Ask IOU – Islamic Financial Transactions Q&A

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Mansoor Danish

Channel: Mansoor Danish

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Episode Transcript

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Okay, so I'm only caught up with Allahu barakatu Bismillah R Rahman r Rahim in Alhamdulillah number two who want to start you know who and I stopped Pharaoh when I will be laying him in Cerulean fusina woman say at em la de manera de la Vela modela woman you live Allah hi Deanna. Shadow online. Allahu Allahu la sharika wash. Mohammed Abdul Rasulo. Am I bad for enough federal a DC Campbell law? Well hiral howdy howdy Mohammed in solo long earlier he was cillum ashara lamorinda to her wakulla they sat in with our wakulla with that in de la la boca de la Latina. I welcome all of you once again with the Islamic greetings salaam aleikum wa rahmatullah barakallahu FICO May Allah subhanho

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wa Taala. bless all of you for taking your time out and attending this session on Islamic financial transactions. This is part of the Ask q&a sessions that we have at the Islamic online university, and inshallah Tada, we will be taking your queries the questions that you have with regards to Islamic financial transactions, as we understand that this is a short session. And this is a q&a session. So we don't really get too much of time to take in a lot of detailed questions. So we will try and take in those questions which we can do justice to, in a short span of time in order to allow others to post their questions as well. If you still would like to get in touch with me,

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inshallah, at the end of the session, I'll give you my email address, you can always get in touch with me, post your queries to me, and inshallah, with that, with that we will take in the first question.

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So the first question that I have, with me is

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the issue on taking loan for educational purpose, what is the Islamic ruling, as far as taking loan for educational purposes concern? Now, we make it absolutely clear that any form of interest based loan is not permitted in Islam. Whether you are taking it for educational purpose, whether you're taking it for buying a car, or whether you're taking it for buying a house or for marriage purpose, could be anything, you're not allowed to take an interest based loan. What about education. As far as education is concerned, the ruling applies, you're not allowed permitted to take any interest based loans. Generally, with educational loans, what happens is, as long as you are pursuing your

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higher education, so suppose it's a two year program, and they give you a loan, you don't have to pay any payment for two years. And after two years, they give you another six months of moratorium period, where they allow you to seek a job find a job so that as soon as you start working in six months time, you can start repaying them back. So the loan is given to you. And then there is a 2.5 years really two and a half years of moratorium where no EMI is are being taken. And after two and a half years, they start taking the EMI, that EMI is based on an interest based component, and therefore this is not permissible.

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Because this again, is falling under forever. So then what is the alternative? I mean, I don't want to just leave you with a ruling here, let me give you an option that is available. One of the option is that Firstly, we keep in mind that we need to see those options which are within our means. So it may be that we are getting an opportunity to go to Harvard or an Oxford and so on and so forth, one of the top institutions in the world, but if you don't have the means to go and if you don't have people in the family in the relatives and the friends circle, we're willing to fund my child's education, then I have to look for the best alternative which is Sharia compliant which is

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acceptable to Allah subhanho wa Taala and that is we go for a scheme which does not have interest in board. So if it means I have to let go of a Howard admission or an Oxford admission, so be it I need to please Allah subhanho wa Taala he is a Razak. And therefore the second point which I want to mention here is to put a strong telecoil in Allah, strong trust in Allah because the help will come from Allah subhanho wa Taala. Also, you must also look out for the scholarship programs which are there, most of these institutions run scholarship programs, and apart from them, there are third parties, and there are work groups, you know, Muslims who have set aside money for the purpose of

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other students who would like to take a further education so you might want to try them out. Try to seek out details about them and take those educational scholarships which are available, but it's a big no to any initiative.

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Based educational loan, and Allah subhanho wa Taala knows best, we then have another question in front of us and which is with regards to permissibility to exchange an old mobile for a new mobile, or an old gold on demand for a new gold on demand, and then you pay the difference in a mountain rupees. So if I have, for example, an old mobile with me, I go to the shop and I say I'm gonna exchange this so he says, okay, for this, I'm going to give you an approximate price of $5,000. And then the balance you need to pay in cash. Is this transaction allowed, as far as mobiles are concerned, no problem. But when you mentioned in your question, old gold on the mint, there is where

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the problem lies, because we have a very clear Hadith of the Prophet alayhi salaatu wa Salaam, where he said, gold for gold, silver for silver wheat for wheat, barley for barley dates for dates, salt for salt, like for like equal for equal. So if, if you're exchanging gold for gold, they must be exchanged equal for equal. If I'm giving old ornaments of gold, which is weighing

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50 grams, I must exchange them necessarily for another 50 grams of gold, I cannot exchange 50 grams of old gold against 45 grams of new gold or 49 grams of new gold even one gram will become red bar. First point. Second point the hobbyist goes on to say that it must be a spot transaction. So even if you're not exchanging gold for gold, or if you're exchanging like for like an equal for equal 50 grand with 50 grand it must take place on the spot they cannot be a deferred transaction. So these six commodities that the Prophet alayhi salaatu wa Salaam mentioned gold, silver, wheat, barley deadstock they must follow this criteria. So mobile does not fall in this category. Gold and Silver

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today are also in the form of currencies, you see gold and silver was used as currency at the time of the Prophet sallallahu alayhi wa sallam. So today this ruling will also apply as far as exchanging of money is concerned, which is I give you $50 I take back $50 only, I cannot say I'm giving you a new note of old notes of $50 give me fresh notes of $10 and then you deduct $5 from day This will also be comparable.

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As far as wheat date salt and barley are concerned, these forms come under the staple diet. So the scholars say that if you have any other staple diet like rice, for example, that may also be included in this ruling. Otherwise mobiles, land watches bins, no problem you can exchange any amount old for new no problems, but the conditions are only for commodities. And I hope this answers the question.

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Now we have another question which is on makeup and hairdressing business is makeup hairdressing business halaal in Islam so let us have a look at the ruling with regards to this, though this is not specifically an Islamic financial transaction. But I still wish to give you the answer because it has to do with halaal income. General ruling is that any beauty salons that you're running is permissible provided that it engages in halaal activities. Which means that if your salon that you are running and let and I'm assuming these are hairdressing and makeup salon so mostly for the women because nowadays with men go for men's salon, however we stick to women going to for makeup and

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hairdressing. There's no problem with women going for hairdressing and makeup provided it should be a salon which does not engage in haram activities like

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plucking of eyebrows using cosmetics which may be harmful to the skin. There shouldn't be any men who are putting up makeup, no other women should have should be able to see the power of the other women. And this is a very

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particular issue which we need to deal in as far as salons are concerned because when you go for the hair removal and so on and so forth, the spa etc. You might be exposing your aura and therefore this becomes Haram in Islam, even if a woman is administering to another woman. And then also if the woman is engaging in beautifying herself in order to display it for public. This is also not permitted and therefore you have to be extremely careful with regards to beauty salons and makeup parlors. You must try and make sure that they are strictly in compliance with what Sharia allows for a woman. So I think we keep hearing about halaal businesses everywhere Hello banking Hello

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travels and so many other things which is Halloween so this should be a Halloween makeup as well. Hello, hello beauty salon for women. It's a good business model as long as you stick to the Quran and the Sunnah, and Allah subhanho wa Taala knows best.

