Discover and read the best of Twitter Threads about #islamicfinance

Most recents (14)

1/17 🧡

What is Riba?

Almir Colan interviewed by Eva Maleken

πŸ‘‡ Image
Q: Riba is a very common and 'mundane' sin now but carries major consequences in both this life and the Hereafter. Despite this, it is undoubtedly enticing for young people who want to make strides in their dunya goals (buying a house, etc.) to engage in. Why is riba so bad?
What's the actual issue with it?
And why do you think it has slowly become normalised in our community?

A: I will preface this by reminding us that earning money and establishing yourself is something that should be encouraged within Islam.
Read 18 tweets
In his podcast with @muslimmoneyexp, Mufti Menk @muftimenk outlines a powerful alternative to Riba (interest).

Linking loans to gold to ensure that the lender doesn't lose out due to inflation. Here's why that's a great idea. 🧡 πŸ‘‡ 1/8 Image
The current major problem with interest-free loans is that the original money loaned out loses value over time. Especially in high inflation environments such as Zimbabwe or Turkey. πŸ“ˆ 2/8
Mufti described an example scenario where someone makes a loan of 5m with an equivalent value of $500 usd. Within a week under high-inflation that 5m could be worth $250.

This destroys the incentive to give interest-free loans which is disastrous for society. 3/8
Read 9 tweets
The Glazers' takeover of Manchester United is a prime example of the evils of interest (Riba) in modern finance.

Here's a short thread on how it damaged the club and why Sheikh Jassim must be the new owner. 1/5 #MUFC #GlazersOut #IslamicFinance Image
The interest-based debt from the takeover saddled #MUFC with massive financial burdens.

To date ~ $1bn has been used for interest payments leading to reduced investment in the club and limited success on the pitch. This perfectly illustrates the negative impact of Riba. πŸ“‰2/5
In Islam, interest (Riba) is strictly forbidden 🚫 due to its exploitative nature.

Instead of relying on debt, the Glazers should have paid with cash or used equity-based financing, ensuring a sustainable future for the club. 3/5
Read 5 tweets
WAQF NETWORK: Important Thread🧡

1. Imagine the impact of a network of a thousand mosques, each of which had one million rupees in assets under management, giving a combined market value of billion rupees!

#SaveWaqf #WaqfNetwork
2. Further, the funds are not owned by shareholders and there is no pressing need to maximise profits for shareholders, rather the funds are in the perpetual ownership of Allah and the strategy for the funds is to maximise welfare, equitable distribution,resourcing the community,
3. …and the sustainable development of everyone. Imagine how this can support spiritual upliftment, social mobility, economic growth, small-to-medium enterprises, mosque infrastructure and facilities, education, healthcare, welfare, and better faith representation.
Read 22 tweets
@is_storytotell @aminonati @sukhywukhy @afyanIFP
@SafdarAlam #islamicfinance #ethicalfinance
Memulakan pagi saya di tahun baru 2022 dengan tweets debat isu yang telah lama diperkatakan tetapi sering di ulang siar. Orang putih kata β€œold wine in a new bottle”. Tak salah
terus memperkatakan isu ini semoga terus diberi pencerahan insya-Allah. Izinkan saya berkongsi sedikit tulisan saya dan rakan-rakan dalam isu ini. Dipetik dari Bab 6: The Integrity of Islamic Finance
dalam buku Ethical Discourse in Finance: Interdisciplinary and Diverse Perspectives terbitan 2021 oleh Palgrave Macmillan…
Read 20 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
𝟲 π—”π——π——π—œπ—§π—œπ—’π—‘π—”π—Ÿ π—ͺ𝗔𝗬𝗦 𝗧𝗒 π—œπ—‘π—–π—₯π—˜π—”π—¦π—˜ 𝗬𝗒𝗨π—₯ π—œπ—‘π—–π—’π— π—˜ 𝗙π—₯𝗒𝗠 𝗔𝗑 π—œπ—¦π—Ÿπ—”π— π—œπ—– π—£π—˜π—₯π—¦π—£π—˜π—–π—§π—œπ—©π—˜

