Islamic Business Ethics and Finance

Muhammad ibn Adam al-Kawthari


Channel: Muhammad ibn Adam al-Kawthari

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The importance of Islam is discussed, including its guidelines and teachings, its use in financial deals, and its use in legal deals. Credit transactions and avoiding confusion are emphasized, along with the need for personal and family relationships to make money and avoiding alcohol and drugs. The speaker emphasizes the importance of trusting oneself and creating a "has" mentality in trading. The need for trusting businesses and creating a "has" mentality is also emphasized.

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Bismillah R Rahman r Rahim

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al hamdu Lillahi Rabbil alameen

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wa salatu salam ala Sayyidina Muhammad

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wa coolamon tabia whom?

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Allahumma alumna and foreigner one foreigner Bhima alum Tina was in an element

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Allahumma Arenal hopko hopko masuk nativa Well, Arenal well,

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respected brothers

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and sisters as well. And sisters, as salaam aleikum wa rahmatullah wa barakato.

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First of all,

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it's an honor and it's a privilege to be here in New Jersey,

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taking part in this very important program, organized jointly by two organizations beetle hunt, and the center here in Middlesex, Missouri called Muslim Center,

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Muslim center of Middle East and Middlesex County. Now, lots of $100 reward both organizations for arranging this program, and all of you for coming today, on a Saturday evening.

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The topic

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as it has been advertised Islamic finance.

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But you might not well, I will discuss some aspects of Islamic finance. But before I do that, I want to talk about this in a slightly different way, not your normal lecture that is selling you some Islamic finance product. I'm not selling any products. I don't own any Islamic finance business, I just want to talk about it from an Islamic point of view from a physical point of view. This is why sometimes when there's an announcement, that the title is The topic is Islamic Finance, people say oh, some companies here to sell their products. And that's not what I'm doing here. And I have no agenda. And also, the show said, I have

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expertise in Islamic finance. Not really, it's one of the areas that I've studied, and I've advised etc. But it's not my main area.

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I talk about a lot of different topics. I've also conducted courses in the UK with doctors, we have fact of medicine, we have detailed courses for all the medics and doctors up and down the country where we have seminars on Islamic medical ethics. Also a lot of the brothers that know me in England, we do a lot of programs on marriage and divorces and family life. So we have different different topics. So I don't want to just talk about some Islamic Finance and these are the companies etc. I want to talk about Islam, Islamic guidelines from the Quran and from the Sunnah. In regards to money, wealth, dealings, some things you might not, you might know some things you might

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not know, the Islamic guidelines and teachings of earning a halaal income. That's my main focus. And then we'll talk about some modern day issues relating to study finance. Now we know everyone, every human being,

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we have a responsibility and living in this life, we have to earn a living, we can't live without earning a living. It's part and parcel of our life. Every human being needs to earn a living. And therefore, Islam because it's a comprehensive way of life. Sometimes we make a mistake. Islam is not just a religion. This is why there's a difference between Islam and other faith communities. In other faith communities, you have just certain restricted symbols, or certain practices that you do. And that's it. Islam is a comprehensive way of life. So Islam has guidelines and teachings from the moment we wake up to the moment to go to sleep in every sphere and every aspect and every branch of

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life. It's a comprehensive way of life. Islam is not just restricted to the way we dress. And this is the problem that sometimes what's happening is that some of us we restrict Islam to certain areas of life. For some it's just worship, that you pray and that's it. For some it's just about dressing like a Muslim. Islam is a comprehensive way of life. It has teachings and guidelines in every area of life, which includes our financial dealings. The Quran is filled with verses the Hadith is the Sunnah is filled with Hadith of the messenger sallallahu alayhi wasallam. that deal with the category known as the category of more armor a lot more ominous means financial transactions. It's a

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very important branch of Islam how a person acquires money and how and where he spends his money.

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Money how a person earns a livelihood and how this person spends his money. It's a very, very important part. This is the branch known as more amyloid. There's if you look at the Quran as I said versus filled the heads have chapters kita booboo is a chapter of trade and commerce and transactions. There's Hadith of the messenger sallallahu alayhi wa sallam in Sahih al Bukhari Sahih Muslim dedicated chapters to just business, trade, commerce and finance. And then the books of fic, which are derived from the Quran and Sunnah have dedicated volumes and chapters relating to laws of business, the longest verse in the Quran, you know, if you look at the Quran, what's the longest

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verse in the Quran?

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The longest verse of the Quran doesn't talk about wearing a to P hat. It's I'm not trying to undermine it, man. I'm just saying it's not even about Salah. The longest verse in the Quran is not about praying further. For Judas variant important for the obligation, the longest verse in the Quran, which is Surah Al Baqarah. In two pages, Allah subhanaw taala gives detailed guidelines of credit transactions. That's the longest verse in the Quran. If you look at details of a bada the Quran doesn't even give us details of worshiping in Quran there's no way in the Quran a detailed description of how to pray McGriff, Salah, which is prayed, even three has not been mentioned of

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Raka mother just about Allah mentioned the term mother. But three Raka three is not mentioned. It's all in the Hadith.

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No details, even fasting, just brief guidelines of fasting brief guidelines of Salah. But when it comes to monetary dealings, Allah goes into extreme detail when it comes to marriage. Allah goes into extreme detail. When it comes to divorce a lot goes into extreme detail. This is how you give up. This is how you divorce, this is what you should do. This is what you should not do when it comes to financial dealings. The longest verse in the Quran is Ayatollah Medina, the verse of credit transactions, you know, either to the young between Elijah Muhammad factor boo, or Yahoo, who believe I was talking to the believing men and women, when you take a credit transaction when you

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take a loan from somebody in early musalman, and it's to a fixed period. And that's a condition that he has to you have to make it clear that when you've taken the loan, and what's the fixed period, for two who who write this down, have a contract in place. And this is what the Hadith is saying as well, that there's Hadith where the messenger sallallahu alayhi wa sallam he did he actually there's a there's a hobby companion, he said, I transacted the messenger sallallahu alayhi wa sallam did business and trade to show us how to be a businessman as well. And hurry Joe and how was a businesswoman to show how a business woman should be the messenger sallallahu alayhi wa sallam did a

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credit transaction with this companion. And when he did the credit, credit transaction, he told him to write a contract. This was in a time 1400 years ago when nobody needs to write anything. The first people who actually recommended was the Muslims that had it said that you should have a contract in place that this is a contract. This is Mohammed bin Abdullah the suit of Allah sallallahu alayhi wa sallam, and this is another companion and he purchased from him this item on credit until this time, it will be paid back at this time. So the Quran is saying to write it down.