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There's another question which has been asked, and that is, as far as

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halaal home ownership options are concerned in Canada, now I have absolutely no idea about Canada. I'm based in India right now. However, the one who's asked this question if you can send me the details of the home loan or the clan, which is there the product which is there, I will be able to have a look at it and let you know whether it is complying with the Sharia guidelines. I know that in Canada, there are small organizations and some pretty big organizations which are offering Sharia compliant loans. But I will not try to mention any name right now. You said you do a little bit of search, or maybe you can get in touch with me separately, and I'll try to assist you with that.

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inshallah Darla, what you have to keep in mind though is whichever company is offering you the halaal home loan option, they follow strictly the murabaha model if it is a Bora Bora model, where the bank takes full ownership of the house, the entire registration is done in the name of the bank, and then the bank will proceed to sell you the house. It should not be that the bank is financing your requirement of having a house which means the bank would pay to the promoter on your behalf. This is not alone. This is what conventional bank does. The bank in Islamic banking the bank will have to take up the responsibility will have to take up the ownership and there should not be any

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late payment clauses where they start charging you extra amount, you know many of these

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halaal home loan options within inverted commas will have a late payment fee clause where they say if you miss any EMI, then there is a small fee which will be charged and that will go into a charity. But this is not allowed. Whether you put that money in charity, or whether you do that money for community service, you're not allowed to charge any late payment fee because that is Riba. What will you what used to happen at the time of the Prophet alayhi salaatu wa Salaam people would fail to make the payment on the due date. And so the lender would say No problem, I'll give you a three month extension or I'll give you a one year extension, you come back and pay me double the

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amount. So there would be a fine literally a fine levied in the form of rubber, it will be multiplied double and multiplied. So we are not allowed to charge any late payment fee. However, you can as a bank, mortgage the property, you can take securities in order to ensure that the people will not miss out the payment and be

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be punctual and disciplined as far as the payment of EMI is concerned. And Allah subhanho wa Taala knows best.

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We take the next question that we have here and that is on the max international group. I want to know how does the max international operate? And is it permissible from the Islamic perspective or not? Now max international and I'm not going to answer specifically for max International. But I'll give you a general answer which will help you all of you insha Allah, Max international is a network marketing group, or follows the pyramid marketing structure. Companies like max international have plenty in the market. There are companies like seven C's or seven diamonds, and so on and so forth, there are plenty of network marketing company. What the network marketing company is doing is that

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their purpose is to engage the participants in dealing in commission. Rather than focusing on selling the product to the rightful user who would need the product. The objective of entire marketing and advertising is that you try and get more participants into the network. So that's why it's called network marketing. You're trying to build a network of users build a network of participant

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and these network of participants are all coming in joining in in order

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to earn more and more Commission, the objective is not to sell the product and everyone pays a fee to enter into this network and in return on more money. So why is it not permissible in Islam? I said it's not permissible. Let's see why it is not permissible. It's not permissible because as I told you, there is a form of Riba involved now, I said that you are paying a small fee to enter the network in order to earn huge commissions later. So it clearly involves exchange of some amount of cash in order to earn

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higher amounts of cash later on. And when you actually see there is hardly any productive.

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work involved in this entire transaction, people are just getting in more and more participants to pay the fee and in return earn commission. So if I get more participants into the structure, who paid fee, I earn more commission, this is clearly a rubber, I'm paying a small fee to get in more and more people so that I am able to earn a higher commission. And therefore this falls under Riba further, there is also a river nasiha in this transaction, because it involves deferred payment of a larger amount that would be paid if it were paid immediately. So in case I would have paid immediately, I would have paid a smaller amount. So what I do is I try to defer it in order to

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charge a higher amount. So there is a rebar of both the categories within this kind of network marketing

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company. There's also a vendor involved here. Now look at yourself as a participant in network marketing, what you're trying to do is you're trying to get more and more participants in order to earn commission. And so you need to keep in mind that there is going to be a point where you will reach the maximum number of participants that can enter. At that point of time, what will happen is that only few people will remain on the top, if you see it's called a pyramid marketing, pyramid marketing, because it looks like a pyramid. See you people on the top will be earning maximum commission and maximum people at the bottom level will hardly be earning any commission, many of

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them may also incur loss. Clearly an element of horror is involved in this transaction, there is complete uncertainty when I'm entering into a network with because I don't know which level will I be in? Will I be in those levels of people who will be on top? Or will I be in that level where I'll be incurring losses. And also, I don't know how many participants I can get into this kind of a transaction. So clearly a case of error. And of course, there is cheating and deception in these kinds of transaction. Because your objective here is not to sell a product to someone who needs it. But your objective your intention clearly is to earn commission by getting other people hooked onto

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this network, Carlos, that's my job get more and more people hooked onto this network so that I'm safe, and I earn my money. And of course, you're also consuming people's wealth unlawfully getting more and more people involved into sin. And because as we said network permitting, marketing is not permissible. So you're involving others into the sin and consuming their wealth in an unlawful manner. Only one who's benefiting really over here is the company itself. So whether it is Max International, or any international, it is not permitted for us to engage in network marketing transaction. And Allah subhanho wa Taala knows best.

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There's a question on how do I save for my retirement? And this is a very interesting question. I would like to take this up. Because in today's day and age, when we say that we have very limited halaal options, where do I go with my savings? And how do I really build some money for my retirement? First and foremost most important thing which I want to make it abundantly clear to all my Muslim brothers and sisters who are hearing this and if there are no Muslims who are hearing this, I want to make it clear to all of you as well, that there is really no concept of retirement in Islam. You must continue working till your last day you must continue striving to work as long as

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Allah subhanho wa Taala has given you the physical health to go out to reach out and work. I know Masha Allah in my family, my grandfather who was a medical practitioner, he died at the age of 85 and Mashallah on he died at what 10:30am in the morning approximately around the time, but in the morning he had attended his clinic he came back home for rest and that's when he suffered a heart attack and he died but till the age of 85, Masha Allah, He continued practicing. So if Allah gives you the will, the ability the head, you should continue working and for that you should be mentally prepared. Never try and think that you are going to retire after 60 what will happen after 60 The

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moment you think what will happen after 60 you will invariably old you will invariably age of 60. But people who know that they're not going to retire. They continue striving mentally and physically to work as long as Allah subhanho wa Taala gives them the ability to work. I have seen people do that. So I require request all of you, before you start planning for your retirement be absolutely clear that I need to continue working. So I need to move into a kind of business or a kind of trading where I don't have to retire or I have a system in place.

