Screening of the Shares in the Stock Market
Channel: Hacene Chebbani
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Episode Transcript ©
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kondalilla salatu salam ala Ashrafi Musa ncnm hamadryad ADUs ivh Re.
So as as promised before, we'll be talking tonight inshallah about Sharia screening of shares in the stock market at
best, basically we'll be talking about insha Allah
the the methodology that is used now by some Sharia indexes in the stock market and what is the background of this methodology? And what are the options that are available for Muslim investors today. So, when talking about companies that are publicly traded in the market, there are three in principle there are three types of companies. The first type of these companies, they are non Sharia compliant, that means their core activity, their main activity is haram is not permissible. Either they're involved in entertainment or gambling, or alcohol or pork and related products, or weaponry or anything that is not permissible in the Islamic Sharia. So, these companies, which have, you
know, their core business activities that are not compliant with the Sharia are excluded from this discussion. An older older man said that we are not allowed as Muslims to invest or buy the shares or own the shares of these companies. Second type of these companies, companies that are fully compliant that have fully complied with precepts of Sharia, the teachings of the Sharia, so that means their products are halal. You know, they are involved in producing Halal ingredients or Halal items. And the financing is halal, too. They go through equity financing hula, they don't deal with credit lines, you don't take loans from banks.
So all the irlam agreed that it is majority majority actually have their own AMA, they said
they said that it is permissible, Muslims are allowed to buy the shares and you know the of these companies and sell them again in the market. The bad news is that these companies do not exist in North America. They do not exist in the West in general. Some of them exist do exist in Malaysia, in Singapore, maybe the Gulf countries, or Qatar, like Saudi Arabia, like Sudan, some other countries, but they don't exist in the West. So now, we need to talk about the third type of companies that are involved mainly in Halal business activities. They're the core, you know, their core business activities are compliant with the Sharia. But at the same time, their financing is not compliant. We
deal with riba they deal with interest or some of their activities and not compliant with the Sharia. So, these companies are called they have mixed activities. And they are the subject of our discussion discussion tonight.
Because some have said that Muslims are allowed to invest in these companies through a certain specific methodology that is provided by those Sharia indexes that are filed now in the market like SMP share index or Dow Jones Islamic index, or other indexes that are footsie in the UK in Europe, that are available in the market today. So in Arabic, they are called as homerun Matata. oshi cater to assuming Matata and if you had halal or haram to some majority of you know, these companies or I see majority of their activities are halal and compliant with the Sharia. But they are involved in some haram activities and they deal with riba the take loans from the bank deposit their their
money, their capital in the bank and the earn some interest. So we have a mixed you know, ingredients. There are two opinions and all the most of the Islamic investment companies in the West.
Most of them who tell you are method and following certain criteria, s&p criteria or Dow Jones, they are following this criteria. They are following they're talking about the opinion of this group of scholars Zedd it is Helen and they have a criteria background. We'll talk about it today in sha Allah. Some other scholars they said they're not halal, but we, my job today is to tell you tonight is to tell you the opinion the two opinions, their proofs in sha Allah, and then I'll tell you the background
Have some numbers that are found in the criteria. Unfortunately, I don't have here. Hopefully we can have a document to show you at least about one or two products that are available in Canada.
So, we have the first group of Rona and Sherry Iboats
V said that Muslims, they have permitted permitted Yianni they said Muslims are allowed to trade the shares of these companies through a specific criteria
filtration process, there is a filtration process and this role, they have their criteria. And through this criteria, the filter these companies and these companies are monitored. These indexes are monitored through different group of scholars, every every index has its own Sharia board, like here, the
s&p and TSX 60. Sharia, they have four or five scholars, Muslim scholars who are monitoring this index, usually on a quarterly basis every three months, or four months, they have to monitor this index and see if all the companies that are included in this index elk are in line with the criteria of this index. If they are not, they will just take them out. And they might include other companies. So it's an ongoing work that they do every three months or every four months. And they have a filtration part of this filtration process or this whole process, there is something called purification process. So they tell you that there is a small amount of haram there and they tell you
how to purify your income. After you make some some profit.
You don't have as an individual you cannot have access to these indexes, you have to go through a broker or an investment company.
Now who are these scholars who said that these criteria is halal and these companies can be or the shares of these companies can be used can be bought and sold in the market. Through this specific criteria that we'll mention we will mention today insha Allah. The first group is a rush a bank Sharia board, and they are based in Saudi Arabia. And the second one is Sharia committee of the Jordan Islamic Bank and Bank will order nearly slamming. The third one is the Sharia advisory board of Al Baraka bank and I think it's based in Bahrain, but it has many branches in different countries. And it was the decision of the six symposium with Al Baraka banking group in Bahrain. And
among the early AMA, Mohammed bin Salah Lebanon, they mean number one, and he's a senior, he was a senior scholar in Saudi Arabia, he passed away may Allah have mercy on him. Abdullah bin many one of the senior scholars in Saudi Arabia and he was a member of at Loyola met. Council of Senior Scholars at Barack Obama in Saudi Arabia is still alive. Dr. Nezzie Hamid is a Syrian scholar who graduated from Alaska University long time ago he used to teach in Ankara University, a member of one of the first Muslim academies, one of them and now he lives in in Canada in Vancouver. He is a Canadian scholar. And Dr. Mustafa Zarca, was a Hanafi scholar lived in Jordan. And he passed away Rahim Allah
moved the taxpayers money, a great scholar from Pakistan and he specialized in the field of finance. And also Dr. Ali mohideen core al Qaradawi, from Qatar among other scholars, these are examples
and so what are the proves most of their proves those group of scholars interiores who said it is halal to you know, trade the shares of these companies most of the approves a legal fiction Maxim's though right here. So, we use this coverage for Pierre to justify or to support their opinion, the first car that the views as usual tuber and Malaise users declined. This is not an error from the Quran, this is not a hadith, but this is a principle of principle. So this cover it clears this you know, legal maximum or legal fiction Maxim's were developed in our history when the old ama used to deal with fifth and 15th matters, we will deal with some matters method and in the area of Tahara.
And then the area food institution the area of bluer and then they will find that there are some similarities with their principles. And then you come up with a rule general rule that include many, many marketers have.
