Fiqh Of Business, Stock Trading And Halal Investing

Hacene Chebbani


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or there is a high level of uncertainty you're not sure if you're gonna make money or not, you might lose everything. I'll give you examples that are many examples in in our life and also in the stock market. What is the proof? Now supervisor celebrant, we will work on beta Cassatt

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company we are

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staying single stone is something that we shouldn't be concerned about. It existed during the time for solar systems, we used to do crazy things. And we'll come to with an

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emergent or someone who is selling clothes, and he said, Okay, I'll take a stone age through it. And then if this phone comes on the one with a dress, or any dress or any animal are wired for this, I don't know why they would do these things. But these are crazy practices that existed during the title for service. So first, we're going to assume that we are concerned with the Hadith, in which he said he has forbidden the sales of Ladakh.

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Now, aren't we so it is unreasonable risk. But there are different levels of Halal minimum level four is usually tolerated in Korea.

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It's accepted

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these medium level of law, which I myself I don't understand it's it's based on the issue at hand.

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So the level would come and look at the transaction and safety. I'm not sure if this is if it is excessive, It's haram. If it is a minimum level,

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when it is accepted, it doesn't affect the transaction medium. To be honest with you, I don't have any example of a good example for million. So we will deal with medium minimal level.

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I'll tell you examples in our daily life in our life.

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What we do when we take our kids who will go out and eat and I'll tell you both many one examples give you examples about minimum level of thought they shouldn't worry about it may be some level of uncertainty, but you cannot avoid it or you shouldn't have to worry about it. It doesn't affect the transaction.

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So whatever important we need them we need to know about them because we deal with this transactions excessive Are you some of our via fax is the highest level of work. You might lose everything you might pay for something but don't receive any counter value. Right. So now this is haram. And these are examples of excessive

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gambling, whether for example, invest exempt basis on base and almost fragile. So this hump is one of the major sins and these are games playing games basically playing games of chance for money. You don't know if you're gonna make money or you lose everything, right? This is gambling. And that's why it's hard on kava Kumar in Arabic language you scold masive in the Quran. So this is number two, mystery or surprise vocations. Is that examples. There are some people I don't think I don't know of Muslims by this kind of packages, but they are very well known here in the west. So what is a mystery vacation? You pay, you buy a package from a company that provides the surprise trips to

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surprise vacations. They don't tell you about the location. They don't tell you about the hotel. They don't tell you about what kind of activities you can do there. They don't tell you they give you some information. But they have different destinations in the US for example. They might take you to California you might take you to Chicago, you might take you to any other city you don't know Johanna.

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This is how it makes fun. I mean if you buy a package vacation package, you need to know the details.

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You need to know the flight.

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The destination

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What is the name of the hotel how many days you're staying there

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and we do it for fun. They do it for fun, I guess do couples do it or people like to have fun and

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you know spend time out

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in a vacation. So it is not acceptable. Why? Because there is

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excessive insurance. Insurance we need it right there is a need for insurance. We need this kind of protection when conventional insurance is not held

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what is the alternative is to care for we don't have to come to companies in in Canada overhead EC what were the insurance what is Helen? We have corporate insurance in Canada but they're not Helen I looked at their investment because the the idea of book

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to insurance premiums from the customers, these premiums are investment, they invest the money

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of their clients, or the offenders. And then if we make a profit,

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and of course, they are able to cover for the accidents and the needs of their clients. And then at the end of the year, we made the profits because of their investment and there is a surplus of money, then they're supposed to pay give some dividends to the clients. Conventional insurance companies don't do it, right. You don't do

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check out for us was to do the same thing. I looked at some cooperative insurance companies in Canada, the problem is their investment is not Sharia compliant, otherwise, the idea is good to buy insurance from them. But their investment is not sure you have most of the time we invest in bonds and emotionally our compliance investment. That's a problem. Otherwise, the idea is beautiful. The idea is beautiful.

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So there is a need for insurance for this kind of protection. But the problem is conventional insurance is not held.

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Early, it has excessive auto you might pay might be paying for 50 years or two years going to college first and you don't benefit from this is payments, or home insurance only. So this is Helen, why I'm saying this is haram, by principle should be haram. But there is a concession. Like we have a concession to by

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automation insurance. Otherwise, we can drive a car. home insurance if you own a house in Canada or North America. I'm talking about Canada and North America. I know what other countries why? Because our houses here are made the flood, wood and the fires are very, very common.

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If your house is burned,

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you might earn it affects the fire effects, your neighbors will go to the court and it will be a big damage. You cannot do it, you cannot pay for it.

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So that's why when we say hold insurance is Hannah, and we're not saying that Islamic is Helen was sitting there is a concession made by Muslim scholars living in North America, knowing our life knowing the style, the nature of our homes, we said it's harder, because if something happens, a Muslim home owner cannot deal with this damage by himself. So he needs this kind of protection. So the need for protection is good is there. But as I said, professional insurance

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is not Halloween. But if it is, there is a new fridge that we can go for it. Whether it is health insurance, auto insurance, or home insurance, or sometimes even professional professionals. If you're working with a project multibillion project, you make a mistake, you're like pay a big amount of money and you lose your job or you end up in big trouble.

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And then the company asked you to buy some insurance. In this case, if you feel like there is a need for it. It's your it's between you and the last panel that feel that there is a need for life insurance, there is no need for it. Life insurance is not covering your health or your house or your life insurance will you die and give your money to your to your family. That's why all the elements of life insurance have there is no need for

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binary option trading. This is illegal in Canada. It's called binary option trading is illegal in Canada.

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But the idea is very simple alternative dieting, you bet on the movement of the price,

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you believe the price of the stock or security will go up. So you're betting will be in the movement of the price. Life you pay like $100

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if the price of this stock goes up, for example, we pay you 70% of your investment. So you earn one $70 your capital. And this is an example right? If the price goes down and it could be within one minute could be within one hour to be within a day.

