Islamic Finance – Part 6
Channel: Hacene Chebbani
File Size: 15.42MB
Murabahah by Sheikh Hacene Chebbani
hamdulillah Vladimir salatu salam ala Sayidina Muhammad Ali he was happy he will continue with the program of business transactions. And today we will mainly talk about Alibaba as a mode of financing, but before we talk about murabaha, I would like to mention a few things.
Two weeks ago, we talked about short selling.
And we said in the market in the stock market, we said it is there is almost an agreement between all scholars that it is haram you cannot do short selling. So, there was discussion between two brothers of the halachah one of them got the impression that they said that trading in the stock market is haram
and the other brother he said no, the shareholding mentioned short selling.
So, what I mentioned is only for selling I didn't say trading in the stock market is horrible. And basically, trading in the stock market is halab is permissible with two conditions the earlier they said when you buy shares the shares of a company, the product of the company has to be the activity has to be healthier, like an oil company or it or anything that is held this is the first condition. The second condition, this is this is these two conditions are agreed upon, like there is no disagreement about them. And the second condition is that the company itself does not deal with River. So, it does not it does not take credit line or loan from banks or does not does not deposit
money in a non Islamic bank in a conventional bank. This is very difficult. I mean, maybe it's impossible to find a company with these conditions in this country. In this society, there are companies in the Gulf now, they are trying to in Muslim Muslim countries trying to purify their financial activities, business activities, we are avoiding dealing with rebar and everything and the aroma in those countries are following these companies. And they are advising people telling them this company is purified and you can you know invest in their in this company buying these chairs and everything. But here, here we might find companies that have, you know, Hillel activities, like
oil companies and so on. But it is very difficult. As I said, it's impossible to find a company that doesn't deal with Eva. So here comes the question, is it helpful to invest in these companies or not?
Who deal which deal with Riba? So this matter is controversial.
These are called Sherry cattle motala. They are mixed companies, they are mixing between permissible compliant and non compliant activities. This module is controversial insha Allah, we will talk about it if we have time, we'll talk about it in this program. But even in lay Tara, I'll tell you what is there because we have a criteria, even though we have Islamic indexes, and they have a criteria of filtering the companies, filtering companies in the West here in Canada, or the United States or UK. And Islamic indexes have different criterias different criteria, we'll talk about them in sha Allah
Bismillah in the future. The second matter is what I mentioned last week, I said if I give
if someone needs to change, and he has $20 a bill of $20 in his pocket, and he goes to his friend, he says, I need some change. Can you give me some change? And then he will look in his pocket and find only $15
then give him $15 he said I have only 15 said Okay, take the 20 and I'll take from you the 15 and you give me tomorrow after two days, we'll want to see you, you give me $5 I said this is a usual serious transaction, because it also lies sallallahu Sallam said in 10s of Hadith, authentic hadith, not one Hadith. This is something that Rasulullah sallallahu was very strict about it, that it has to be yet and be at when we exchange money or gold or silver beside the other four types of food that are subject to the rules of Riba. So when we exchange money, it has to be yet and be and hand to hand, which is called physical possession, or real possession or real delivery on the spot,
whatever you call it, it has to take place. So brother came to me, he's here with us after the halaqa and he said, Okay, let's take it
As a loan, like, let's, let's make it a loan, like I'm giving you 15 and $5 is a loan, I said, No, this is not a loan, because there is an exchange here, there is a transaction I gave him 20 and he gave me 15. And he's delaying $5. What is the solution is, we are friends, here you go take the 50. I don't don't want to take $20 from you. Give me the 15 back when I see. And the problem is solved right. This way. I mean, usually we need change for small amounts of money.
The third announcement is that some sisters complained that we are not allowing them to ask questions. So when I hope that they are listening, our sisters are listening. So usually in this halachah you are allowed to make questions to ask questions, write them down, and send them with some children and inshallah we'll answer your, your questions. So sisters are supposed to write down their questions where it's very inconvenient to send this mic to you their ask question, then bring them back in and the mic again. And, you know, we don't want to do that. So the best way I think for you sisters in sha Allah to write down your questions, and we will answer your questions B is Neela.
