Islamic Finance – Part 2

Hacene Chebbani


Channel: Hacene Chebbani


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Business Ethics by Hacene Chebbani

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hamdu Lillahi Rabbil alameen wa salatu salam ala l mursaleen, si Deena Mohammed ii wasapi

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Faden for coming to the halacha tonight and this program is a series of holocausts, maybe seven to eight halaqaat inshallah, and this program will be talking about Fukushima magnetic Melia or physical business transactions as we as we call it in English.

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And I would like to like to start with talking about business ethics in Islam,

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what are the ethical rules and values that we have to take into account, when we do business with each other

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and talking about ethics, the ethics could be could be defined as a set of moral standards that are usually used to separate between what is wrong and what is right to distinguish between what is wrong and what is right. And they usually serve two objectives. The first objective is to,

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you know, to evaluate human practices by calling this moral upon this moral standards.

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So, we're doing evaluation and we say this is wrong, this is right, this is good, this is bad.

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And the second objective of these ethics is to give guidelines on how to act morally in a in a given situation. So, basically, ethics, our studies of ethics cover what is moral and what is immoral behavior within a commercial context,

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business ethics is is a branch of ethics that examines these rules and these principles

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as I said in business,

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so, what are the duties and obligations that apply to people engaged in commercial activities or business transactions?

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Or what are the recommendations that are be that can be given to these people who are involved in this kind of activities? What are the various problems

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you know, ethical problems that can arise in a business settings. So, we are supposed to study and talk about these things, in this program in sha Allah,

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basically the odema the said or in a nutshell, the study of ethics covers are is concerned with what is right and what is wrong, what is just and what is unjust. We talk about justice, because we believe the general framework of doing business in Islam is to is to achieve justice, justice to traders and consumers justice to the buyer justice to the seller. And that's why Allah subhanho wa Taala Allah has forbidden river because the river goes against justice, there is no justice in dealing with interest and we will talk inshallah, in the future about these things in in detail

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in Islam, in our DNA Alhamdulillah Islam places the highest the highest emphasis on on ethics in all

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you know, sphere of private and public life in all aspects of human life. So, Muslims are supposed to observe you know, ethics, when they deal with their family members, when they deal with neighbors and friends. They are supposed to observe some values and some known some some claps or manners when they deal with everyone. And when they do business, they are supposed to observe some, you know, some values and some ethical rules. What is amazing or what is good about this code of Islamic ethics is that it is part of our faith. It is part of our Deen

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and this is what made this oma the best oma hydro Metin in quantum Hira Mateen Lucretia cleaness you are the best nation that has been raised up to mankind.

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And there are conditions of course we always mentioned this sentence but we forget sometimes what comes after what made this rumor the best oma what made this Omar the best nation so Allah subhanaw taala said morona Bill Murray This is the reason that morona Bill Maher Have you enjoying what is right talking here about

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what is right and what is wrong?

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If he forbid evil, are you believe in Allah subhanho wa Taala even though he then believing in Allah subhanaw taala is the most important thing in our Deen is the foundation of our Deen is the essence of this Deen even though Allah subhanho wa Taala has delayed the mention of tau hadal belief in him at the end because of the importance Allah subhanaw taala wanted to emphasize the importance of these values el amor will Maru fernhill and in mocha, so we are supposed to do our motto, mocha when we do business to we do it to ourselves first, because usually when we have problems with our brothers and sisters in the community, when we are involved in business, we are the ones who are we

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have to watch for ourselves for our clap for our manners before complaining about other people,

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and also lies sallallahu alayhi wa sallam said in Mr Burris to the autumn Mima mcherry mal Aleppo freeway in Mr. burrito, the otomi masala, alotta was only sent to for the purpose of perfecting good manners for the purpose of perfecting good morals. So Rasulullah sallallahu alayhi wa sallam summarized

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the, you know the purpose of his mission. In birth to that hustle, I was only sent like he summarized the purpose of his mission into this, you know, beautiful things of perfecting good manners

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by our Islamic code of ethics includes general rule general ethical rules, you know about how to do business when we do business with us? What are the things that we avoid and how we deal with our partners or with customers and so on. And also it includes ethically desirable, ethically desirable forms of business. So there are many transactions that are named In fact, barraba moussaka, by SLM by your listener, these things we will talk about them in detail inshallah, some of them are well known in the western financial system, some of them are not known, but we will talk about them shortly in the future. And also it includes and desirable modes of transaction and all Harare's