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It has an expiry time, but this is how it works. If the price goes

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down, and you bet it was what

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Okay, the price goes down so you lose everything.

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You lose your one and a boss. So it's either zero or you make some money.

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And once you lose, that will be the profit of the counterparty.

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The other person who sold you the dismiss option, buying an option could be a company it could be a platform could be a broker, it could be another event

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So Allah

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classical options also there are haram. So all these, all these

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investments are called zero sum games, or zero sum transactions. What is zero sum? If your profit of $400, the loss of the other party will be $400 400 minus 400 is zero. That's why they are called zero sum. They are pure examples of

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this is purer. Even though there is a minority for freshmen scholars who said, some classical options could be hidden. But majority of Muslim scholars, they said, all these derivatives, these are derivatives. So you are not buying an asset. You don't buy even though in the classical options, they might give you the option of buying the stocks, there is an option. That's why this is the difference between binary classical and CFD trading. CFD trading, you're trading, you're betting on the difference between

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the settlement price and

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the strike price.

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Evert and Beth basically betting on the movement of the price. If it goes up, like you buy it for $100. If it goes up for 120, your profit will be 120 $20. Only, you're not buying anything. This is the difference of the price they give it to you. If the price goes down, you lose $20, you bought it for one and $1 but the price is 80. So your loss is 20. So basically betting, that's why they are called spread betting all of them are, most of them are called spread betting him.

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Now I'll give you an example. This is classical auctions.

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A stock share is $48. In the spot market, for example.

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Mr. X, Mr. John Paul

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believes that the price will go up.

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So he means he makes a contract that made the contract of coal option. That means he's the buyer and the holder of the option by he doesn't have the obligation to buy, he has the right to buy, this option will give him the right to buy. That means he can cancel. He said I don't don't want to buy here's the right over time at the end of the period, which is 90 days. And there are different options. Some of them allow them to exercise this right before the end of the period. Some of them we said no, you have to wait until the end of the paid 90 days. At the end of the day, the price goes up from 48 to 54. He bought these options for $2 each 100 shares $2 speech. So what was his

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Investment $200. So he spent $200 Buying 21 options, right?

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Or the option to buy to buy 100 shares. At the end of 90 days, the price goes up 54. Now he's in a good position now.

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He will mine them at which price

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was the 80 that was the agreement.

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And he will sell them again in the market

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50 For

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the other party, the seller of the option has the obligation to sell to him.

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You have the option not to buy. But because because the market is in his favor, he will buy the other has the obligation, the one who received the premiums, the $200, he received $200 He has the obligation to sell to him. Right this is how it works. Right now he made $6 per share.

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But he spent $2 for each ship. Six minus two for four by multiply by 140 400 is his profit from that table.

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But he's profit 400 is the loss of the other party. That's why we call them zero sum transactions.

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It's purely

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just betting on what the movement of the present but at least the classical options, he has the right to buy the shares and keep them

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but the other options CFDs and spread betting and all this binary there is no assets to be bought or to be exchanged. Anyway, so that's why we call them now enterprise hold them to some measure. If the price goes down, Mr. X doesn't think

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exercise his right? He says I'm not going to one, because I will lose money. Right, the price is better below 48, the price goes to 44 or 40. So I have the right to buy.

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Right, but he will lose what how much

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$200 And that is the property. The other party The party again 200 minus 200.

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The final outcome is

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so these are examples of pure love in the in the stock market, then very popular. But as I said classical options, I guess they are legal in Canada, the other ones binary, they are not legal. And many countries consider them pure gambling. I know a brother from Calgary, he was $200 or 200,000 $200,000. Here by just trading binary options. He told me illegal in Canada who was doing it with

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a company UK online.

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And after losing this amount of money, he called and says if is it hello

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afternoon losing this, this will have to be carefully as well. And this is a big amount of money.

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CRD as I said is a contract for difference the difference of the price as I said, buy it for 100. If it goes 120 the profit is only $20 there is no asset to be exchanged here. They give you the difference. 20 loss,

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the price goes down 80 They give you the you lose the difference, you lose the difference, which is

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20 loss. Fire. Now.

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We talked about classical options, minimal level of water. Now this is interesting. We have to pay attention to

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open buffet, all you can eat restaurant is halal or haram this God.

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We don't know how many crazy later, you don't pay $15. But you might be because you in 10th place.

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is mine you live like it

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is another but his minimal. The owner of the business is happy and you're happy. Both of you are happy, it doesn't lead to dispute any disputes. Unless the quality of the food is not good. That's a different story.

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And so you decide not to go back to that place. But as a basic principle, this is Helen. Why hello? Because the range is no you're not going to as a human being you're going to eat, you know, a limited amount of food. You know, the so the owners of this business, they know how much you're going to eat, right? Yes, there is a difference between one person I mean, people don't eat the same boat. But But still, it's not something, it's still within range, right within a range. Some people will, will eat like maybe the amount of the value of $20. But they're paying only 15.

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So people will eat that amount of 25 or less, maybe 10. And some children will maybe pay 15 But the end up paying, you know eating the amount of $7 So So these businesses know that they're making money. They're happy. Hungry surprise.

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This is how we say the sound.

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Kinder Kinder Surprise have a chocolate Tex with toys. Now there is a chocolate is some benefit in it. Yeah, you buy it for your child. He doesn't know the the toy. He most of the children maybe want the toys like maybe some of them will chocolate but it's not something that is

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you want to be upset. If you find that your child find a toy that he doesn't like or she doesn't like it's not a big deal. So this is a minimum there is a minimum level of one.

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Now used cars for equipment. This is more serious. More serious, right? But what are you buying a new car? It's a new car. Right? So everything is guaranteed. It's a new car, willing to buy a used car.