So here you choose whatever and manage users the client didn't come up with it without any proof. They looked at some ahaadeeth method for example,
till the sale of immature fruits, by itself is haram is forbidden in mature fruits from the trees. But if the seller is selling him the trees whole garden, he can include the immature fruit fruits, and he can increase his allowed to increase the price because of these fruits. So now it's Helen, it's Helen. So this is a something that is agreed upon by all the scholars by themselves. They are not It's not permissible to sell them by themselves, because they might, they might be affected in the future and the buyer will just give his money loses money, right? Because you don't know what will happen to this fruit. This is an example. Sale of young animals in the wombs of their mothers,
it is haram. But if you sell the cow which is pregnant with the young animal in its womb, it's Helen even if you increase the price, because it is attached to the main subject of sale, it is not the main subject of safety. In the first example the main subject of sale are the trees the garden itself. So the earlier we looked at these, you know, different Faircloth matters, matters of fact, and then he came up with this rule, you choose whatever and manage users to clan. So this rule Emma use this FIPPA Maxim, they said this small amount of riba or small amount of non Sharia compliant activities or ingredients or amount of money or income that is there that's coming from haram
incomes. It's small is not the main subject of sale, the Muslim investor is buying shares of these companies because the main or the core business activities of these companies are halal are compliant with the Sharia. So this haram amount of ingredients are only attached to it. That is their their argument will allow to add this argument was refuted by indifferent to any ways. The first answer was a refutation. Was that legal FootCandles illegal fake Maxim's do not have the power of the idea. The ayat from the Quran or the Hadith of Rasulullah sallallahu it was said and they said this FIP he Maxim was used to justify the sale of things that are halal by themselves. You
know, the animal young animal in the in the womb of its mother. It's Halal by itself. It's an animal that is halal to sell fruits that are halal to sell. He said but haram ingredients in or in interest income in these companies is not held whether it is sold by itself or attached to something else. So they are trying here to answer their argument. And they said this, this fifth P or maximum could be challenged by other 4k Max seems like we have another fake maxim that says they're all my first mukade terminology and Bill Masada, the royal family said you know repelling evil takes precedence over securing a benefit. If you have the choice between two things here you need to either you do
this thing you repel an evil or the other choices you bring a benefit to yourself. And you don't have you have only these two choices either you do this one or this one. So the odema they said repelling evil more cut them they're all my first CD mocha demo knowledgeable masala This is another car either another 50 maximum that my challenge the other 15 maximum that used the second proof they said the hazard to
tuna Zulu Mozilla to the rural HERSA and need that is of a public nature could could be treated like a personal or private the rural private necessity private necessity I will tell you about it method someone is traveling in the desert and he won't show it to food he doesn't have food now. He doesn't have water it is halal for him if he finds pork to eat it. This is a personal dharuhera Personal why it's personnel is private. The photo is given only to this person is not a general fatwa that is that can be given to all people hey people if you are hungry, you can eat from pork no you cannot do that. This is a person one person who who found himself in this situation. So Sherry is giving him a
concession This is a private the rural Casa Luna todo el Hadji Alam and need that is of a public nature. Anyone Haram is everywhere. In all our business transaction Imam is of no have the seller is that either I'm Mahara mill or the Kula fella who who Dhamma issue be and if Haram is everywhere, all transactions or jobs of Hara, then you can actually benefit
on these things these items to survive, because you need to survive that is the statement made by lazy Bernarda, Salem in his book sell cowhide. So, they looked at this guy they said this is actually a general the general state now of all companies are most of them majority big majority of these companies are they have these problems they have to deal with interest in a credit lines, they deposit their monies in money in the banks and and the the said this idea or this principle is taken from politer Allah, the ayah in the Quran or Masha Allah, Allah COVID, Dinniman Harish so they said Allah subhanaw taala said and he has not placed upon you in the religion, any hardship. Now, their
argument, they said, people, this is their argument, though they use the * a maxim and the ayah. And he said people need to invest their savings, because not everyone is able to, you know, to do business to establish his own business, you have savings in the bank, Matheran worth 30,000 40,000. But you cannot, you don't have the ability, because you're not a business person, you don't have the ability to establish open a store, or establish your own business. So they said the best way now for you for modern Muslims is to invest their money in these investment vehicles or in these companies. And this is also the state needs to encourage people to invest their savings to, you know, support
the economy. This is an argument that is found both in Muslim and non Muslim countries. So this argument was was refuted on the basis that the need in Sharia because in Sharia, our needs are divided into three, we have a double rot, which is extremely necessity, like the person traveling as I said, in the desert, and he didn't find food, so he's allowed to drink alcohol, or eat from pork to survive. This is the rule. The second one, the second level is alhaja. What is the definition of alhaja if you don't do it, you will face hardship and difficulty and l camera yet or tasin. Yet camellia luxuries. If you don't go to bed, if you don't take family to your family to bed, you're
not going to die. You still you'll be okay. You'll be fine. So this is a luxury right? So three levels of needs. So here the warning in the middle. They said actually, the fulfillment of need for needs in Syria is only justified to remove hardship. Marcia comment and why do we take insurance for our cars, because it's extremely difficult to survive in this country or other countries without cars, right. But insurance by itself is haram. But because it has horror the main element is resilience, but then a little bit different than Reba. Reba is not tolerated in Sharia. A certain amount of horror of uncertainty could be tolerated especially when there is a need here. Because we
have a need we will face difficulty it will be difficult extremely difficult for us as Muslims to sometimes not to take some benefits some health benefits, not to have coverage for example, or not to have a car. So here the family said Muslims will not face any difficulty that is the argument of those who are refuting their the second daily the second proof, they said Muslims will not face any difficulty of hardship. If they don't invest their money in this companies will love to add the third proof. They said there is a car either for PA another 15 maximum that says you know lil Aksaray Hawkman cool, Avila B hookman cool. So, if we have an entirety we have something and it is
divided into two parts. The major parts of these things is halal is pure for example, is not nice, for example, but there is small amount of haram or Madonna if we talk about food. They said methanol when making some types of cheese.
They use a huge amount of milk and they put small quantity of rain at or pepsin in it. So many erla Melissa, don't worry about it. It's only small Aqua quantity. So they're looking at the ruling of the major part which is milk here. It's Helen. So this is another 15 maximum that says a small amount of non permissible ingredients will not affect the whole quantity of Halal ingredients. And this of course, this guy has also applications in the web in the chapter of taharah and some other chapters. They are fourth proof. They said malah MQ taharah zoominfo for whoever won, and this is another kind of a key, another 50 Maxim. Anything that is impossible to avoid is overlooked. For
example, I'll tell you example if a female a Muslim lady
does not find a female doctor. She has to go and see a male doctor right? And he might see her IRA. He might look at her body right? When dealing with treating this woman. So Hi there, I'm really looking to her resume No, it's impossible impossible to avoid, right? So the fuqaha they said they have discarded anything that is impossible to avoid, is overlooked in Sharia Sharia the morality less than this is part of the Mercy of Allah subhanaw taala Oh, someone has to take matter in the street or a road and the whole area is affected with Nigeria and he has to walk on this on this path to go to Al Masjid. So his clothes could be affected by this Nigeria and the aroma the set method in
this case if it is impossible to avoid this Nigeria, then it is overlooked in the Sharia and his salad is valid.