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haram horror, uncertainty and Riba and measures What is it measures and so on beta and alpha and some other types of blue or that the Islam that Islam has forbidden? Or the Islamic Sharia I said that they are disliked, some of them are macro, they are not haram but they are macro like bait and mythology, someone something that is very common. Many people don't know about this, someone is moved on, he's facing some hardship, leaving the country

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moving to another country and he has to sell sell his, his, you know, his furniture, he has to sell his car. So I come to him and I say okay, how much you want to sell this car, and then a wait, he gives me a price. I don't like it. And I wait until I feel that is

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he's going he's leaving the country and he will sell it, he doesn't have choice and then I feel that he might, you know, cut the price into the price into half then I come to him and give him an offer, I want to buy from him. So, that hadn't been thought of today could horahan and sometimes it is haram sometimes it is moku sometimes it is helpful if you give him a fair price. If you give him a fair price, there is a consensus by all the owner it is but this is just an example of the types of values that are mentioned in this chapter.

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Now, before we talk about some

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you know some ethics business ethics, I would like to talk about the nature of our Islamic economic system, what is the nature of our Islamic economic system?

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What is not now people will talk about capitalism

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and they talk about communism right.

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So, in in communism, what is that what is the cornerstone of the system?

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What is the foundation of the system,

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there is no private ownership. So basically the state plans and controls

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the economy, it is usually characterized by the absence they said the absence of no competitive competitive economic activities, and by government determination of price modes of production, means of production so the government is heavily involved in the economy. We have in the other side.

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The other side is the capital.

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List system where private businesses own the means of production and the distribution and exchange.

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Now, what is the difference? What is the difference between the communist system and the capitalist system and our Islamic economic system?

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What is the difference between them?

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private ownership is highly endorsed in Islam.

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So So in our system Islam endorses private ownership.

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Okay, freedom of enterprise freedom of intership, freedom of ownership.

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So every individual is a free to pursue his economic activities within the boundaries of Sharia. So what is the difference?

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So in the capital system, we have free market in Islam, in our Islamic system, we have free market, what is the difference between them?

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The regulations are different, this is the main difference, because they are we have many Islamic scholars, many Islamic thinkers, when you compare between the three of them, we tell you, they talk about the communist system or communism. And he talks about the restrictions that they have about private ownership and everything, then when they when they describe when they describe capitalism, we tell you, there are no rules, they give complete freedom to individuals who run their business the way they want. And you get the impression that there is no regulation in the West. And this is not right, because we live in the West. And we see that some most of the time, many sectors of their

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of their financial or economic system are highly some of them are highly regulated.

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So there are regulations and in every country, you go to Canada or UK or United States of America, we have these, what are the these bodies that are called regulatory bodies, they are agencies, government agencies, and their job is to regulate the market in every country. So they have restrictions, they have regulations, but they believe in the forces of the in the market forces, they said what is wrong and what is right is left to be determined by the market forces, the market Lee say they have this theory they got it from Adam Smith, that the market will fix their problems.

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The market itself will deal with the problems that arise within you know, within the market itself.

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So what is in Islam, what is wrong and what is right is determined by what

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by the Sharia. So, this is the main difference. There are regulations in the western financial system.

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But they are not, they are not, you know, they are not based on divine on why on divine instructions. But our Islamic system endorses free market within the boundaries of Sharia. And this is the main difference. And that's why they believe that

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economic activities cannot be, you know, run without interest. They don't imagine a financial system that will be that will exist without the use of interest. In Islam, we believe that the last pelota Allah has made it haram and it is possible to have a financial system that is not based on interest, because we have a different system which is which is pls Profit and Loss sharing. And this when we talk about new sharika we talk about the system and the problems that are related to this system in sha Allah in the future

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by basically now that all activities that may harm the traders or the consumers are forbidden in our Islamic Sharia

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all activities that may harm anyone involved in the in business or in our Haram in Nigeria. Now,

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when we talk also about the concept of free market, we talk about the concept of non government intervention that people have to you know, organize their economic activities without without intervention of the government with minimal government regulation. So the Islamic scholars when they talk about the system, they bring proof. What is the proof is the Hadith, the hadith of a deceiver and it has many versions. Just really