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When you take a transaction, credit transaction, write it down. And this is why most scholars have the opinion that this book to go Amaro, this command in the Quran is actually one of recommendation or obligation but many studies recommendation but in these times because there's a lot of disputes it's you know, close to being an obligation depends on the circumstances, but we should write it down. If anyone takes $200 from somebody you pay me next month write it down. Get two witnesses. This Brother brother he has taken $200 from brother be signed by brother a signed by brother B. These are the two witnesses When will you pay me back? How will you pay me back? And this is the

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reason why all these detailed laws are in the Quran and Sunnah about monetary issues because one of the main reasons why people fight one of the main probably the main reason not even one of the main reason the main reason that there are disputes that are corals that are fights that are even wars, the war world wars are all about this it's all about oil. It's one of the main reasons that people fight is because of money issues. And this is why the hiding says hobo dooney or atsuko li hottie at the level of dounia greed and love of wealth and will is a cause of everything. You will fall out with people because of money you will kill because of money you will murder because of money you

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will dispute you will swear you will slander you will desert people you will not talk to people. Families are just united I know so many cases where family are disunited parents and children don't talk to one another real Blood Brothers don't talk to one another because of monetary issues when inherited

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issues. I just had a case last week. This old lady she came to my office 73 years old. She said, All My Sons nobody they waiting she said she was crying. She was a lady, practicing household. My son said to me, the mom when you're going to die, that we get your inheritance.

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Children are waiting for the Mother, the Father is already passed away to die because they want the house they want the property. People are fighting disputing one of the major reasons Money Matters or the main issue because of which people are just united because there's this level of world level of wealth level of money. And this is why Islam gives detailed guidelines to avoid disputes to make sure that our dealings are clear. And this is why there's a hadith it is not a hadith is a saying of one of the very it's been reported as a hadith but not it's not really a hadith but it's a saying which one of the early scholars one of the www from the sort of sided and which is taken from the

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spirit of the Quran and Sunnah the messenger so the statement is dasheroo Callaghan with Amma Luca adjani. Live like brothers transact like strangers. Live like brothers transact like strangers, be brothers and sisters with one another. But when it comes to monetary issues, transact like strangers make everything clear. Even within the same household, even within the same family, make sure that your financial dealings are clear, because one of the main reasons why families are split and disunited is because of money. When there's a family business, a father has a business, you have one son coming and joining in the business, what capacity is adjoining nobody knows when you say clarify

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Father, Son brothers like what we do, we don't need to clarify. Okay, no problem. You don't need to clarify everyone's one. One is one household, one son, and then the second son comes, and the third one is coming. And then one is spending from the business and the second one, and then one gets married. Well, he took so much money from the business when he got married and then nobody knows who owns what the sons are they really partners in the business Islams is clarify if the son is is does he have 33%? Share? Does he have 20%? Share? Is he just an employee that employed by the father? So where are his wages? Is he a partner in the business? Or is he just voluntarily helping his father

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or mother? What is the capacity we need to make all of these things clear? Initially, nothing will matter, because they're young. But when people grow old, then brothers get disunited when the father passes away inheritance. We have cases that come to us with inheritance. We have cases that this father left and he loved this property and that property and this and that, and one brother said, No, I paid more money in the business and this I own more and I said no iron I owe more than I have Moshe. And it's difficult. There's no way we can come to a solution because nothing is clear from day one. And they say yeah, we made a mistake from day one we didn't clarify. Because we didn't

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clarify. There's no solution. Islam, there's no solution in Islam. No, no, you just have to just fight one another or just agree to just forgive one another and just say just do it in just agreed something. They come to the people of knowledge and they say give us a fatwa. What should How should we divide this but there's no way we can't give an answer because nothing's clear. Nobody knows who owns what. And this is why all these verses of the Quran all these Hadith of the messenger sallallahu alayhi wa sallam talk about ensuring dealings are clear. And that's why dedicated chapters are in the Hadees kita boo boo kita booty Jara, the chapter of trade and commerce. The

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messenger sallallahu alayhi wa sallam said in one howdy there's two Hadith which are both together in many chat books of Hadith and Sunnah, intermedia and elsewhere. In one Hadith, the messenger sallallahu alayhi wa sallam he said, a turbocharger or sadu amine man Urbina was in the Athena was Shahada. He was in a tarja, a businessman, a tradesman which means anyone who does any business, who is sadu, who is truthful, his Ameen he is trustworthy. Then this tradesman, this businessman, this person who is earning a livelihood will be on the day of judgment and maybe look at the rewards. He will be on the Day of Judgment with the prophets man the beat was the deal with the pain the truth

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will people will Shahada his rank will be with the martyrs was Salaheddin and with the righteous people. A truthful tradesman will be in the company of these people on the normal piano. The next had it straightaway in the same chapter

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two journal your Sharona Yokoyama t foo jar, all the traders on the Yeoman Yama will be resurrected as sinners.

