Discover and read the best of Twitter Threads about #IslamicBanking

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We're never going to solve Islamic banking without going back to first principles and defining riba properly according to the Qur'an.

God has allowed trade and forbidden usury… (2:275)

So what is usury? Watch the video!


And afterwards, we will find that conventional banking, with the policies that are reasonably good and equitable, is already Islamic, without needing specific labels.
And there is no need to compel people to use it either because the right way is clear from error.
But it's really difficult to get people to do so.

Even Islamic Banking experts who know there is something definitely wrong with it – and prefer to use conventional banking – are still not willing to find out what the Qur'an is actually saying.
Read 10 tweets
I had asked @EthzemaLeader the following question after his controversial/deliberate remark against #IslamicBanking/#InterestFreeBanking (as it is called here in #Ethiopia). I have today watched another video of him where he tried to "Clarify" but continued to insult us more.
First of all, he has tried to defend that he is not an #islamophobe by bringing #Muslim audience & that his grandmother was a Muslim. This is the same reply many persons give when they are confronted with their #Islamophobic attitude. #BerhanuNega is no different.
You can have #Muslim parents, lived with #Muslims fasted #Ramadan, eaten #Dates or #Sambusa etc you can still be an #islamophobe. One can claim to be a Muslim but in reality be the most #Islamophobic person that hates #Muslims and #Islam. It is a lame excuse!


Read 13 tweets
Are cryptocurrencies halal? My article in this month’s volume of Brill’s Journal of Islamic Law and Society explores this question in four steps. A thread. #IslamicBanking #Bitcoin #cryptocurrency #cryptocurrencies #CryptoNews
This is not financial advice. I am not getting paid enough (or rather at all) for this and I am not a Bitcoin millionaire (yet). ;-) This is just an intellectual exercise. Thank you to @GuFinProf, Felicitas Opwis, and @JonathanACBrown for their support in this project.
Now, are cryptocurrencies halal? For those of you with no time who just want to skip ahead - the answer is: It depends. If you want to know what it depends on, keep on reading!
Read 17 tweets
Yesterday, we have witnessed the handing over of the 1st operational licence to the first full-fledged #InterestFree Bank #ZamZamBank which is a historic milestone in the #Ethiopia'n Banking industry. #IslamicBanking #IFB #FinancialInclusion
#ZamZam 1/n Image
After the promoters of #ZamZam initiated the idea to the #NBE a directive was issued in October 1, 2011 to allow conventional banks only to give the service along with their commercial services. The #NBE's decision has saddened many. 2/n

#InterestFreeBanking #FinancialInclusion Image
11 Banks has so far started the service in a window model. Currently, these banks combined has mobilized more than 60 Billion Birr in deposits through 5+ million accounts. It is a huge amount compared to the low attention & investment given to #IFB by all stakeholders. 3/n
Read 16 tweets
Please do RT thank you 🙏

What Scholars actually ask for Shariah Compliance vs What they should be asking

#islamicbanking #Islamicfinance #Shariah
OK, following on from my earlier thread on Murabaha, and how it breaks Shariah laws, and the realisation that scholars and academics and professors actually do not seem to know what market practice is, I decided to write a thread about it.
I will try to explain how and why such
practice, even though it is absolutely against AAOIFI Shariah standards, can be approved by reputable scholars.
And then I will illustrate what scholars SHOULD be asking in order to get to the truth of things.

Here, I will talk about a standard commodity Murabaha (CM)
Read 60 tweets

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