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Price control. So a man came to Rasulullah sallallahu wasallam pallisa Elena Rasul Allah. And he said some prices limits on prices in the market give us some instruction regarding prices in the market. So he refused another man came to Rasulullah sallallahu Sallam he said Sir Elena Fidelis sera sera Salalah you know prices are going up. Sir Lana put a limit on prices. So, he said that as soon as I sell him in Allahu wa and Messiah, we're in Nila,

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an alpha habima lamattina. Jomo pm. So Rasulullah saw Selim, he said it is Allah who pushes the prices up and down a low and Messiah and I do not wish to meet him on the Day of Judgment with any injustice. So, he now in this case, and also lies on me saying basically that there is injustice here, if I limit the prices or enter your field in the market. Another howdy that is found in both Malik and this is the version of Lima Malik that aroma they allow a new one to the market and he found how the good new ob belta selling some dried grapes.

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So, he says either you raise either you raise the price will leave the market, how the manabi star took his merchandise is dried grapes and left the market he went back home. So, this is the version of Mr. Malik. Now, this is what Mr. Malik has narrated in his book and water. And Mr. Michel ferry, he added something there is something that has reached him, it did not reach Mr. Malik, and Mr. Musharraf it he got another version, the same version, but aroma hottub went to the market and he found out that he was

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you know, selling those dried grapes and he told him either you raise the price or leave the market. Mr. Musharraf, he said, but when he went to his house, he thought he thought again about what he did. And then he went back to how to

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lock the door. I said, Yeah,

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what I just told you was not was neither an expert, an expert opinion nor a verdict, it was not a factual and it was not the opinion of someone who is expert who knows what is how the market is doing and everything. But it was just a concern for the welfare of people. I was concerned about the other traders, the other the other business people who are dealing who are involved in the market, you are selling your your food with the lower price, and in want to, I didn't want you to hurt other people. And then he told him, go and sell with whatever rate you want. And wherever you like, wherever place you like, this is what Roman told him, but this version, the second version is found

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in a book of Lima Shafi. Now, what do you expect now? Based on these differences, what do you expect

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regarding price control?

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Or regarding accessories? Now, you got some differences here? Yes.

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Yeah, supply and demand and all these factors. And that's why Rasulullah Selim did not want to enter feet. These are natural, natural factors.

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So but what do you expect based on those differences between Mr. Shea and Mr. Malik, umami chef, he got the full version of the hadith of America was only the first part of the headache. What do you expect?

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differences in February now we understand why they're never coming with different photographers. And this is yes, in the School of inner Malik, we believe in price control. Based on this, you know, this Hadith, but a mama chef is totally against price control. Yes.

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Well, there is there is a long discussion, I'll continue, I continue. So, there is a discussion between the fukuhara regarding this issue. These are not the only ahaadeeth that are found, but this is an example about the freedom of market. And the freedom from a free market is not based only on price control is about method and providing full information to the buyers and the sellers. free entry to the market. There are many concepts by giving example here. And this is a discussion that went on between the owner about the two three, but we have to rely on the chef Islam with Tamia, for example has solved this issue. And many rules agreed with him and most of the contemporary scholars

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have adopted this opinion now. They said yes, the government does not have the right to interfere

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The prices okay. But if the prices are going high because there is some manipulation in the market, some manipulation or what is called lsvt Carr hoarding masala Salim Galilei Takeru Illa hoppin and he no one will practice holding except a sinful one. Someone who is silver. So what is electric car is the refrain from selling their goods. They refrain from selling they hide their products until the prices go up and then they bring them up into the market again. This is an antique car. There is a heavy that is not so here. So Marina Maddy said it is so he said Rasulullah Salim said in this Hadith, a journey bully subpoena Marzouk will attack you Roman road, that is the one basically the

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one who practices hoarding is his mill rune has been cursed by Allah subhanho wa Taala so just stay with me for example, he says here if there is some manipulation in the market there is a monopoly group of traders or business people came together and said let's you know, let's not sell this merchandise let's refrain from selling these products, hide them for a while for a couple of weeks or a couple of months and see the hot the prices go high. And then we bring our merchandise in or provide our merchandise to the to the customers and then we sell them we sell them with with higher prices. So there is manipulation here, there is the card. So they said like most of the agreed with

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a chef or a service known Tamia Yes Here the government has to interfere and

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and limit puts some limit to the prices. They give her other examples like for example also relies on the law to sell him. He used to practice what is called elisava after Rasul assassin and passed away and Omar, raha pub and Abu Bakar, we used to have an agency called the agency of Alaska and the functions of democracy or which is called in English. The market inspector is to go and walk in the market and keeping watch on a watch on the activities or the practices or what people are doing behavior of people who are involved in the market. For example, Rasulullah sallallahu alayhi wa sallam passed by someone who was selling a bag of grains.