In addition to business, launching a start-up, a job or side hussle & investing, God will grant us more in quantity & quality by the following acts
1. Trust in God

"If you would trust in God as He truly should be trusted, He would surely provide for you as He provides for the birds." [Tirmidhi]
2. Prayers

"O son of Adam! Take time out to constantly worship me, I will fill your heart with contentment, and remove your poverty." [Tirmidhi]

3. Charity

God said: "Spend in charity, O son of Adam, and I will spend on you.” [Bukhari]
Read 6 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
Pleasure to Chair this distinguished panel of speakers at #GIFS2020: Former Governor @StateBank_Pak @1sakhtar; Mr. Abbasi, SBP; CEO @faysalbank; CEO @habib_metro; CEO @DibPakistan.
Had excellent discussion on #IslamicFinance issues in πŸ‡΅πŸ‡°. Thanks @ArifAlvi President for coming.
Excellent recommendations for #IslamicFinance to become relevant and agile. Setting up National Committee for Islamic finance comprising various members from industry @StateBank_Pak @SECPakistan and banks, academia and professionals for setting "Top-down* approach.
This National Committee similar to Indonesia @kneks_id for setting strategic direction and bringing all stakeholders together and measuring progress on Islamic finance. I emphasised on this and panel supported. There is good progress but need support from govt.
Read 10 tweets
We are #pleased to #conclude our marathon of 4 consecutive #IMF #TechnicalAssistance #missions with productive outcomes for #IslamicFinance, despite the very challenging constraints and limitations.
The first six months of the year under #COVID19, a #NewNormal", have been fantastic intellectually and fulfilling.
The support of colleagues from the #IMF and Central Bank of #Djibouti; Central Bank of #Yemen; Central Bank of #Iraq, and Central Bank of #Libya have been excellent for #Islamicfinance IMF missions through #Cisco #webmex.

Now it is time to have a little break!!
Read 5 tweets
#NewNormal" continues. After #CentralBank of #Yemen and #Iraq, we are having mission with #CentralBank of #Libya. Concluded a very productive #meeting with colleagues from #CentralBank and #IMF for a #Islamicfinance IMF mission through #Cisco #webmex. #riskmanagement #Libya Image
Other than #Sudan and #Iran, #Libya is going to be #third #country in the world to have full-fledged #Islamicfinance system after #transition is completed. It requires a significant progress on Islamic finance #regulation and #supervision, which is #underway.
Happy to be part of last three years engagement, through IMF, with them on various topics. Many thanks to my good friends supervisors Haithem Elyacoubi, anwar tantoush, Hatem Salem, Abdulhamid, Dr. Mukhtar for excellent discussion. I hope this will be a very good #IMF mission.
Read 4 tweets
Have you ever been in a sandstorm?

I was once caught in a sandstorm in the heart of Cairo. We were on a balcony in my friend’s apartment overlooking Tahrir Square, when suddenly in the distance a red puff of smoke appeared...

#islamiceconomics #islamicfinance Image
It began to get larger and larger and before we knew it, we were desperately holding the balcony doors closed as the sandstorm hit with magnitude.

Once closed we stayed down on the floor until some kind of normalcy had returned. Outside, the sky was orange and all around us..
a thin layer of red dust remained. It was everywhere, on the bedcovers, on the kitchen cabinets, the lamps and stairs all over the apartment building.

Human transactions haven’t changed that much in their essence in 1400 years. God’s guidance for human beings is timeless.
Read 6 tweets
#SriAgenda abt to start πŸ”” #May19 3pm CEST


Leading Climate Ideas: From taxonomy to the broader #sustainablefinance #revolution "@ClimateBonds
πŸŽ™Helena Vines Fiestas

#sustainablefinance @andytuit @SRI_Natives
@ClimateBonds @NVJRobins1 @seankidney @andytuit @SRI_Natives the #EUTaxonomy is already having an impact, even though it has not come into force yet, says Helena Vines Fiestas starting her speech

#sustainablefinance #revolution
Read 22 tweets
Please do RT thank you πŸ™

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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