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Illa is an exception Illa many Taco Bell rassada except the one who feared Allah in His transaction, except the one who was trustworthy and truthful in his transaction, then they are the exception. In other words, what these two heads are saying, these two heartbeats are indicating that there's actually two groups of people

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who earn money. And that includes everybody because we all earn money to groups, there's no middle way. You're either top of the league or the bottom of the league. You're either in the top group or the bottom group, there's no middle ground. Either you're a businessman who is a pious, trustworthy businessman who will be with the Umbria on the profits under severe pain and the martyrs on the side of pain. Or you will be in the other group which is pajara, the sinful people destined to go to Hellfire, may Allah protect us. And these are these are the only two groups and this is why all these teachings of the Quran and Sunnah telling us ensuring that we get into the first group. How do

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we get into the first group that Harry's mentioned two things, everything is really covered in these two things, a third of pseudocolor mean, who is trustworthy and truthful to amazing qualities. You know, the messenger sallallahu alayhi wa sallam before he was given Prophethood. Many of you know that they used to call him with a Sadiq al amin, the messenger sallallahu alayhi wa sallam, before he gave power before he was 40. Before he called Quraysh. to Islam, they used to know Him by Assad, el amin, the truthful person never speaks ally, and the trustworthy person where anyone could trust him. These are the same two attributes mentioned for that group of traders who will be in gender,

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who will be with the solid one and the Shahada, and this is the key. And these are everything gets covered in these two things. But there's more details as well about this. How do we ensure that we get into that first group? How do we ensure we are in the group of the traders who are with the NBR with the profits? Would this have been with the righteous people with the marches with Assad? I think there's two main things number one, which is very, very important is that the Nia the intention of a Muslim businessman has to be different. And this is not just in business. This is you see, honestly, our religion has a massive, there's a great part in the teachings of Islam. A great

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part of the teachings of Islam is to do with the heart and with the intention with the Nia loss in sorority like we say we pray, we pray for loss paneled Allah in that's why most Hadith books start with the minimal amount of actions according to the intentions. Nia plays a massive role even in business. Sadly, the world we're living in right now, which is a commercialized world, which is a materialistic world, everyone's materialistic more or less, especially you go into New York center of New York, Wall Street, Dow Jones, you know, stock market Stock Exchange, you could be completely embroiled in that whole materialistic mentality. Where any nothing matters. Only money matters.

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Money Matters. Money Matters, and money only matters. Money Matters. Only money matters. Do you understand the difference between the two? this mentality that no matter what come what may at whatever cost add to whoever's advantage whether I am harming somebody whether someone's suffering, who cares for me, the only thing that matters on planet Earth is I make the most money, whatever comes my way I brush it aside. And this is animalistic trait. This is what animals do if you go to some point and take your children have you seen the animals fighting for bread you throw and they'll just dislike they'll fight for food. We think we are we are what we are civil. We don't do that we

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don't we don't fight for bread. Well, just because we've got a bit food to eat. If human beings didn't have that, if we didn't have food we'll be we'll be killing each other for a piece of bread as well. that these are animalistic traits. Have you taken your I mean, I take my children to see the ducks you see and I was teaching I told my son is eight years old. I said look, this is what is an animalistic trait you we have to be human human beings. Human beings are not just by body olika Bureau haverstock mill for the policies for in Nakuru de la will just love and just at the insano you are not a human being by your body. Even animals have bodies, not by eyes and ears and the nose

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and the skin and the flesh and the body we have, it's the soul. It's the internal being of the human that makes a human human. And these are animalistic traits of greed, of jealousy of hatred of unhealthy competition. And this is why I was speaking to a brother, a friend of mine who's a quite successful businessman. He was many years ago, and he was telling me he said when I got embroiled in this whole financial business sector, it's like you can't you are given this understanding that you can't make money you can't be successful, unless you are you have rivalry. You have rivalry look healthy competition is not a problem. But what Islam says is that if you don't it's not that the Nia

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must not be just I want to make money at whatever cost. If that means you know, whatever if someone's someone else is

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really goes into a bad situation, unhealthy competition rivalry, putting down others he was telling me, I gave a lecture on business ethics, business ethics, in light of Islam and moral business ethics. This brother came to me and he said to me that these business ethics, we start acting upon that I might as well not do business in this day and age, because you can't you can't earn money. But then this brother said, I'm going to do it. And he started doing it. And after a few years, he told me That's amazing. Baraka Allah gave me initially a lot of money, but Allah gave me Baraka in my money in my wrist that I am far more happy now. It's because remember, it's not about quantity.

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There's a difference you know, we always hear, please make sure to offer me I get Baraka do Do you know what, Baraka means? blessings Baraka, people don't understand the meaning of Baraka. That's why the Hadees are the messengers of Allah. And Allah we should make this the Allahumma barik levy is p O Allah give me Baraka in my risk. You know what that means? That is a mean Oh life I was getting $100 give me $200. That's not what Baraka means. Baraka is not the increase in

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it's not quantity increase. Baraka is something deep internal, you might get less externally. But the Baraka is that you feel more happy, you get more things done with less money. Imagine your wages are 20,000 and someone else's wages are 15,000, but the 110 1000, the one with 20,000, his expenditure is 19,000. And he gets home and there's this bill and someone's got a hospital and he has to go to the hospital, and there's an accident there and the car got accident there. That means there's no Baraka, the one who a 10,000 is expenditure is 4000. So he's got 6000 left. This one was a wages of 20,000. He's got 1000 left, Baraka is that with less money, you are able to do more, and

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this only comes from Allah subhanaw taala. That's one meaning of Baraka and the other meaning of Baraka is happiness in the heart, happiness and again, Mahatma Gandhi's happiness in the heart is not with the wealth. Money Never buys happiness. This is a thought Amina law, there are so many people who are multimillionaires who don't have happiness. I've spoken to so many of them. You might find so many sports stars, I don't know here, but in England, where I come from, they actually earn 1000s and millions but they are depressed. They go into drug abuse. They are they commit suicide, some of them they have massive, you know massive amounts of money. But they need to take pills to go

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to sleep in a mansion. Because the raw the sukoon the tama Nina, the amazing tranquility that Allah gives has not been given. I mentioned the story as well, I was once in Denmark, which is in Europe. We were sitting with some of the brothers, one of the brothers said, at the food time, that there's a survey research done here in Denmark that the Danish people are the happiest in the whole of Europe.