The other fuqaha talk about small amount of urine on the clothes may be overlooked if you don't know where it is, you did your best to clean yourself and be clean to clean your clothes. But there are some drops of urine that came on your clothes than your solid is valid the last pantalla will not take you to account for this. These are fapy examples that are found in the books of FIP. So these are here their argument those earlier who said it is halal to deal with this, you know companies they said small amount of haram ingredients in these shares is found with most of these companies. And it is almost impossible to avoid. That is their argument. But this argument was refuted by
saying these Hara ingredients could be avoided by not buying the shares of these companies. And that's it, you avoid them. You don't have to deal with them. There is no necessity that was their counter argument. The second opinion of rhodium who said it is not permissible to deal with these companies. Do you have the document available? You don't have it? Okay.
The second group of Sharia scholars in Chile i bought those Roma who said It is haram to deal with these companies purely because they have some haram ingredients that they had to deal with interest the deposit their money in the bank, you have interest income so It's haram to deal with these companies. They are the number one the permanent committee of research and fatwah in Saudi Arabia. Sharia committee of Kuwait finance house by the time we will Kuwaiti it's a famous Islamic bank in Kuwait, Sharia board of Dubai Islamic Bank One of the first
Islamic banks in the Muslim world the only the way it started it was established in 1975 Sharia committee of the Sudan Islamic Bank, Dr. Ali Sal who's one of the scholars is Islamic finance scholar, very highly qualified scholar he lives in Qatar is Egyptian but he dedicated his life to Islamic finance and she wouldn't best is one of the scholars so in the first group you have Chef not attaining second group you have Chef members for example, so it's a very remedy said is very strong.
disagreement. No there adalah are from the Quran and the Sunnah of Rasulullah sallallahu alayhi wasallam Yeah, you will live in Amarillo tequila, where that Alma Bucky Amina Reba encounter meaning oh you believe who have believed it to Allah fear Allah and leave or give up what remains of riba do to you, if you are truly believers? This is an ayah in Surah Al Baqarah 278 Allah subhanaw taala said Allah Allah, Allah, Allah, Allah Azza wa rahma Riba, but Allah has permitted trade and he has forbidden Riba, usually, the Hadith, in which Rasulullah Selim said Allah were in a cooler rebel Jaya Heliot him although he said also Allah says Verily all types all forms of interest all forms of
usury during the time practice during the time of Janelia during the pre Islamic era are rejected. So their argument from this ayat and a hadith remove and thus, what is your move and thus, they said these divine texts have a general implication, which means they include both small amounts and big amounts of Riba. This is their argument and the discussion of another group of scholars, they said the investor will not benefit from this riba he has to purify his income, when he gets an income if they tell him you only 5% of your of your income is haram then he will give insha Allah have 5% from his income as a sadaqa he will not get the reward of the sadaqa This is called the Hello sees just
purifying his income. So that is their argument he said through
The purification process because every index has its own purification process. And they said the response to this argument is found in the second proof because also Allah Selim said in the second proof here used both them and then the be Salah Salem Hadith, jabber Allah and Allah and then the VSI Selam Lana Akela River, we're more Kyla who work at Eva who was Shahidi. So Allah says cinnamon, this famous Hadith that is found in Buhari, said Allah subhanaw taala has cursed the one who gives the river and the one, the one who consumes the river, the one who gives it and the scribe of the contract, the one who writes the contract, and the two witnesses who signed the contract. So he
said, they said everyone who is involved in this kind of activities, is actually involved in this in this non Sharia compliant, you know, operations. So Muslims are not supposed to deal with these things at all, they have to stay away. That is their argument. The other argument is the iron Surah Al Qaeda, which I want to tackle, well, let's I will know Allah, if we already do and help one another righteousness and piety and do not cooperate in sin and aggression. So as you can see, in the second group, they have their proofs from the Quran, and the Sunnah, and they are very strong
in an argument, but the other ruler, Maddy said they have a counter argument, they said the investor is not directly involved in making those decisions. They said he's not actually just bought, bought bought a share, which is a certificate representing a unit of ownership. He's not the decision maker. He's not like a partner who is involved in a partnership. And he's a decision, you know, when people when people move in and have a small partnerships, established small business, they are decision makers, so they are directly held accountable. But these are these are these investors are not they shouldn't be held accountable, like real owners, who are who have the power to make
decisions. They don't make decisions. Yes, they have the voting power, they can participate in the general meetings in the general assemblies, and voiced their concern like shiftworkers man, he said, the Muslim, when he invest in this company, he should voice his concerns. And these general meetings and tell you know, the management that they have to avoid these kinds of activities. But this is not practical. And it's difficult to I don't see it happening like nowadays, we're low to Allah.
Now, they're 30 proof. So I had from the Quran, the Hadith, from Salah Salem and the ayah from Surah Ada, their third proof, they say the relationship between the management of the company and the investors is a principal agent relationship. So the management is acting on behalf of the shareholders.
And Mussenden in when we have a partnership, for example, when we have a partnership in Islam, every partner is an agent who is acting on behalf of the other partners. So his transactions are attributed to them.
They are to be held accountable for his own decisions, because he's a partner with them in the business. Of course, it doesn't work with limited liability. That's another concept here in the West. But we're talking about simple partnership in Islam. So it is Apple Wirkkala in every partner is a workI listen. And he said the same applies to the management of every company, they are actually doing making decisions and acting on behalf of the shareholders. So they are to be held accountable, because they are part of this company. And everyone who owns shares is like a partner with Allahu taala. And now, this is their.
The these are two opinions that are found. Now in the Muslim world. If you asked me about my opinion, which one is stronger by looking at the proofs?
By looking at the names of the scholars, they are almost equal. There are qualified scholars in both parties by looking at the proofs employed by different groups. The second group have stronger proofs from the Quran from the Sunnah very difficult to avoid escape. You know this, this proves this is a Hadith from us, Allah says, but there is something I will tell you about it. And I am not telling you this is the right opinion.
I have there are scholars who are more qualified than me. more qualified when they discuss this matter didn't give the opinion they said both in both groups are qualified scholars, the respected scholars in the Muslim world and this is their disagreement, and he stopped he didn't
didn't say anything. He didn't tell people in his books in his book or in his lectures this is the right opinion follow this opinion there are some people who not very excited about
this one or this one.