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And then he put his hand into the bag, and he felt that the green at the bottom are wet. For Karla Mahathir Sahiba Tom What is this owner of this food? He said asaba to sama rasulillah. It was touched by rain or messenger of Allah. So Allah says Allah made statement which is a general rule that applies to everyone. Manager Shana, Felisa Amina, the one who deceives us receives this oma is not does not deserve to be a member of this community, the community the Muslim Ummah, Elisa Amina, he's not one of us. For any here Alicia and Emma are often Nohara cheating, hiding the defects of the product is haram is not something that is acceptable in Islam, but also Los Alamos interfering

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in the market here. So there is a certain level of intervention that is accepted. This is what we do in the West, and what we were supposed to do in a Muslim state in a Muslim economy. But as I said, the difference the main difference between our system and the western system is that what is wrong and what is right is determined by the rules of Sharia. What is healthy and what is lawful, what is unlawful, is determined by the rules of Sharia. what is right and wrong is determined by most of the time by the market forces in the in the financial system in the in the western or the capital, financial system were allowed to

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play. Let's talk a little bit now about some rules and some ethical vile values in our business life. Number one rule the road MIT said anyone who wants to do business, anyone who wants to be involved in business and make money and get some income has to have a strong desire to earn legitimate income hallel income

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and Islam places a great emphasis on what is halal, what is lawful, and what is unlawful in our business activities. And this is a big problem. A big dilemma that you are facing in our community here is not easy. Yeah. You say OSHA hazard is talking about, you know, principles

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about rosy principles, what is in the books, but how are we going to face how we're going to deal with our the reality of our life.

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In this society in this environment, you know, the rule is a tequila, tequila master title. There are these are general rules, but sometimes there are some fatality

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Was that can be given to some people who are facing some some any a certain situation or some hardship. So, there is a factual there is a very alluring we have to distinguish between Sherry ruling and between factual and between a water or a taqwa there is a taco and federal entity I rolling

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taco is something is Hara, you know that you are working with a company that sells alcohol. For example, this is an example. You don't deal with alcohol, you don't carry alcohol. You don't sell it you don't you know you don't deal with it. But you are working in a different department. So the owner Maddy said, if you are working in a different department, you are not touching this harem items. Your work is mcru is not haram because you're not dealing with haram items here in this in this society. But the federal could be different in a Muslim country. Because in a Muslim country, they are not supposed to have a company that sells alcohol. And there are many alternatives that are

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available to Muslims. That's why that's why we have a caliphate of minorities, but feck of minorities have to be have to be used carefully. It cannot be used as an excuse Oh, we live as a minority in a non Muslim society, then everything becomes Helen. Now this is not this is not a ruling. The ruling is you have to use all you look at this your situation, you talk to the owner. So basically, this is one of the examples. But then you are not dealing with this items. As I said, we're not touching them. You're far away working in a different

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department. So the only man who said it is macro because you're not involved in this

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in this kind of activity.

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But what is a taqwa? What is Laura

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leave the job taqwa and look for an alternative.

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Okay, so and the fecha. For someone who is working in something Haram is involved in it, he's dealing with it.

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Handling haram items with his hands, but he doesn't have an alternative. So the owner here in the West trustworthy aroma, great dilemma. The said because it is difficult to live in this environment, he can continue for a while with the intention. This is a condition that has to be there with the intention of looking for an alternative.

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He has to keep looking for a Hillel alternative. He can stay in this job, if he doesn't have another income as a family to feed has responsibilities. But this federal could be different. This is a federal law. This is not a Sherry ruling. This is not a ruling, the ruling that it's hard to deal with these items. Because so for example, alcohol as well as I sell them has cursed the one who makes it, the one who sells it the one who carries this alcohol, the one who is involved in this business.

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Allah subhanaw taala has said has sent His curse upon this any person who is involved in this business, but here we are in a different environment. So the sharing our learning is not to deal with it, but the fact is looking at the situation of people, the condition of people so respected earlier. We said you can this is just an example.