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This was two three years ago that they did a survey and they found that in the whole of Europe, Danish people are the happiest than another brother said that no, there's actually I read another research just yesterday a survey that one of the highest rates of suicide is in Denmark, highest rate of suicide. So like what is what's happening? Is it this survey, right or that survey, right? So there was a shareholder one of my teachers who you mentioned, with money, he came and he was there as well he was eating with us. So I asked him I said, What do you think? He said, Well, I don't know one could be right one could be wrong, but if they both write surveys, researches, then

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what comes to mind is that the first survey which showed that the Danish people are the happiest looked, there are two different things here. One is means of happiness. One is happiness itself. One is a suburb or raw means of happiness, you know the difference means of happiness is what? having money, cars, jobs, properties, mansions, wealth. These are own means of happiness, people around you family, these old means of happiness. But happiness is something else. Means of happiness is something else. Sometimes you have means of happiness, but no happiness. And sometimes you don't have means of happiness. But internally, you're so happy content. I met one brother, one person

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who's sleeping roughly I'm just so happy content, I move from one place to another, and he's happy internally. He doesn't need a pill to go to sleep. He's like snoring away. And there's another person in dementia and he needs pills to sleep, his mind is distressed. So, the first survey he said the first survey is actually looking at means of happiness. Danish people are happiest. They looked at job prospects. They looked at buildings, they looked at properties. They looked at wealth, how much people earn, and they said these people are the happiest. Second one, which showed that the most suicide is in this country is looking at actual happiness. Despite having all the means of

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happiness, real happiness is not there. They're committing suicide. So this is why we make do out to a lot to give us Baraka in risk, which means

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two things. One is that we benefit from the wealth. And number two, it gives us contentment, you could have money and you can also have Baraka, that's not a problem. But this only comes with if we stick, you know, with the guidelines of Sharia. So I was saying that these two heads, there's two categories of people one category of the third year of the businessman, the tradesmen, who is with the MBR, with the city up with the Shahada with the solder in the other ones are all sinful people. How'd you get into this first category, I will say Nia Nia, which means that for a Muslim, earning a livelihood is not just about money. This is very important. This materialistic capitalistic

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capitalism, this this mentality that has been put on our heads, in every aspect of life, you ask young people, what do you want to study? In the olden times, people used to study take a career paths that they enjoyed, number one, number two, they used to take a career path that they think they could serve humanity, not just Muslims, humanity. Why are you taking Why are you going into medicine? I have this passion for medicine. I want to be a doctor, I want to be a surgeon. I want to help people, I want to help humanity. Why do you want to take this career, you have a passion to serve community, you have this passion to serve community, you think you're able to help people, but

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now the materialistic capitalist mentality that is on everyone's head has made even people that this which career Are you taking, which one gives you the most money? Everyone, even parents go into this, this makes the most money, you want to be a doctor or a dentist or which one pays more?

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This is the mentality we are not educating we are not studying and we are not gaining education because of education and because of spreading the knowledge and helping humanity we are studying because of money. Which job which industry do I want to go into? First thing I'm not saying money is not a factor. It is a factor. But secondary. Even our students have Islamic knowledge we tell them and this is the first thing in Islamic knowledge. We say that look don't don't look at when which Imam job is going to pay you the most. But that's not just for scholars. We think that's the only the mantra you should not be looking at money. Who's doing the Indian, you know, you look at money.

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That's for everybody. Not just for scholars and Imams, I don't look at money, look where you can serve, because Islam doesn't separate between serving in the masjid or serving in the world Street. There's no difference. You know, I had a talk last year. Actually, I mentioned this example. Last April, I had a talk at St. St. John's University, the title of the talk that they made and the students and they had a flyer balance between Dean and dunia because they said we are studying in the university. How can we create a balance between dunia which is our study and Dean? I went and I gave a whole lecture saying Who told you that this is dunya?

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Islam doesn't say so University is dunya there is no separation. This is balanced between there's no Deen and dunya here being a doctor medicine is Dean. Being a lawyer is Dean being a mechanic is Dean being an engineer is Dean being a tradesman is Islam. Islam doesn't separate Islam is not just in the masjid, it's everywhere. And I said you need to change the title maybe the better title of the lecture would have been a balance between one aspect of Deen and another aspect of the balance between one aspect of Deen and another aspect of the

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a student who goes into medicine with the intention of the NEA. I want to serve the creation of Allah subhanaw taala I want to serve humanity. I want to help people. Money is secondary. I told them I said change your intention. You come into study here every day at the university with every step you go, it'd be an act of reward just like you're going to the masjid because your intention is now mainly to serve humanity or hammelmann for your home common for sama, Allahu Allah. Allah Him and He will be studied. Then secondary, you have money in your mind, because that is an important factor, but not the most important factor. So even in business and trade, this capitalistic and

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materialistic mentality that has been forced on our heads is it's just all about money. It's all about money. It's just all about money is only about wealth. You know, everyone wants to just be it's a material very materialistic, narrow sort of vision. Islam says Look, if you want to be with the first group of people or charger of pseudoscalar mean MonaVie Was it the clean was Shahada? It was solid him and also the Hadith khazamula Hilary forgotten Babel Farida Florida, earning a livelihood Hello livelihood is actually a foreign obligation. After all obligations then the first thing there's two things we need to do. This is the first thing I'm talking about.

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We change our perspective why we earning why we're studying why we're doing this is because I can have a passion for it I can help and serve the community. What does the community need? Not just about me making money money inshallah Allah will give and he'll give with Baraka will give you this with Baraka, but if you're in this community, what do they want? What is the requirement of Muslims in my community, or the general community, this is my passion, I want to do this and help people and serve the community and humanity at large. And that is a very, very important, you know, perspective and change of intention.

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So this is how

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you get into the first group, changing of the perspective, changing of intention, not being materialistic, not just making everything about money, money, money, money, money will come along will give and will give a lot. And we'll give with Baraka, but the main intention, perspective has to be, which has to do with serving the community. And the second thing, which is very important, that's the main part in order to be with the tradesmen who are with the prophets, the most important thing The second thing is that what we do the way we acquire money, it is in a way, that is the most important thing.

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I said two things. We have two groups of people we want to be in Charlotte lawmakers all from the first group, those attacher the truthful tradesmen, tradesmen, there's trustworthy tradesman, who will be with the profits with the city at the margins on the side of pain, and not the second category of people who are all be raised as sinners on numeral fiama. How do we get into the first group? We get into the first group by changing number one perspective? Okay, that's one, keep this in mind. Number two, the second way is that we ensure that our earnings are Halla

00:31:55--> 00:31:56

that's why the headset

00:31:57--> 00:32:29

preferido toggle for either earning a hand our livelihood brothers and sisters, this is so important. One of the main reasons why we are we have we are you know we find negative sometimes in our communities is because people are not earning halaal people are not eating halon you know, halaal food is not just chicken and meat and halaal the Bihar people are obsessed with that. Okay, it's important, but we are obsessed with that. But if in the beginning our earnings are Haram, you could be eating vegetables that vegetables are Haram.