But I'll tell you something here, they if I live in Saudi Arabia or in Qatar or in a Muslim country, I will tell Muslims Yes, you go with a second opinion you are not allowed to, to invest in the other companies. Now the problem with us in the West and here comes the fifth comes to to the understanding of the dean, what are we doing with our money
putting it under our bed
set putting it under our beds.
So, everyone has his own bag under your bed and you have to know the addresses and then we deal with them right.
So where did where do we save our money or keep our money?
Yeah, they are in the bank. So everyone has a bank account, right. Okay. Now, banks, the general principle that they use
something called in finance, financial intermediation.
financial intermediation. So they take money from depositors.
And you don't keep them there for you, Mr. Mohammed, you have your money here, safe is kept, don't worry about it, we'll keep it for you. Don't worry about it. No, you give it to other corporations, other businesses.
Actually, everything that is in market, all these operations that you see in the market, especially method and foreign Forex method and operations, I told you before in 2010, the average turn over in one day in April 2010.
The average of the daily transactions in one day was $4 trillion.
And whose money is this is your money, my money, the money of the public. So these banks and because these banks are financing these operations, and giving this money to corporations, so they are earning interest, so your money is used,
is used to finance these huge interest based operations. Whether you like it or you don't like it right. Now, here, this criteria, is telling you this is a lesser evil.
You see what I'm saying here? That is a thought a personal thought, and the decision is yours. But this is what I believe if we have an Islamic Bank, the owner, Maddy said, well established Islamic Bank, well established Islamic bank that they owed me they said you as a Muslim, you're not allowed to keep your money in conventional bank. That means you don't need to go through this at all. But we don't have Islamic banks in Canada, we don't have Islamic banks in the in the West. So we're depositing our money in the banks. And the bank is using our money to finance as I said, these operations that were not pleased with but here there is a criteria that is trying to minimize evil.
You know, they said they accept only we'll look at their qualitative criteria they accept only Hara five person to haram ingredients. And they look at the financial structure of every company. They look at debt and they look at accounts receivables and those things, we'll talk about them and they're the background in Sharia of these numbers. 5% Alia zero math who won and who this is a part of the 50 Chi there any any small amount that is mixed with a large amount of Halal within water, you have a big counter a container of water, and he has some drops of urine. So, the old MIT said, if the color is not changed, the smell is not changed of this water. So, it is considered pure water
you can make will do the small amount of Nigeria does not affect. So they looked at this, you know 15 Maxim's here
so 5% they tolerate only 5% of business, non compliant business activities. And they look at this financial structure of the companies to we'll talk about it now. So this is a personal thought. This is not a fact whether they got from some scholars, as I said, I talked to other scholars about it, and they couldn't to tell me which one is right within a Salah. So we have it Allah I talked to him about it. He said, Yes, these two opinions are there.
There is nothing better than Solana safety, to be safe, not to invest. But this is a fat who are good, as I said in the Arab countries in the Muslim countries, yes. Because you have we have alternatives. You live in Qatar, you have Islamic banks, too.
You have Islamic Bank, Saudi Arabia, you live in Sudan, you have Islamic banks, even in Algeria and other countries. So you have alternatives, right? But here we don't have altered, I'm not trying to say, hey, you go with the first opinion, it's your decision. But I'm telling you, your money is used to finance other operations that are you are not happy with and you don't like and it's there and used on a daily basis. So But here, if you use your money on different, different, you know, investment, that could be better for you, Allahu taala. Now, when it comes when it comes to this methodology,
this ruler, who adopted the second methodology,
we came up with to two elements, something called qualitative criteria, and the other one called quantitative criteria. So qualitative criteria, we look at which companies qualify to be included in these indexes. The first index will allow to Allah alum is Dow Jones Islamic index, one of the scholars who established this index is shifted up it was money, he's still alive. So, they said all following activities are excluded from the following include included excluded from this index, alcohol, pork related products, conventional financial services, banks, insurance companies, and all these companies, entertainment, tobacco weapons and defense and they said only 5% or less coming
from the previous activities is tolerated. So, a company could have method and the main the core business is Helen, but we might be involved in some other investments. So, they said if the Haram investment is less than 5%, then this company will collect qualify for the second step, which is quantitative screening or quantitative criteria. So, all the other companies that are involved in this activities are excluded. So, they have to be oil and gas they have to be it they have to be companies giving services or offering services different companies that are offering Hallel
you know, services to the public. The second quantitative criteria, these are they looked at debt, the debt of the company, they look at the cash that has the company has plus interest bearing securities like bonds, for example, and they looked at their account receivables. So, they said everything has to be divided with the average during the 24 months of the market capitalization of the company and everything has to be less than 33% What is the market capitalization or market cap is actually the value of the market value of the company. If you look at the value of the shares on a specific day of that company, let's say one share is $1 and the company has 20 million shares,
what will be the value the market value of this company to the millions, but it is different from the total assets. Because the assets you know the properties of the company, tangible assets that and properties they own or tools, equipments, buildings, or cash they have or anything, the total could be only 15 million could be only 10 million these total assets. But here this rule Emma who are dealing with or taking care of this down Jones Islamic index, we don't have it here in Canada, but this is an example.
Just an example most of them are similar.
So we looked at the market, the US the market capitalization, some of them they divided the total debt by the total assets Willa hotel and what is their argument? I'm not sure account receivables is the money owed by the company to a customer for services or products provided upon credit. So when someone's buy something with a credit, then when he sent him when he sent him the invoice so their money this money is called accounts receivable it will go into the accounts receivables. So here because they are counted, they are treated like cash. And the idea is that money if it belongs to the same denomination, it has to be exchanged at par value. If I have Canadian money, I have 1000 in
my hand my hand I want to exchange it with Canadian money for example. Let's say we have a bill, do we have a bill for 1000 USD? Okay, let's say for sake of clarification, we have a bill or I have a bill of 100 and for example, I need to change it made small bills $5 $10 It has to be at par value.
Otherwise it is riba
If it is a different denomination like American money or or European money, well that's okay. That's okay. I mean it doesn't have to be at par value, one Canadian 100 Canadian dollar, I buy with it like 360 Saudi reals. So, here we have 360 And here I have 100 The value is different right because they belong to different countries. So there is no river here the only thing they have to be
we need here immediate delivery, or immediate possession, the idea then be at hand to hand.
But if the money belongs to the same then denomination, it has to be at par value. Now when I have cash, when I have accounts receivables, if they are in big amounts in a company, and I buy the shares of this company, so the majority the major parts of this company could be representing what representing cash for example, sending money. So when I sell this share in the market, I'll be like selling selling money because if I didn't create a cone available in ellaby, hookman cool in the majority should be treated or deserve to be treated like the whole of a think this is a *ing Maxim here. So cash is the majority, the major part of the share here, so it's like I am buying and
selling money. So they looked at this financial structure of the companies. Now the idea of 53% Not many people are confused about it. And actually, there is a brother so Hey, Lammott he did the presentation on behalf of hikma capital
ACHEMA capital is an investment company that is established here in in Calgary in Calgary.