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Where my regular incomes can keep coming in, whether it is through investments and properties, lands, etc, where I can get regular rental income. Now, how do I save a lump sum for my retirement, I'm fine working as a salaried individual. And I have already intended to work beyond 60, which is I could start my businesses etc. But what do I do now I still need to create a corpus. For this, I say, first and foremost, start saving money. By starting with the bare minimum of 10%, at least 10%, you must start saving today. Most of the salaried individuals struggle with this, that they struggle to save money every month, I am telling you, every day every month, rather, when you get your

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income, set aside 10% and plan your rest of your expenses using the balanced 90%, which includes any medical expenses, any money which you need to set aside for emergency, all from your balance 90%, this 10%, put it aside, don't even look at it, start doing with 10% to start off with and gradually go up to 25%, that should be a target. So you start off with 10% do it for four months, six months, eight months, get into that habit. As soon as you start building in, you know, what happens is after eight to 10 months, when you built in that corpus 10% every month, after 10 months, you have already saved one full month of salary, and additional amount you've saved. That gives you the confidence.

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So you're ready to now extend it to 15% and 20, and 25. So when you start doing that, when you start building this corpus, now the next thing is where do I invest this money. So now I have already started building in the corpus small amount of Corpus, I should now look at investing into halaal options which are there, I can buy gold, I can buy silver, as long as I'm paying Zakat on them, I can look out for buying small lands which are available within the means which I have. So if it means that my means are limited, and I need to buy a land, which is pretty far from the main city, no harm, you can buy the land day, let the price appreciate over five to 10 years. And after the

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appreciation, you sell it off. And then with that money, you can start moving into the city, buying whatever you can with the amount that you have, it has to happen in a very meticulous and planned manner. It cannot have randomly for us, because we really don't have halaal retirement savings schemes, almost all the retirement and pension savings schemes which are there, they carry fixed stipulated returns, which is rubber. So we really cannot invest in that in those in plans. So I'm saying as far as your retirement is concerned, first thing first, make an intention that you're not going to retire after 60, maybe you need to start, maybe you need to retire at 45 and start a

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business of yours. That's how you should be planning number one. Number two, I said start saving with at least 10%. And if you are already doing that, raise it to 15 raise it to 20 raise it up to 25%. If you can go beyond that it's good. But remember, there are rights of your family as well, you must spend on them as well. The third thing which I said is once you have accumulated some decent corpus after six months or eight months or one year, start investing small amounts into gold into silver, maybe buying a small patch of land somewhere maybe investing in someone's business and earning some profit all of that is available for us. So small schemes which are available, try and

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invest there so that you can get some capital appreciation and gradually over a period of time inshallah you will be able to build a corpus for yourself.

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That's as far as some of the schemes which are available right now. Because really, we don't really have a pure halaal retirement schemes to my knowledge in India there isn't, I don't know if it is available in any Muslim country, I would be interested if you know about something you can always let me know in sha Allah, and I can let you know my views on it. But start with whatever I told you inshallah, to Allah and Allah help will come. If you have any questions on that, of course you can send me now I see there are some questions which have just come in right now. So before I come back to the previous questions, let's take some of the questions here. Okay, so we have a question which

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says,

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Salam alikoum, I'm asking for a friend He works in a renewable energy sector and his company offers shares in the company as part of a compensation package employee share program, he found that this company has a debt in the same magnitude as revenue, is it helpful for him to accept the shares? Now, you see, if the employee stock option per client, which is the Aesop's basically, which are being offered, is being forced upon somebody who's working in a halaal company as such. So you said renewable energy company so the company per se is working

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In a halaal sector, though, they have mixed operation, which means apart from engaging in halaal activities, they're also taking heavy debts. In such a scenario, what happens is this is something which is being forced upon you. So you really don't have any alternative or option here. It's something similar to your company, deducting provident fund from your salary every month and then that provident fund money is getting you interests, etc. So what you have to do over here is, if you know that there is the Aesop's which are being collected, which are collecting into your account, whenever you leave the company, and they pay you the equivalent amount to Aesop's, you can simply do

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the purging of your income from there, which is whatever percentage like you said it was almost 50 50%. So maybe what you can do is from the profit that you had gained through the Aesop's, you can set aside 50% and give it away in charity and leave the balance 50% profit with yourself, because like you said, almost 50% of the company's operational profit may be going in servicing the debt, and only the balance 50% would be remaining for distribution amongst the shareholder. So keeping that in mind, you must try and see that the the Sox since it's forced upon you, you are able to purge whatever income you have gained through these Aesop's. Of course, you don't have to do it

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right now, because the right thing is still working and the money is accumulating there, and it's not in your control. Whenever you leave the company and they pay you out. At that point of time, you can do the needful, however, if the company gives you an option to opt out of it.

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Okay, so I'm on a court of law, what about a cat? Oh, I'm sorry, I just got disconnected for some time. So I've just re logged in again. So just completing the answer on the employee stock option plan that brother Solomon doubt and us, continue with them as long as it is being forced upon you. But if you have an option to opt out, you should do that you should not go for it, and rather take the money into your account. And Allah subhanho wa Taala knows best.

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You're asking me about the criteria for purchasing the shares or accepting it from the employer, it totally depends on what the terms of agreement are brother Solomon, if the terms of agreement is that you have to necessarily take it, then you really have no other option, I mean, if you have, because generally what happens is, this is a scheme which is offered by most of the company in a particular sector. In fact, I know that multiple sectors, whether it is banking, or energy or

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or different companies, it could be fmcg, they are all offering this option. But as far as I recall, some of the companies give it as an option to the customer or to the staff. So if it is an option, then you don't go for it, because you clearly mentioning to me that the company has a huge operation, which is done through the debt that they are they are under a debt obligation, they are taking a lot of loans from the market. So in such a scenario, you should opt out of the Aesop plans. However, if the Aesop plans are forced upon you, then you can continue with it and purge the money as I had mentioned to you and Allah subhanho wa Taala knows best.

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You saying it's impossible to find out when a company

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how the things are going now with the debt, etc, I don't think so. If you're working with the company, the company will be sharing its profit and loss statement with you its balance sheet statement with you, you should have a look at the balance sheet a profit and loss account, you can show it to any accountant and he'll be able to tell you anyone who knows how to read the profit and loss balance sheet income statement, he'll be able to tell you how the things are going. Okay. The next question is he heard from Islamic investment company that the debt to revenue should be less than 25%? Is there any basis for the statement? Now, this is something where there is differences in

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opinion, brother, there are scholars who, from the Hanafi jurisprudence, who say anything less than 33% should be permissible if you are investing in companies who have a debt to revenue of less than 33% it is permissible and they use the ruling based on the Hadith where the Prophet alayhi salaatu wa Salaam said that when you are distributing any portion of your inheritance your wealth to any of the non heirs, then you should not exceed one third one third

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Maximum highest that you can give to an outsider. So they are using doing the HD hard on this 33% being maximum. So they are using that it's very hard to argue and most of the Hanafi scholars argue using this concept that up to 33% no problem. Some of the scholars say that since our objective is to have lower debt, so we can reduce it to 25%. And gradually over a period of time, try to keep lowering the benchmark

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differences in opinion or they depends on which schools of thought you're following, if you follow the opinion of shaping bars and other scholars, they say that you should not be investing in such companies because this will fall under cooperation in sin and transgression. That's the opinion of Sheikh bin bars and other notable scholars, but again, as I said, Those who are following the Hanafi scholars would feel that it is permitted because their scholars have done their which they have now it is up to you to see whose argument is stronger, okay, if you ask me, I feel

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it is better to avoid it is best to avoid and stick to basic investments like gold and silver, which where you know you are free from those confusion.