00:32:30--> 00:33:09

It's not just about ingredients of the food. Once a brother came to me for this chocolate wrapper, the chef can check the ingredients is evil 9632 e 493. To the US he was obsessed, every week is coming with e 493962. Okay, you can look into it, but don't get obsessed with it. But I told him that I asked him I said, What's your job? And he told me he had a job which is completely Haram. I said you could be eating vegetables. And it's Huracan Evo 961. Even anything you buy with your food with your money is haram. Where do you earn your money from? It's very, very important. There are laws in Islam. And this is why the Islamic system of economy is it's in the middle. We all know you

00:33:09--> 00:33:54

have the capitalist capitalistic system. And you had the socialist system, the socialist system didn't work. They tried it for many years in the former USSR states and Korea and China wherever. And the extreme form of that was socialism, communism, communism, socialism was state control. There's no private sector is all controlled by nobody can do their business how they want and buy and sell. There's no freedom. Yes, that that was an extreme. And this whole cold war between this country and Russia, USSR was was really about the capitalist system and the socialist system. So by the fall with the fall of the USSR, yeah, I don't know if some of you You must be old enough to live

00:33:54--> 00:33:56

when you know, full of the USSR.

00:33:57--> 00:34:02

It was and they actually wrote Boris Yeltsin who was a president and he actually said when when the USSR felt

00:34:03--> 00:34:43

that I wish this whole experiment experiment of socialism was carried out on some small island that he didn't take 90 years to find out its flows. It took so long because there's a big country and with that, this this was this is like the big you know, to akitas you know, in the world, which system is better now, after it fell then this was hard to system you know, hard to win IBM type of hartamas system that said there is no other system better in the world, capitalist system what is that demand and supply make everything free people can make the money how they want there's no laws or regulations. The government shouldn't put the you know, interfere with people in how they earn

00:34:43--> 00:34:46

money, which is fine. Islam also agrees

00:34:47--> 00:35:00

to an extent to this kind of system and this is actually in the Quran, the Hadith also the messenger sallallahu Sallam said in a Hadith, the nurse here azula, who bow to whom the bag, leaves people free to do how they want

00:35:00--> 00:35:40

To buy and sell a lot gives this to some through others let the normal forces of demand and supply work. If there's hot weather, then people there'll be more demand for ice creams and for freezes. And for you know, ventilators and for ACS so people will produce that more is just the normal system of the world when it gets cold and the people doing business selling heating and they will get money. This is the normal system of law. There's one Hadith, the messenger sallallahu Sallam said law to sorry, he was talking to the governments. He said law to sorry, rule, do not fix prices. Don't interfere and meddle don't say you can't sell this for this much. Don't in no one Musa

00:35:41--> 00:35:47

Dawson. It is a law who fixes the price. What does that mean? There's a loss in the Quran banana cost this much.

00:35:49--> 00:36:31

Allah says Allah is Allah Moosa. Allah is the one who fixes the price. What does that mean? Natural demand and supply naturally, when there's more demand for something, and there's less supply naturally, automatically, these prices are fixed. So this is the capitalist system but Islamic systems in the middle of Islam, this is what I'm saying. Islam says look, yes, people are free, but not completely free. There are laws. There are religious laws. There are ethical laws that are moral laws, there are restrictions. You can't just make money how you want that are guidelines, one of the most profitable way of making money today. This is why when we have this greed, then we won't look

00:36:31--> 00:37:08

at what halal and haram is. The Hadees of Sahil Buhari to Allah nurses Amano, La Mer oma Minho, Amina Amina Haram, the time will come on the people they will not care where they make their money from halal or haram. They don't care. It's because the materialistic mentality is I want to make money and I want to make it and I want to make it now. However I make it I want to make it who cares about whoever who cares about moral restrictions or ethical laws or who cares about what people will think? Who cares about fighting and arguing with people I've had cases so called practicing people sitting in front of me people dressed as Muslims in my country people who come to the masjid people

00:37:08--> 00:37:26

running lessons in UK not here so please don't take offense and sorry if I'm being Frank here and there then please forgive me it's just it's not I don't mean to sort of be offensive is just an se ha for my own self as well. But I've dealt with lots of cases with people soco people they're fighting they're like literally they pray salah

00:37:28--> 00:37:31

and they are holding each other's you know what do you call this

00:37:33--> 00:37:35

in order to but in English What do you call it?

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

collars and they literally punching one another in Ramadan they're sitting and doing our takeoff and super hot and here the fighting. The heavy says to Muslim believers fight its pattern see Baba Muslim he flew up a taluka for fighting with another Muslim is Kufa. That's what the Hadith says. And Sahil mojari meaning close, it takes you close to confirm.

00:37:57--> 00:38:37

And these are so called practicing people because when money comes then your beard, your toe your hair job, you'll just be your Salah, everything has gone down the drain, who cares, you get this intoxication. A person is intoxicated with money. And you just it's like a buzz. It's like a drug. You know, it's like, that's why the love of dunya some of the early scholars explain it as as like a rush. The more you scratch, the more you want to scratch you want to keep on keep on keep on scratching. And you never feel satiated. You never feel content. Love of dunya is a disease that a person will never feel that he's had enough and this is in the Hadith. Locanda even

00:38:40--> 00:39:23

if the son of Adam had two values of Rob gold, he will want a third one. While I am Lu jofa. Even Adam electron nothing will fill the stomach of Eben Adam, the son of Adam except dust an earth until you die. It just carries on and goes on and on. It's just you never feel content. And this is why one of the draws we need to make is Allahumma nearly prophetic Allahumma naevi Mirza attorney, Allah make me content with what you've given me, you could have less and content is better than having one not being content. If you have more and be content handler that's great as well. But contentment happy sometimes we are not content to some people they make money at the expense of family life.

00:39:23--> 00:39:30

People are busy wanting massive houses but no homes. We don't have time for children.