Now we'll talk about l murabaha. Lil amor bashira. This is what is this is the name of this financial transaction in modern Islamic Finance, Al morava. Hello, Mr. Bashara, it's called murabaha to purchase order, which is called now known NPO. And it is well known very common in Islamic banks. So Marina de said, Actually, this transaction is is dealt with Alec is used in in all Islamic banks. And is it is taking the share of 80% of all transactions that, you know that Islamic banks are making with their clients. So murabaha to begin with, as we said before, it is a type of sale. Originally, it is a type of sale. And it was not a mode of financing. murabaha was very common in
the old days. People use it when they don't have a lot of experience in the market. They don't have experience these don't have knowledge about the market. So person, a person who wants to buy something, but he's not confident about himself, you would come to someone else who has some experience in the market, you will tell him buy this car, or this camel or this horse, and I will, I'll give you 10% or give you for every 10 Durham's or every 10 dinars one dinar as a rip has a profit for example. And it was accepted. The only one who said is not accepted, is it no hasma viry. This is the only one. But all the other scholars they said this is Helen. And there is nothing wrong
with this business transaction. But it is used now as a mode of financing, which means it's combined between a promise, there is a promise, the first step is the client would come and make a promise to the bank. I need this equipment, I need this truck. And if this machine, you buy it for me, I'll promise to buy it from you with a profit. So there is a promise and then there is a sale.
And then there is Bayer more agile.
The investors are people who have money or people who have businesses and they need some help because they don't have funds to buy this equipment from the market. So they go to these Islamic banks or financial institutions and ask them to buy it for them because they don't have funds. So they mix it with Albania and Asia which is based on deferred payment basis so so the mix it so it's a combination of these three, you know ingredients
and the road Mr said it is not the ideal mode of financing. What is the best mode of financing in Islamic Sharia is the mudaraba or moussaka, mudaraba is silent partnership. So we have two parties, one of them is Rob bull man, the capital provider who would provide money, the capital and we have an madora which is the intrapreneur is called now in modern language intrapreneur. So this this man, the first one will bring his money, his wealth into this partnership. The second one will bring his skills, his expertise, almost Shara cashino partnership, two people get together or three people or we provide money, the capital and they provide the skills and their knowledge, their expertise, and
they build this company, joint venture or whatever you call it. And then the start doing business in the market. So the owner Maddy said this is the best
Way of financing because the second method mudaraba. The intrapreneur doesn't have money, but he's not, you know, he's not making any debt on himself. He's not burdening himself with debt. Actually, he's just coming to the partnership with his skills with his expertise and he makes a profit because they have to make an agreement about the profit they have to divide the profit based on a certain ratio that they agree about. And the ruler, Maddy said it is the best because investors and intrapreneurs are not burdened with debt
and we create jobs will murabaha what will happen is, the client will end up being a debtor, he will end up having some debt obligations. And Islam does not appreciate debt. Islam encourages, does not encourage people to take loans for no reason.
And actually Rasulullah sallallahu alayhi wa sallam used to seek refuge from heavy debt. And this is there is a hadith that was collected by a man Buhari and Muslim Sharia law. She said that Rasulullah sallallahu Sallam in his salaat he used to say Allahumma in the URL to becoming a double cover where all the weaker men fitness and mercy dogen were all to become a fitness in my own my mat. This is another version of the Hadith that we know that we talked about before. He used to say a llama in your older becoming a semi will Muharram
so a man said in makara Mr. Ito Minh and mother Amir Rasul Allah, tala in the Rasul either very mahad data for Caleb, well what are the
social lives are seldom based on the hadith of a shadow, the alarm and bloody Muslim, he is to seek refuge in every salaat in Allah subhanho wa Taala from the punishment of the grave, and from the trials of mercy edition, the false messiah is number two, and from the trials of this life and death, trials of death and life, life and death, and also at the end, he would seek refuge in Allah from heavy from sin and met him and heavy debt. So a man was listening to Rasulullah sallallahu alayhi wa sallam, and he said, how often you seek refuge from heavy debt. So also realize I seldom said when a man gets in debt, so he speaks and tells lies and he makes a promise and he breaks it.