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So how much longer? It's it depends on your

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your luck, right? So you paid $10,000 10,000 Canadian dollars but you don't know what is inside the engine.

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Are you supposed to open the engine liquid and examine each piece? It's not possible. So Sharia overlooks this kind of it is accepted. As long as you know the car, you know the mileage take into

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The mechanic and mechanical drive into home listen to

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it will tell them to look at it and say everything is fine and seems fine. It's not guaranteed you might drive it for one year, six months, two months, and then you end up having a big problem with this car. But in Syria, it is accepted. Because he can't he can't avoid it. So when you can't avoid a lot of it becomes harder. You buy a house, and you're supposed to dig the foundation and check the foundation. You can't you don't do it. But there is a lot of bases of uncertainty about the foundation. There could be some,

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you know, anything could be there. Right? Yeah, water or. But it does mean that it doesn't mean we can't have it. This means that if you're selling a car, and you know the engine has a major problem, it doesn't mean that you hide it, you don't tell the customer,

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there's a big difference between the two things, we're seeing the sale is Sharia compliant. But if you know that there is a problem with your house, and it is hidden, and the customer is not able to see it. But you know, this is a major problem, it will cost him money to fix it. It doesn't mean it's harder for you to keep quiet about it.

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It's illegal and Sharia Sharia is hard. You know that is a major problem. Right? They keep going on this is not

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the same as root vegetables before harvesting, before harvesting before you collect them parents or potential audience. So

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is it permissible to sell them after they mature? Yes. But how the we can apply them without looking at every piece

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that are supposed to do that by experts. They know how to,

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to come up with an assessment technology in the field. Because the different corners go to this corner. And they pick one that allowed to do that. This is how experts people who buy these kind of vegetable roots before collecting them. Look at that corner, the brick wall and you look at it, it's a sample, you go to the middle of the field. Take another one one piece, you look at it the other corner and then say okay, and it seems fine. These are these vegetables are mature and they're fine. They're not affected by any anything. So they make a deal. And it is halal. And it is accepted in Sharia. But there is some uncertainty because the person who was not able to look at it repeats

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right? But this level of Wonder is not excessive. Because he was able to have a good idea for this product, right?

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Spin the wheel random better. So you take your kids to kids go to house indoor playground, all indoor playgrounds

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become two sewing machines and they put one ball

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and they try to pick

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a toy sometimes they're not able. But what is the main reason for you to take your kids there? What is the main reason

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not to get a toy. So that is the main subject of sale between you and the business the indoor the indoor playground.

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So you buy some tickets and then we go the play with this machine to have fun and you're happy your children's a time your children are having fun. But the by playing some madness on we'll dispense a Will they collect some tickets and then we go to the desk and they redeem these tickets and we get some toys with it. So that's okay that's fine is that this is a minimum level of water.

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And that's fine. We won't have to worry about

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extended warranty. Many people ask about it. When embedded within the original contract. What does it mean? That when you buy the furniture

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they tell you do you want to buy extended warranty. So the federal majority of Muslim scholars that if it is embedded within the contract is halal.

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But if it is by itself after one year you decide to buy

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extended warranties and this is hard. Why?

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Because the extended warranty in the second contract is the main subject of sale and it is pure and you don't know if you're going to benefit from it or not.

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For when it is attached to another something else. The main subject of the contract of the service had its auditor or a car or equipment and this is something attached to it we have the car in the key fob Maxim. I'll tell you about beautiful book about 15 Maxim's and their applications in Islamic finance. The title will meet us

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So this idea of typography, killer minimal I have to offer free will soon.

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So a violation might be tolerated in accessories, but it's not tolerated. In the main subject of sale.

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If there is a problem with the main subject of sale, is you had a certainty that there is a problem. But if it is attached to buying a house or buying anything, and then paying $3,000, to add $40, or $50, to buy an extended warranty, it's harder, because this is a ladder that is attached to another subject of sale. And it is not the main itself, the verb itself, for the extended warranty is not the main subject of sale. So a product plus protection plan in one agreement, this should be fine. You won't buy tickets plane ticket, sometimes when they ask you when to buy insurance, that's fine. If you feel like you needed to add it, it is added to the contract, it is added to the price of the

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ticket, that's fine, but don't buy it by itself. So these are examples in our life, we have an example in mind before we move forward with other things.

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Trading, insider trading, trading, what do you mean by

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example of a BP organization in

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some major

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buys, suddenly the price will go up. So I immediately buy more stocks or micro shares, knowing you're not supposed to.

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It is illegal in most countries. But it's that investment.

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A lot.

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But it is illegal in most countries. I think in all markets. It's illegal using inside information here.

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it happens.

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I know. I know it happens all the time. But this is a good

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good question to ask

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from share perspective, but

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it includes some element of cheating. You know, the other customers, the other traders don't have the same information. The people who are competing with you, you don't have the same information. You will because you work in this company, you have some inside information, you're taking advantage of this position. You see what I'm saying? Is not ethical. I don't want to say how I've used the word haram because the word Haram is big, ethically is not it's not accepted. That's why it's illegal in all markets allowed to either.

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Okay, something else.

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minor minimum,

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what do you mean

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by up for the upper corner and you put on it on it? At the same time when you buy it. Even if you're waiting for someone else to come talk to you

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know our time say the basic principle if you buy a product from Apple, and they tell you extended warranty, they call it Apple Care, right? You pay some extra money for it. If it is within embedded within the portion of contract is valid.

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after for example on you

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know you can't it's not because the new contract will be vacated, the protection plan will be the main subject of sale.

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Now that's a separate contract is a separate contract. Yep. So the breath isn't you so you understand the basic principle with warranty? Extended Warranty, right? Yes, Brother, can you buy the Apple

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Care? Because if you buy a phone, let's say they give you 60 days if you want to buy it in that time period, you can you can either buy it and the original contract or

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I answered this question.