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Okay, the next question is I have a question regarding earning Commission's and investing in amount to get more money later. Is it a HELOC, I don't understand what you mean by investing more amount or investing in the amount to get more money later, if that investment of an amount is being used in a productive system, a process where the money is helping in production and goods are being produced, there is business transactions taking place, then there are profits which are being generated, there is a risk of loss, then such kind of money which you put in no problem. But if it is something like the network marketing, which we said where we putting in some money, and there is a chance that we

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may get more money, or we may not we may lose out what we've put in, then this is not permitted. Okay, I hope you're clear with this, that if there is clarity that my money will go into somebody's investment, somebody will do business with it, and then he'll share profits with me. Or if there is a loss, there is a chance I might lose out my capital or a portion of my capital, no problems here. But if it is clearly a transaction where I'm putting in money, and then I there are high chances of losing out,

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it's just a game of chance, then this is not permitted. And Allah subhanho wa Taala knows best.

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Okay, that was as far as

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his rent to own programs when buying houses alone. Now, what you're talking of is a program which is called the diminishing musharaka system. The diminishing musharaka system is a combination of two products, basically the ijarah concept, and the masaka the musharaka concept. So basically what happens here is that the bank and the customer, they will both pooling their resources, and they will buy a house, naturally, I don't have the money, so the bank will maybe finance 80% of the money and the balance 20% I'll put it so there is a concept of mushara here, where we both have partners, we have a property which is in joint name, and therefore every liability will be joined. If there is

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a house insurance required as per the law of the land, it has to be taken in a joint name, the registration has to be done in a joint team, the stamp duty has to be done in a joint team. And the payments of that should be in the ratio of 8020 whoever has the highest share will pay higher amount, and whoever has a lower share will pay the lower amount 20%. So here is the methodical aspect to it. Then what happens is once the house is taken, now I want the house the bank is only facilitating it by buying a portion of it in the name.

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Once I move into the house, the house belongs jointly to me and the bank, the bank owns 80% of it and I own 20% of it. So what the bank will now do is the bank will let out to me through ijarah or rent the balance 80%. So now I am going to keep paying and equip equivalent rent for that flat for 80% not the entire rent. So suppose the rent for that flat works out to 3000 dirhams. But that is the market rate for the entire flat. Only 80% of that portion of the flat belongs to the bank. So 80% of 3000 is two and a half 1000 $2,400 or so 2400. denim is what I will pay to the bank for whatever the era contract is if it's a one

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A contract are paid for one year.

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After one year, there will be the system where I'll keep as a customer, I'll keep buying a portion of share from the bank. Now here this has to be in the form of a promise, a promise to buy, the agreement cannot be linked together, there has to be a promise to buy. And generally it is encouraged in Islam to fulfill the promise, though it's not an obligation, but it is encouraged that the person fulfills his promise. So, after one year, you once again renew the contract maybe now you buy 10% of the bank share. So, bank had 80% now you reduce the bank share to 70%. Now you have 30% share, whatever the market rate was at that point of time, after one year of that you pay 10% to the

00:35:50--> 00:36:35

bank and you still the bank to transfer 10 more percent of his share in your name. Now, in the second year, fresh rent agreement will be drawn keeping the market rate in mind at that point of time, but this time only 70% of that will be paid to the bank and this is how the process will continue for the life of the loan. This is called the diminishing musharaka system. If it is done as per the way we have explained and keeping in mind other Sharia guidelines, there is no problem such kind of a rent to own program is permissible. And Allah subhanho wa Taala knows best. Okay, I've taken this question. I don't see any more question right now on the screen. So what we'll do

00:36:35--> 00:36:56

therefore is we will continue taking other questions which have come to us. Okay, rent to own we've done regarding earning commissions we have already mentioned. So yeah, let's go back and see what are the other questions which were asked. Now, regarding the operation of an Islamic banking, how do we know whether it is rubber free or not?

00:36:58--> 00:37:45

It's very difficult right now for me to give a detailed answer on how should an Islamic bank function, but I Can I just tell you, broadly, the most important aspect for any Islamic bank functioning is that it should have a dynamic Sharia advisory board. That's the most important requirement. If a Sharia advisory board is only acting as an employee of the bank, which is trying to do what the bank wants and trying to figure out ways in which they can be backdoor entry to haram transactions, then this is not permitted. And let me tell you when I say this, you will find unfortunately, few of the Islamic banks who have scholars who call themselves Sharia scholars within

00:37:45--> 00:38:26

inverted commas, but unfortunately, they allow a permit backdoor. They allow Riba based transactions. They allow vendor based transactions, they call their products, the takaful or Islamic insurance, but in the name of Islamic insurance, they function like conventional insurance. So clearly there is lack of understanding either there is a lack of understanding of how Islamic financial products work, or Unfortunately, these Sharia advisors are working only as employees of the bank, this should not be the case they must be working in a dynamic position, who are able to take the final call, whether this is in conformity with what the Quran the Sunnah of the Prophet

00:38:26--> 00:39:11

alayhi salaatu wa Salaam says. So the role of Sharia advisory board is important and therefore you should look who and the scholars are, what are the credentials? What are their background? This should give you a fair idea. Secondly, most of the Islamic bank and unfortunately, they work using the conventional bank model called the fractional reserve banking FRB. Let me tell you, my brothers and sisters, so much of money that we see in the banking system today 97% of the money which is there in the market for money supply is money which has been created by banks through simple accounting entry through thin air. I can't explain fractional reserve banking right now because we

00:39:11--> 00:39:54

are on audio right now, you will get currently confused, but let me just tell you, there is a term called fractional reserve banking. Please go back and study what it is. And you will know that 97% of the money is not there in the system. There is basically only 3% physical currencies in the market. The rest of the 97% of the money is just a counting transaction. And what are this E wallets doing when the E wallets come in your concept of digital money. Anyone can keep coming up with any amount of money you know, that is literally you're giving people freedom to create money, and banks have been given this freedom to create money. Unfortunately, Islamic banks when they give out loans,

00:39:55--> 00:39:59

many of them use the fractional reserve banking model.

00:40:00--> 00:40:48

Where they create money using accounting entries and give it out as loans, this is not permitted, you have to necessarily have depositors putting in money. If the depositors give their consent that they would like to participate in a modaraba transaction where the bank can act as an agent and use that money for investments, then the bank can pick up those money and invest it on behalf of the saving depositor through financing of buying of house and cars, etc, that that is permissible. However, if the banks are simply creating money out of thin air, irrespective of farmers deposits, are they This is not permitted at all. And unfortunately, most Islamic banks are guilty of it. I

00:40:48--> 00:40:57

don't know, which are the ones who are not guilty of it, but I can tell you most are guilty of it. If you go through the balance sheet, you will get a fair idea of what they are doing.