And this is something very common we see it when someone when people make heavy debts and then they start promising the creditors will lie within one week and get some money out pay you in Sharla Don't worry about it. And then one week has passed the second week has passed the third week has passed and the guy the guy did not receive his money or the next month or within two months inshallah get some money. I got a job full time job now and they'll pay you money and then he keeps on making promises and breaking them. So that's why Rasulullah sallallahu Sallam used to seek refuge from a heavy debt, and imagine if the burden of debt is carried to the grave. A solo lies on the law
and it was seldom used to refrain refrain from offering generous a prayer for anyone who left who passed away and left some depth behind. He refrained to offer a generous a prayer for someone who left a debt of two dinars
to dinars, two dinars, is the the dinar, the golden dinar at that time, the weight of the Golden dinar at that time was four grams and 25 point 25. So if it is around $50, that would be for one dinar around $200 or 250. That's $500. So he refrained. He didn't want to offer janaza prayer until Abu Qatada one of the Sahaba who was present. He said the aerosolize I sent him I'll pay them off on his on his behalf. And then also less I sell them pray janessa upon this person offered his genetic prey to this person. Otherwise, he would say something Oh, Allah sahibi cumbia and he doesn't tell them. He doesn't tell his companion. His companions did not offer gene as a prayer for him. No, he
would say sell some more Allah Sahaba offers and as a prayer for him, I'm not going to offer janessa my prayer for him is what Russell SSM used to do. So that's why Islam does not encourage you know, that he wants you to be debt free. He wants you to be as a Muslim to be in control of your finances. If you cannot afford something don't buy it. Nowadays, we are buying things before paying them. We cannot afford them because of the plastic cards that we have behind because of the facilities that we have the tools that you know
to, you know, a creative tools that we have available for everyone. So we are spending money actually buying things, and we don't have the money to pay for them.
So, and also, you know, in the in the
in modern term, we could say that Islam encourages equity financing versus to debt financing. And these are modern terms, equity financing, in simple terms is one if you plan to establish a business, then you invite other people to bring their capital, but they will have some ownership interest in your business, they will share with you they will be owners, and he could be partners, silent partners, and it could be it will be a modaraba You don't have to interfere with your business, but you might allow them to have to interfere and and run the business with you and that would be a moussaka. So, this is basically equity what is called equity financing. In modern terms
equity financing is when a company raises money by issuing stock common or preferred stock to both individuals and institutions, to investors, individuals or institutions, and then they will end up these individuals or shareholders, they will end up with they will be granted some ownership interest in the company. This is in modern term what is called equity financing debt. financing is when a company borrows money through issuing bonds, or taking loans from from the bank. And all and many people are usually intrapreneurs and people who are willing or planning to establish a business they are always in this facing this dilemma. Should they go for equity financing? Or should they go
for debt financing? So that financing based on interest is not an option for Muslims, we have to know that.
You cannot build a business with interest. I mean, you can you can consume interest. In one case, in Islam in one case, what is this case?
You can consume interest in one case
the Aurora what is the Aurora? You don't have food to eat, we don't have shelter.
In this case, then a rod to be held Mahabharat the rod so cities makes what is lawful, what is unlawful, permissible. So anything that is haram it becomes permissible until you find Hillel alternative in this case
will allow allowed Alanna clean
they said in murabaha here at the actually it's an A device to escape interest Muslim investors, Muslim businesses don't have this facility to you know to go to conventional banks and ask for a loan. What is the alternative? So their own Emma they said they can use this device and murabaha in amor bashira MPO as as you know, tool to get some financing, but they said this is not the ideal mode of financing. We have to encourage mudaraba we have to encourage Muslims to get together and establish their own businesses together and work together.