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No, but that was after a year they give you 60 days after your purchase of the bow to think about it.

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Think about it and then within 60 days you can buy it. You can't do that it has to be on the spot. Embedded in the original contract. Yes brother

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Costco membership and the photo from a from a good source of intimate knowledge of America that Costco memberships move ahead. Okay, what about AMA? Ama membership, like for vehicles?

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emergency use is a type of insurance. It is a type of insurance right? If there is a need for it in.

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Let's say you work in an old field. And you drive there seven hours in eight hours if you are stuck in the middle. Why?

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have a bigger problem and you need their help. If you need it, you feel like you need to there is a need for insurance, the basic principle with insurance, if there is a need for it, I'm not talking about overly sensitive, sensitive, if is not fulfilled, there is destruction

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and meet if it is not fulfilled, then you end up dealing with hardship. See the difference? So when it comes to insurance because it is mainly the main problem of insurance is Love is not river river is more serious interior is more dangerous. That's why Allah was not mentioned in the Quran.

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It is in the Sunnah. But riba it's a different story. So there is some sort, I would say, sort of zero tolerance for Riba in the, in the in our Sharia, unless the person is facing a necessity, right. But when it comes to a minimal level of water is accepted. And if there is a need for excessive water you can do.

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So any type of insurance, you feel that you need it because of you the nature of your work, or you own a house or because of your health and the health of your family members, you need to buy these kinds of insurance, the Federal in general is highlighted when there is a need for hazard.

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Right? Can we move forward now? Because what is the time now?

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So we have only half an hour, we need to talk a little bit about stock market stock trading.

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Systems, I need to be fair, do you have a question?

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Do you have one? Okay. I'll take one question from the brothers. I'm sorry. Life insurance?

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Kind of forces me to say the minimum. Yeah. And what do you do with it is it is part of the package? Yeah, it's not like itself, right. So

00:31:59--> 00:32:11

when you are forced to buy it, you buy it, the whole package, you hold the full package, you made it in spite of all the benefits, right? You don't lose your job for this problem. If you receive the money,

00:32:12--> 00:32:13

you don't need it.

00:32:15--> 00:32:41

Yeah, this is the CEO of Marriott, whoever is your family received this money there was here is that the take the capital, if you contributed into it, we take the capital is headed for them because it's your money, how much you pay the premiums, right. And then they donate the rest. But if they are full color, they can benefit from it because it was not their problem. They didn't sign the contract. If they are full color.

00:32:44--> 00:32:46

It's kind of a preview right?

00:32:47--> 00:33:19

At the end of things, when you have to make a decision for NSF and move to, if you have their football out there in need, you don't have financial support, the father died, died, passed away and he received this money from the company and they don't have another income and therefore they didn't sign the contract. They are not responsible for it. But they have they have enough wealthy that it is better for the sake of their father, for the sake of the Father to donate the extra money. See the difference? is I feel

00:33:20--> 00:33:57

like a lot of people members fragile unless you stop trading and have investment. So here are the terms that we're going to use as surely our screening methodology shehryar indexes have mutual funds had ETFs mixed companies mixed stocks and securities, why do we talk about mixed companies, this is the reason because companies are divided into three types there are three types of companies, one of them is now serial compliant, the stop it now for business activity is not level one, alcohol, entertainment,

00:33:58--> 00:33:59


00:34:00--> 00:34:05

financial conventional financial institutions, banking insurance,

00:34:07--> 00:34:39

pork related products. So these are the core activity the main activity of the company is not color is not healthcare is not computer is not it is not oil and gas is not something that is highlighted by itself by its nature right. So here these Sharia these, these companies are not allowed for a Muslim to buy their shares in the stock market. Fully Sharia compliant stocks, both business activities and financing are permitted in Sharia. They don't exist in the West.

00:34:40--> 00:34:59

But they will you might find some of them in common. Malaysia, Saudi Arabia, some some Muslim companies were the this business businesses they felt the pressure from Muslim traders and for much in the last 20 years, 50 years many many more

00:35:00--> 00:35:41

groups in the Middle East and Pakistan and media, you're interested in Islamic finance and looking for Halal investment. So there was some pressure on these companies. And they are even they are financing through equity financing or other methods have so we don't deal with interest in all. But this, these companies did not exist to the best of my knowledge to the best of my knowledge, they don't exist in the West, I'm talking about publicly traded companies in the stock market. And I'm talking about private, private investments privately if you have a private company, you want the rights, that is your business, you're halfway right. You have your own, it's not publicly listed,

00:35:42--> 00:35:42

have your own

00:35:44--> 00:36:04

partners and you can manage in a halal way after you know the word of the business companies with mixed activities. So, they are the subject of our presentation. So, the core business activities are permitted, they are handled, whether it's oil and gas and as I said it

00:36:05--> 00:36:10

any any company that is headed that is dealing with Halal products,

00:36:12--> 00:36:24

but there are some other activities, they borrow with interest, they receive interest incomes and some other activities that are not in it, they are not accepted.

00:36:25--> 00:36:31

So, they are called they call the mix companies or mix stocks and securities are

00:36:33--> 00:36:47

now is it permissible to try this we share selected through specific methodology there is a specific with the knowledge that was created by a group of scholars. And these Muslim scholars are mostly members of Sharia Roberts.

00:36:49--> 00:36:51

He came up sorry with this methodology.

00:36:52--> 00:36:54

We said it Muslims

00:36:56--> 00:37:04

trade this companies that are selected based on this Sharia screening methodology that it should be highlighted for them.