00:39:32--> 00:39:46

If we're making money at the expense of our family relationship, we want houses but not the homes no personal relationship with parents and children and brothers and sisters. This is this is where you're not content. This is why another do our

00:39:48--> 00:40:00

work. You know being content with what Allah has given being laser, laser levina and catalytic kindlepreneur in a knifes real richness is not

00:40:00--> 00:40:46

Excessive wealth, it's really how you feel in the heart. If you feel good in the heart You're content with less or more than that is a real richness because it's internal, you feel content with what Allah has given you. So anyway, I was saying the second way is to earn money in a halal way, in a in a way that is in accordance with the nose of Sharia, the nose of Islamic system, Islamic system agrees with the capitalist system to an extent, let people make money how they want, but it's not unbridled or complete free freedom to make money as you want. No, there are laws from Allah, Who is the harlot, who is the creator, who sent down these laws, yes, 90% of the time, you can make your

00:40:46--> 00:41:20

money how you want, nobody should interfere, neither the government should interfere. They shouldn't say you can't buy this, or you can't sell this and you can't do this, let people be free and they let let them have healthy competition and make your money, no problem. But there are laws in place from Allah subhanho wa Taala. It's not like you can make your money how you want the most one of the there was a survey done many years ago here in the United States of America, one of the most profitable jobs to make money was for a model girl to pose herself and be a model. That was one of the most lucrative and

00:41:21--> 00:41:22


00:41:23--> 00:42:00

You know, it was a very, you know, a way to make money, one of the most profitable way of making money wants to pose as a model. Now, Islam says there are conditions, it's you can't just make money, however you want to know as Tom says, the laws of Islam from Allah subhanaw taala, this is wrong, this is wrong, this is wrong. And it's not too much. It seems that there are a lot of laws. And these laws are not just because well we should believe in them because we feel believe in Allah we shouldn't even be asking Allah Why, why why, you know, Islam is all about submission. The meaning of Islam is submission. The meaning of Islam is we hear Islam means peace. It means that as well.

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

But actually the word Islam itself means submission. Islam from that word is the meaning of peace. You know, Muslim is the one who has submitted to the command of Allah and His Messenger Bellarmine Assalam. O Linda, Islam means submission. Ibrahim and his Marian peace be upon him. You know the story hatch time when he said, slaughter your son. Both of them submitted to the command of Allah, Allah said follow them as Lama when they both submitted to the command of Allah. So it's all about submission. We shouldn't be asking Allah Why did you make interest haram? And actually the masuku of NACA, they asked when the Quran revealed verses that interest on Riba is haram absolutely,

00:42:41--> 00:42:48

categorically wrong. Then they asked me said in Namibia romesco Riba Surah Baqarah enamel,

00:42:50--> 00:42:51

enamel Bo mismo. Reba.

00:42:52--> 00:43:34

Oh messenger of Allah being the machine of Makkah. They probably didn't believe in him. They said to the messenger sallallahu alayhi wa sallam what's what's the big deal? What's the point? Why are you saying one is haram and one is Helen. Why are you saying businesses halala interest is haram in normal Bo mismo Riba they are is exactly like interest. One is making money from money on what is making money from commodity. I can buy this bottle of water from him for $2 and 32. For $3 I'm making money, or I could just make money give you $2 and take $3 from you. One is making money from a bottle of water one is making money from money. what's what's the big deal? They're both exactly

00:43:34--> 00:43:51

the same. This is what they meant in MLB, Roma, Florida, Florida law say, Allah subhanaw taala didn't reveal verses tell them look, there's intellectual, there's wisdoms. There's all these diff there are a lot of differences. There's a major major difference between the two. It seems the same. But Allah said

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

mareeba full stop.

00:43:56--> 00:43:59

Allah made 101 haram End of story.

00:44:00--> 00:44:04

Sorry, this is Allah. You believe that you believe in God.

00:44:05--> 00:44:46

Rama Riba? That's it. No other explanation, no wisdom. hikmah. If Allah you believe in Allah, Allah made business, Helen and he made the interest haram End of story Halas, you know, full stop. You know, like you say, full stop over here, you say in period? Yes, that's it in America. We don't use that period in the UK. Yeah, period. We say full stop. This is what a lie saying. But that doesn't mean that we don't look at the wisdoms. Yeah, of course. But we accept it. And then to understand the deeper reasons, of course, there's and then you can read books on this. Why is 100 on one is one of the major reasons for the whole financial crisis was because of this whole interest base system.

00:44:47--> 00:45:00

One of the main reasons why we had this global financial crisis because it was just a bubble. Hello, sorry. balloon economy. It was just fake fake economy. Islam wants people to invest

00:45:00--> 00:45:34

Where you are producing things you know buy I'm selling this this water I've taken from him it's going it's real estate or real things commodities are being transacted in not Islam doesn't like just artificial money because money is different from from a commodity, a commodity you can use it and you can benefit from it money you can't what can you do with the money Money does not have any intrinsic value to it. intrinsic meaning you can't take a piece of $10 and put cheese on it and make a sandwich and eat it. It's, it's it's it's just a medium of exchange. So there's a massive difference.

00:45:40--> 00:45:46

Oh, I thought it was recorded last night. And I was just like, I'm not even halfway through the house. Holla Okay.

00:45:51--> 00:45:52


00:46:00--> 00:46:01

as soon as it

00:46:03--> 00:46:39

starts. Okay. I'm just going to try to sum up so there are a lot of things which are highlighted in harems. One of the main reasons and some of the questions that are thoroughly answered in this interest is one of the main things that's haram I just want you to quickly Riba is one of everyone knows and I don't need to go into all the Quranic verses and Hadith these are laws in order for us to be in the first category of people. Okay, Allah gave war declaration of war for interested brothers. This I know is very difficult. I live also in the Western world. I don't come from you know, living in some village in Kashmir or somewhere. So I know okay, I was born me many of you

00:46:39--> 00:47:18

probably not even born in the West. I was born in the West. I was born in England. I've lived all my life in England. So I totally understand I grew up in the United Kingdom of Britain, you don't see United Kingdom unpretentious the United Kingdom. So I understand how it's difficult. There's tuition fees, there's college fees, there's University fees, people are struggling. I have a lot of young people who are struggling. But interest there's no sin on which Allah has declared war over except the sin of interest. Then we'll be harrowby minna la he we're assuming it's a very We live in a time where people are taking interest very likely Why? There's there's no difference between the sin of

