um
1:14:29 unfortunately
1:14:32 um so this question specifically is um
1:14:37 your response is kind of saying uh make
1:14:40 it just
1:14:41 you have to decide if you argue from
1:14:43 necessity or need
1:14:45 and you are you are comfortable yourself
1:14:47 with that then go ahead with it
1:14:49 okay so it's down to the person's but
1:14:51 there is an argument there is a good
1:14:52 argument there
1:14:53 the generation that you refer to how
1:14:55 strong is it i mean because because i
1:14:56 might understand that
1:14:57 narration is nothing it's more more it's
1:14:59 not an author oh no no
1:15:00 i'm saying the example of the camel the
1:15:03 meta yeah
1:15:04 yeah but even we don't need that we
1:15:06 don't even need that but
1:15:07 that narration is available i can't
1:15:09 shake it okay um as far as um
1:15:14 is compelled and his heart is confident
1:15:17 with iman
1:15:17 so pronouncing comfort is the biggest
1:15:19 possible sin sorry
1:15:21 and also when
1:15:37 being done it's it's uh
1:15:41 it's very visible for him to eat these
1:15:42 prohibited meats so
1:15:45 in hunger so some people say it's that
1:15:47 what what is the level of
1:15:49 that's it so everyone has to decide if
1:15:51 that's i would say
1:15:53 on all balance of arguments i think
1:15:55 that's what we will did here by
1:15:57 buying or based on that faulty fatwa
1:15:59 actually
1:16:00 they they could have based on the other
1:16:02 one which is if she's a better way
1:16:04 but on that other one they should have
1:16:06 also taken insurances for small
1:16:07 businesses on
1:16:08 and although the problems there actually
1:16:10 limited that the number of
1:16:12 who suffered like loss of business and
1:16:14 so on because of that
1:16:15 insurance is a small number but still it
1:16:18 is significant it should not have
1:16:19 if they would have been credited this is
1:16:21 with daryl kuffer we have to we have to
1:16:23 we don't have a like that but daryl mal
1:16:25 who helped the people in this race over
1:16:27 calamity
1:16:27 because in the case of such a calamity
1:16:29 like that your shop is banned
1:16:32 you can apply to forbidden man to get
1:16:34 from the zakah
1:16:35 but you don't have that man you are not
1:16:37 getting zakah so
1:16:38 this is the need for for have some kind
1:16:40 of protection in a you know
1:16:42 cover which people are just capitalistic
1:16:45 and everyone devours the other
1:16:47 got in this example this example of
1:16:50 having some level of compulsion
1:16:52 um student loans are they permissible or
1:16:54 not so obviously you've got the student
1:16:56 loan whereby
1:16:57 i would say if you have to analyze your
1:16:59 situation if someone for example
1:17:02 definitely getting getting an education
1:17:05 i think and
1:17:06 is is is important to get you further in
1:17:09 life and
1:17:10 improve your your your lot and improve a
1:17:12 lot of muslims and so on
1:17:15 you have to think about it how uh if you
1:17:18 i i would i would say everyone you think
1:17:20 of that if you think it's
1:17:21 it it's important it's important that
1:17:23 there's a need for it there's a pressing
1:17:25 need
1:17:25 and it's the only way and you in the
1:17:27 future you may be able to run away from
1:17:29 the interest or find some kind of
1:17:31 conversation
1:17:31 set into the government or something
1:17:33 like that then then do it
1:17:37 so in that scenario you can actually for
1:17:39 example earn less than the amount or you
1:17:41 can just wait and just
1:17:43 sign on until you're 50 or something
1:17:45 like that
1:17:46 that's obviously observed that's it
1:17:47 obviously
1:17:49 the con so there's two parts of one more
1:17:51 a contract so for example can you sign
1:17:53 something which has
1:17:54 uh obviously you can just ignore the
1:17:56 part of the contract which
1:17:57 yes ignore it and try to avoid it if you
1:18:00 can if you can't then it is
1:18:02 you are compelled to pay back but the
1:18:04 signing itself is based because
1:18:05 you otherwise you will be missing on the
1:18:08 education you you think it's need and
1:18:10 you're entitled to
1:18:11 and in in the case of a legitimate
1:18:13 islamic state you would have
1:18:15 support in this direction or unknown
1:18:16 usuriously here you don't have
1:18:19 unfortunately so
1:18:24 because people are borrowing from amar
1:18:25 from bait and man for business and
1:18:27 various things obviously no news areas
1:18:29 or sometimes they say no no i don't give
1:18:30 you i will participate with you in the
1:18:32 in
1:18:32 the deal what do you want the money for
1:18:34 uh we want to do a business we share
1:18:36 with you
1:18:37 that's what i'm not doing a wide variety
1:18:40 of people
1:18:44 and sharing with them
1:18:49 and some other ways does not look like
1:18:50 sharing it's a small amount
1:18:52 it was just just given as a loan and
1:18:55 others
1:18:55 was given as a grant with doubter so but
1:18:58 this
1:18:59 is expect from from a legitimate islamic
1:19:01 authority which understand this function
1:19:02 in the world
1:19:04 but we don't expect from a capitalist
1:19:05 authority in the
1:19:07 cafe domain they don't have these
1:19:08 principles they don't have the reference
1:19:11 frame
1:19:11 so you have to to sneak through this
1:19:14 system somehow
1:19:18 got a couple of uh other questions one
1:19:19 person is asking is it okay to short
1:19:21 sell
1:19:22 btc bitcoin when you see it topping out
1:19:26 yeah it's like like any other so same
1:19:28 thing as long as you know river involved
1:19:30 in
1:19:30 yeah you borrow that when you're showing
1:19:33 the exchanges is lending you
1:19:37 or you you you regard it as as as a
1:19:40 sallam
1:19:41 selling selling with a fixed money
1:19:45 to be handed over in the future
1:19:48 we discussed the okay um another
1:19:51 question
1:19:51 is i don't know what this is because uh
1:19:53 bitcoin seems to be like a commodity
1:19:55 it's not like a stock it's not like
1:19:57 another asset which is uh
1:19:58 which is another type it's more like a
1:20:00 commodity and that is the
1:20:02 you could that although
1:20:05 somebody that he that he allowed the
1:20:08 salam in wheat barley and so on
1:20:10 there is no need uh really to say it is
1:20:12 because it is it is food or it's edible
1:20:16 but this it has allowed it in a will
1:20:20 in in dates and for overwatch i don't
1:20:22 see any reason which cannot be allowed
1:20:24 in gold and server also
1:20:26 although there's no need for gold server
1:20:28 in that sense in time past but
1:20:30 in in the case of bitcoin is it there
1:20:32 may be a need
1:20:33 to to balance the prices in the market
1:20:36 and bring it into and to
1:20:38 to invest into
1:20:39 Music
1:20:41 to deliver the prices and bring it in
1:20:44 balance
1:20:46 but formally the contract is looks like
1:20:48 asylum contract for me
1:20:50 or it is you are borrowing and selling
1:20:52 the borrowed bitcoins if
1:20:53 it is borrowed i don't know how it's
1:20:55 structured in the case of
1:20:56 cryptocurrencies
1:20:57 which is that in the case of shares we
1:21:00 know because they are
1:21:01 separate entities and they and they are
1:21:04 then borrowed
1:21:05 the same with bonds these are these are
1:21:08 what they call what they call it
1:21:09 securities
1:21:10 their securities they are borrowed and
1:21:12 then sold if it's done properly
1:21:14 or bitcoin seems to be more like a
1:21:16 commodity it may be then
1:21:18 can be structured like asylum
1:21:22 got a question uh related uh related to
1:21:24 this so
1:21:25 would that make reseller or drop
1:21:27 shopping models haram since you may be
1:21:29 selling things that are
1:21:30 sitting with the distributor and not not
1:21:32 necessarily yourself at the time of an
1:21:34 order
1:21:35 no no that's that's it i don't think
1:21:37 people get that haram from there
1:21:40 why why is sitting at an order is is uh
1:21:42 is uh
1:21:44 is uh is an issue i mean
1:21:47 you mean that the people the the people
1:21:49 may argue that you are selling while you
1:21:51 don't own it yet
1:21:52 yes i think that's what it comes from
1:21:54 yeah
1:21:56 for for for for
1:22:00 but but the the uh let us see exactly
1:22:03 what how it is done
1:22:04 yeah i order from you something and you
1:22:07 order from china but usually you have
1:22:08 already a contractual obligation with
1:22:10 the chinese
1:22:11 to deliver you at a certain price that's
1:22:13 yeah you're a reseller or an agent as a
1:22:15 seller for them
1:22:16 you already said that you have already
1:22:17 you have already contracted obligation
1:22:19 with them which is as
1:22:20 as if you are only owning it in your
1:22:22 hand yeah
1:22:24 yeah and then and then your
1:22:27 the ownership is guaranteed it's not
1:22:28 like a bed in the sky which you don't
1:22:30 own
1:22:31 you actually own because with this with