00:37:06--> 00:37:32

In sha Allah, this is the official behind. I will never rush eventually abode is a rush the bank is an Islamic bank to famous one of the pioneers in the industry. It was established in Saudi Arabia, Sharia committee of Israel that Islamic Sharia advisory board from Paula cat bank with decision of the sixth Symposium of Baraka banking group behind

00:37:33--> 00:37:49

among the scholars will hemorrhage Bureau they mean how did you I mean, I have to make a disclaimer here, he made this decision. In fact, well, I was told that he changed it. He made the federal a based on if you want to understand how stock market works,

00:37:50--> 00:37:53

most of the companies that are in the stock market

00:37:54--> 00:37:57

are very beneficial to the society.

00:37:58--> 00:38:39

They provide as I said service to the society we provide products or and guys it healthcare technology, so are very beneficial. And they need money they need financing these companies. So either we go for equity financing, what is equity financing, we sell shares in the stock market are people who want to invest in these companies, they buy their shares. So by selling the shares, they get the financing that they need. The other type of financing is debt financing, we go to the banks and get holes with lives, we buy bonds or the cell wall sorry, the cell bones.

00:38:40--> 00:38:43

This is dead, but we pay interest.

00:38:44--> 00:39:33

So now interest we don't want to deal with it. So shelter Athenian Raha to Allah and what he said is 100 He said it's hard for the big companies that are serving his community, serving the society, providing electricity, providing phone services, providing you know good services that are needed, if they need this kind of financing, debt financing usually is not valid. So the only option that is left is equity financing, selling shares in the stock market and they need to get money by selling the shares. Now, we have some Halloween activities, they should be gearing we should close our eyes because of the hedge and there is a need for these companies. That was his analysis. And this is the

00:39:33--> 00:39:52

analysis of all scholars who said it is by default it is halal to trade in the stock market. The only problem is you have to know what what kind of activities you are doing. What are you trading? Because there are some Muslims who believe that the stock market is like a casino. That's not right. It's not like because you know,

00:39:54--> 00:39:59

this is a wrong understanding. They are very important for the economy. The problem is nothing

00:40:00--> 00:40:21

In the stock market, the problem is the way the nature of your activities what kind of are you gambling, or you're buying shares and trading them and helping the economy. Right? So that was his footwork but as I said, I need to make a disclaimer here some people told me that he changed it or he

00:40:23--> 00:40:28

changed his opinion a lot. I'm gonna love in many in another leadership scholar to Tennessee

00:40:29--> 00:40:39

is a famous scholar he lives in Canada is Canadian, but he used to be a professor at the University of Illinois Makeda was a member of the one of the major federal Council's

00:40:40--> 00:40:42

is a senior scholar who lives in BC

00:40:43--> 00:40:49

Dr. Mustafa Zylka, another scholar from Georgia goofy topics money very famous scholar from Pakistan, Pakistan, right.

00:40:52--> 00:40:53

Not his nephew,

00:40:54--> 00:40:57

mostly Muhammad Taqi Usmani

00:40:58--> 00:41:02

he's an authority and he has a book actually one of the sources today

00:41:03--> 00:41:12

physical book about Islamic finance if you want to get a good idea about Islam I got the title and it is available as a PDF you can download it and read it

00:41:14--> 00:41:31

Dr. Andy Murray Dino De he's still alive with this guy and is this chef lives in Qatar is originally from Iraq he's an authority is a great scholar in the field of business transactions our founders but then in North America we actually have some exciting news base calm

00:41:32--> 00:42:01

and as a man that lives in Texas guys Carlos Elia it is permissible to train his mixed stocks based on these cherry screening little dots. How does it work? Okay, in their proofs, let's talk about their proofs. He said any all the proofs are legal, Maxim's and as I said, I have a good book here to tell you about there I have the title of this book about fake Maxim's for to understand the scope of Maxim's

00:42:02--> 00:42:03

now they're gonna

00:42:04--> 00:42:10

make this fit Maxim's based on different fruits diluted different incidents during the time for football season.

00:42:12--> 00:42:27

Or I've had it here story here they come up with the rule. They can kind of the dark to good car in here from different incidents and different Halloween. But I use it a bandana is Booster Club cloud, we used it.

00:42:28--> 00:42:41

I mentioned this car either when it was talking about extended warranty, that the thing which is not permissible by itself may be permissible as an attachment as an accessory. Right? If it is not the main subject to say,

00:42:42--> 00:43:06

and has an outlet to listen basilica Bourassa in need of a public nature may be treated like a personal necessity. The example of that this big companies that are providing good services for the that was the basis of his faith worship having everything these big companies are offering big services to the community, they're helping the economy, they're serving the society.

00:43:07--> 00:43:55

So, how is the AMA there is a public and need for public nature, people need electricity, they need to use their phone, they need cars they need so, there is a need for this kind of goods and services. So, this may be treated like a personal necessity may be treated sometimes like a doddle, I can assess if this is another 15 maximum, they would call the majority deserves to be treated as the whole thing. So if more than 80% of the product is held and we have a 20 person which is you know in the gray area, then we might close our eyes and treat the whole thing as Hannah This is one of the 50 Maxim's anyway, you need to look into study that but these are just examples. man and

00:43:56--> 00:44:16

women who fall for anything that is impossible to avoid is overlooked. But this is a famous guy that in the area of Baja purity, right something that you cannot avoid it too hard to be overlooked. Someone who has a problem the issue is citizen boat or these are examples in cooking the books are forever. So anyway, they use these kind of

00:44:17--> 00:44:18

funky Maxim's

00:44:20--> 00:44:34

the second opinion they said is not permissible to trade the shares with these companies. And then the permanent committee with the social federal and Saudi Arabia share your ability of Kuwait finance house Sharia growing debate.

00:44:35--> 00:44:56

Islamic bank scholars like Dr. Soluz Mark Hamill, as you can call it, we lived in Qatar. He was a professor of Islamic finance and some books to Friday Sermons. Chippewa invest among others, trying to think Academy agenda. Oh, I see why see organization is one of the countries so it's another Islamic carrier.