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So, but many things are one of the main issues that are mentioned in the books of Philip is actually a word in NASA will bother

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devouring the properties of others wrongfully. And there are many forms and there are many ways and Allah Subhana Allah has mentioned this ruling as a general principle in the Quran. Well attack Hello and welcome, Bill bartolucci glooby halocarbons camisa Kuru for retirement I'm wearing NASA Believe me, we're entering Talia moon. This is in Surah Al Baqarah. Allah Allah says and do not devour one another's property wrongfully. Nor throw it before the judges throwing it before the judges is giving them a bribe. A judge is a hacking someone who is supposed to pass a ruling upon a dispute that is taking place between two parties. So if you give him Russia you give him a bribe. So he can

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make a judgment or a ruling that is in your favor. So Allah Allah is saying clearly this is hard this is Michael and well in Nashville Barton in a different resort in this area, you will have seen me know that Mr. combiner can bill badly in the end takuna tiara Antara the minko so he said oh you have believed do not devour another's property wrongfully or unjustly, unless it is by trade based on mutual consent, a talathi mutual consent between two parties we'll talk about this. You know, this is one of our

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business ethics is a turabi trade through mutual consent, and also lies I sell them said in MLB ruin terracina sale is only a sale, if it is made through a mutual consent. Now, when we talk about Tara V, we talk about some contracts that are, you know, that are very commonly used nowadays, commonly used in the West, and in some Muslim countries, those are standard form contracts, or those are called adhesion contracts, adhesion contract, and they are called in Arabic rocoto. Iran, you have no say in this contract, you come to this country, you rent a house, and you know, you want to use electricity or you need some utilities, gas electricity.

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So, you form the company, you didn't have any say in this contract is a standard form contract that is given to you or maybe it was not given to you just on the phone? What is your address? What is your name? What is your give them some information, banking information? And then you start receiving the bills? And you have no say in it, but also licensing them setting number one Terada, you have to be pleased, you have to be happy with the, with the price, do you ask how much you're charging for charging me for gas, electricity, we don't do that, right. So these are called Roku, a van.

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But the room I have discussed this, this could not exist at a time of Rasulullah sallallahu wasallam. And this is one of the problems that our work that we are facing in this age, or hudl era, adhesions contract. Or sometimes someone is sick, or she is sick, completely sick, and ambulance take him or take her to the hospital. And the hospital, the guy is very sick, and he wants to be treated and they give him a contract to sign that the hospital is not responsible for any damage. Or if you lost lose some of his properties. And you have no choice. You sign the contract.

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And then you lose after that you lose some of your properties. There are some cases in the West like this. A lady lost on fire properties. she sued the hospital said you sign the contract is assignable. So she hired the lawyer and the Lord said this is an adhesion contract. She was not she was not feeling well, she was extremely sick. And you made her sign this contract. And I don't know if she won the case or not. But most people will not do it. Unless you are on welfare or receiving Ei there, you know that you will benefit from legal aid. Maybe you said okay, it's a free legal services, you hire a lawyer, you don't pay anything, you might do it, but most of the people will

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not do it, but it is an adhesion contract. So the Muslim council discussed this recording is on the standard form contracts. What is the Sharia? What does she say about them? So they said Now, there are some benefits in them in benefits in these contracts,

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the actually save time they are time saving, and they are cost effective. Because imagine if everyone individually has to go to

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you know, what is our

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electricity provider

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in max or atco. Or you go to tell us and then you keep talking to the you know, the customer representative and I'm telling him, he gives me a deal and give me a better deal I want this and charge me this and you want your own terms. And then you know everyone will do the same thing. Very they will have hard time maybe serving the whole population. Right. So the owner they said there are some benefits, some fella it in these adhesion contracts that are available there. It's a standard form and everyone will be treated fairly fairly.

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Everyone will be treated equally, when it comes to fairness or justice that there's something different issue. So, the owner discuss these issues, the owner of the Muslim Council, multifocal Islamic, and he said they are permissible with one condition that the government has to keep watch on these you know, these companies and if the government feels that the prices are going up like Nowadays many people are saying on the news time to time we hear that tell us is stealing money from people or such and such company is stealing money from people because we have no say in these contracts. Right? And we don't know if the government is no is is doing doing their job is the

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regulator in this country in this system is doing his job or not. Many, many times the regulators have you know, have neglected the

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market, most of the most of the day said, The main reason behind the 2008 crash in the market is because of lack of corporate governance, there was a big problem, big crisis in corporate governance. And he the rules and regulations were loose, and the government is not, you know, supervising these authorities or not supervising the market. So they have they are getting these people, they're getting more freedom, and they are dealing in and they are doing damage to, to, you know, to our economic activities, or our economic system.