00:47:18--> 00:47:51

interest and the sin of Xena there's no difference. Xena fornication is haram maybe interest is more around but let's say okay, they both clearly heroin people say but we're living in a time then the same argument we're living in a time is very difficult to get fit now. Just one Xena inshallah just is okay. One is once in a while just just one xenos Okay, so one houses Okay, one xenos. Okay, if you agree with one Xena, then maybe you have the same argument for one house because there's no difference. Many scholars have said this that people say it's very difficult. Well, there's lots of young people and young people coming to me from universities saying is very difficult. Can we just

00:47:51--> 00:48:13

give due ones in just one girlfriend until we graduate and then inshallah we'll get a proper wife. And there are some people who are taking this photo that someone gave one young person came to me and someone gave it to us that he was from the from Saudi Arabia, and he was studying in, in Ireland, and he said when she gave me for two other I'm living here for four years and I'm struggling. So one girlfriend is okay, just for my Eman.

00:48:15--> 00:48:59

People are taking this photo. So this hardship there's no difference. There's no difference. There is no difference. But we have principles. We have laws in Islam based on the Quranic Allah says familiar Torah belvin What if my if somebody poke is how long alcohol is haram? interest is haram Zina is haram. Allah says about poking alcohol if somebody is forced because of hunger because of thirst. If you do not eat pork, if I don't drink this alcohol right now I could die out of thirst. Then Islam says it is permissible for you to drink alcohol to save your life. If you're dying out of hunger, you have no food except pork, then it is permissible to eat just that much that will save

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

your life.

00:49:02--> 00:49:35

Not transgressing not that okay Allah has allowed me so let me just enjoy it as well and drink as much as possible. One time I'll never get this chance to drink alcohol because no this is the only only the amount that's needed. And voila. In well without enjoying it thinking bad this is bad but like I have to because and you have to save your life. If you don't save your life, you're sinful because that's suicide Islam says no, you have to drink alcohol you can't say no no, no, no, I'm just to die in the sake of Allah for the path of love. I'm not going to drink alcohol. No Islam says you have to save your life and drink the Hara. Likewise, the same rule applies to interest. If

00:49:35--> 00:50:00

someone is in a situation if they don't get involved in interest based transactions and they think they will die or they will lose their life or the major part of the organ of the body that is going to be destroyed. Extreme absolute necessity when the same rule applies the same rule that allows alcohol the same rule that allows Xena the same rule so I'm gonna go ahead and say commit Zina. Save Your Life permissible to commit Zina. If you die if someone thinks they don't know don't do Zina. They will lose their

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

Life in whatever way is permissible. Likewise exactly the same with interest if you get involved and there's so many ways of getting it's not just mortgages suddenly we I hear that lots of you know, anyway but I don't know but there's lots of people get involved in interest in lots of different ways and we have to take it seriously. At least look, that doesn't mean that okay, you know, you start condemning people, at least we realize that it's sin, it's a sin you know, not one of the worst things is to justify something and not feel bad about it. At least if someone's committing a sin they feel bad you know, inshallah me I'll make towbarless I know it's a sin. You have a remorse

00:50:35--> 00:50:45

maybe that remorse Allah says, Allah forgive the remorse. Nobody, we're not judging anybody you don't know who's somebody could be interested in that good person could enter gender walk and forgive anything exception in Allah Allah.

00:50:49--> 00:51:25

So at least we feel that it's a sin. There are people already in mortgages, we don't say okay, sell your properties quickly pay it off, but don't hold massive holidays. Don't go for Ramadan. Hajj is not permissible for you to go to and mortgages, then not permissible. Allah is not going to accept as an Amara, and holidays just quickly, quickly pay off and make your house free houses. halala now enjoy your life. But we have to make sure that we realize that this is haram now people have questions about this Islamic Finance, etc. which maybe in the q&a I'll talk about. Well, I just briefly mentioned here that these Islamic maternities people call it Islamic mortgages. And I don't

00:51:25--> 00:52:00

like to call it Islamic mortgage. Because a mortgage is a mortgage. They know you don't have Islamic Xena. It's a you know nica is alternative to haram Xena. So Islamic alternative products. There's so many in the world started from that world. This all started from the 1970s 80s, etc. And there's lots of banks and financial institutions offering a lot of different different things. People ask me a lot about it. Now the issue about this is that not everything advertises as halal is halal and not everything is wrong. Not everything because the laws that make it permissible are very, very strict. A lot of people advertise it as Allah, but the way it's carried out the transactions, it's not in

00:52:00--> 00:52:24

accordance with Sharia. There may be some that are halal as well. Some people disagree with them as well, no problem. This is a matter of difference of opinion. People can disagree, and people find me and say to me, look, buddy, I don't agree with this. They just make you money and he's harming us and Okay, you have a right. If you think that's wrong, then that doesn't make this halaal that's true heroin. All these Islamic mortgages, they're all haram anyway. So now I'm doing conventional mortgage. No, that means that's haram for you. And this is haram as well.

00:52:25--> 00:52:31

I cannot take a conventional mortgage because there's always timing mortgage. No, even if there wasn't one.

00:52:32--> 00:52:43

It's this will always remain conventional mortgage was always remain harav. If you agree with the alternative as being halaal, fine, if you don't agree with it, and that's also wrong to her arms for you then

00:52:44--> 00:53:21

jeans and the point because people think, okay, that's all they're making money as well. And then with those Islamic financial products, one of the things people say is that they say exactly the same. It's not about being exactly the same. Because you see, the issue is Look, when you eat halal meat and raw meat, they both taste the same, they both look the same. It's not about you know, that there has we have to see a change its laws of Islam. If those basic laws those those rules of Islam have been implemented. And then even if it looks exactly the same, or even if they're making more money, then it will that will be helpful, but the condition is that they have applied the laws of

00:53:21--> 00:53:56

Islam, but this might answer this in the q&a afterwards a bit more in detail. But briefly what I just say here is that not everything advertises as halal is halala not everything as halal is haram some maybe if they do it properly you know, I'd have no connection with any financial institution or bank right now. So I don't really know people ask well is this bank Hello Is this we don't know the people need to investigate and I've written a lot of things on this as well. So this is one thing caught on and then also another thing which law is like we all know gambling is haram in Islam as well there's so many things people can fall into gambling gambling is one of the major sins lottery