1:22:33 this obligation
1:22:34 sometimes could happen in between for
1:22:36 example for the delivery and so on
1:22:38 these accidents we know how to treat
1:22:39 them under under islamic law and
1:22:41 any other law but otherwise it is there
1:22:44 the moment you receive an order from the
1:22:46 guy
1:22:47 you switch over and all that certain
1:22:49 amount so you have an open order there
1:22:52 uh without the chinese company that's
1:22:54 usually there in ebay mostly with
1:22:55 chinese for example
1:22:56 as one of the main suppliers now for
1:22:59 industrial goods
1:23:00 someone other than immediately make
1:23:03 the matching order there and the
1:23:06 it may be done even the same moment
1:23:10 electronically is done now there will be
1:23:13 accept here
1:23:14 you make sure that before before you
1:23:17 before
1:23:18 uh you check out and that's the unusual
1:23:21 electronically now before you check out
1:23:23 it is the order is made in china
1:23:24 unapproved
1:23:27 and then you get also the message how
1:23:29 how long the delivery of the shipment
1:23:31 time takes and so on and
1:23:32 various types of shipments etc
1:23:36 and they tell you it is in stock or out
1:23:38 of stock otherwise it will not
1:23:40 so it is clearly in stock and all these
1:23:42 things are being well balanced
1:23:43 i don't think there is a problem with
1:23:45 that
1:23:51 are not in the same place they are far
1:23:53 away so they have to have some kind of a
1:23:55 settlement over the phone or over
1:23:56 or a blockchain or something like
1:24:01 i've that a question about uh factoring
1:24:03 over invoices i have no idea what that
1:24:05 means
1:24:06 that's what they discussed earlier
1:24:07 that's the factoring that's for example
1:24:10 uh when uh most especially big companies
1:24:13 and
1:24:13 big sales and so on like for example
1:24:15 when the when a car manufacturer send
1:24:18 the
1:24:18 hundred folds to the ford dealer and
1:24:21 send him the invoice with the delivery
1:24:23 yeah he doesn't need to pay immediately
1:24:26 he pays maybe in 60 days
1:24:29 good is that what it means yeah that
1:24:31 that no that now
1:24:32 the factoring is that someone goes to
1:24:35 the company say
1:24:36 okay let me let me uh
1:24:41 transfer that because the the with the
1:24:44 delivery the
1:24:45 voice meaning that you are indebted to
1:24:46 us this is a debt you are addicted to us
1:24:49 for this amount due in 60 days
1:24:52 you say transfer this debt to me i will
1:24:56 give you the debt now but at a discount
1:24:58 instead of the
1:24:59 uh 1 million i give you 900 000 then you
1:25:02 can enjoy the money right away to the
1:25:04 company
1:25:04 and then turn around to the to the
1:25:07 to the to the car dealer saying
1:25:11 you owe me i have the document of
1:25:12 ownership here you owe me
1:25:14 the one million i'm i'm i i will wait
1:25:16 until uh
1:25:17 until the due date and receive it from
1:25:19 you that's it
1:25:24 it's a delayed payment basically no
1:25:27 advancing the payment and for for the
1:25:28 one who who deserve to get the payment
1:25:31 the owner of the
1:25:32 goods which have been sold who was
1:25:34 willing to
1:25:35 to to sell them at a certain price
1:25:38 delayed
1:25:38 yeah for 60 days delivery yeah sector
1:25:41 invoice
1:25:42 now you persuade him okay you can't wait
1:25:44 to 60 days and receive your 1 million
1:25:46 but i can't give you right now 900 000
1:25:50 and i am the one who went and there will
1:25:52 be 100 000 will go in my pocket
1:25:54 if this if the original seller is happy
1:25:56 and the the buyer is obviously
1:25:58 buyers obliged to pay after 60 days
1:26:00 anyway
1:26:02 so essentially the debt is advanced
1:26:03 forward and with a discount
1:26:05 that's perfectly fine
1:26:13 um any more questions or alternatively
1:26:16 you owe me for a thousand at the end of
1:26:18 the year yeah 2021
1:26:20 i come to you say listen russia the
1:26:22 thousand i
1:26:24 uh uh i need that now
1:26:27 let me say but i don't have it ready i
1:26:29 can't give it to you now
1:26:31 say okay what's about to you give me
1:26:32 instead of a thousand give me just eight
1:26:34 hundred now and we
1:26:35 are quit okay fine i can't get that time
1:26:37 now i finished that's it
1:26:38 i'm discounting it forward
1:26:42 is there any element of rabbi involved
1:26:44 in this no no it is the opposite of
1:26:46 exactly the opposite or
1:26:49 because what was due in the end of the
1:26:51 year which is
1:26:52 must be must be paid at the end of year
1:26:54 is advanced now
1:26:55 yes there is a discount but it's
1:26:57 advanced and it's coming the economic
1:26:58 activity now i can't do whatever what i
1:27:00 want you are relieved from the debt and
1:27:02 so on
1:27:02 it's not like usury is usually that that
1:27:04 is what's won in the future and the
1:27:05 payment was fought with more money in
1:27:07 the future
1:27:09 better than the the next generation
1:27:10 possibly even if we're having long-term
1:27:13 debts and bonds and things like that
1:27:14 it's the opposite the opposite effect in
1:27:16 the economy
1:27:17 and the opposite effect and and
1:27:21 and this actually that there's even even
1:27:23 no no usage element in the sense that
1:27:25 third one taking advantage from somebody
1:27:27 else i'm not taking advantage
1:27:29 you are not taking advantage for me
1:27:32 when you tell me i i don't have it we
1:27:34 agreed on the end of the year
1:27:36 i said okay i will sweeten it for you
1:27:37 800 now
1:27:39 and we forgot about it the rest a
1:27:40 discount for you it may be for you
1:27:42 accept them
1:27:43 you can say yes fine because i know
1:27:45 sorry that's it
1:27:47 if they were to need it but into the
1:27:48 contract then obviously that's a
1:27:50 different issue but
1:27:51 because because for example maybe some
1:27:54 someone mentioned
1:27:54 the main invention they may be factoring
1:27:56 providers who pay off the invoice in
1:27:57 full
1:27:58 but offer your loan contract on interest
1:28:00 to pay off the debt plus interest
1:28:03 notice no factor factoring is that if
1:28:05 you pay in advance i
1:28:06 i am willing to give you a discount
1:28:12 it's completely different a contract is
1:28:15 already there a money is due in the
1:28:16 future
1:28:17 independence the money is is legitimate
1:28:19 or religion but it's due in the future
1:28:21 that during the future being it users or
1:28:23 non-users let's assume it's a clean debt
1:28:26 i gave you a thousand now uh uh ounces
1:28:28 of gold give me at the end of the year
1:28:30 thousand hours of gold
1:28:32 that's that's a valid contract then one
1:28:35 month later i think i have
1:28:37 better use for the thousand ounce now
1:28:40 and i come to you rush give me the uh
1:28:43 can you advise can you give it to either
1:28:44 say no i can't i have i've
1:28:45 invested and so on i cannot i'll
1:28:47 allocate a thousand now you have to wait
1:28:49 until the end of the year so what about
1:28:50 if you can
1:28:51 get somehow allocate only 800 and give
1:28:54 it to me now say okay that's good i'm
1:28:55 getting 200 in my pocket
1:28:57 just by advancing that's advancing not
1:29:01 delaying
1:29:01 or not in the future in the past
1:29:04 is essentially different factoring is a
1:29:08 different
1:29:11 if somebody works into that contract
1:29:13 i'll give you 200 now or 800 now but i'm
1:29:15 also going to charge you interest then
1:29:16 obviously that part would be
1:29:18 the prohibited part yeah this is for the
1:29:20 giving now on the future but it's
1:29:22 already given already agreed
1:29:24 it's only this usually factoring is
1:29:25 usually done in invoices
1:29:29 in which the other side is liable of the
1:29:30 price which is due in
1:29:32 60 days for example let us take the
1:29:34 example 60 days because it's very common
1:29:35 for
1:29:36 in london for example and then in
1:29:37 britain for 60 days for invoices
1:29:40 most commercial voices like that 60 days
1:29:42 then the
1:29:43 one the factor the factor of the one who
1:29:45 is doing factoring business
1:29:46 will come to the to the uh to the
1:29:50 uh the company transfer that obligation
1:29:54 to me
1:29:57 so i can go and collect in your behalf
1:29:59 the thousand the
1:30:01 the amount at the end of the six and i
1:30:04 give you
1:30:04 a discounted amount right now so you are
1:30:07 out i am
1:30:08 i i'm come in you're in your place
1:30:14 so instead of that car dealer has to pay
1:30:17 in
1:30:17 at the end of the time which is the
1:30:19 amount which which is agreed upon which
1:30:21 is like let's say
1:30:22 one million pound at after two months
1:30:26 he sees the invoice had been transferred
1:30:28 to this guy
1:30:30 and he paid the the thousand the million
1:30:32 to this guy but this guy why he got the
1:30:34 invoice
1:30:35 because he persuaded the company the