00:40:59--> 00:41:03

And Allah subhanho wa Taala knows best. So that was as far as

00:41:05--> 00:41:10

the issue of Islamic banks are concerned, there is a question which has been asked about

00:41:12--> 00:41:57

how does Islamic finance protect creditors against depreciation? What it basically means and I think what brother Abu Bakr Muhammad meant here was that if I am giving my money out to somebody as loan, and in Islam, we have a concept of gratitude as loans, which means loans are supposed to be free of charge, you don't charge any money for giving someone loan. So if I have Abu Bakar, who needs money, and comes and tells me my mother is sick, I need money. I can't tell him take this money, but pay me back a higher amount. loans in Islam are supposed to be gratuitous in nature free of charge. So this question is, what is the benefit that that other person who's lending the money the creditor is

00:41:57--> 00:42:38

getting? By giving up the money? What is the person takes one year to return back the money and the value of money is falling because of the inflation in the market? He said depreciation maybe he meant the depreciation of the currency. But basically the inflation in the market where prices are going up? How am I as a creditor benefiting? Well, firstly, you're not benefiting Okay, if you give $500, you need to take that $500 allowance, you can't take anything extra loads are gratuitous in nature. So there is no concept of making money out of it. However, if you as a moneylender is approached by a person who wants the money, and he asked him the purpose, and he says he wants to

00:42:38--> 00:42:52

start a business, you can tell him that I am ready to invest in your business rather than give you a loan. So this way, if you are making profit, I would like to participate in the profit. And if there is a loss, I'm willing to take the risk.

00:42:53--> 00:43:35

Or if the person says he would like to buy an asset, I can tell him that let's do something, I'm going to buy this asset in my name. And then I'm going to sell it off to you at maybe a higher price, because now I have bought it in my name, and I'm giving you the benefit. You can pay me in deferred payment, you can pay me in EMI schemes, something like the murabaha transactions that we have, where the lender takes ownership of the asset in their name. And then he sells it to you I could do that in this bargain of deferred payment where the person is given the benefit of paying over a period of time. Or maybe he can pay back after six months you buy a mobile, the mobile cost

00:43:35--> 00:44:20

five or $500 of $1,000 I don't have the money I come to you. I said can you give me $1,000? I say Well, I'm not going to give you $1,000 let me do something, I'm going to buy the mobile phone for you from the market. I pick up the $1,000 mobile, and I tell him that I'm going to sell this to you now for 12 $100 you pay me 12 $100 after six months, this transaction is allowed in Islam. Why? Because the ownership is with me, the bank, the lender. Now once the ownership is with me, it's my mobile I can sell it to you at any price, right. So instead of charging or benefiting in loaning out money to people through interest, what is permitted is we can enter into business transaction

00:44:20--> 00:44:39

because we remember again, Allah subhanaw taala says in the Quran, that Allah has permitted trade, but he has forbidden River. So if your requirement is to buy an asset, let me buy that acid and in return charge you a higher amount and you can pay it over a period of time. And Allah subhanho wa Taala knows best.

00:44:40--> 00:44:41

So that is as far as

00:44:43--> 00:44:53

the protection for a lender is concerned against depreciation or inflation. Hope that answers the question. The next question and it's come on this

00:44:54--> 00:45:00

social media right now what is it on social media? Okay, before I come to that is working

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

working as an accountant in a company which deals with interest Allah, you see working as an accountant where you are a witness to an interest transaction or you are recording an interest transaction is something which is not permitted. So you can acquire and become an accountant and yet work with a company which is a Sharia compliant company which indeed and maybe you know, it's not engaging in any form of interest etc. So, you can do that. However, if you are working as an accountant with a company which engages in loans etc, and then you have to record it for them. This is not permitted because one of the people who have been included in the sins of Riba is the one who

00:45:42--> 00:45:46

records the transaction. So, we have to be very careful with that.

00:45:47--> 00:46:33

So working as an accountant for a company which deals with interest is not permitted. However, you can use your knowledge of Accountancy and keep improving upon it, you know, there is no end to knowledge. So, once you become an accountant, you can see how you can actually take that knowledge to the next level and try and benefit the community to set up certain islamically permitted products you can do that you can use your knowledge also, there is IO fee, which basically manages on how Islamic banks and Islamic financial institutions must file their returns. Normally, for all companies who are filing their returns, they have to follow a certain global agency which has been

00:46:33--> 00:46:59

set you have to follow the accounting principles using the commonly accepted principles. However, for Islamic banks, there is a separate additions which are there which is called the i o fee principles. So maybe after acquiring accountancy knowledge, you can actually go and do courses with IoT and maybe start advising Islamic banks in sha Allah Allah and Allah subhanho wa Taala knows best

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

if you stay at a home and you know that the stream of income

00:47:06--> 00:47:23

Okay, I'm sorry about that. Okay. If you work at home and you know that the stream of income you receive is rubber, how do you repent and minimize the effects of the rubber? Now since you have not told me what exactly is the source of income I mean, how do you say that this is Roma?

00:49:40--> 00:49:45

Salam aleikum. wa rahmatullah My apologies. I just got disconnected. I'm facing some network issues.

00:51:31--> 00:51:35

nations have disapproved

00:51:46--> 00:51:50

currency and the economy

00:51:51--> 00:51:55

and coins are you the consumer

00:52:10--> 00:52:10

in order

00:52:17--> 00:52:20

to save files which can be easily accessible

00:52:23--> 00:52:47

and any form of the links can be out few numbers to your employers and employers can document and check your documents using the cryptocurrency there is no problem with it. And the view of financeable, Hakeem is also that you should not be investing in such kind of times. Somebody's got the best psychological allowed in Islam to earn one 10th on social media. Oh, yeah.

00:52:57--> 00:52:59

Somebody caught up with law.

00:53:03--> 00:53:05

No, I can hear you.

00:53:07--> 00:53:09

Audible to all of you. Yes.

00:53:10--> 00:53:24

The point is, your voice is breaking up a lot. So maybe you could know now it's better. But the answer that you gave to this question, I think the viewers were not able to hear anything.

00:53:27--> 00:53:28

Prior to that,

00:53:29--> 00:53:32

just after you started, you choose with the

00:53:33--> 00:53:41

internet. After that nothing was audible. So if it would be possible to repeat that would be something All right.

00:53:43--> 00:54:11

All right. My apologies to all of you who are facing some audio difficulties from my end. I'll just try and repeat the answers to some of the questions which I just gave a while back. But let us complete the discussion which we just raised on sharing Islamic content on social media and earning some money. So basically, if you're, I'm working with a company as a social media manager, and I'm sharing Islamic content, there is no problem with that. I mean, if the company is using those contents,

00:54:12--> 00:54:27

to reach out and earn money, etc, and then they want to share some portion of the profit with you and they want to hire you for your services. There is nothing wrong with it absolutely nothing wrong. You can very well work with them and share it in Shandong, Allah. And Allah knows best.