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By Rasulullah, sallallahu alayhi wa sallam in those days. So basically recorded live, and the conclusion is their own MIT said, they are permissible with this condition, that the government has to intervene if there is done if there is injustice. And nowadays, I don't know if there are people who I don't know I'm not sure in this society, if we have an agency, or if we have a body if we have an organization that defends the rights of the customers, better against these kind of companies allow them I don't have information about this. If you have some information Tell me.

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The sooner I endorse this, this concept Rasulullah sallallahu alayhi wa sallam was asked Au Au qsv out here. What is what form of gain is the best for color? I'm an originally bat he will call him abroad a man's work with his hands and every legitimate sale. So what does he mean what does he What did he mean by every legitimate sale, any sale that is, you know, free from cheating, from oppression, from deception from deceiving, any sale that is free from this manipulation, this all types of manipulation, then it is mob rule. mob rule means Mubarak it will be blessed. It is legitimate, it will be Khaled, then it will be a blast. But Russell Masterson always gave us a

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warning also gave us a warning. But yet he is a man on an inner circle.

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Yet is a man and a nurse. There you barely moromi Maha aminul Hillel, Amina Tara, he says the time will come upon people when one will not care as to how he gets his money, whether it is legally or illegally. And this is something that we see it nowadays you talk to somebody tell me this is her telling me Everyone is dealing with her. Who cares about heroin and heroin these days? You must have heard this statement. Who cares about heroin and heroin these days? I've heard this many times. Everyone is dealing involved in heroin. And in this country, don't talk to me about Helen and Helen. We're different in we're live in a different environment. Where is your Miuccia Prada?

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Where is your Shahada that you want to please Allah subhanaw taala you want to gender you are a Muslim? And your purpose is to enter German how are you going to enter gender if you don't try to control your desires, control your whims, control your showered? How are you going antigen This is what we are supposed to do as Muslims. This is the Mujahideen Nautilus pinata Allah talks about in the Quran, Valentina Jihad rufina Leonard in the home sabudana.

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The second rule that he said the trade through mutual consent, and we we talked about it, we mentioned few things about a few rulings regarding this issue. So if someone is makara Sal and their coercion is not a valid sale, this is a ruling. And if someone put a gun on the head of someone sell me your car with with 5000 to 11,000 and the car the price of the car, the real price is 40,000 when the sale is not valid, and he signs the contract, the Bill of Sale the sale is not valid because it's happened under coercion and

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so it's not valid This is a basic rule in in interior, the government he said also truthfulness in business transaction.

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Myrna alamanda

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Chica in San Francisco honesty that's why Rasulullah sallallahu alayhi wa sallam Kala charging me Magna bien when I saw the Hema Shahada 11pm so it also last assalamu said the truthful merchant is ranked on the Day of Judgment is rewarded by being corrected and ranked on the Day of Judgment with profits with martyrs and with pious people.

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This is a touchy I mean, so it's not actually bad to do a tiara tiara is a good activity is a blast activity when we do it properly, when we do it with a good intention, because it also last SLM said if someone leaves his house he can his risk for the sake

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If Allah subhanaw taala to feed himself with his family, taking care of his family, then he's fi sebelah is a harasser mufa hauraton boosting, you know, and looking for fame. And the men I'll make, I'm making so and so I, you know, I know how to make money, and I'm the best in the market. I bought a house here, and I have a house back home and this thing you know, boasting in front of and bragging and, you know, showing this pride in front of community members, the National assassin himself had a fee sebelah shaytaan

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feasterville shaida. He's doing this. This is the path of shaitaan because Allah subhanho wa Taala does not like this move for her. And this is competition, this unhealthy competition and healthy competition. People will have method and will, the person would would just get a second job or a third part time job. And don't go to the massage. He don't care about his API that just because he has only one purpose to compete with this. community members he has to buy, buy a house or build a house like the rest of the community members back home is not enough to buy a house here. I'm not saying is haram if Allah subhanaw taala give it to you in halal way and you do it properly and you