1:30:37 ford manufacturer manufacturer to
1:30:39 transfer the invoice to him
1:30:41 the right of collecting the money of the
1:30:43 invoice to him transfer essentially they
1:30:45 did to him
1:30:45 and got got uh got got uh
1:30:49 got the money right away obviously you
1:30:50 will not get the full money right away
1:30:52 otherwise
1:30:52 does not make sense for a businessman it
1:30:54 got a little bit
1:30:56 down discount you see what's happening
1:31:00 you see the structure of it
1:31:05 now i get what you're saying yeah it's
1:31:06 really directed to the people who asked
1:31:08 the question yeah i'll send a recording
1:31:11 over to them
1:31:11 um we've got um any more questions
1:31:14 related to this
1:31:14 there was a bit of a discussion in the
1:31:16 in the chat about
1:31:18 uh morsel i do believe it's probably
1:31:20 beyond the scope of this because it's
1:31:22 ultimately we're not obligated to follow
1:31:24 any of the four uh
1:31:25 schools where you have to go back to the
1:31:26 guitar and that's kind of your
1:31:28 point of view in terms of yeah having
1:31:31 you know
1:31:32 better uh connectivity to zahari's
1:31:35 sources
1:31:36 they have they have their they have
1:31:38 major problems we have seen when
1:31:40 when the time developed and the muslim
1:31:42 words was
1:31:43 became backwards and so on that was
1:31:44 developed further developed many
1:31:46 usurious things many illegitimate things
1:31:48 and many legitimate
1:31:49 things the muslims were unable to
1:31:53 to sort the shaft from the wheat and
1:31:55 even in this issue
1:31:56 in terms of hadith as well more so some
1:31:58 people taking more so at the end of the
1:31:59 day i mean
1:32:00 you you have your also which is quran
1:32:02 and sunnah
1:32:03 fundamentally more why is most religious
1:32:07 authority
1:32:07 because to be to have something
1:32:10 authority it must be from prophet
1:32:12 either will substitute like the water or
1:32:15 at least bordering most attitude because
1:32:18 in human life in witnesses and contracts
1:32:20 we go by
1:32:23 beyond reasonable doubt not beyond
1:32:26 possible doubt
1:32:28 otherwise nothing will function yeah of
1:32:31 course dictated by necessity
1:32:32 and interaction this is not deduced from
1:32:35 from
1:32:36 uh from the it is used also from many
1:32:38 incidences of the hadith
1:32:40 and the sea life et cetera that that
1:32:43 that they went by by
1:32:46 things bordering or substitute either
1:32:49 certitude or something bothering us
1:32:50 attitude
1:32:52 but was approved by the sharia because
1:32:54 life will not be impossible to us so you
1:32:55 cannot insist on
1:32:56 certitude beyond any possible doubt
1:33:01 but it's enough with unreasonable doubt
1:33:03 reasonable doubt
1:33:04 is not a doubt like for example this
1:33:06 narrator is well known authority well
1:33:08 known to be trustworthy and so on
1:33:10 but he's a human being he may have made
1:33:12 a mistake here yeah but this is not a
1:33:13 reasonable doubt
1:33:14 you have to bring a justification that
1:33:16 he made a mistake there by
1:33:18 shaking another narration checking the
1:33:21 the text that may be a problem
1:33:22 checking that or he may have lied
1:33:25 because even the most trustworthy person
1:33:27 in all his life may lie
1:33:28 maybe but but this is very remote that's
1:33:31 beyond reasonable doubt
1:33:33 that he has reasonable doubt with
1:33:36 certitude
1:33:37 beyond any possible doubt there is no
1:33:38 possibility of any doubt like multiple
1:33:40 people narrating this is impossible that
1:33:42 they have
1:33:43 and there are sufficient other evidences
1:33:46 showing that they could not have met
1:33:47 together
1:33:47 and decided to construct the this
1:33:50 statement is impossible
1:33:52 but it's impossible for the statement to
1:33:53 emerge by itself
1:33:56 it can't be so it must be
1:33:59 to that to must become from the one who
1:34:01 attributed to himself
1:34:02 like for example something in written
1:34:05 and we can prove that there's a writing
1:34:06 from the same guy in his handwriting and
1:34:08 so on the paper and so on that there's
1:34:10 no change in it
1:34:10 and it's clearly from the same old ink
1:34:13 this is this is essentially substitute
1:34:15 it needs always supportive evidences
1:34:17 until this attitude
1:34:19 but a later print uh the one who upset
1:34:22 said the the the the edited version
1:34:26 called many of the ancient books are
1:34:27 hundreds but recent books
1:34:30 does we unreasonable doubt that's the
1:34:32 word but we cannot exclude that someone
1:34:34 who
1:34:34 transferred it from handwriting into a
1:34:36 book that this guy cheated in somewhere
1:34:38 or changed one word
1:34:40 we cannot exclude even if he's a
1:34:42 reliable authority
1:34:44 if he's unreliable we know this is not
1:34:46 the authority but if it's a reliable
1:34:48 truth it's an authority in the sense
1:34:49 be a reasonable doubt not to its
1:34:51 attitude
1:34:53 and we know that even with the plenty of
1:34:54 breasts you may have even misspelling
1:34:56 and mistakes
1:34:58 but they can be sorted out and found out
1:34:59 etcetera
1:35:03 so we are not allowed to follow just
1:35:05 something which may be from an orphan it
1:35:07 help it has to be a with certainty
1:35:09 or murdering uncertainty close to
1:35:12 security
1:35:13 but not far away from certainty morsel
1:35:16 is far away from certainty
1:35:20 actually some more are even certain in
1:35:22 the sense that they are
1:35:23 by their own nature and their generation
1:35:26 they must be based on tawatur
1:35:29 so it looks more cell in the face but
1:35:30 it's the water
1:35:32 but this one hadith specifically is
1:35:34 definitely the best of the water
1:35:36 because the matter is obviously obscure
1:35:40 because this is not the way the person
1:35:41 will talk about donald harvester he will
1:35:42 talk
1:35:43 with the herbie with the kafir
1:35:46 he doesn't use the weather except rarely
1:35:49 in in
1:35:50 in issues related to immigration and
1:35:52 moving out and end that's it
1:35:54 he uses usually persons and identities
1:35:58 which then abstracts to their help
1:36:07 like when you say for them
1:36:21 and we know from other evidences that it
1:36:24 means the one who is at war with muslims
1:36:26 so he joined the warrior
1:36:27 so became a warrior then his blood is
1:36:30 permitted to to be shed
1:36:34 and this does not apply only to the
1:36:35 slave who is on the way
1:36:37 because all of us are the slave of allah
1:36:39 so if you go to israel you have escaped
1:36:41 islam
1:36:41 you left the islamic domain where you
1:36:43 are the slave of allah to the domain of
1:36:45 shirk we are no more the slave
1:36:46 or you rebelled against the slavery
1:36:49 so your blood can be shed for example
1:36:54 but today will help why because the
1:36:56 quran says clearly what you see in surat
1:36:57 nazar
1:36:58 that those who are living in the domain
1:37:00 of cover
1:37:01 and joining the kuffar in their fight if
1:37:04 they are having a covenant with people
1:37:06 with whom you have a covenant you kind
1:37:08 of shed their blood because this
1:37:09 covenant protect them
1:37:10 so it must be the one with the which is
1:37:12 the state of war
1:37:13 with no covenant or protection
1:37:16 this all has to be taken on board in
1:37:18 these things
1:37:20 but the formulation is usually not like
1:37:21 that when with the mushrikee and with
1:37:24 this with covenant
1:37:24 people with covenant the quran always
1:37:26 talks about the ummah about the people
1:37:28 doesn't think about institutions even
1:37:30 even even the government on one in
1:37:32 charge except in two places
1:37:36 in the one place if they have referred
1:37:38 to um to analyze the issues of war on
1:37:40 peace and security and insecurity they
1:37:42 should not have
1:37:43 you should not have uh spread romans as
1:37:46 soon which will undermine
1:37:48 people feel a feeling of safety they
1:37:50 should if they get any use of war or
1:37:52 peace or
1:37:54 an approaching army they should not
1:37:55 spread it just around the army's
1:37:57 approach
1:37:57 they go to the one charge to analyze the
1:38:01 sentence
1:38:01 the issue is the real issue of safety so
1:38:03 that we can rally the people and start
1:38:05 preparing for war or for defense or not
1:38:08 instead of going and saying spread
1:38:10 rumors and undermine the
1:38:12 public confidence the only place in the
1:38:15 quran two places were all
1:38:16 mentioned they have never mentioned
1:38:17 anywhere only the ummah you are the only
1:38:19 the whole is addressed so it does not
1:38:22 look like the way the process addresses
1:38:23 the wording does not look like it looks
1:38:25 like a wedding
1:38:26 not the wording of the prophet
1:38:33 okay so that's that's that but some
1:38:36 other morsel
1:38:43 every one of foreign hairs his light so