00:54:29--> 00:54:59

If I understood the question correctly, I don't know I mean, what exactly you meant here if you're talking about YouTube earnings. Now YouTube earnings is something which is really critical and I think we need to get more scholars to discuss this. Because when with YouTube, you have absolutely no control about where YouTube would be paying you the money from basically they can just put up your channel for advertisement, etc. So as far as YouTube is concerned, you really have no say over it. They might be

00:55:00--> 00:55:42

Showing advertisements which may be immoral in nature, earning some money out of it instantly. So we need to really understand I'm not aware of what YouTube's policies are there, but maybe if I am aware of it in the future, inshallah I'll be able to give a more comprehensive answer. Okay, let's get back to one of the question which was asked by the sister who said, she works as a homemaker. And there are some streams of income, which is coming in the form of Riba. How does she repent and minimize the effects of Riba in this dunya and after? All right, as I told you, and I'm going to repeat the answer here, first and foremost, you as a spouse is duty bound to tell your spouse,

00:55:42--> 00:56:20

husband or your father in the family, to stop engaging in a drama based transaction, you have to continuously do the hour to them, you have to continuously invite them. Second and most important is to continuously supplicate to Allah subhanho wa Taala for the guidance. Remember, one thing we respect your brothers and sisters in Islam guidance is only from Allah subhanho wa Taala. He's the one who guides he's the one who controls the heart, he is the one who turns the heart. So you make the ad to Allah subhanho wa Taala that he is able to guide our hearts in the right direction, so that the family members the father or the son or the brother, or the husband is able to lead his

00:56:20--> 00:56:58

river based transaction and he brings in only pure halaal into However, if you are in a scenario where you have tried out everything and you're still trying, but till such time, what should I do if the money is coming in? Remember the Haram the sin is upon the person who's bringing the money in spite of knowing that this is not allowed, the sin is upon him. It is not upon you so you can continue using that money if he gives that money to you to spend it for the family, for buying the food, the necessary grocery items, etc. You should go ahead and use that money. The sin is not upon you the sin is upon him. He is the one who needs to correct himself when you should continuously

00:56:58--> 00:57:01

make the art for him. And Allah subhanho wa Taala Allah knows best.

00:57:03--> 00:57:22

Then we answered the question on Bitcoin and trading and we said that cryptocurrency technology can be used for saving documents like we know that cryptocurrency I can save all my documents relating to my graduation, my certificates, my work experiences using the cryptocurrency

00:57:24--> 00:58:06

tech not not the cryptocurrency, but the cryptography technology, the technology which is there, I can save all of them. And if my employer would like to verify the document, I can just give him the key, he can access the documents, and he can check it instead of me carrying physical documents all the time. That's one advantage which I have. So basically, we are using it more like cloud computing that is allowed, however to use it as Bitcoin trading, which was happening recently where the price was shooting up 1000 2000 3000 5000 $20,000 and people were making money and then suddenly it dropped. This was not allowed, this is not allowed at all because there is really no underlying

00:58:06--> 00:58:21

production which is taking place. People are just buying and just on the basis of demand and supply. Artificially, the prices were being raised, there was really no productive productive work which was going on such kind of transaction are not permitted at all in Islam, and

00:58:23--> 00:58:34

we must not engage in that. Okay. Am I still live right now? Because it says Islamic online university is not broadcasting this.

00:58:35--> 00:58:36

Could you please confirm?

00:58:43--> 00:59:27

Okay, I think I'm back. Alright. So that is as far as the issue on Bitcoin is concerned? What is the ultimate solution to the economic weakness of the Muslims and how can we make a permanent global solution so that Islamic economics is dominant, at least in the Muslim lands? Well, first and foremost barakallahu li for this question, this is such a good question. Something which is really troubling all of us. First thing first, let us acquire knowledge. Knowledge of the deen is so important many of the people are even unaware of what Riba is in today's day and age, many people Muslims will argue with you that the bank robber is actually allowed what is forbidden is the robot

00:59:27--> 00:59:59

which was charged by Shylock in Merchant of Venice, okay. There are people who will argue with us like that, unfortunately. So really, the knowledge starts at the basic level have a thorough understanding of the Quran and the Sunnah. It's so important basic knowledge of Quran and Sunnah is a must for every Muslim. So it starts from there. Secondly, the most important thing which has to be done I feel and these are my views. So the first thing is knowledge of the deen is very important knowledge of the Quran and the Sunnah. Secondly is acquiring of skills and knowledge which is required

01:00:00--> 01:00:41

For earning money in this life, acquiring of skills, unfortunately, our community does not engage in enhancing the skills. Many of us who are working in salary jobs. Also, we don't try and attend workshops and sessions, where they will be an increment in our knowledge and increase in our knowledge, which we can subsequently in cash to get a promotion, or to move into a better company. We don't do that. We don't try to improve our skills. If you move into a job, we will try to keep performing there, get a promotion keep performing there, just follow a hierarchical structure which is given to us, we don't try to break the hierarchy and reach to the top level. Why? Because we

01:00:41--> 01:01:21

don't have the skills we have not trying to acquire skills. So my second most important point is acquiring skills. Third, and most important is education of this dunya as well, you need the education of this dunya as well as much as it is important to acquire knowledge of the deen which I said is number one. Third and third thing which I mentioned to you now is education of this dunya you need to acquire and I think acquiring skills and education, I'm not going to keep them same because education can come to an end after you finish your masters or your graduation or post graduation. But acquiring skills can continue all your life. So I'm segregating between the two. So

01:01:21--> 01:02:04

education is a very important factor. Once I have discussed all of this once you start earning money, there should be a saving habit inculcated in our society. Unfortunately, there is a very, very poor saving habit in our society. Many people are under the false impression that if we are saving money, we are holding wealth and holding wealth is not allowed in Islam. Let me clarify my respected brothers and sisters, you are permitted to save your money As long as you are paying Zakat on it it will not be called a hooded Well, there are several Hadees opinions of Sahaba like Omar who said that who did wealth is that wealth which you save and accumulate, but don't count on it. So

01:02:04--> 01:02:45

very, very clearly you should save money inculcate habits of saving in your children as well. It starts from your kids when you give them those small little money and you're trying to build in the habit of in your children on how to use the money that is the time when you should inculcate savings habit All right, spending it in the right places in the right directions, okay. So, saving habits are important, then we come back to the issue of the economic weakness which was asked, we need to acquire knowledge of and this is not important for everybody, but a few people who are well versed with the field of finance and economics and accountancy, they must engage in higher knowledge in the

01:02:45--> 01:03:24

field of economics, acquire knowledge of what conventional economics is, as well as what Islamic economics is, trust me both are important, because if you have to expose the flaws and weaknesses of conventional economics, you need to know what it is all about. Unless you know what conventional economics is all about, you will never be able to expose the flaws and weaknesses for the in the society. So acquire the knowledge of conventional economics acquire the knowledge of what the Quran and Sunnah says as far as dealing with resources or concern and then use it to present it in educational circles

01:03:26--> 01:03:27

in universities

01:03:29--> 01:04:11

and try and let people form opinion about how the opinions from the Quran and Sunnah are more just in the society, whereas what people have created in the form of capitalist and communist etc, are creating unequal distribution in the wealth between rich and the poor. Okay, because you see, the capitalist society has made the rich richer, the poor poorer, only a few group of people are controlling the maximum resources in the world. The communist system tries to forcibly bring in a parity where everyone will have equal wealth, which is also unfair, where is the reward for risk? Where is the reward for effort? So what is really fair is something which comes in between the two