00:44:58--> 00:44:59

Their groups is the Quran

00:45:00--> 00:45:11

From Allah subhanaw taala at Bihar we go to choose to 75 to 78 the actual the patient that we mentioned 275 to 281 the range

00:45:12--> 00:45:15

also was excellent curse, the one who

00:45:16--> 00:45:38

pay rebound or to consume it the warden writes the contract and the witnesses. So, as to I will What is the end our the eye of cooperation is inserted by Ada and as to what I want to highlight if you do not cooperate and committing a sin and transgression right. So, these are general rules.

00:45:39--> 00:45:40


00:45:42--> 00:45:57

the what is the Sharia as being the Sharia screening, we look at that they have two criteria, they have quantitative criteria and they have quantitative criteria, qualitative quantitative, they look at the activities

00:45:59--> 00:46:44

what are the activities of the company that means, they look if the company is qualified for the second step of screening, what is the second step of screening is financial screening, they look at the debt, we look at how much debt it has, how much interest financial screening, but before looking at the financial screening, we look at the the core activities that is the company qualify for the second step of screening will not salute that does it trade alcohol water related products conventional financial services, all these haram activities if the company is involved in this activities isn't it's out, it cannot be included in the index. Right I'm talking about Sharia

00:46:44--> 00:47:16

indexes or which will find all of them or follow following the same philosophy following the ceiling Sharia chimney screening with adultery can be different from what index to we have the Dow Jones Islamic Sharia index we have footsie we have the s&p ever Sharia index s&p 500 index and Canada. So we have this Islamic indexes, we have mutual Sharia compliance, mutual funds, Etihad and ETFs all of them following the same methodology, the same philosophy.

00:47:19--> 00:48:08

Now, when it was when it comes to quantitative criteria, but this is an example the Dow Jones Islamic index, when it comes to the debt, they they they said the debt has to be less than the average they look at the trailing 24 months average market capital capitalization what is the market cap? The market cap is the volume of the company by looking at the price of the outstanding shares in the Market Plus the restricted what are the restricted shares owned by officers and people working in the company. So, we have restricted shares and we have outstanding publicly traded shares in the market. If you look at the value, like if the share is fully dollars, you multiply $40 by the

00:48:08--> 00:48:12

number of shares and you get the value of market cap

00:48:14--> 00:48:17

the market cap of the company right?

00:48:18--> 00:48:27

So, so they look at this is a term these terms are used by accountants, but from where they go 33% They got it from a hadith

00:48:29--> 00:48:43

33% is a third just to let you know, the basis of their which is the third we have the story of 730 workers he came to us from last SLM said yes. Will Allah have one daughter?

00:48:44--> 00:48:54

To enhance me I'm sick, I'm worried. I want to make it we'll see if you allow me to donate half of my wealth. He said no. Do you allow me to donate

00:48:56--> 00:49:30

two thirds of mine year? Well, he says no. And then he asked him about the third he abandoned him. He said I will allow you to donate to Michael was here for the third even though the third is a big amount as soon as he was willing to Kathy's. So they use something called divergent divergent reaction before we move on if they use it, so if Rasul Allah says in them said the third is a big amount that anything that is less than a third is a smaller Well, this is their deduction.

00:49:31--> 00:49:56

It's called performing Mahadeva. It's innocent, because it's something technical right. But this is the issue he had, he said, he said he allowed him to make a lasagna for the third and he said even though even though the third is a big amount, I will allow you to make a word singer for the third. But this is about inheritance. And when it when you are writing your will but the use of it here as a proof anything that is

00:49:57--> 00:49:59

less than the third should be accepted.

00:50:00--> 00:50:03

So debt why we talk about debt because debt is money.

00:50:04--> 00:50:47

If a company has 80% of these assets or debt securities or debt instruments, then we you trade when you trade the share of this company, you will be trading debt and trading debt. With money. It's we have to be careful, there are some rules. It's like shaping money with money. So even that's why he says if it is less than a third, it should be accepted cash plus interest bearing securities, their value is less than that is 53% less than a third? Because it's small enough, again, account receivables, they are that to account receivables company selling something.

00:50:48--> 00:51:26

Okay, with with a credit check, right? And the customer will promises are the agreement with the customer to pay them within a month or two or three months? This is called an account receivables. It's a debt. Right? So now everything has to be less than the third. This is the methodology of Dow Jones. But I just want to tell you what, when he hit the 3053 person to simply what is the what is the basis of these numbers, why they're they have another number, the other haram activities, they have to be less than 5%.

00:51:27--> 00:51:28

Why we use the pie?

00:51:30--> 00:51:37

And yes, you got home and I know every small amount that should be overlooked. It's definitely maximum throughout the day.

00:51:38--> 00:52:06

Now we have the US this issue you have because they believe that Muslims living in the West or even those who are living in Muslim countries, they don't have access, if they don't, we don't use this screening Sharia screening methodology that Muslims will not have access to the stock markets, and they will not be able to old asset class and over securities.

00:52:07--> 00:52:14

So, I used to and this is the position of many scholars, they will

00:52:15--> 00:52:17

explain the two opinions.

00:52:19--> 00:52:21

And they will take a neutral position.

00:52:22--> 00:52:29

Because the here is very difficult. If you go with a command, you say tell

00:52:30--> 00:52:40

me something. Now I feel now I feel that those who said his Hello, they are on the right side. Why? I'll tell you why your reason.

00:52:41--> 00:52:51

Because we're dealing with two problems, one of them could be bigger than the second problem. And we have to we don't have a choice, we are saving our money in the bank.

00:52:53--> 00:53:03

And I discovered that we signed a contract when we open an account allowing the bank to to deal with 90% of our money.

00:53:05--> 00:53:17

What do we call what do we call it last time? Fractional fractional banking reserve right? So this is how the banking industry works.

00:53:19--> 00:53:36

The table 1000 from your money, the key bible they have to keep in the bank $100.09 other we have the freedom to deal with it and they give us moles, your money is used in interest, interest based transactions.