1:38:45 there is no asiya for wart
1:38:52 that that's that's the agreement between
1:38:54 all the sahaba and all this is
1:38:56 morsel we could say it is essentially
1:38:58 based on taratul
1:39:00 how how do we know that is enforced by
1:39:01 the ishmael the sahaba and the
1:39:03 word since ancient time that
1:39:06 you cannot make no syria for it if you
1:39:08 want to deal with waratha
1:39:10 this they should the friend of
1:39:13 of uh of rash is asking we shall
1:39:16 find him michela if you did a deal in
1:39:18 your life and give them
1:39:20 if you give them in your house
1:39:23 like a walker was gifting something to
1:39:25 aisha and she did not take it yet she
1:39:26 didn't receive it and he was in his
1:39:28 deathbed
1:39:28 say did you receive that one did you
1:39:30 take it over say no say it is too late
1:39:32 now
1:39:32 it will go to the to the to
1:39:36 the inheritance and will be divided
1:39:37 accordingly
1:39:39 should have taken it it was a gift in my
1:39:41 lifetime now it is not possible to give
1:39:43 you that
1:39:44 as always is over isn't fought by many
1:39:47 things
1:39:48 so we say that one morsel technically
1:39:50 morsel
1:39:51 is actually to other many of sierra
1:39:53 stories are technically morsel
1:39:55 but they are referring to torator
1:40:00 as we may glean from various other
1:40:02 supporting evidences that are really
1:40:04 that the narrator make it more sad
1:40:06 because he hated so many people it makes
1:40:07 no sense to say i hate it from x y z
1:40:10 epsilon y z one x one x two x three
1:40:12 other mention you a long list of
1:40:14 hundreds of people
1:40:15 i hate almost everybody so he said let
1:40:17 me say allah said
1:40:19 as i hear that from so many people that
1:40:21 think i am certain
1:40:26 so musal could be but could be the
1:40:28 otherwise could be from a shaytan
1:40:31 who fabricated
1:40:38 that's the nature of muscle so it's not
1:40:39 every muscle this is uh
1:40:41 is is by by but by being a more solid
1:40:44 face
1:40:45 it's not an authority by in theory or
1:40:48 some morsel may refer may actually
1:40:50 reflect
1:40:51 the water and some reflect nothing
1:40:53 reflect rubbish
1:40:55 so again by itself as it stands without
1:40:58 another corroborating evidence
1:40:59 is not an authority
1:41:09 itself i mean you've covered uh you've
1:41:11 you've done classes in assault if there
1:41:13 is an appetite to go into some more
1:41:14 detail on this we could always
1:41:15 schedule something in the future if
1:41:17 anyone wants well
1:41:19 these classes also we will edit them and
1:41:21 we'll improve that
1:41:22 and then make it maybe in the videos and
1:41:24 start posting them and so on we'll see
1:41:26 how much do we save and where it is and
1:41:28 so on so to become more for the general
1:41:30 benefit because we had we had good
1:41:31 things i think
1:41:32 was worth being and we discussed various
1:41:35 issues around that
1:41:36 many uh particular issues i think it's
1:41:38 it's worth we should look in that
1:41:40 challenge together
1:41:41 what we didn't do in our last um
1:41:44 is we were gonna look at um maybe
1:41:46 editing up because the pace was
1:41:48 um uh slow uh is finishing off what we
1:41:52 had from
1:41:52 uh ahmadi's uh bernard shaw's summary of
1:41:55 ahmadi
1:41:56 because we finished most of it the key
1:41:57 points had come out and then we had to
1:41:59 do selection and then finish
1:42:01 and where that end was i think about
1:42:03 ishmael and so on and i think we will be
1:42:05 preempted most of that i think yeah most
1:42:07 of the discussion had been had so it
1:42:09 wasn't a necessity to read through the
1:42:10 whole of the book
1:42:11 but there were some sections that needed
1:42:13 to be finished and then there's some
1:42:14 polishing
1:42:14 just for those people who didn't know
1:42:16 what we covered in maine your main
1:42:18 thrust to the point was default ruling
1:42:20 on actions i think this was it
1:42:22 hey how do you think and you came to
1:42:24 that point that if the prophet saws and
1:42:25 command something as a general thing
1:42:27 it will be recommended without karina
1:42:28 and then you have um other things going
1:42:30 on and but most importantly discussed
1:42:32 other things like malik's opinion
1:42:33 if he says if the prophet tells us to do
1:42:35 something larger but less indicated
1:42:37 otherwise he went through that opinion
1:42:38 the other things
1:42:39 all of these kind of things so there's a
1:42:41 lot to that material what's a little bit
1:42:43 more
1:42:43 what's a little bit more um rounded
1:42:47 is uh what we did with because that's
1:42:49 that's a more accessible text for those
1:42:51 who are interested
1:42:52 as for the brothers that made this point
1:42:55 there was a brother was making a point
1:42:56 earlier i think it was a
1:42:58 a little bit of uh excess um where
1:43:01 someone uh he mentioned that look
1:43:02 uh about motorcycle would be haram to
1:43:04 follow this kind of stuff and what i
1:43:05 understood of what you said
1:43:06 the mausoleum narration for you is not
1:43:08 hajja because obviously it's not
1:43:09 connected back to the prophet saws
1:43:10 strength it can be indicative this is
1:43:11 what you've said before isn't it
1:43:13 yeah it can be used as an indicative
1:43:14 yeah it's like a weak hadith
1:43:15 strengthening
1:43:16 body i mean yeah body of sound kind of
1:43:19 stuff
1:43:19 so it can be a joint but it's by itself
1:43:22 it doesn't turn
1:43:23 because it's disconnected it never has
1:43:25 doubt yet um
1:43:26 just as a couple of uh final points
1:43:30 the the on the issue of uh the madahib
1:43:32 right it's something that's going to be
1:43:34 easily
1:43:35 misrepresented by others um no one's
1:43:38 saying that it's wrong
1:43:39 and all of these kind of stuff or what
1:43:41 we're saying is that you know in allah
1:43:43 we don't have we don't believe in the
1:43:44 ismart of imams we don't believe
1:43:46 in infallible imams um and also the idea
1:43:48 that there were four schools is a
1:43:49 historical fallacy there were many
1:43:51 others right
1:43:52 yeah due to a number of factors
1:43:53 spreading and all these kind of stuff
1:43:54 others moved and there was a time in
1:43:56 history and
1:43:56 everyone is conveniently forgetting this
1:43:59 where the mother was a de facto fifth
1:44:01 motherhood and the proof of that
1:44:02 is just read the buddha hidayah
1:44:08 quotes the fifth school and because it
1:44:09 was operating actively as if it's school
1:44:11 after it
1:44:12 has had passed it this is centuries
1:44:15 after the early years of islam you know
1:44:16 this is in the opposite
1:44:18 area so you know the historic history
1:44:19 doesn't match up with an attempt to say
1:44:21 it has to be from the school for schools
1:44:23 otherwise it's wrong you know
1:44:24 this is this is this is a major blunder
1:44:26 of uh
1:44:29 saying that the former everything is
1:44:32 there nothing is outside
1:44:33 this is a catastrophe anyway and it's
1:44:35 not true as well
1:44:37 it's it's a fallacy it's a fallacy it's
1:44:39 a fallacy the same of life for example
1:44:41 we have also jaffary yeah it's
1:44:45 similar to sometimes and sometimes for
1:44:47 medina
1:44:48 and then we have also zaidi they said
1:44:50 they developed their own separately yeah
1:44:52 not only the method of
1:44:53 imam and so on that's a matter which has
1:44:55 been messed up and
1:44:57 conjoined to akrida which is doesn't
1:44:59 should not belong there but leave that
1:45:00 now for the moment
1:45:01 so we have these and then we have some
1:45:03 imam
1:45:07 interesting and it seems to me in some
1:45:10 of them
1:45:11 it turns out now after we've got all the
1:45:13 hadith and all things it seems to me
1:45:16 hadith and quran justify him better than
1:45:18 the others who
1:45:20 who got stuck maybe with some fake
1:45:23 points of view
1:45:24 partly who were taken from from from
1:45:28 jews and christians and roman habits and
1:45:30 so on
1:45:31 you would be amazed that some of the
1:45:33 tabernin one or two i think
1:45:35 they they they they they advocated even
1:45:39 that someone in debt could be sold as a
1:45:41 slave
1:45:42 this is unbelievable there was it was
1:45:45 things like that all these these have
1:45:46 these other points you have been extinct
1:45:50 but but still but still
1:45:55 these points of view have been extinct
1:45:58 so it is this is a lot of tons of things
1:46:00 which are unbelievable and rubbish is
1:46:01 there
1:46:02 and uh i read recently but i didn't
1:46:05 could not verify
1:46:06 that
1:46:10 it is
1:46:20 islam because they they allow that the
1:46:22 sharia could be obligated
1:46:24 i have never read that anywhere i i have
1:46:26 to check what is this
1:46:28 what they are that i never thought but
1:46:30 also we have a toffee alhambra instead