01:04:11--> 01:04:55

and I see many of the qualities of a mixed economy is something which is found in Islamic Quran and Sunnah. However, the Quran and Sunnah also condemns roba interest, etc. But all of these deliberations, all of these opinions must start at educational circuits in educational levels in universities, present your papers, present your opinion, these students are going to be the future so trying to form their opinion, trying to give them a clarity about what Islamic economics is. Alright, the last thing that you have to do with regards to this is acquiring posts in high ranking jobs like the Ministry of Finance, in the field of economics, acquiring high level of knowledge,

01:04:56--> 01:04:59

acquiring jobs at the top level so that you are able to bring about

01:05:00--> 01:05:37

changes over there. You can't bring about changes by just sitting and saying this is what is right. And this is what is wrong, you need to be involved in the system, you need to be in a position where you can inform the head of the state, the leader of the country, the president of your nation, the Prime Minister of this nation, you can tell him that looks if we adopt such and such philosophy or policy, we will be bringing in more justice in the society. In order for your voice to be heard, you should be in those levels as well. So you need to therefore, apply, keep acquiring knowledge and try and look out at how you can enter into those high level jobs by acquiring the necessary skills which

01:05:37--> 01:05:44

is needed. This is my opinion. And Allah subhanho wa Taala knows best. Then there was a question on

01:05:45--> 01:06:09

can we monetize videos on YouTube? I already answered that Allah knows best because I have no idea about how YouTube's policies are, if someone can actually share the policies on monetization, I'll be able to comment on it. What I do know is we have no control over where YouTube of whom YouTube will give out your videos to what kind of advertisements will come on. So it may be that you're watching a video on

01:06:10--> 01:06:13

something which is halaal transactions

01:06:14--> 01:06:54

and Riba exposing Riba etc. And suddenly, there is an advertisement, which comes from a conventional bank promoting its fixed deposit interest. Why? Because you have no control over it the YouTube, realize, many people are watching the videos, and they put in the keywords and according to the keywords, that particular advertisement, which was promoting robot is coming on a channel, which is anti Riba Subhana Allah, so you have to control over it. So in such case monetization of videos might become a little problematic. And therefore I say, it's important that before you monetize your videos on YouTube, you know what the policies are, if their policies are such where you will have no

01:06:54--> 01:07:02

control over it, then it is better that we don't monetize our videos on YouTube. And Allah knows best.

01:07:08--> 01:07:43

Brother ebrima, has asked about how about if we own a website and add AdSense to advertise for Google? And Google will be paying for that? Is that money or not? I have no idea about how this works. And what are the terms of agreement of this, so I will not be able to comment on this. Maybe if you can mail me the details of how this transaction works, I'll be in a better position to comment on it. Right now. I don't think I have too much of a knowledge on how this transactions work with AdSense and Google. So I don't know

01:07:45--> 01:07:53

much about it. And hence, we will leave this question for the time being. If there are any further questions, can we send it forward as well? inshallah?

01:07:54--> 01:07:58

I think we've more or less covered most of the question which was asked, there's another question which is on

01:08:01--> 01:08:30

purchasing choosing in a 0% interest with EMI schemes, question on 0% interest. Now as far as Sharia is concerned, from that perspective, it is not permissible in the case of payment by installments to state any interest rate as a separate item. So when you go and buy a commodity from a shop, and the shop says that, well, we have a 0% scheme at the bank. So if you want, the bank will, you know,

01:08:32--> 01:09:02

finance it at a 0% scheme, they'll pay you the money, and you don't have to pay anything to them and no interest. And when you see the statements which come to you every month, they are not charging you any interest for it. It's a pure 0% scheme. This is not a problem. Unfortunately, let me tell you, I have experienced and have come to know that there are different institutions who say 0% schemes, but when you

01:09:03--> 01:09:24

actually see the statement, they break a portion of the money that you're paying as an interest. There are some who don't do this, some will clearly say this is the principle that we are giving you. So maybe they're giving you a $5,000 $5,000 they take $500 every month from you for 10 months, and that's the price of the commodity.

01:09:25--> 01:10:00

There is there are others who will still give you $5,000 they'll still take your $500 from you, but they will show that for $95 is towards principal and $5 towards interest. That is not permitted. Okay, so you have to be extremely careful about what the clauses are. Sometimes they say 0%, but it is not really in effect 0% they're actually charging an interest from you. So you have to be very particular about these interest schemes which are there. However, if you read the contract and you find that everything is very clear, it's clearly a 0% scheme, then there should be

01:10:00--> 01:10:41

not be any issue and Allah subhanho wa Taala knows best. Again, as I said, reading the contract is important unless you've read the contract, we really cannot come to a conclusion don't trust what they tell you, because remember they they are in the business of selling they want to sell. So, they will try to convince you 0% you must read the terms of agreement and then only you should decide what you should do with it. Okay, another question which has been asked is with regards to equity funds, like ICS a Prudential So, this is from India basically, ICICI Prudential, where the returns are not fixed and so, and they are not like interests, so, can we invest in them. Now, you see the

01:10:41--> 01:11:20

ruling as far as investments and shares and mutual funds are concerned as general investments in mutual funds and chairs are concerned, this is permissible there is no problem because when you invest in mutual funds and chairs, you are basically in mutual funds, basically you own units of shares. However, as far as shares are concerned, you are basically a shareholder of a company so, you it's more like being a partner in a company, there is no problem in that it's allowed. However, what you have to do is firstly, you need to know whether the company in which they are investing so, ICS a Prudential is a mutual fund, they will invest in different shares, different stocks, different

01:11:20--> 01:12:02

companies, you need to find out whether those companies are permissible. Are they engaging in permissible business like transportation, shipping, manufacturing clothing, office supplies, medical equipment, what else can you think of, you know, it should be halaal business? If it is the next thing is do they engage in haram practices? Do they allow Riba in their transactions? Do they also engage in gambling etc, then we should not engage in such businesses or such companies. They should also not engage in any prohibited type of work, for example, if it is it's a hotel, where they are investing the money and the hotel is providing immoral activities like nightclubs and discos and

01:12:02--> 01:12:47

alcohol being served etc, then this is not allowed as well. So, you have to be very particular about the mutual fund which companies are they investing in? If they are investing in companies like alcohol based industries, pork based industries, or pornographic based industries, then you are not allowed to invest in these companies, they must strictly invest in permissible activities. That's step one. Step two is companies who are in halaal business, but they might be engaging in some rebar transaction This is similar to a question which was asked by one of the brother about debt to revenue question. Now, here as I told you earlier, some scholars have allowed up to 33% debt to

01:12:47--> 01:13:29

revenue. However, some of them say it is not allowed, because it is like cooperating and sin and transgression. So, you have to therefore, strictly see whether these companies balance sheets etc, they are they need to be verified before you invest in them. And hamdulillah there are many companies like I know of one in India, which is a Delphi investments run by gentlemen call Ashraf Mohammed he Mashallah they are also into studying the different shares which are there the different stocks which are available, they see the Sharia compliance, they come up with the reports and they also guide people in which stocks you can buy, which one you should hold, which one you should sell,