Yeah, it's a new company. So it's not the same one from this new right.
Hekima or what is called the one establishing Calgary,
hikma capital. So there is another one in Toronto with the same name, same name. Okay, it's weird. But anyway, yeah, so so he did presentation in some masajid here in Calgary, and he mentioned this 33% 33% the background of this 30 What is 33% 1/3? So what is the background is this 1/3 Is the hadith of Saudi Arabia will cause Sedna will cause when he was sick in the city of Mecca and he met Rasulullah Sallam he wanted to make lasagna. So you said the Allahu Allah have only I think he was talking about his children, he must have wives. But he was talking about his children. He said they have only one daughter. And I need to donate make Hosea donate money before I die before I pass
away. So is it possible to donate three quarters? I think the first number he mentioned three quarters of my wealth, my properties. So Allah says no, he said no. He said, How about two thirds of my properties? As Allah says, and I said no.
And then the third question, he said, How about the third? So he said there are some losses and he said the third is fine, even though it is a big amount. The third is fine, even though it is a big amount.
And he said and today I want to take care of Nia Hi Ron mean untether our home for Cara Arlington is ticker for foreignness. He said it is to leave your family members rich, sorry and wealthy. It's better than leaving them after you pass away after you die, leaving them poor asking help from other people. So it's better for you to leave this wealth for your family. Right but it's okay to make. If someone is wealthy. It's recommended it is Mr. Hat for him to to make once a year. But as Admiral Kass was asking about the right way to make the wasa Yeah, so as Allah says him did not agree with three quarters. It did not agree with two thirds, but he agreed with the third and he said even
though the third is a big amount. So now here the URL under this URL, they used something called the no sulfate formula Maharlika diversions meaning my formula Mohalla is used in a sauna. In fact, it is a method of deducting rulings from the Sharia. What is the mushroom here? The Divergent meaning anything that is less than third is a small amount.
But the chef A and the Maliki scholars who use this my former makalah was the Hanafi said we cannot use muffin Mikhailova in the Quran, text of the Quran and the Hadith. Those Sheffy and Hannah and medical scholars who used moving from Khalifa they said Mahalo, this text cannot be an answer to a question. And here it is an answer to a question made by sad novio cos because the in another word, he could have said how about one quarter 25% Rasul Allah says he could have said we don't know Allah Allah, but he could have said yes, quarter is fine, even though quarter is a big amount
Not because is the statement of Rasul Allah says salam came as an answer to a question. So the answer is related to that specific question. It doesn't necessarily mean that only thing less than third, but they used it, they used it as, as deadly. And, and also the Hanafi or the Maliki and Sheffy scholars who use this method, they said this diversion meaning cannot go against a text, a divine text from the Quran and the Sunnah. And here they are using this argument or this in the area of riba interest, and we have proofs from the Quran, sunnah, that we are not supposed to deal with. So anyway, this is their argument about 33%. So anything that is less than 33% is a small amount,
and it could be accepted. That's why they accepted this amount into a you know, this financial numbers. And most of the company's most of the companies are using this index like there is a mutual fund Muslim mutual fund in the in the US is called the I m a n x i think
a man mutual fund, but this is their index, this is their symbol right
here. So a man a mutual fund, it's been there for a long time
very successful mutual fund and is using this criteria. And the scholars who are taking care of this monitoring this, this investment company, or some of them from Canada, some some of them from the state now in Canada, okay. So my point tonight is that if Muslims want to invest, this is the only option they have.
Because you cannot just invest by yourself because you don't have knowledge about the financial structure of the company. And you don't know their numbers how much of Haram is there even if it is an oil company and oil company could be investing money in entertainment business could be investing money in casinos and gambling,
you know, business. So the InVEST companies invest their money in different investments. So but when you have a scholars monitoring, you know, these companies that at least they are responsible in front of Allah subhana wa tahan. I had some names here, but they are in the document. Jani is okay, that's fine.
We can talk about it on a different occasion. But I wanted to you to show some.
You know, the one that we have here in Canada, the 60 Sharia index plus the the hikma capital, they are using the 500 s&p 500 from the state
system they told me s&p 500, s&p, 60s and Canada. Yeah, but the Hikmah capital, they're using s&p 500 from the state.
Yeah, but the point is all these indexes are similar. They're using the same method. And, you know, in the opinion of both groups, you're out about this methodology.
Or these products that are found in the market. Now the Sharia indexes, the two opinions that I mentioned the first group of scholars and the second group of scholars. So if when it comes to your RRSP investing the money for your children for education or within an RSP UK that this could be an option with Allahu Taala because the other option is using a savings account, saving account you just purify it you take the interest and take it away give it
you take the Riba because the money coming from the government is halal if we're talking about education savings account for your children. Any the money coming from the government is halal, your money is halal. The only Haram is the person to you forever. The other option is to invest your money, the money of your children through these vehicles will allow to Allah.
So if you have any question anything to be clarified,
Canada actually ISNA is in Toronto.
They have some entrepreneurship and
business and invest money there. So I don't know homeless.
Housing. Yeah. How
they I don't know if they have this kind of investment. I'm not sure. Some of the scholars have is not involved with a man or mutual fund. They might have a branch in in Toronto. I'm not sure but but they may their main product is housing. Isn't a housing cooperative. Yes.
You mentioned it
what is it for
If I didn't catch
the Hadith from the Hadith tactical thing yeah the said any cosmos and it has to be less than 33% cash within the company
Yeah, but I wanted to we can scope is NO NO NO NO NO NO NO I just want to explain a few things. That's okay, that's fine
yeah do you have any other question? Yes, brother
one hedge funds
is Forex trading
Southern Maryland millennia, you her brother
was the first man
the Forex we had we had the lecture here and it is available on YouTube. Explain the way they do Forex in a hedge fund. I don't know, I don't have enough enough knowledge about these kind of, you know, activities.
Allahu Allah. Because when sha Allah who we will when we have, you know, if we do some research about it, we'll let you know about it. But for us, it was a lecture and it's available on YouTube.
Your questions. One is day trading. So what is considered day trading? Islamically? Because I was told that it's not allowed.
Second one was ETFs if you're allowed to invest in an ETF? Yeah.