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take care of your rebar there is no harm. If you are one thing hamdulillah is good, but you have to use it in the right way. You have to earn it in a halal way and spend it in the right way. This is what Islam wants you to do. You earn it in a halal way and spend it in ways that Allah subhanho wa Taala is pleased with if he had his or her yaku Rasulullah sallallahu alayhi wa sallam and B E and E bill cr mallam ef tarika the buyer and the seller have the option to cancel their transaction as long as they did not depart from their trading session. So there is trading session they are talking to each other as they are negotiating the deal. Okay. And the seller has given his price and the

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buyer has agreed or did not agree he's still negotiating. Even if he agreed, and then he's he gave him money he gave him and he's still in the trading session. He did not leave the shop. He did not leave that place. As well as SLM said lb and you will hear they have this is here as meshless is called tr and mejlis. They are still both of them are still present in this trading trading session. So they have the option to cancel this transaction Mamiya Tafara as long as they did not depart it did not leave this trading session for NBN one so how barakallahu Murphy Bay EMA if they have given full information about their sale, their deal, or their products, then barakallahu Murphy by email

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here they're saying we'll be blessed. This water so Lawson said in Bukhari and Muslim. We're in ketema Welcome you buy in. So if we did not give full information, half of the original selling car, you have the car, you know the car is solving many problems. And yeah, you know that if the customer knows about all problems, you're not going to buy it or you wanna sell it. Or you tell him about few things, but you ignore other things. know Allah subhanaw taala said that you have to show him You have to tell him everything. You know the story of the one who was selling grain. So Lhasa salami said Mahathir Sahaba menasha nfls Amina because he kept what the grain in the bottom and the dry

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ones were on the surface on the top of the bag. So that applies to everything if you are selling a house, or selling a car or selling anything. You know, we have many problems in our community between Muslims come to the masjid, praying the same Masjid and time to time we have a dispute people complaining he's complaining about his brother. He made business with him bought a house from him or a car and he cheated him. And then we will sometimes we are in between us Imams and we try to bring them together and it's not easy. It's not easy. I hate to do this job. I hate to do this job. I don't want to be involved. But sometimes you have to help people because people have need need

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help in that.

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Well, yeah, but anyway, this is a problem that you are facing. The problem that you are facing when it comes to money, we are weak. We are weak we don't control our desires. So Islam wants you to control your desires. What do you to tell the customer about all the qualities of this your product?

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And this hadith as I said is in Bukhari and Muslim

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it's eight o'clock we have to pray share. So if you have a question or two then before we close this genre

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for the live

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in Islamic Society government is not is not supposed to interfere the price.

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As a principle, unless there is manipulation, there are big companies owned by the government and the government of course has the right because they are owned by the government, they have the right to set prices.

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Between man man and baitul man, the Ministry of Finance, for example, let's call it Ministry of Finance, bacon mela, the time for solar cells, they have properties, they have Zakat, and they have you know, camels and you have cattle and they have grains and food items. So, if they need to sell some, some products or some, some, you know, some of their cattle, then they have the right to set the prices because they are the ones who are selling. So, when we say when we talk about price control, we talk about government coming to the market, and put some restrictions on the prices without any without any rights without any reason.

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So, it's called to save in the books effect. And basically the government is not supposed to intervene, unless there is manipulation or at car people are priced at practicing hoarding or there is some kind of you know, you know, English cheating that is taking place in the market, then will move the market inspector has to interfere and and do something about it. Yes.

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Or you can get your question. So, for example, oil in the country is that government,

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it is a it is a controversial matter, any they are called this is the this is called the rakez. In, in,

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in fact, in the book Suffolk, and their own ama, they had they had a discussion about it, the conclusion, and what is adopted now, by the contemporary scholars, these kinds of natural resources should belong to the government.

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This is the this is the, you know, the federal law that is that is adopted by many scholars, I know that there is no consensus about it. There are some other scholars said if someone finds something in his land, he should be the owner like United States of America. If someone finds oil in his land, it's his property, right? This is what they believe, right? Is his property if we find oil, for example, United States of America, right? Not any more.

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Canada is not. Yeah, so majority for Oklahoma, this is as best to the best of my knowledge majority of our odema that's why we don't have in any Muslim country, somewhere private, you know, any individual who owns like oil or gas or something. So they said it is a property of the government. But the government, of course has to do his job of giving Zakat and helping, unfortunately, our governments are not doing that. So yeah, there is a kind of

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an a

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way the what is, in theory, what is in the books is so beautiful when it comes to our practical life is kind of different. It's a different story.