01:13:29--> 01:14:13

etc. So, for investing through them, hiring their services, it should be fine inshallah. But there are a lot of guidelines which have to be kept in mind as a general rule, as I told you, shares and mutual funds, there is no problem. And Allah subhanho wa Taala knows best. Okay, that's as far as equity funds are concerned. There is one more question which is come in. And we will just end now we'll just take a couple of questions. Is it possible for robot to creep in debit cards? Well, we're about to enter into debit cards. I don't know how can remind tend to debit cards. I'm just thinking now basically, when you swipe your debit card, you are only giving access to that money, which is in

01:14:13--> 01:14:28

your account. Nothing extra is being taken. Right. So really, there is no rubber. However, if the bank gives you a facility, which says that at any point of time, if you

01:14:29--> 01:14:59

overdraw in your account, which means I have $5,000 in my account, but I have a bill of 6000 and I swipe my card, the bank will honor it, say up to $1,000. So what the bank does is the bank will honor that transaction. Even though I don't have five $6,000 I only have 5000. But the bank gives me a limit of overdrawing up to $1,000 so the debit card transaction goes through for $6,000 but now for this $1,000 days you will start now charging

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charging me daily interest, they Riba would be entering into the transaction. So, this is a possibility that there might be rubber. However, generally speaking, it should not be

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the case and so you should be away from a free inshallah to use your debit card even for that matter credit cards etc. I mean, I know many scholars have forbidden it, but a few of the scholars say today that in today's scenario where so many of our transactions can only go through credit cards, and there are certain transaction which really cannot be routed through debit cards, in such cases, if you are forced by situation. Now therefore, I say this within inverted commas, the forced by situation may be relative to different people, for some people, it may really not be needed. But for those who are in a situation where they do need a credit card. In such a case, they can actually opt

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for credit cards. However, even with credit cards, you have an option of you know, putting an extra amount of money into your credit card, so that your limit increases, maybe they give you a limit of 100,000 you put in 25,000 so that makes it 125,000. Basically, the limit, the official limit is only 100,000. But that 25,000, which you put in is your money. So if you swipe anything, it gets deducted from your money only. If you can do that, it's fine. Insha Allah Allah. However, as I said that there's some scholars who have allowed it only in extreme cases, and Allah knows best. If one applies for a sponsorship from a non Muslim organization like EU to finance your business because

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you are not financially strong is that transaction allowed in Islam? If you say sponsorship, that sponsorship comes at 0% interest, no problem. If they give you the money, no problem 0% you take your money, pay me back in five years, no problem. Or if the sponsorship scheme says that I'm putting in the money, and I want profits, and I'm ready to take a risk with my capital. So basically, they are working like venture capitalists, no problem. However, if this scheme is one in which they give you the money, even if it's a government agency, if they give you the money, but they say that you will have to start paying them interest after five years moratorium period, do

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business for five years, but after five years, you need to start paying you paying me my money back in the form of principal plus interest, then this transaction is not permitted. So please understand my respected brothers and sisters do your business within your means don't take a web based loan to do business. If Allah has given you limited means use your hands to earn whatever limited you can with complete trust in Allah who is on rasa who provides Okay, put your complete trust in Allah subhanho wa Taala It is Allah subhanho wa Taala who will provide us and keep growing in sha Allah have a positive attitude towards the life and of course have a positive towards attitude towards a

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versa that he is I was lucky will provide you He provides to everyone he's a rough man, he's over him also. So keeping that in mind insha Allah, we are in a position to quickly wrap up but before we leave in sha Allah tala my sincere appeal to all of you who are listening to this and please don't log out here this last appeal which I have, as you know that Islamic online university will has already begun its admission into the fall 2018 program. I'm urging and requesting each one of you to visit the Islamic online universities website, check out the different programs we have, we have degree programs, we have diploma programs, inshallah, we also have certificate programs. So you can

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actually check out the program which suits your requirement and start acquiring knowledge you remember I told you you must acquire knowledge of the deen You should also acquire knowledge of this dunya Masha Allah I can tell you this that that Islamic online university, all our courses focus on giving knowledge of this dunya by keeping the knowledge of the deen in mind. So if we are teaching something has to be an Islamic perspective given to it. This allows people to know how they can apply the knowledge of this dunya keeping in mind the Sharia principles. So when we teach business ethics, we keep in mind the Islamic business ethics. So we don't just give you normal business

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ethics we teach it keeping in mind the Islamic business ethics. So I tell you, I request all of you to go and check out our programs. We have programs on BBA, which is bachelor's in Business Administration. I'm also the acting head of department for the BBA program at IOU.

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Anyone of you who wish to pursue your career in the field of businesses etc, can actually take up a VBA course. And trust me it really will help you get a better understanding on how you can start your own businesses. If you are interested to acquire more knowledge on the field, which we

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We have discussed today Islamic banking, economics, finance, etc. We have a course on Islamic economics and banking as well. And you have an option to take up a course with us in Islamic banking as well. We also have courses in psychology with Islamic psychology, not just psychology. So if you want to become a counselor who will give counseling to people from the perspective of the Quran and the Sunnah, Mashallah, you have an opportunity to take up the course which we have, which is BSc in Islamic psychology. We also have a course in it information technology. As you know, today is a day and age of apps. So many apps are coming up, use knowledge of it is so essential for this. So if you

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wish to acquire knowledge of it, and at the same time know how to use it from an Islamic manner, Mashallah, we also offer you a course in it again, an option to take up a decree diploma or a Certificate course according to your choice. And, of course, our most important plan that we have and I urge everyone listening to this to take on this course, irrespective of what you take up as far as economic banking, Business Administration, psychology, you must have the knowledge of the deen and for that I request all of you to take up our Islamic study program that we have the BA in Islamic studies that will give you a comprehensive knowledge on the subjects of Akita on the

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subjects of fic on the subjects of sera of the Prophet alayhi salatu was now the DRI is on recitation of the Quran. So many things Arabic able to speak Arabic as well. We also have intensive Arabic program for you. We also have a global Quran memorization center where if any of you are interested in memorizing the Quran, we will have teachers assigned to you who can assist you in that in Charlottetown many courses, please visit the website and you will find all the details there the IOU for admission is on and inshallah I look forward to seeing all of you inshallah joining different programs that we have at the Islamic online university. With that we will conclude the

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session but before we conclude, I'll just give you out my email address, or what I'll do is I'll just let you know my website, you'll find all the details there. My website is very simple. It's my name, www dot Mansoor dhanesh.com. I spell that out for you. It is m a n S, o r, da n IE sh. That's how I spell my name. Mansoor dhanesh.com send me an email inshallah you can find all my details there. barakallahu Li COVID, taking a time out and attending the session with that will conclude with the answer panicle long Allah behenic Shogun and Highlander stuffer aka the tuba Lake wa Salaam Alaikum warahmatullahi wabarakatuh