Yeah, I'll just go slowly. ETFs are like mutual funds, but they are sold, they are traded in the market, like mutual fund is an investment in company people. It's a pooled investment, you get money, people contribute to this method, an investment pool, and then it's divided into units, people buy these units and the manager of this company mutual funds will invest the money in different you know, different
stocks, bonds, different operations. And then when we make a profit, they have a ratio of profit to be given to their investors. So ETF is the same thing. But it mutual funds are not invested by themselves in the they are not traded in the market. ETFs are actually like mutual funds where they're trying to the same thing applies if their companies are Halon. Investment is halal following for example, this criteria, then it is accepted based on the criteria of this group of scholars in our Jamie so to tell you about pure ETF
eczema, we don't have enough in North America, we don't have in the West. Anything that is purely halal and fully fully compliant.
Should shooting a video we're talking about some purely Halal ETF from Singapore from Singapore. Not from here Singapore, right. Yeah. So we don't have in the West anything. That Yeah.
What is considered day trading Islamic do trading is a journey.
It's a controversial matter. Yeah. And I and I, I there are two opinions about it. There are some real emotion is not is not permissible, those who exaggerate about speculation, and they don't like speculate if, you know, activities. And we don't feel comfortable with speculation, the concept of speculation at all. But it's very controversial, but the element of speculation is found in any business activity. And, you know, to me, so it's very there is a thin line between what is halal, what is halal in speculation, what is halal and what is haram. So this whole drama, they said, you know, this, this call these people who are investing doing being involved in day trading, they are
not actually they don't mean to own these shares, and they don't add any value to the economy. And they are just speculating about the prices of these shares. And they try to sell them on the same day. And so they have their own arguments, but I couldn't reach any conclusion about it. I don't want to give you a fatwa on our own fate. We're now about it allowed to Alana. Yes.
The first opinions,
arguments debate was a necessity or
therefore an effort but by just to continue by principle, if you buy something, you own it, you own it, and you sell it after you own it is Harlan, whether it is an hour, whatever it is a day with, whether it is a month, it doesn't matter. This is the main principle in Islam, that you don't sell what you don't own. If you own it
then you can sell it will allow to Allah.
I know. I know, I know. But there is there is constructive possession. And there is real possession perspective, some early on when they looked at the Al caboodle helped me constructive possession, they said when it is registered in your name. So it is a type of ownership. But I didn't want to go into that now. But this is a basic principle. And that could be one of the main reasons of their disagreement about these kinds of activities without Allah. Yes, the first meal, you mentioned
that money, the Muslims, as a consensus here need to do something with it. Correct, we can find it one of the have money. One of the other necessity or money alone, which we mentioned, to do something with or not keep it with yourself. They said the need, yeah, it's not a necessity. They say that the people need to invest their savings, because they don't have the ability to establish their own business and everything. And also the state needs to encourage people to invest their savings to support the economy. Because if people keep their savings, they don't invest them, then the economy will
will not will be weak he and he will lead the country will not have a strong economy because money is not is not used in the business.
My question this question is
recommended. So it's not recommended to
save money in the sense that, okay, you need to fulfill. And this is not your saving for a particular reason. You don't see, what I mentioned is here, we are saving more money in the banks. And banks is using our money to finance interest based operations, right. And things that were not pleased with, but your money is used, your money is used. So I'm saying maybe it could be better for you as a Muslim to use your money in these kinds of activities. Maybe it's better is the is the lesser of two evils.
slamming back we don't have an Islamic ban. We're talking about Canada and the worst. No, my point is not that my point is that okay, assume that keeping the bank is totally safe because the investment is permissible. Yeah, it is. What the hell
is it? Terms of recommendation I'm saying is recommended as a Muslim if you have extra money, okay.
The Allahu Anhu had a recommendation for Muslims or for the properties of the orphans. He said the Steph middle fee and worry Laietana letter Kudo has a cat. He said invest the money of the orphans. Because the orphans have to pay the cat. They have to pay as a Catholic even if they are not Micallef. Even if they are young. They have to pay because it is a hacker right on the money on the property not had happened. They are not Micallef because he could be 10 years old. And he's a billionaire. His dad passed away and he left for him billions of dollars. So we tell him like you don't have to pay zakat until you become an adult you reach the age of puberty. You know, all the
scholars This is an agreement that he has to pay Zakat is insane, is he's not
supposed to pray, he cannot pray it doesn't fast. Allah subhanaw taala will not take into account because insane, he's most known crazy. But if he's rich, wealthy, then his guardian has to pay zakat on his money. Right. So
they allow us to encourage people to invest the properties of the orphans. He said otherwise the cat will eat it away will allow to Allah so the general concept would be encouraged to keep the general concept is good to to invest your money to save money for your family. And so Allah says seldom used to save for the for the whole year, save money or food for the whole year for one year.
More than that, if you have more than that, then it's better to invest is better to invest money to make more money it is Islam encourages people to invest their money.
Question on the resource companies like oil and gas companies, and their activity itself is Hello, I guess my main activity but most of the oil and gas is sold through futures.
So here comes the job of the scholars to monitor these companies and monitor their activities. That's why they don't look only at the product. They look at the financial structures,
different ratios and they say math and they look at the balance sheet of the company. And the they know how to read these numbers and and come up with a conclusion about company if it is included should be included in this indexes or not.
And here are the differences. There is a big difference between someone who is going to the market by himself
As an individual, a Muslim investor, say I'll deal with my broker or just buy oil and gas. But you don't know what kind of involvement business they are involved in? Or what are the their? What is their situation, their financial situation? What are their financial conditions, you don't know them. So these scholars are monitoring this, these indexes on a regular basis. And then Yanni it's better than
then other other things. So Allah, Allah and I'm in the market, that's why I did my footwork, if I have to give a fatwa tonight, by yourself, you go and invest in the in the in the market, you cannot do it. Because you don't know you don't know you don't have knowledge about these companies. You cannot do a research by yourself and and look for these numbers by yourself. And because this is the only criteria that is available in the Muslim world, either It's haram, or it's halal through this methodology. This is what we have, we're not talking about the Arab countries or Muslim countries, they have their Islamic banks, they have Islamic financial investment companies. I'm talking about
people Muslims living in the West, in Canada and North America and Europe. And that's it, you get my point, right?
Do you raise your hand for
We have two websites. So on say alpha SAE Alpha comm they can go on that page, we have designed a program which values about 2000 companies on tscm, new New York Stock Exchange and NASDAQ
Okay, and capsule.com. And it's a local company.
But others who hate we'll be here, we'll be here who move here this month or early next month. Okay, I'll be available to discuss this. Okay. There is one thing I would like to tell you. There are some banks that came up with this Islamic investments, they established the Islamic investment department, or conventional banks, one of them was in Canada.