What are the basic some of the basic features of mobile about financing?
So the owner mindset, first of all, it's not alone. Because many Muslims in our communities when they hear about an Islamic institution, and this Islamic system start you know, start giving you know those murabaha this facility to Muslims. Do you think that this institution is giving loans? No, this is not a loan on interest and sale of it is only the sale of a commodity for a deferred price which includes an agreed profit added to the cost. So we have to know the cost This is the murabaha the foundation of the murabaha Brava is the you know the cost how much the seller has bought this this bidder or this commodity, and then you give him a profit and markup.
And the owner Maddy said being a sale and not alone that murabaha should fulfill all the requirements of a valid sale. And we talked about these requirements in the previous halaqaat and it cannot be used to finance the price of the commodity is already purchased by the the client.
The client would buy the equipment would pay for it and we'd go to the institution and ask for a murabaha facility
so that we become an arena and become another
stratagem healer trick to circumvent the prohibition of forever, it will the end result will be an interest based financing arrangement. So what will happen? I bought it for $200. But I need these $200. So I go to that institution and ask them to buy it from me and sell it to me
to buy it for me for 200. So, they will get the equipment, I get $200 in my pocket and sell it to me with a markup, what will happen, they will charge me for $200 for example, $50 the cost the whole price will be 250, right. So, I use this equipment as a healer to get some financing, right. So, I got $200 in my pocket, and I will end up having a debt obligation of 250. So, this $50 is Riba
and this is called bayarena. It is usually translated as buy back sale, buy back sale, yeah, and you sell something and you buy it back. And it's called the larina Sahabi did it at the time for some loss and sell them after a few losses and passed away. They didn't come and shadow the law, her and her issued a strong warning about it. And she said to the lady who told her about his transaction, that he had lost his reward, the reward of his Jihad with rasuluh lice and alarms can be an apology, head home attitude Li sallallahu alayhi wa sallam, because he bought a slave. He sold it for for $600 600 dinars. And then he bought it again,
for 800. So the difference was 200. And it was like, No, I can usually this transaction. And the owner older owner, Maddy said, if it is done based on an agreement between the seller and the client, and the buyer, then it is it is haram, there is no disagreement about it. But there is no agreement. They bought something from brother a you. And then I changed my mind after two days or three days and want to sell it and look for a customer, I didn't find a customer, I didn't make any agreement with you. And then you heard that I'm trying to sell it again. I didn't like it, I want to sell it. Or you comes to me and said okay, I'll buy it from you. He sold it to me two days ago, and
now he's trying to buy it from me. Again, they'll said I'll give you my friend
you know some profit. And I'll give you a facility you can pay me like within within a year or so. So, here are some remedies said it is halab because it was not done based on an agreement. It was not pre agreed arrangement, it was not agreed before but if there is an agreement, then there is a possibility that he made this arrangement for getting some
rebar, yeah and his interest based loan. So we have to pay attention with layer one and in this business, his actions are very, very
Also the owner mindset, it cannot be used to purchase to pay the bills or salaries, because you need money to pay your bills, right? You don't need any equipment, you don't need a card or anything. So you need money. So you cannot get money from the institutions to pay your bills or pay your salaries allow Tyler
if we end up doing these things, even non Muslims will, I was listening to someone who is giving a lecture in an Islamic
in in conference in UK, it was done about you know an Islamic finance conference. And the guy was the lecturer was a non Muslim. He was talking about making comparison between the conventional financial system and our Islamic system. And he said when he mentioned the Riba or interest in the in the conventional, you know, financial system, he said, and it is organized in a different way in your Islamic financial system, very organized in a different way. And I was offended I felt like this is no it's like well, actually we are dealing with interest but in a different way this what he's saying right. But what if we, if we Muslims, actually we end up doing these things. This is
what this is the impression will give to to the rest of people that we are just trying to cheat a las panatela right to deceive Allah Subhana Allah to Allah and Allah subhanaw taala cannot be deceived. Right. Thank you.