1:46:32 hambury in the
1:46:33 in the 8th century 7th or 8th century of
1:46:36 islam injury
1:46:37 and saying that
1:46:49 which is a straightforward statement
1:46:51 yeah
1:46:52 sounds there yeah yeah many people
1:46:54 declare him to be a kafir at this time
1:46:56 and he's a hamburger so that's it that's
1:46:59 all
1:47:01 that's all uh there are many things like
1:47:03 that's it but
1:47:04 because the people the general republic
1:47:05 is relatively ignorant and were not well
1:47:07 educated
1:47:08 they they take positions which
1:47:12 they think these are things are written
1:47:14 in stone or well established beyond
1:47:15 doubt and so that's not
1:47:17 that's not definitely not like for
1:47:20 example
1:47:21 the famous story of hallach who's
1:47:23 accused that he's
1:47:24 catholic because one of the stories that
1:47:26 later in that he said someone knocked
1:47:28 the door and said
1:47:29 and then the man at the door said is
1:47:32 that halal
1:47:32 inside and said nothing inside except
1:47:35 allah
1:47:36 that you believe that is allah anyway
1:47:39 and ultimately
1:47:40 so many stories like that reached the
1:47:42 quran
1:47:43 there were there were there were various
1:47:45 quran there
1:47:46 there were various kodak there hambury
1:47:50 were established at that time amazingly
1:47:53 three of them could judge him to recover
1:47:55 the humbly one who's supposed to be the
1:47:58 the most strict one say no this is not
1:48:00 enough evidence that he's a kafir
1:48:02 it may be have another meaning he means
1:48:04 something else it does not mean
1:48:05 statement of cover
1:48:07 and january it's it's a confusing
1:48:09 statement which does not indicate that
1:48:11 he
1:48:11 believe that allah is the entity of
1:48:13 everything or inside everything
1:48:16 he may be meaning the will of allah and
1:48:18 the
1:48:20 expression of allah which is true in
1:48:22 every house everything is expression of
1:48:24 allah although the statement like that
1:48:26 is clearly confusing
1:48:30 so there are many things in islamic
1:48:31 history an interesting thing
1:48:34 and there are other extreme things to
1:48:35 really
1:48:37 amazing historical like for example in
1:48:39 in the time of honorable
1:48:40 aziz there was there was a siege of of
1:48:44 a certain castle in in in the turkic
1:48:46 area like behind samarkand and so on
1:48:50 and they were negotiating a certain
1:48:51 settlement and
1:48:53 they they uh insisted that settlement
1:48:56 should be approved by umar bin abdullah
1:48:59 because they heard about his justice and
1:49:00 so on so the document came to omar
1:49:03 and they said this is document handed by
1:49:05 their leaders etc and they agreed upon
1:49:07 they just want to do significance you
1:49:08 know i will not sign it until you go
1:49:10 with it
1:49:11 to the market invite all people and take
1:49:14 your votes take their votes
1:49:16 if they agree that's almost extremely
1:49:20 democratic
1:49:22 huh no
1:49:25 they really are not enough this matter
1:49:27 of life and death and war and peace
1:49:29 everyone has to vote and they went and
1:49:31 did that and everyone agreed
1:49:33 and they came back and i'm assigned
1:49:38 another story for example one one i
1:49:40 think it's samarkand itself was
1:49:41 conquered
1:49:43 and after the conquest the bible saw
1:49:45 hunt came to know that they usually they
1:49:47 should be offered islam or jesus or
1:49:49 something
1:49:49 keep independence and just pay jessie
1:49:51 and so on and they went to the cardi of
1:49:52 the june
1:49:53 of the army say your invasions
1:49:56 according to islam so why if they will
1:49:58 we are not giving that offer
1:50:01 and you conquer that by false because we
1:50:02 did not get the other option you are not
1:50:03 ah
1:50:04 and he checked this was off was not
1:50:06 offered to them
1:50:07 he ordered the army out everyone out
1:50:11 the city doors clear the city it gets
1:50:13 closed
1:50:15 and then they negotiate again and make
1:50:16 the three of us
1:50:18 the people say welcome we accept we
1:50:20 accepted the jizya
1:50:24 fantastic things need to be dug jewels
1:50:26 in history
1:50:27 precedences were unbelievable value
1:50:31 first we have forgotten about that when
1:50:33 when the issues with the people of
1:50:34 cyprus have been in the
1:50:36 early abbasi
1:50:41 cyprus belongs they they cooperated with
1:50:45 romans
1:50:46 and then he wanted obviously to inherit
1:50:48 them and the scholars stopped to stop
1:50:49 whatever
1:50:50 inhalation if you would have a covenant
1:50:51 since the time of sahaba
1:50:53 so he asked various opinions
1:50:57 etc and everyone gave his opinion
1:51:00 they're very very various variational
1:51:01 opinions
1:51:02 one of them of uh i remember the name in
1:51:05 a minute
1:51:06 who is also hadith narrator regarded at
1:51:08 the god but only in the shami indonesia
1:51:10 is not a strong said the people are
1:51:13 under duress
1:51:15 they are between the hammer and the
1:51:16 anvil
1:51:18 the romans invade them and force them
1:51:19 and then we invite them and force them
1:51:21 does not work this way we are not giving
1:51:22 them sufficient protection
1:51:24 we should allow them if we don't give
1:51:26 complete protection and repel the rebel
1:51:28 repel the romans attack we should give
1:51:31 them the
1:51:32 allow them to pay at least half their
1:51:34 jesus should go to the room and so they
1:51:35 should be
1:51:36 here to assad to the romans that's the
1:51:39 only way
1:51:40 to get them out of to the misery they
1:51:41 are in in a lengthy statement i have it
1:51:44 covered somewhere in my
1:51:45 comments the jews in islamic history
1:51:47 which have been overlooked
1:51:50 and scholarly in the statements of
1:51:53 really supreme value which could be
1:51:56 world shaking really even in the
1:51:58 international relations unbelievable
1:52:02 but ignorance is is not a bliss
1:52:06 only for the ignorant yeah we have a
1:52:08 question about it
1:52:10 he can rest in his ignorance and think
1:52:12 the world is under his control with his
1:52:15 we've got ignorance question about uh
1:52:16 gold and silver
1:52:18 so is there any hadith about gold priced
1:52:21 in silver
1:52:22 i.e a revealed ratio no no no no there's
1:52:25 none
1:52:26 had it been
1:52:32 if these types are different then
1:52:34 exchange as much as you like
1:52:36 at the time of the prophet it was i
1:52:37 think one to seven and then it slowly
1:52:39 went more and more and silver was more
1:52:42 valuable and then
1:52:43 sank more and more and more because
1:52:45 maybe possibly more
1:52:47 silver was easily found etc and nowadays
1:52:50 it may
1:52:51 slowly become more valuable because
1:52:54 plenty of sale was going for industrial
1:52:55 use and
1:52:56 electric connections so it will become
1:52:58 rarer so maybe then
1:53:00 the the relation will go slowly to that
1:53:02 what the time of honorable hop up
1:53:04 for example so these are things that are
1:53:07 open
1:53:07 and subject to the open market you know
1:53:10 yeah
1:53:16 as you wish obviously meaning as you're
1:53:18 actually addressing the community at the
1:53:19 market dictates
1:53:21 it is not proper that you you sell
1:53:22 someone who is ignorant about the market
1:53:24 or simple-minded you take advantage of
1:53:26 his ignorance and sell him that would be
1:53:28 either cheating by giving the wrong
1:53:30 price or with uh
1:53:31 taking excessive advantages
1:53:35 access but these are additional issues
1:53:38 but in principle
1:53:39 the price is settled by market overland
1:53:41 acceptance
1:53:42 sure what's your thought so just came to
1:53:44 my mind dogecoin is a is a coin which is
1:53:47 used to kind of like rug pull people or
1:53:49 oh god no no no no
1:53:52 no it's not like is a blockchain exactly
1:53:55 like
1:53:56 uh like uh like bitcoin well sometimes
1:53:59 it's used to kind of like um when people
1:54:01 come in and because
1:54:03 there's no intrinsic value in terms of
1:54:04 the amount of uh coins
1:54:06 there is there there is a considerable
1:54:08 intrinsic considerable financial energy
1:54:10 there exactly like bitcoin
1:54:11 the only thing is that it is it's much
1:54:13 later and it was initially made as a
1:54:15 joke
1:54:16 having this dog as a is a meme coin but
1:54:19 it has value and people buy and sell it
1:54:22 now there are some there's some
1:54:23 intelligent or sharp guys who
1:54:25 take advantage make a campaign to to
1:54:29 to hybrid up and then when it reach a
1:54:31 peak or they analyze the market they are
1:54:33 more skilled in other
1:54:34 markets they start selling and the one
1:54:36 who came late but this
1:54:37 is this is a problem with all with all
1:54:40 the general people in hype
1:54:41 when markets go up everyone runs behind
1:54:44 the market and get
1:54:45 get get wrecked but has happened even