And he mentioned the scholars mentioned the scholars who
you know who approved these criteria. The problem is a problem is sometimes they give the impression that these collars are monitoring this investment, you only the scholars approved the index, the criteria, the methodology, we cannot give the impression to the public that these collars are on a regular basis,
monitoring the decisions and the operations of this investment department in the bank. They have nothing to do with it, you know, to me, but they approve this methodology.
So if you strictly follow this methodology, then you will be in the safe side following their methodology. If you use it as just there, put it on the website, but you don't follow the criteria, you make your own decisions, then you are not really following there. So you have to be careful about it. It's a matter of advertising. The other thing is that I don't like in the market now, in this industry, Islamic finance industry. Some people like to always use fully compliant, fully compliant with Sharia strictly compliant. So they shouldn't say this, where I mean it's better for them, people will respect them Inshallah, we'll deal with them, if they are honest. And they say
this criteria or this investment was approved by this scholars group of scholars or Sharia bots, so people will know. And the decision believed the decision to the customers and the investors. I think it's better than telling people No, these are strictly Sharia, you know, compliant products fully implied, we don't have something fully compliant in the West. So
that money in the bank does not take interest.
Your money is used
their money, combined money, they are using a earning interest the bank is earning interest on your money.
But other than that what people can do.
Here we have limited limited options.
I tell you something, I don't want we I don't want you to blame Islam for this hardship that we face in the West. Why? I'll tell you something. Why? The reason is because this financial system was not built based on our values.
We live in a different culture.
It's impossible. It's a different culture is a different financial system.
They don't care about Reba. Reba is pay is part of their daily operations is riba interest is included in everything. And this is their financial system. Now to come and say, Whoa, everything is haram. So Islam is a very difficult to religion. You started blaming Islam, no, don't blame Islam, Islam gave you the alternatives, alternatives. These are not found in the system. Because this system is not Islamic.
But our fathers, our forefathers have established their own Islamic system. And it worked for centuries. It worked for centuries, when before Europeans established their banks, we had a system in the Muslim world, and Muslim trader will sign a check, I will tell you a check in the city of Basra in Iraq, and it will be cashed in Morocco.
In the Middle Ages, we call them Middle Ages in Europe.
That was admitted by Western scholars. They said they had a very sophisticated system in the Middle Ages, Muslims. But this is history. This is history. We don't want to live on the glories and the achievements of our
our forefathers, we have to look at our conditions. Now the challenges that we are facing, and the problems that are facing, even with Islamic finance, the people who are taking care of this industry are trying to make it easy to people. But sometimes, whenever we see, you know, whenever we see something that is not fully
compliant, usually people most of the people think right away about lack of honesty,
and lack of lack of integrity, and that Muslims themselves are not willing to provide fully Sharia compliant products. Is this not the case, sometimes the face many challenges their competition in the market. The regulations, regulators are not Muslims. Every country has a financial,
you know, regulation, body, regulatory body body that regulates all financial activities, including Islamic investment companies. And sometimes they don't accept some of their terms. They come up with a plan, they tell them, This is how we're going to do business. The regulator will tell them no, you cannot do this in Canada, you cannot do this in the UK. So they have their own challenges and problems too. So I want you to think about all these things. We don't we don't want to jump into conclusions. When you see something that is not pure that is not complete. We always think about lack of honesty and, you know, within our circles, this is not the case all the time. Well, lo to
Anna, yes. One question. So in conventional finance, interest and inflation are quite interrelated. Right? So what is the Islamic concept on inflation?
What do you mean Islamic concept? How does Islam define inflation? Because creation of money you mean inflation of money and things becoming more expensive with time, right. So $20 per day is not worth and yet, there are issues that we will discuss regarding this, this problem. When it comes to paying debts, for example, or paying mod or paying back the money the value of money is different. And the owner
of the Islamic faith Academy is both Islamic physically we have two Islamic academies.
These are the most actually
they are the best in the in the Muslim world. One of them belongs to ies, or IC Organization of Islamic countries. headquarter is headquartered in Jeddah, the other one it belongs to the Muslim worldly, Robert Lanham, Islam and their headquarter is in Makkah. So the group big group of scholars, they come together every three months every four months, and they get together and the invited specialist people who are specialized in different fields, sometimes the discussed medical issues, financial issues, different issues.
We collected the questions and problems that they have one of the questions is this the discussed method, when it comes to paying debts? They said no, you have to pay the same amount, unless there is there are some exceptions. If at times of calamities or if the economy the whole financial system collapses and the value of money is like him or her has decreased
it's totally different to the method of $1 used to be equivalent to within let's say, three, three Riyadh, Saudi riyals and huge financial crisis took place, and then the value of money became totally different. $1 is equal
To 40 reels or 50 reels with method and Saudia money here has no value when compared with American money, if there was a problem, like financial crisis, or an earthquake or a big disaster here, he said they said the debtor might might make a claim in a court of law and ask for the equivalent of his, the amount of his debt in this case, so there are no isolated cases where the person might ask for the equivalent amount of money otherwise they said inflation should not
affect the payment of loans and the payment of debts and everything should be the same with the same value with the fiat currency that that doesn't happen. Because I know gold or silver dinar Yeah, that makes sense. But it has to do it has to do with the nature of money in Islam. In Islam, we accepted anything that was accepted by the public or accepted in the state. If it is accepted by the state by the government or the public as a tool as a money, then it it should be accepted. They looked at the Sunnah of Rasulullah Sallam he used to you deal with golden dinars minted in in the Roman Empire and silver Durham's minted in the Persian Empire, and Rasul Allah, as I said them did
not say, these are Roman dinars and Persian Durham's, we should change them. We should have our own sunnah money, or Islamic money hidden say that. And the whole of Russia doing did not make this decision.
Does it? Does it click anything in your mind? Is this?
People who are thinking about using gold and silver again,
it didn't you're not following the news. Okay.
So can I just comment on that for a second. I mean, one of the biggest problems that people have is that when they deal with loans, they don't understand the nature of Islamic contracts. In Islam, we have contracts for profit, and we have contracts which are done out of kindness. And the loan is a contract that is done out of kindness. So it's understood that you're making some sacrifice already by giving a loan. And if there are further sacrifices made due to inflation, then you know, that's part of the contract that you understand that your budget is with Allah subhanaw taala, even if someone is lost it circle ownership. But this concept does not apply only to loans method and credit
sales. It's not a loan. But there is a credit so he has to pay within a within five years or six years. So the value of money could be different. Mark, for example, is not a loan.