The owner myself, also the financier or the institutions, a financial institution must have owned the commodity before he sells it to his client, and we talked about it before. And then they said the commodity must be into a must be this must come into the possession of the financier with a physical or constructive habit hockey or alchemy, there is a difference between owning the commodity and between the commodity coming under your possession, you could own something, but it's not in your hand, it is not in your possession, it is still in China, but you are the owner of this commodity. So, the first step is that you have to be the owner, the second step is you have to it
has to come under you possession, right. And we talked about physical the difference between physical possession and constructive possession. So constructive possession, what is the criteria of constructive possession, they said, the commodity must be in your risk, must must come under your risk. If it is in your liability, you are responsible, you assume responsibility for the commodity, if any damage happens to it, anything happens to it that then you bear this risk, you build this liability, you are liable for it and you pay for this damage, if you are responsible for it. So if the risk is transferred to the client, then the possession have taken place.
And this is something in issue that is that happens time to time, in our community between brothers who try or Muslims who try to do business, they have something in between, they're dealing with something in between. and then they get confused when they have a dispute or a problem to solve. They came to the Imam and we don't know, you know, Allah vamana Allah virmani man who was responsible at that time of this commodity, and it was under the risk of the the first party or the second party, this is an issue. If it is solved in every transaction, then it will clarify the two it will help us to clarify many issues and solve many problems in many disputes. And this is what
justifies the profit their owner made he said, This is what justify the profits. The institution has bought this truck method and equipment, and it is under their risk for a day or two or even for an hour or half an hour. If something happens to that equipment, then they are responsible for it, they don't ask the client to pay for it. And this is what justify the profit that they make. And that's it. Because they could buy their equipment by phone. I know some companies who do it, they just phoned the supplier. And they say, okay, we're buying this equipment for you, from you. And the pay with their MasterCard or credit card or the transfer the money payment to him. They don't go they
don't take the equipment from his warehouse, they don't take it they don't doesn't come into their possession. It might come in a different way. But they don't do this effort that you expect them to do. And then you see them like making profit and making these transactions with their customers. And you feel like okay, what is the justification of this profit. So Islam, he has said they'll harass will be the man,
it came under the risk, then the profit is justified.
And again, he's not perfect mode of financing. But at least if it is done, it is done with the required conditions, then it is Hillel. And we can do it.
We don't have to do it with banks, and we can do it with wealthy people, too. As long as we do it on the right, we're in the right way. And everything is documented.
Then, and then we can do it with anyone who has money. He has money, you don't have the money, you want to start a business. You can buy sell committed for you and they pay him later on. But everything has to be documented. Everything has to be clear. No problem. One follow up problems in the community that we don't document our transactions, especially when we trust each other we see each other in domestic inshallah there will be no problem. We will Everything will be fine. And then we'll end up having problems after one month or two. And then you know, and then we'll start hating each other not saying celebrity
fame. The owner Maddy said, profit in murabaha can be determined by mutual consent either in lump sum, or through an agreed issue of profit like I give you 100 give you 1000 method as a profit or 10% of the costs.
How much it costs you?
And also the amount they said the aggregate cost should include all related
expenses, but not the recurring expenses. What is the difference? related expenses, so I bought something from overseas. So I have though I paid for the fright, I paid for customs duties, a paid for some people who handled this equipment. So these are related expenses, I add them to the cost, the price, the original price, I bought it from the supplier, but then for 50,000, I paid for the customs, I paid for fried for transportation, all these things, I have the right to add them to the aggregate or the general cost. This is how it costs me how much it cost me It cost me 60,000 now, okay, but I don't have the right to add the recurring expenses, what are the recurring expenses, my
bills, my utilities? My if I have Secretary walking to me with me in the office, and actually some Muslim institutions are doing that, when you apply with them, they charge you $200 for the application, it has nothing he didn't buy anything $200 300 we asked them this is something I asked him I asked one institutions, one company Why are you charging these $200 they said we have expenses Yeah, we have someone to pay we have utilities, we have bill. So, we have to cover for these expenses, there are a majority of scholars said you cannot charge your client those expenses, the recurring expenses is the rent of your building or or the bills or all these things cannot be
included in the price of the commodity.