1:54:48 for example
1:54:49 someone starts for example let's say
1:54:52 start for example let's say a laundry in
1:54:55 a street
1:54:56 and makes good money and then some
1:54:58 idiots think that oh we have to
1:55:00 establish
1:55:00 another loan they come in the same
1:55:01 street until you have so many laundry
1:55:03 that nobody
1:55:04 makes money even with laundries go and
1:55:06 see the shops in some places
1:55:08 in asian quarters stupidity at harry
1:55:11 potter shops
1:55:13 or other shops anyway stupidity is very
1:55:15 difficult to cure
1:55:17 the only thing is to educate the people
1:55:18 that give them good advice but
1:55:21 most people do not listen to good advice
1:55:23 there isn't too hype and feeling
1:55:25 and and things like that but this is
1:55:27 this this is because of human feeling
1:55:30 obviously there's some people who are
1:55:31 mischievous and and
1:55:33 try to loot people out this will exist
1:55:35 everywhere in muslim domain maybe
1:55:36 hopefully less
1:55:37 when muslims are more practicing and
1:55:39 more more pious than the average
1:55:41 hopefully but there will be there will
1:55:43 be there will be whales and there will
1:55:44 be sharks and the muslims the same like
1:55:46 undercover
1:55:48 and in some societies even worse like
1:55:49 for example look at for example
1:55:51 the ones who internationally known to be
1:55:53 biggest cheater and
1:55:54 and and doing corrupt business practice
1:55:58 nigerian pakistani two countries where
1:56:01 the
1:56:02 nigeria is not the dominantly but almost
1:56:05 dominantly muslim
1:56:06 and pakistan is all exclusive muslim
1:56:09 this is a disgrace that pakistani having
1:56:11 a bad reputation business
1:56:12 more than the indians the hindus unless
1:56:15 there's
1:56:16 something that's a fact so it's a very
1:56:20 miserable fact
1:56:21 which means that we should we should
1:56:22 take the shoes and beat them with the
1:56:24 shoes up
1:56:25 as a disgrace you are disgracing
1:56:27 yourself in islam
1:56:30 just get their leaders in combine
1:56:31 harvester and the leaders of the
1:56:33 elite and so on unfortunately that's
1:56:35 that that's what we see
1:56:36 it has eased the a bit in their ears and
1:56:39 is a bit
1:56:39 but in time past it was a prime example
1:56:42 i don't know okay beware for this
1:56:44 pakistan you must
1:56:44 must be doing some plot to cheat you out
1:56:47 of money and the same with nigeria in
1:56:48 africa
1:56:49 if especially if their name is hajisa
1:56:52 or something like that if you get a
1:56:53 golden pass when you're we have we
1:56:55 have to we have to acknowledge that some
1:56:57 of it is obviously propaganda and so on
1:56:59 but
1:56:59 propaganda does not come from nowhere
1:57:01 there must be some source of that
1:57:03 why we don't hear that the ugandan or or
1:57:05 or the south african are
1:57:09 considerably cheaper not we don't hear
1:57:11 that
1:57:12 but we here for example a matter of
1:57:14 sexual impurity and indulgent indulgence
1:57:17 in
1:57:17 in in in excessive sex and so on with
1:57:19 with
1:57:20 widespread of aids south africa is well
1:57:23 known for that
1:57:24 this is obviously something a disease in
1:57:26 the society which the people there have
1:57:27 to address
1:57:29 obviously the muslims are a small
1:57:30 minority there hopefully they do
1:57:32 something like for that one for
1:57:34 trying to get the people out of this
1:57:35 mentality of
1:57:37 sexual predatory behavior which is
1:57:39 widespread there
1:57:40 and and at least control this this aids
1:57:44 epidemic but there is some disease in
1:57:45 some societies
1:57:46 due to historic situations not that the
1:57:48 people are bad but maybe under apartheid
1:57:50 the people had no
1:57:51 no no way to express themselves except
1:57:53 to be sexually predatory for example we
1:57:55 don't know
1:57:56 it has to have deep studies under
1:57:59 certain cures and that's the job of the
1:58:02 scholar of uh
1:58:06 good politician to address that and try
1:58:08 to to
1:58:10 drain the swamps and certainly the
1:58:11 certain swamps with certain diseases
1:58:13 possible more than elsewhere but one
1:58:16 more question heavens
1:58:17 so for the for the future for inshallah
1:58:20 there is
1:58:20 no wahi based issue for issuance
1:58:24 of iu currencies as his book
1:58:27 adopts so he's about to adopt that they
1:58:29 shouldn't be i don't know it's been so
1:58:30 long i've been with them
1:58:31 uh since i've been around them um do
1:58:34 they adopt that there's no what
1:58:36 they you have to either you can't issue
1:58:39 um ious based currencies
1:58:43 no i i their point of view is that the
1:58:46 the
1:58:46 currency at the time which will
1:58:48 establish that before islam even
1:58:50 is the dinar and the gold and silver but
1:58:52 the hadith about gold silva
1:58:54 and so on shows that these are also semi
1:58:56 currencies
1:58:58 now the question some people say you
1:58:59 can't do something
1:59:03 is only these six types but if you look
1:59:05 at the charlie it cannot be the six side
1:59:07 because there are six in dhamma or
1:59:08 because
1:59:10 in arabic written with the letter and in
1:59:13 english with g o
1:59:14 l d no it has to examine its intrinsic
1:59:17 nature
1:59:17 so this will look in the intrinsic
1:59:19 nature of the integration of silver
1:59:21 and the intensification of wheat and so
1:59:23 on nobody can doubt that wheat
1:59:26 and barley are essentially similar in
1:59:29 all aspects of rice
1:59:31 they are yearly products they are dry
1:59:33 product they are well controlled
1:59:34 and in weight dry they are controlled
1:59:36 with they are repeatable and available
1:59:38 every year and these are major calamity
1:59:40 habits
1:59:40 in amount uh to settle and so on so why
1:59:43 not
1:59:44 regard rice as the same like like having
1:59:46 the same
1:59:47 judgment like barbie and if there we go
1:59:50 then we have oat
1:59:51 we have uh millet we have all of these
1:59:55 then we have the various beans and so on
1:59:57 they are very similar so would this be
1:59:58 covered by general permissibility
2:00:02 exactly and also the action of that that
2:00:05 he was dealing and what he's dealing
2:00:06 with in dealing with those
2:00:08 these six and mentioning this section
2:00:10 the hadith does not mean that is the
2:00:11 only
2:00:12 one he did not say
2:00:15 if he said for these six types only and
2:00:18 all other types you are free to do
2:00:19 whatever you want
2:00:20 then it would be an authority but he did
2:00:21 not say that he mentioned six types
2:00:23 and gave they are example we have we
2:00:25 have an example of of
2:00:27 a precious metal so gold silver i will
2:00:29 add to them uh
2:00:31 platinum definitely and molybdenum and
2:00:33 so on
2:00:35 even uranium but who will deal with them
2:00:37 this is everything
2:00:38 leave that then we have when you have
2:00:40 wheat and barley
2:00:42 then tries to eat millet i don't know
2:00:45 what's in arabic oat
2:00:46 so all of these things then we have
2:00:49 salt even salt is there some people say
2:00:52 because it's part of a food i could say
2:00:54 it is
2:00:54 it's a mineral it's a pure mineral it's
2:00:57 good it is
2:00:58 it is available in nature it can be
2:01:00 harvested from the seed
2:01:01 but it applies to any pure mineral
2:01:05 because it has it has a well-established
2:01:08 composition
2:01:09 we could we could not we could barely
2:01:12 talk about uh
2:01:13 gold about the iron ore iron ore varies
2:01:16 in the content of iron and sun and so on
2:01:18 but but but salt is really a pure
2:01:21 mineral
2:01:22 so pure minerals we can go also
2:01:25 called the golden silver and then we
2:01:27 could add also cover with pure cover
2:01:30 and the current contracts in in in
2:01:33 chicago and elsewhere they spoke about
2:01:35 currents like in form of
2:01:37 of i think either wires or inferno
2:01:40 sheets but anyway the form is available
2:01:42 but make it to make it will
2:01:43 will define how to deliver it in certain
2:01:46 uh
2:01:46 basic form it can be well defined and
2:01:49 become also a commodity which
2:01:50 the this hadith apply
2:01:54 and now then we have things which are
2:01:56 commodities we shall exist in
2:01:58 in the blockchain and in the mind they
2:02:00 have intrinsic value they have existence
2:02:02 but they exist
2:02:03 is not necessary the existence we are
2:02:05 used to we can't touch with that but you
2:02:06 can't touch with that with the hand of
2:02:08 the mind
2:02:12 and their producers with the definite
2:02:14 process of
2:02:15 whatever it is is being provostic or
2:02:17 proof of
2:02:19 of of work
2:02:22 and then they they they have what they
2:02:25 define characteristic they are actually
2:02:27 much more stricter and sharply they
2:02:29 defined than
2:02:30 than physical communities as i mentioned