It's a hack. It's a right, that has to be paid by the husband to his wife. So it applies to all these kinds of arrangement
might not be enough for ya. But she said what he said is true. Yanni alone is the act of Sn swayamsevak Hasson card has any don't charge Riba and Islam does not exist these days anyway. Anyway, but
so my point is, you know, when it comes to inflation, yes, there is a problem with fiat money. But when you look at the concept of money in Islam, we we don't have problem dealing with this kind of money. You know what I mean? Even though we know there is a problem, there are people who said no, so now is to use golden silver.
No, it is sooner we have to go to this minute but this look at what Allah says Islam did not say this. He didn't make this statement. He never thought about changing money. Because if he changed it, it will be very difficult for us to be difficult. Imagine if Rasulullah sysm said we have to have our own Islamic dinar and Islamic money. What will happen nowadays, what will happen? People will not be able to use this money this paper money so no, we can't. Because Allah says him said we have to use our Omen Subhan Allah, this is a Rama of Islam. So Allah says Allah knew that people will be different dealing with different types of money. Even our Hatha they were thought about
making money out of the skin of camels.
For kala kala who isn't,
you know, all camels will perish. And then he changed his mind.
Why did he did he because he didn't look at the nature of money itself by itself. You know, he looked at it as a tool, if people accept it to be a tool and money made of skin of camels then let it be anyway. But I know the problem is there is with the financial system, you know, with central banks and with interest is very complicated. Sometimes when you try to read about it. You get some headache. Tyler knows.
There's not It's not easy. There is not easy but but we have to study these things and understand them. Yes.
Sharia industries that you are talking about, there are
Many of them Dow Jones, Sharia index SMP one of them in Canada s&p TSX 60 Sharia in Canada in the state s&p 500 in the UK footsie in Malaysia MSCI different there are many HS go to Google progeria indexes, Islamic indexes, you will find many.
Pardon my customers procedure on how can we go investing or buying these industries? I think you need to go through a broker, you cannot do it by yourself or through investment companies.
How about the 60? Sharia? That's losing money?
I don't know. I mean, if you deal with your broker
and what I know, Allah who I am, to the best of my knowledge, it could be good news, if it happened in the future. There are some companies in the Gulf area, they're trying to provide platform universal Pro or international platforms for international investors to invest even in Islamic banks and companies found in Qatar, Dubai, in many countries. One Bank is already doing boubyan Bobby and from koi trade that and then also I will be standing bank literally at the beginning of this year.
Yeah. So there could be some progress in the future, you could be trading with your machine, if you want have an iPhone? Well, as you can see, through different platforms that are found, the problem is with the fees, the fees, if you're doing dealing with local companies, the fees are very small. If you buy shares of international companies from Singapore, Malaysia, maybe other countries in the in the airport, the fees could be very expensive, I think Milan, right.
They have to list
because all of the companies
or companies listed on New York, and
so if we can replace companies here.
Somebody could contact them at the very
moment. These banks don't deal with individuals, we deal with companies. And they that's it, you don't have questions. One more.
And I hope I understood this correctly. But you said that right now, just as retail investors, we can't go out and do our own trades.
And I understand that, right? Yes. So is it possible that we can, in a sense, cherry pick from these indices, these indexes, and then buy those countries the winning come? What I understood is that you don't have as individual you cannot have access to them, you have to go through financial investment company or a broker is what they understand.
I was told I'm not sure about this information. So I guess my question would be say, you say you find company XYZ in this amount of indexes.
And you as a retail investor quantify that company?
Is that Is that okay? Or is that still? Is that playing around? If you know that it is a index is an imaginary portfolio. Yeah. And it's not a company by itself. It's just a list of companies that you can consider in in your investment. But but i my i don't know why I could be wrong about it. I was told that as an individual you don't have access to this index. You need to go through a broker or an investment company who allow to Atlanta because even if you look for the list of these companies, the index method 60 Sharia Marysia one if you looked for the you look for the list, the updated list, you don't find it I think online, what Allah Allah, you don't find it online. So you have to
a broker or investment company will this what I know Allahu Taala teach me if I'm wrong.
RRSP that's a different discussion. But I said it could be your funds in the RSP could be invested through these vehicles. Instead of allowing the company to invest in on your behalf and thinks that you are not aware you don't know the nature of this investment. So you can go through these options belong to Alan Yes.
Yeah, who are either Yeah, keep quiet please because we need to continue with just two questions, three questions and then we'll allow you to go shall
consider checking you
know, checking account what
Do you mean checking out
all your money that is deposited in the bank is used by the bank
we don't have Yeah, we don't have an Islamic bank.
So, if you invest your money in a different investment, you don't keep them in the bank it could be better whether it is a Hallel investment you open a store or you or you buy a property real estate or or you go through this you know, use this criteria look for these companies and invest your money with them it could be better than keeping your money in the bank will allow Tada.
A credit cards Brother is asking a different question.
this is the last question shall credit cards
there are some rules, who said people living in the West because they are used, you know, people use them on a daily basis. And some of the people who live in the state who live in the west they cannot carry cash and they looked at these conditions of life. And they said we could be handled with this condition that you pay within that period of time. You don't pay interest. But this photo to my understanding or to the best of my understanding
is not valid anymore. Because Mithuna and if you look at
BMO Bank of Montreal, they have a prepaid travel MasterCard, and it is prepaid it has no interest in it. So it has all the features of credit card you can use it it's like a debit right but it is credit card. You have to put money before you use it. Okay, so you don't benefit from any loans. They are not giving you loans and that's why you don't pay interest, it's your money. But if you go to the hotel, they accept it as you rent a car they accept it as a credit card. So this is an alternative. A good alternative because BMO is a well established company. It's not like the other companies who have prepaid credit cards there are some small companies or some stores they have you
know their they have their own prepaid cricket
but BMO is a well established company and this card is held to us
so this is an alternative you don't need to use credit card
now he told me I don't have money and don't have cash to pay for my expenses that's a different story.
Then you should look for other alternatives Hello loans from friends or family members if you can't, then you can use a credit card to pay for your expenses but with one condition there you you have a little bit Allah VM Nick, you have to make sure that you will be able to pay insha Allah the bill before the end of the period. This is in case you don't have resources financial you know means you don't have the financial means you don't have enough income you have a family to spend on so you can go for this option as a last resort, a last resort otherwise the HELOC credit cards are available. These are prepaid credit cards without Alan has a debit card now which is approved by Visa Yeah, but
they don't accept it in some hotels and they don't. They still look at it. Look at it as a debit card. Yeah, she's like, Nah,
you can use it everywhere. Jazak Allah Subhana Allah Hunnic Shittu Allah Allah Allah the sufferer, we're going to believe it.