00:53:38--> 00:53:40

What do you keep it in the bank

00:53:41--> 00:53:43

and you don't have the option to keep it at home.

00:53:44--> 00:53:46

So you either you go with this option.

00:53:47--> 00:54:09

Or the other option is you look for this so called Hala investment in North America, or even in Europe, there are some Islamic banks in UK that are giving options to people living in the Canada us to trade to open their accounts with them and do some trading online trading. You can now do my training with many markets.

00:54:11--> 00:54:15

The other problem is there is a problem of inflation.

00:54:17--> 00:54:29

When your money is losing value. There are some Muslims who say we should have self interest to hedge against inflation, to protect our wealth against inflation.

00:54:31--> 00:54:35

And we tell them the basic principle that Riba is Ha don't take interest.

00:54:36--> 00:54:38

What is that? What is the alternative?

00:54:39--> 00:54:40


00:54:42--> 00:54:46

Now, I have to make a disclaimer. I am not a financial adviser.

00:54:48--> 00:54:59

I'm telling you what they believe is hella what they believe is accepted based on Sharia rules. But if you decide to invest, you go and you get excited tonight and we'll go

00:55:00--> 00:55:02

An account investment account, it is your decision.

00:55:03--> 00:55:23

Because there are people who, when I talked to them, he told me, he called me you sent me an email Tell me about some high level options available in the book, I tell them about some header options. But they tell them at the same time, I have to make a disclaimer, I'm telling you this handout is available based on this criteria, this 100 option based on this criteria is available.

00:55:24--> 00:55:47

But I'm not a financial adviser, you have to talk to the financial advisor, do your due diligence, do your homework and see what is good for you. You might decide to invest with this company or this company. That's your decision. Right? So I have to make this disclaimer. That's why I don't want to mention names here. But if you need names, I can I can help you later. All

00:55:48--> 00:56:03

right, if you're looking for options, but I'm talking about the philosophy, what is available for us, if you want to learn more about about these options, you can, as I said, you can check the book here second book,

00:56:04--> 00:56:16

halal investing for beginners by Brian Hyland books. In fact, these two guys are doing a good job. It doesn't mean again, another disclaimer. And this doesn't mean that everything we say is right.

00:56:18--> 00:56:22

It doesn't mean that everything they included in this book is right.

00:56:23--> 00:56:28

Right, but I believe it should do is book based on the volume, the volume of air,

00:56:30--> 00:56:43

the quality of the YouTube videos, I listened to them. And the we understand, understand how the market works. And they have some Sharia training too. So they have lawyers, and they actually are trained.

00:56:44--> 00:56:51

So they understand what's going on in the market. That's why I advise you to if you want to buy Amazon

00:56:53--> 00:56:58

or listen to the news, then they are the owners of Islamic finance guru.

00:57:00--> 00:57:30

He Musa Academy, it's a new academy, but it's in New York State, United States of America. Again, they have two advisors of the for us and another professor from Malaysia. The quality of the articles is good. Again another disclaimer, not everything we say I'm not saying everything we say is is good is right, still have to do homework to study if you want to get involved. But there are good sorts of models.

00:57:31--> 00:57:43

And they tell you based on this criteria, hello companies and not a launch anyhow Sharia compliant and non generic compliance. For example, have you got the stocks,

00:57:44--> 00:57:57

again, the example that they mentioned in the first helicopter stock, so Visa, MasterCard, and American Express these platforms, we concluded that this document must be valid.

00:57:59--> 00:58:09

So, there was a Muslim brother who was told this, so, he had some doubt he came to me, I told him based on my knowledge, as far as I know, these stocks cannot be held.

00:58:11--> 00:58:12


00:58:13--> 00:58:18

I am mentioning this why because the federal digital for 12 hour.

00:58:19--> 00:58:45

They said it if you live in a Muslim country, and this Muslim country has an Islamic bank. And this * Islamic Bank has a Sharia board that as a basic principle you can deal with this funding, you can deposit your money invest with them, if you find something doubtful, you have some doubt about it. And that time you ask you consult your email or someone you trust.

00:58:46--> 00:58:54

So, when on top of talking about some Islamic finance guru and there are some other resources, I will tell you about them later on.

00:58:55--> 00:59:21

If you you can look at their you know, their photos, their their knowledge, and then articles and the videos and the platforms. If you have some doubt about something you can ask consulting on. And the most common is that you trust the amount right but as a basic principle, you can benefit from these resources if you want to get involved in this in this market.

00:59:23--> 00:59:30

Now the books I told you introduction to Islamic finance by having attacking both the temple habitat give us money is available when one

00:59:31--> 00:59:41

is a PDF. If you need it, it's okay it's handy if you're it's not available for you if you want to buy it from the buyer if you want to be in the safe side to buy the book. But

00:59:42--> 00:59:54

if you have a concern about copyrights, copyrights are harder to violate when you do business. This is something that is agreed before you print the book

00:59:56--> 00:59:57

or you sell it online

00:59:58--> 00:59:59

and make money out of it.

01:00:00--> 01:00:22

Without taking permission from the original publisher, right? This is haram making money because copy rights are respected in Islam. It's a form of wealth that is expected. It's not tangible. It's not tangible you cannot touch it with your hands. But these are an intangible or

01:00:23--> 01:00:31

assets that are not tangible. But they are acids. They are a type of wealth they have they have a monetary value

01:00:34--> 01:00:59

but if you want to use it for personal use, that's okay. That's fine. Come on. Tada. You want to be in the safe side you can buy it I'm sure you can find it on Amazon and other online stores Halal investing for beginners is available on Amazon Islamic legal Maxim's and then application in Simon finance this is a good book about Islamic legal Maxim's very good book I have it at home

01:01:00--> 01:01:02

published by this route from Malaysia

01:01:03--> 01:01:21

and I'm sure if you want to find it online Mustafa Academy is a website that Islamic Finance is a website as I said but they have a very active online and they have they have videos and YouTube videos and you can listen to these YouTube videos and learn from them.