2:02:33 last time yesterday just to make things
2:02:35 a little bit more exaggeration
2:02:36 to show that you they someone could say
2:02:39 their existence is more closer to the
2:02:41 necessity of existence
2:02:42 and in the being in the knowledge of
2:02:44 allah before creation than gold and
2:02:46 silver which is contingent on this
2:02:47 universe
2:02:48 another universe may not have got this
2:02:50 right may have
2:02:51 more or less other materials or maybe no
2:02:54 noble material small change in some
2:02:56 constant will make no material noble
2:02:58 whatsoever but still bitcoin and the
2:03:01 the hash system and so on exist in in
2:03:04 mathematical
2:03:05 universe and in the knowledge of allah
2:03:08 so it has more existence in that sense
2:03:10 and more necessity than
2:03:12 golda central if we want to just argue
2:03:14 it more philosophically and
2:03:15 metaphysically
2:03:19 i think a lot of these issues come when
2:03:22 uh muslims and
2:03:23 generally other people try to understand
2:03:25 the principle of value and what is value
2:03:27 what gives value where does it come from
2:03:29 yeah you seem to have an opinion that
2:03:31 it's written down somewhere or that it's
2:03:33 static and you know yeah and also what
2:03:36 what's also
2:03:36 coming that like for example someone
2:03:38 asked me uh in
2:03:40 a direct missile you know say if
2:03:43 if we shoot someone then he loses in
2:03:45 memory and so on but we hear that
2:03:47 the the law is something meta material
2:03:50 metaphysical
2:03:52 metaphysical it could be like a program
2:03:54 which never executes or work except if
2:03:57 there is a
2:03:57 physical entity to work on like the
2:03:59 computer program
2:04:00 does exist it has an existence but
2:04:03 you're going to touch it it's not
2:04:04 touchable
2:04:05 and it works only untouchables in a
2:04:07 computer it will
2:04:10 manifest and do its activity there could
2:04:12 be otherwise it's just
2:04:13 abstract in your mind and then we could
2:04:16 say in allah's mind
2:04:18 with allah knowledge present even before
2:04:20 creation
2:04:21 eternity must have been there all of
2:04:24 them
2:04:26 that's a mythological statement i leave
2:04:28 that but anyway
2:04:31 so there's no contrary to what he thinks
2:04:33 about most likely thinks through
2:04:34 something like because people said raw
2:04:36 has come linguistically
2:04:38 human beings initially they have only
2:04:39 the sensible word world which they touch
2:04:41 with their hand
2:04:42 so the thick throat is something like
2:04:44 that related to breathing or some
2:04:46 something like air coming out and in so
2:04:48 it's not
2:04:50 that's where the word is driven that's
2:04:51 the way it works
2:04:53 or nafs nafs itself what itself
2:04:56 a spirituality of your own self
2:04:58 imagining a self experience self
2:05:00 consciousness
2:05:01 and this does not need to be it is not
2:05:03 material yes
2:05:05 but it's connected material it is the
2:05:07 the functioning and the organization of
2:05:08 the material is substance
2:05:11 itself but it's uh interconnected
2:05:15 and that's the reason quran says about
2:05:16 the resurrection when you see akum
2:05:18 he recreate which you don't know
2:05:27 but it will be something else which can
2:05:28 carry and exclude these these
2:05:30 entities on death and so on he said what
2:05:34 what happens to this this rohan
2:05:36 is this intellectual entity it's known
2:05:38 to allah it's recorded pick it up
2:05:40 it's called it it's recorded with all
2:05:43 experiences
2:05:45 and even the past experiences are even
2:05:47 if you don't remember they are there
2:05:49 they are stored somewhere deep in the
2:05:52 in the soul in the blockchain and they
2:05:54 will it can be lifted up
2:05:56 and they almost opened your eyes we
2:05:59 removed the cover from your eye and your
2:06:02 eyesight
2:06:03 is hadith you see everything how it is
2:06:07 because bringing everything up which is
2:06:09 deep
2:06:11 even the moment you forgot that he will
2:06:12 bring it up all indeed you have
2:06:14 forgotten allah has counted them on
2:06:16 their own record
2:06:17 they don't disappear
2:06:21 but to be effective you have to be
2:06:22 resurrected
2:06:24 or you have to be this this has to be
2:06:28 put in another system in which it can
2:06:30 operate
2:06:31 like a computer you have to load the
2:06:32 program for it and express itself and
2:06:35 work
2:06:35 the difference obviously our programs
2:06:37 are quite primitive and
2:06:39 almost certainly not conscious yeah
2:06:41 certainly not conscious
2:06:42 some people are afraid that
2:06:46 artificial intelligence may become
2:06:47 robots which become competing with
2:06:48 humans and so on
2:06:50 i i doubt strongly that this will ever
2:06:52 get to that level
2:06:53 because for that level you have to have
2:06:57 you have to have in the the interconnect
2:06:59 there you have to have something
2:07:00 in the brain yes the brains are only a
2:07:02 few trillion cells but it's not arterial
2:07:04 cells
2:07:05 which makes it which makes conscious it
2:07:07 is the interconnection
2:07:09 this cell is connected to 10 and more
2:07:11 hundreds of other cells this
2:07:12 interconnection if you calculate all
2:07:14 data connection
2:07:15 it is 10 to the 100 super quad
2:07:19 not quadrillion was just into the 18 i
2:07:22 think yeah i think something like that
2:07:23 10 to the 100. trillion
2:07:27 how much is trillion trillion six nine
2:07:29 is is billion
2:07:31 twelve is trillion yeah what they call
2:07:33 quadrillions ten to the fifteen that the
2:07:34 fifteen
2:07:35 is the so-called quadrillion so this is
2:07:38 the quadrillion tim scooter and that's
2:07:39 what
2:07:40 all this this number all this huge
2:07:42 number in this interconnection
2:07:44 is that what will what this is this is a
2:07:47 tall order i don't think any artificial
2:07:48 intelligence or any
2:07:50 physical computer we can construct even
2:07:52 quantum computers i don't think we'll be
2:07:54 able
2:07:54 with all this counter connection at all
2:07:56 internal organization
2:07:57 i don't think it's human creatable i
2:08:00 don't say it's impossible completely
2:08:01 impossible but it's
2:08:03 very remote
2:08:06 not very not very likely ever to get
2:08:08 there but it's within the poor velocity
2:08:13 um just an observation that i have
2:08:15 whenever
2:08:16 trying to discuss these topics with
2:08:18 muslims
2:08:19 generally and i think this is probably
2:08:20 one of the reasons why we failed to
2:08:22 grasp these concepts
2:08:23 such as decentralized systems these new
2:08:26 forms of currency and means of value
2:08:28 transfer
2:08:28 i think it's because we don't understand
2:08:30 these basic principles of value and what
2:08:32 drives
2:08:33 the importance which kind of doesn't
2:08:35 allow us to
2:08:37 abstract a little bit further and then
2:08:38 say that hold on this new cryptographic
2:08:40 decentralized revolution
2:08:43 we failed to understand these basic
2:08:45 principles and that just becomes a
2:08:46 roadblock for us to understand anything
2:08:48 beyond that point exactly
2:08:50 exactly and most most uh islamic
2:08:53 communications they come
2:08:54 especially in india and pakistan but
2:08:55 also in the other countries from special
2:08:57 high schools like darwil room and things
2:08:59 like that
2:09:00 and they're negotiating the old
2:09:03 and most teachers have no really
2:09:07 interaction with with with with with
2:09:09 mathematics with logic or
2:09:12 mathematics and logic and these
2:09:13 philosophical aspects are really present
2:09:15 the share are slightly better there but
2:09:17 it's only just classical philosophy
2:09:18 although they are much better in that so
2:09:20 they can't conceive i mean there's
2:09:22 scholars
2:09:24 as bad as the muslims especially those
2:09:27 who
2:09:27 akbari who follow these various bihar
2:09:30 and war on this nonsense
2:09:32 and this collection of rubbish uh like
2:09:34 we have also the sunni collection of
2:09:36 rubbish
2:09:36 these will follow that will will will
2:09:39 end obviously
2:09:40 being blended but there is slightly
2:09:43 better but it is not up to the standard
2:09:45 it's not up to the standard but this is
2:09:48 is
2:09:48 it's not an easy for even though it's
2:09:49 looking american when you look at the
2:09:51 leadership in in the in the in the
2:09:54 in the treasury department and so on
2:09:56 there are at least they don't know how
2:09:57 to understand
2:09:58 yeah absolutely clueless this bitcoin is
2:10:01 used for money laundering and so on
2:10:03 money laundering is done mostly with
2:10:04 dollars
2:10:07 a few crimes have been done with bitcoin
2:10:09 they don't even though they're not one
2:10:11 in
2:10:11 a million of that for the hsbc alone was
2:10:14 fined several billions