And the said murabaha is valid only way the exact cost of a commodity is a certain you are sure about it. You are not allowed to lie. If we lie that this is hadiya We are not allowed to deceive the client and give him a different number, a different price. So and what happens if I lie to him, if I tell him I bought it
for 50,000 and it cost me only, you know 45,000 they said if the clients discover that the institution or the seller has lied to him, then he has the right to rescind the sale to make it void to cancel the transaction or he can ask for the difference. So and it might become a dispute now, if he has approved he has the right to take him to the court because you cannot lie to him in murabaha that's why this is called Bay. Amana boo. You are an Amana? They are trust sales. They
can we don't have time to finish because we have the brothers here.
He's coming. Yeah, this brother who wants to do a presentation about the project. Indonesia give him maybe 10 minutes at the end 10 minutes to talk about it inshallah
the road Am I said the best way to do make this deal is that the financier himself has to buy this commodity, or he has to appoint a third party to buy it
and then sell it after he owns this commodity comes under he possession his possession, then he can sell it to the client.
Now what about those who appoints the client himself as an agent?
You go and buy it as an agent to my behalf. And then after you buy it and you get it, I will sell it to you.
Okay, labor is very easier.
So most of the earlier most of the Sherry aborts, said that this is not permissible. Most majority of sherry aborts, some of them said it is permissible, but it has to be done properly. And I believe it's not permissible, I believe is hard on those who said it is permissible and they are a minority. They said he has to be able to distinguish between the different stages and different steps. So first, design an overall agreement, where they include a promise to buy and promise to sale. And these promises cannot be binding. If it is binding from one party from one side, it's okay it's hard, but if it is binding from both sides, then it becomes like a sale and he cannot sell it to him
before he buys it himself. So it cannot these promises cannot be binding. If they are binding from one side. It's okay. This is the first step and the second step he will sign an agency and agency contract with him go online
Have as an agent and buy it from the supplier and then he the client would go and buy it from the supplier and he would tell the seller or the institution that I bought it now, now at this time who's responsible for the commodity
the seller, not the client. So, if something happens to the equipment or the car, the client himself is not responsible for it has nothing to do with it. And he cannot ask him to pay for the damage or to pay for the insurance some companies asked him to pay for the insurance No, they have to pay for the insurance at that moment.
Let me finish let me finish. So this is the second step and the third step then the client would come and make an offer to the institution
and the institution will look into the offer now they are entertaining a sale contract and the end the institution would accept the offer with a markup with a profit. And then at the end in the last stage, we will have a new relationship of a creditor which is the institution and a debtor which is the buyer the client
so they said if it is done this way, and every stage is clear, and everything is documented then it is Helen and I believe it's haram I believe you know the the right opinions the opinion of majority of scholars majority of you know, Sherry aborts Sharia board so these boards are working with Islamic banks and Islamic institutions, most of them they said majority of them said this is not permissible because it will look at the end like an interest based transaction.
Okay, and Okay, we talked about this
we talked about these steps, I'll tell you about a transaction that took place that I witnessed myself or you tell me what's wrong with it
the client came to the institution and he made he told them about an equipment that he wants to buy, he wanted to buy
and then they will tell him Okay, we will charge you this amount of money, how much is this in the market and he knows the sellers, the original seller or the supply
and he told them I want you to buy this equipment for me.