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Yeah, there is no, there is a business bureau. And you have to you have the right to complain if you have, yeah, but people want people, men, because man, when I've mentioned about the prices of gas and electricity, people don't feel that they have the time to pursue these kind of issues. You know what I mean?

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And that's why we end up paying these bills, even though in the winter, we feel that the guards is very inexpensive, the utilities are very expensive. You end up paying sometimes $400 a month, or 500 a month, but who would look into it and say let's do something about it. If people have most of the people are, you know, are working, they have a job. They have jobs, they have an income. And if someone is not able to pay this kind of amount, and he's not, he's jobless for example, and most likely he will getting his collecting AI or getting welfare or the government will give him no Calgary housing or something. So you feel that everyone is happy. And I don't know if actually if

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the prices are fair or not. I'm not saying that these these companies, you know, are not.

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Their prices are not fair. But we used to hear time to time in the news that within some companies are selling

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money from people. And it is the job of the government to keep watch on this on these companies will love to allow the exact failure will continue.

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By not establishing

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for example, you do a sale and the sale, you know is supposed to pay you in a year's time. So he doesn't say a year's time. So I say the penalty is so much based on let's say an interest value or something which is a little bit

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there are different conditions here. And there are two types of transactions if you have if it is a loan or credit sale.

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The Sherry ruling talking about cherry ruling first before we talk about federal but any penalty is haram if it is alone, and I give him a loan $1,000 two brother Arif, tell him I need this money within two months.

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But Arif did not give me the money within two months, after four months, he came back to me and he said he'll 1000 I said I needed to actually need my I needed my money two months ago. Now you have to pay me a penalty like $100 there is no disagreement that this is river, there is no disagreement. If there is a credit sale credit sale is I sold him a car, the 2000 he paid only 1000 and the other one is a deferred payment. The other 1000 is a deferred payment. So it ended up like a loan credit sale here there is a deferred payment. So if I add to this deferred payment, still Riba there is no disagreement about it. This is very eye rolling. Now, when it comes to projects, constructions and

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manufacturing is a different story. This is a sharp Lj. So if someone you tell him that I want you to build this house for me, or this building for me, and I need it to be done within one year, I want this building to be finished within one year, this is called the shuttle JSA. Now the guy because of his mismanagement, or poor management, or whatever you call it, he did not finish the building in one year. And it took him two years to finish the building. And you had other contracts, you had other business activities, you have a plan, you needed to move to that building. So he hurt you a lot. You have the right to have this shortage as a to charge him a penalty. Like matter, let's

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say if you don't give me the the building, if you don't deliver the building, the building is not available at the that, you know, agreed upon date, then you have the right to charge you method and let's say 100,000 has a penalty. This is Helen, there is no problem with it, there is no loan here. There is no credit sale, it is a project. Okay, and you are charging him Ohara it's called the Harada it's called in Sharjah he is a condition that you put and he has to fulfill this condition. Now when it comes to loans, and deferred payment, Islamic banks have faced this problem are facing this problem. Now. We have Muslim customers, they are dealing with us and we have deferred payment,

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they have to pay us on certain dates. Now the guy is not playing either because he thinks it's an Islamic bank, I will just delay the payment, it's okay. They will keep quiet about it, they are not going to charge mareeba or he doesn't have money to pay or whatever reason is. Now, this is a problem. So the owner has faced this problem talked about a lot about it a lot. And there's a big discussion about it. One of the solutions is to create a charity department

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in this Islamic bank and talking about Islamic banks and their problems to create a charity department and if people are late they charge them a penalty. Basically industry ruling in the industry is Riba so the the Islamic bank does not benefit does not take this penalty, we put it in this

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you know charity department and then they give it to those who are in need. Why they do this why they will charge a penalty why what is the reason

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to push people to pay to control the market. So this is one of the solutions that is now used by many Islamic banks. But still it is controversial and there is no agreement about it. Many scholars have said you can use it because there are no you cannot control your customers and they will take advantage of your leniency and your you know your rules Islamic rules. When you

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Do that.

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This is one of the solutions that is available in the market. And I don't have another solution for other people here Jani Willow Gianna Baraka lo fi comm salaam aleikum wa rahmatullah.