just wanted to share this talk with you guys. *
An Islamic Perspective on Riba and the Credit Crunch - a lecture delivered by Shaykh Abu Yusuf Riyadh ul Haq on Sunday 25th January 2009 at the Abu Bakr Mosque, Southall, UK.
Re: Shaykh Riyad ul Haq on the Credit Crunch
Islamic perspective is fine, but the problem is Islamic banking is not providing any model at the level of current Global Financial System.
Its all fine to read/hear/watch stuff on Bai' al-Inah, Bai' Bithaman Ajil, Bai muajjal, Mudarabah, Murabahah ...and etc. But unfortunately not even majority of Muslims join Islamic Banking let alone others !
Re: Shaykh Riyad ul Haq on the Credit Crunch
Shaykh does not talk about the so-called Islamic banking. He speaks about the current economic system which rely on riba and the other sins that go along with this system which has led to this crisis.
Re: Shaykh Riyad ul Haq on the Credit Crunch
There are 72 levels of Interest and lowest level is equal to doing Adultery with your own real Mother
**
Hadees of Prophet(pbuh)
Al-Bukhari**
Even by paying money in time, people support Credit Card system based on Interest thus take part in this sin by buying this card and be a part of this system
Shaykh does not talk about the so-called Islamic banking. He speaks about the current economic system which rely on riba and the other sins that go along with this system which has led to this crisis.
Let me repeat again,
[QUOTE]
Islamic perspective is fine, but the problem is Islamic banking/system is not providing any model at the level of current Global Financial System.
[/QUOTE]
There are 72 levels of Interest and lowest level is equal to doing Adultery with your own real Mother ** Hadees of Prophet(pbuh) Al-Bukhari**
Even by paying money in time, people support Credit Card system based on Interest thus take part in this sin by buying this card and be a part of this system
Islamic banks are also providing credit cards these days, what's you take on it?
The beautiful & religious term of Islamic banking feels very good. But try to look in to broader picture, for the starting: When Islamic banks take money from Central banks are they not paying interest on it? Whole system of Islamic Banking is based of lies !