01:01:23--> 01:01:48

So I am more inclined towards those who said it's helpful to follow this philosophy this shehryar phonology to try to deal with which will Hala which will funds and hello ETFs and and follow this methodology as I said because of we are saving our money in the banks the alternative is not good.

01:01:49--> 01:01:54

The elastic alternative is not better. And we are losing money

01:01:55--> 01:02:09

because these governments are printing money when they keep printing money the value of the money goes down and we lose we're losing wealth. So to hedge against inflation, investment is like a weapon.

01:02:11--> 01:02:16

And he was talking about the wealth of the orphans touching the cameras

01:02:18--> 01:02:40

it tells you if you have one he said invest with the money of the orphans otherwise they will and will be gone through what was the cat this money will be gone why because from him they happen if an orphan is wealthy his God in us to visit me on his behalf there's no opinion majority of Muslim scholars and if he doesn't invest his money

01:02:42--> 01:02:55

then when this child grows up, the amount of this one will be reduced right and it's not fair for this for this child. That's why we said invest the world forwards now.

01:02:57--> 01:03:01

We have it started with syllabus we can take some questions

01:03:05--> 01:03:05


01:03:11--> 01:03:11

that which

01:03:13--> 01:03:14

oh there's no choice

01:03:16--> 01:03:17


01:03:21--> 01:03:23

so there is something wrong with

01:03:24--> 01:03:28

with the presentation here but Hunza is all showing the last slide

01:03:35--> 01:03:36

I don't know what's holding it

01:03:37--> 01:03:37


01:03:45--> 01:03:49

anyway, if you want to write them down Slavic introduction to Islamic finance the

01:03:55--> 01:03:55


01:04:04--> 01:04:05

console maybe.

01:04:07--> 01:04:11

Okay, I'll share them next color color schemes by

01:04:15--> 01:04:19

Okay, now we take some questions, we're gonna delete the account. Are you fine with that?

01:04:22--> 01:04:23


01:04:25--> 01:04:34

Good question. Yes. So you've mentioned one of the screening criteria is that that should not exceed 33% of the market cap, and also

01:04:36--> 01:04:53

Dow Jones Islamic cheerleaders, because other companies or other indexes, they have a different methodology, but the point is, is the same philosophy actually that could range because if you use for example ratio to the assets for

01:04:54--> 01:05:00

24 months, so for the average of 24 months, you see

01:05:00--> 01:05:02

And because this is a term that we use in accounting,

01:05:04--> 01:05:06

because because it varies every day in various

01:05:08--> 01:05:15

markets come on. So meeting they have different criteria could be 33 of a market cap of assets

01:05:17--> 01:05:21

is different because the dollars here with a different index.

01:05:23--> 01:05:28

I don't remember which index to use is the other one, because some people might be using

01:05:29--> 01:05:44

MSCI, I guess as situ. So anyway, but it's the same philosophy as what they want you to understand. Because a quick question, so some banks do have put some amount, let's say 5000, or 6000.

01:05:45--> 01:05:49

And forget about the way the monthly fee? Is that

01:05:51--> 01:06:02

was a bad yeah. When you get when you open a savings account? No, it's not a saving account, your your, your checking account will leave, if you keep let's say $5,000.

01:06:04--> 01:06:05

Just wait,

01:06:06--> 01:06:11

is it okay to purchase an options? Options options?

01:06:13--> 01:06:14

Option was that

01:06:15--> 01:06:34

can you buy a car from the auction? Even? That doesn't count as purchasing over another another men's purchased? No, I mean, there are so many issues that are sales and Sharia that have issues. But the were made hello for the public. Me. So optional a session.

01:06:36--> 01:06:36


01:06:37--> 01:06:40

In his presence, he did optionality.

01:06:43--> 01:06:45

If he did it, right.

01:06:46--> 01:06:52

But they couldn't be a problem with it, but it's not a problem that is taken into consideration interior and it's

01:06:56--> 01:06:57


01:06:59--> 01:07:02

pension honestly, they have an option to

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take things to the next steps

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are not always.

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So the company will give you will ask you to open an RSP account and the main contribution, they are allowing you to already invest your money

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we make a contribution, but they give you a portfolio to a different company as

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are many

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familiar with that. And that makes

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it also going to share your activities. So either you ask them if they allow you most of the time, you're not allowed to have your own account with another Muslim

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or halal or Sharia compliant investment company is if they don't allow you, if they don't allow you then bye varies. There are different towers, it depends on your situation, if it is a whatever the service, okay, you can take it and you take the capital at the end, you donate the profit, if it is a must. If it is not a mosque, if it is not an obligation, you don't have to go for it. It's up to you. The choice is yours. But if you go for it, you have to follow the same methodology. You benefit from the contribution of the company, your contribution, obviously it's harder, so the capital is hella at the end. If you cash this account, you give the profit as a donation. But the best option

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is to look for these Halal investing. Investments in the stock market will love to have added if you open your own accounts by yourself. I have to stop here people are standing up, which means that they won't most want to be to make the the columns what you want. Yes.

01:09:00--> 01:09:02

So we're continuing Shabbat next week.

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As I said next week Shala will talk about cryptocurrencies, there is an announcement here about

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you want to make that announcement make it

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so that one income went up a lot you're gonna go through a lot of Institute's holding a course at University of Calgary on October 28 called Paris nations which imagine that

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it's going to be a story that people have heard solo show here. And these people were destroyed, they're given a great punishment for what they did. So I'm we're gonna go over those stories from 10am to 6pm to 7pm. It's gonna be a long seminar, Jonathan, the whole PDF and everything. If you're interested