2:10:16 this is the total crime done by bitcoin
2:10:18 is few billions
2:10:19 it's not even the size of the fight
2:10:21 which we see and the final ratios we see
2:10:23 is because of transgressions and and the
2:10:26 mess made
2:10:27 of 100 millions billions so that
2:10:30 i remember in one movie someone was
2:10:32 doing some environmental
2:10:34 environmentally dangerous things like
2:10:35 storing materials which if it leaks to
2:10:37 the water supply
2:10:38 it will be deadly and then he was caught
2:10:43 and then he said that's why i love
2:10:44 american democracy you
2:10:46 make 50 25 million dollars in uh
2:10:50 through this violation of of a junction
2:10:52 about the storage of dangerous material
2:10:54 and you get a fine of twenty five
2:10:56 thousand dollars it's a good deal i like
2:10:58 american democracy
2:11:00 that's exactly exactly hbc they find
2:11:03 them for a billion or two million
2:11:04 and they made hundreds of billions yeah
2:11:07 i believe they were smuggling launder
2:11:09 drug money from south america into the
2:11:10 united states
2:11:14 so even there is at last they don't know
2:11:18 only one or two if you have followed
2:11:20 recently only the one from the
2:11:22 uh the ex the controller uh officer
2:11:25 controlling
2:11:26 uh uh currency occ what's his name i
2:11:30 don't know
2:11:30 anyway this this guy seemed to be aware
2:11:32 of what cryptocurrencies are meaning
2:11:34 and and was talking about since
2:11:41 country so
2:11:44 that's that's something new i you cannot
2:11:46 really blame
2:11:48 our but they should be they should they
2:11:51 should
2:11:52 affiliate with the quran if they have to
2:11:53 go deep in the quran
2:11:55 but the problem is that they become uh
2:11:58 shallow they become only
2:12:00 so looking only to not going deeper
2:12:04 if it has them all to be in the bihari
2:12:05 he looks much deeper in issues like that
2:12:07 of philosophical importance but not deep
2:12:09 enough but as you cannot believe him
2:12:11 at his at his time of his uh uh for his
2:12:14 generation he was really old to his
2:12:16 diary
2:12:17 he was much deeper than many people
2:12:19 think and he may be the first one who
2:12:21 did really
2:12:22 some critical studies of the old and new
2:12:24 testament and showed that it could not
2:12:25 be
2:12:26 revelation and it is just human writing
2:12:29 and
2:12:30 it contains history contains mistakes
2:12:32 contained this
2:12:33 and he showed many issues which later
2:12:34 attributed to
2:12:36 to spinoza and others which he
2:12:38 recognized long before spinoza
2:12:43 like for example a simple statement that
2:12:45 the first books are attributed to musa
2:12:47 see this impossible because the last one
2:12:48 of them describes that that
2:12:50 he couldn't possibly have written his
2:12:51 own description of that that does not
2:12:53 make any sense
2:12:54 at best is written by by you shall be
2:12:57 you sure the son of know maybe
2:12:59 and then we go from there and so on you
2:13:01 can start critics even the simplest
2:13:02 things they were they were not aware
2:13:03 about it
2:13:05 and the masters were ignored and the
2:13:07 scholars are cheating and adding other
2:13:09 words as we have discussed in
2:13:11 baccala anyway muslim scholars are
2:13:14 also unfortunately they are also
2:13:17 infested with cheater and
2:13:19 fabricator and government agents and so
2:13:21 on
2:13:26 they cannot even trust their piety
2:13:28 judgment
2:13:29 just to follow on this trail of thought
2:13:31 check i think this is
2:13:33 part of a larger issue generally it's i
2:13:35 kind of see the same problem now with
2:13:37 decentralized systems that we had with
2:13:39 electricity back 200 years ago when it
2:13:42 was invented large parts of the muslim
2:13:43 world and scholars alike were opposed to
2:13:45 electricity they said you're
2:13:47 playing you're playing god you're you
2:13:49 know you're you're taking control of
2:13:50 nature and this is something only
2:13:51 strictly limited to god
2:13:53 and they said the same thing about
2:13:54 combustion engines you know horses is a
2:13:56 noble animal you shouldn't replace it
2:13:58 with cars
2:13:59 then came radio communication 150 years
2:14:01 ago
2:14:04 saying that um when you're using
2:14:05 telephone communication systems you're
2:14:07 actually speaking to jin
2:14:08 and therefore this is
2:14:13 i see the same problems now with this
2:14:15 decentralized system they're saying oh
2:14:17 these are you know
2:14:18 they have a failure to understand
2:14:19 technology i think this is where it
2:14:21 comes from
2:14:21 they just understand no no it is just a
2:14:25 failure to to
2:14:27 do the double quran the sahaba did not
2:14:29 have this problem when they went outside
2:14:31 they took all the technology of their
2:14:33 time and they advanced that there was
2:14:34 never even a discussion
2:14:35 when they were when we tried to keep
2:14:38 records for who should get money we
2:14:39 shouldn't get
2:14:40 money they look around the best model
2:14:42 was the ones of
2:14:43 the persian which was available in yemen
2:14:46 of the virgin language and they took it
2:14:48 over and they say
2:14:50 okay turn it into arabic is a
2:14:52 complicated process we'll delay that
2:14:54 the the facility we want it now we know
2:14:56 to do it then keep the records in arabic
2:14:58 and version enrollment for god's sake
2:15:00 just get the records done finish period
2:15:03 use it
2:15:04 take what is good from it no no it is
2:15:06 good it is good it is a tool
2:15:08 you just use it and there there was
2:15:10 never any discussion
2:15:11 is it permissible not permissible
2:15:12 because they understand although they
2:15:14 were actually they should not have
2:15:15 understood because they are simple
2:15:16 buildings coming
2:15:17 from the desert essentially but they
2:15:19 were they they understand the quran
2:15:22 he created everything in his heavens and
2:15:23 there for you pence
2:15:25 the paper and everything just forget
2:15:26 about it machines and so on all of it
2:15:29 says create a direct learning director
2:15:31 so you could take
2:15:31 control you you limited allah that's all
2:15:33 this there's nothing
2:15:34 this is all rubbish the sahaba did not
2:15:38 have any real issue with these things
2:15:40 at all although they under they
2:15:43 understood sharia
2:15:44 but they have never had any issue
2:15:47 building construction all of this took
2:15:49 over right away without any discussion
2:15:52 unless something seems to be a violating
2:15:53 sharia and their point of view
2:15:56 very simple straightforward dynamic way
2:15:58 of thinking
2:16:02 so it is a way of thinking it's a way
2:16:03 how how to verify things how to
2:16:05 understand things
2:16:05 inshallah we will get it we'll get the
2:16:07 people slowly and that is what is
2:16:09 disturbing is that
2:16:10 the scholars unfortunately are
2:16:14 not are not enough in stem and also the
2:16:17 general mentality
2:16:18 is that if anything new or anything
2:16:19 unknown comes ah
2:16:21 must be something either the devil is
2:16:23 behind it
2:16:25 or yeah or or it is must be something
2:16:29 haram there or something not saying what
2:16:33 is this thing
2:16:34 it is part of the universe made by men
2:16:36 or made by by nature okay
2:16:38 must be halal must be permissible must
2:16:40 be pure until proven otherwise
2:16:43 so if i say i see for example strange
2:16:46 animal in some place
2:16:49 i don't know it doesn't similar to any
2:16:51 other animal unless i see any
2:16:53 characteristics of prohibited or
2:16:55 or undesirable animals i can't eat it no
2:16:57 need to discuss anything
2:17:01 if a new technology is developed it
2:17:03 should be hadas
2:17:04 until you prove to be the haram
2:17:06 something there is haram or something
2:17:07 that's not permissible
2:17:11 that's how it goes there's no other way
2:17:13 yeah but
2:17:14 this mentality is not there it's simple
2:17:17 because because the starting point
2:17:18 has become stuck in in
2:17:22 everything there must be some evidence
2:17:25 that is hella we don't need
2:17:26 uh this contract i don't know about this
2:17:28 contract analyze the contract
2:17:30 it's a contract it's permissible until
2:17:32 you prove that something is
2:17:34 violating certain injunction you have to
2:17:36 prove it otherwise just
2:17:37 until and are binding until
2:17:41 tell you something otherwise etc and
2:17:43 this attitude is what we try in the book
2:17:45 of the heat
2:17:46 or to to get rid of it at least in the
2:17:49 past which is
2:17:50 in your hand now anyway i think it took
2:17:52 a long time today
2:17:53 i think we should slowly conclude
2:17:57 because the time i think we took uh
2:17:59 about uh
2:18:02 two and a half hours i think it's enough
2:18:04 for today inshallah
2:18:06 next week
2:18:20 Music
2:18:36 so
2:18:42 you