So after one week, we'll the the the asked him to fill an application and to pay $200 for the application. So he paid $200 for the application or $300 some money for the application. And then the he came back to this institution after one week
and he made a sale agreement and everything was signed with the profit with a markup
and then he gave him the check
to go and give it to the original seller. The supplier did not sell anything the equipment's still with the supplier so gave him the gave him the check you got the check after he signed the sale with with them with the institution he got his document and he got the check and he wants any gave the check to the supplier and the supplier gave him the keys
of this equipment. Now tell me what's wrong with this transaction quickly?
Well, we have to wait for Islam give chairs to other people yeah
yeah, the the sold something that they don't own. By Ramallah timloc. That's a bit mad at Emily malusare index. So they didn't own it. It was in the ownership of the supplier. So they sold it, they sold something that they have nothing to do with it. It was not under this in their ownership. The second problem
that $200 so the the charge him the recurring annual expenses. What else
there is no risk at all. They didn't take any didn't assume any responsibility for the equipment because it didn't come under their ownership.
He basically we gave the client a check. And he went and he gave the check on on behalf of the institution. And he got the equipment. So it ends up to be
an interest based transaction. This is something that happened in a Muslim and an Islamic institution. And many Islamic students are doing, you know these, these trends, this kind of transaction. Now here comes another issue.
I'm not going to answer your questions. I'm sorry. Because there is a brother who wants to do a presentation. But I'll tell you something. Many brothers are, are finished with this. Many brothers are complaining about Islamic finance. And Islamic institutions say, Oh, it's a backdoor to Riba.
It's just the Riba interest like the way the same way this not Muslim Express, when express himself in a conference, he said it is organized in a different way. So actually, these Islamic institutions are just dealing with interest in a different way, under a different name, giving these transactions Islamic names. And then just, you know, dealing with interest and cheating Muslims.
I agree, I should agree that many of our transactions in Muslim in many of our Muslim, you know, institutions are not compliant, and many of their transactions are Sharia compliant. Now, 130, something like that, that is happening in our community, what is the right approach? What is the right way to deal with this issues?
Because, you know, this attitude, and he told me to, to be honest with you, I hate this attitude. I don't like it at all.
It's like, we are giving excuses to ourselves
for not doing anything, you know, just I mean, they're not dealing in the right way. Forget about Islamic Finance, forget about these institutions. Forget about these organizations, is this the right way to deal with our problems. Will we need to take responsibility, study this knowledge, do something for the ummah.
I know now in Canada, we like to do something established some sort of project Islamic project will
many Islamic you know, the, you know, Islamic finance companies don't do not have good reputation in Canada because of some stories that took place, especially in, in Toronto, in Ontario.
And if you I'm sure, if you go now to the Muslim population in interior and tell them let's start something, they will have some doubts about you, they will they will be very suspicious.
They will be reluctant to help you or to support you will give you any support. But this is not an excuse for us to not to do anything we have when if we have problems we have to face them. And this is the way I've been talking about this issue not about Islamic Finance, about taking responsibility assuming responsibility goes study the behavior of Adam and how la mesilla when the eaten from when the eight from the forbidden tree. And what was the behavior of shaitan Iblees blamed Allah for his corruption. He said because you have you have sent me a stray.
I will do this and this February my attorney, so he stopped blaming Allah, Adam and However, they know that he believes he's the one who invited them, you know, to eat from the tree, but he assumed full responsibility for the behavior. He said Rob banner alumna and Susannah,
welcome to fill in our handle an akuna Minal ha, sorry. So we have to take responsibility, and start complaining about other people. What did you do for Islam? What did you do for your community?
So we have to make this shift in our mode of thinking, and try to take some responsibility, try to do something you shot a law for our community, but at least taking this step handler first step is learning about Islamic finance. What is Islamic Finance? What is the real fact of business transaction? And if we say something, we don't we don't try to always label our Muslim brothers who are doing something. But we talk about concepts like here, we're not going I'm not going to mention any company, good company or bad company. I'm not going but I will talk about concepts. I'll talk about agreements insha Allah in the future, especially when it comes to housing. She's a co located