00:53:56--> 00:54:05

we have the National Lottery in the UK, you know, it makes greed some of the transactions give you some things are not haram but they give you this

00:54:06--> 00:54:40

gambling type of flavor in like some of the stock market dealings that take place. It's just you know, you want to some things might be Hello but ethically You know, this this mindset I want to become a millionaire overnight. Islam doesn't like that. In England, we have so many these schemes came out where Oh, just go and sell products and I want to make money or overnight overnight overnight. And then there's a straightforward and then everybody falls down. And you know, so this is not the internet mentality. Islam says if you want to make money, work hard, do a job, provide a service to the community don't go in wanting to just make overnight money. And I just want to do

00:54:40--> 00:55:00

just quickly two nights and I've just made 1000s of pounds. There's no Baraka in them, but something might be hollow, something might be wrong. And then just the general things like we said in the first category, the person who's truthful, we live in a town where Muslims, sometimes they cheat they deceive, people are cheating. People are deceiving. You have to be very, very truthful. In order to get Baraka you need to be truthful.

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

Trust trustworthy in one straight. There's a Hadith of the messenger sallallahu alayhi wa sallam he said that when the two buying the two transactions, the buyer and the seller when they buy and sell in southern Africa, what they you know if they are both truthful, and they both clarify what they're selling, if the if you are selling a car and you don't mention that there's a defect in it, Moshe Baraka to buy a Hema the Hadith says the Baraka of this bay transaction will be lifted from the person. In another Hadith the messenger sallallahu alayhi Salaam said, manda be that IB Namibian, who is Alfie Mattila he had you been whoever sells an item commodity with a defect with something

00:55:42--> 00:56:17

wrong, and he doesn't tell the customer and he cheats him or deceives him, this man will be under the God of the wrath and anger of a law until he does not go and tell the person that I sold you something with a fault in it. Muslims don't do that. Because Muslims realize that we have to be truthful, we have to be trustworthy. This is the way to do business and trade, the companions Sahaba you know how to spread Islam is this is how because of the trade, has one incident mentioned some of the companions went to subcontinent. There was one Sahabi companion, he had to shop here at Arby's hobby. And another companion, they a customer came to one of the companions, he said, Can I have

00:56:17--> 00:56:50

this way of selling? He said, Yeah, I have it. But can you go to that my brother down there, he's got the same item buy from me said, Well, you've got it. Why can't you Psalm? Is it just just go to him and buy? He said, No, you've got it. Why don't you somebody said, Look, if you're asking and I'll tell you, me and him my brother, we both have sell the same things. And we both open the shops at the same time. Since morning. One hour, I've already had three customers are we looking at my brother that he's had no customer, I want my brother to also play the game the same profit that I've got the profit and this is why go to him. This was the mentality of our early Muslims and that gave

00:56:50--> 00:57:07

them Baraka in the risk. We want customer coming No no no, don't go to him come to me coach him. He doesn't sound good. I sound better you know everyone unhealthy rivalry because it's all about money, money, money, money. So being truthful, being trustworthy, having this quality of ethos, giving preference to other persons.

00:57:09--> 00:57:52

Also Islam This allows things like hoarding, taking advantage of people. So there's numerous Hades, Hades is Turkey, Rama loon, the one who holds is cursed by Allah, who's a hoarder who needs someone in the olden time, somebody used to go and gather all the sugar, sugar, sugar, sugar, everything, and then wait when there's famine, and when there's nobody's got sugar than he takes out from his, you know, downstairs, or his sugars now, now I'm a dictator, I will sell at my price take advantage of people, people, poor people, they want basic needs water, wheat, barley, salt, sugar. And that's it. I'm creating a monopoly. This person in the Hadith is cursed in the Hadith of the messenger

00:57:52--> 00:57:53

sallallahu sallam.

00:57:55--> 00:58:30

These are all guidelines, because just having this materialistic mentality is something what Islam doesn't. Islam and the law end with this is someone's profit and loss and investment investment is very good. It's actually recommended investment as soon as well, this hardware used to invest in halaal businesses not harming halaal businesses. And investing is based on profit and loss. A lot of people make a mistake, and I'll end with this. When you invest, investing, means it's on the basis of what profit and loss, okay, which means that your initial money is not guaranteed.

00:58:31--> 00:59:12

Listen to this carefully, your initial your capital is not guaranteed. If I want to invest money, I give you $10,000 invest, I can say to you, whatever happens, I want my $10,000 back, I can't say that it's profit and loss. If those 10,000 become 20,000, we can agree 5050 will give me my 10 back and he'll keep five of the profit, I'll keep five of the profit. If those 10 become five, then we'll share two and a half. Well, it's my if he put 10,000, I put 10,000 Oh, he put five and five, then we'll share the loss. My capital is not guaranteed. You know, this is the meaning of investment, the moment when your capital is guaranteed and any profit on that becomes interest. This is the meaning

00:59:12--> 00:59:48

of interest. When because when I say here's the money and is guaranteed then that is no longer investment that is a loan loan is where your money is guaranteed. When your money is guaranteed, and you can't take any profit on it. If you do want profit on it, then your money is not guaranteed. You know, they say the same you can't have your cake and eat it at the same time. Have you heard of that phrase, you know the decoration cake. Some people they want to have the decoration of the cake, and they want to eat it as well fried cake, let's eat it. But we want it as well. You can't have it both ways. Either give it US alone and then don't expect any profit or you want profit then say maybe

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

there's a chance that my money I might lose as well because there's profit and loss. And this is investment. And it's hard. It's a it's a very good way. And there's lots of other rules as well and time is up so

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

I'm just going to sum up this.

01:00:02--> 01:00:42

So this these are the two ways in order for a person to be in the first group of those tradesmen, those businessmen who are with the NBR with us to deal with is that number one, he changes his perspective, she changes her perspective, not be materialistic, rather shy to do business in a way that will help and serve the community. And number two, the person who ensures that he or she stays away from heroin, anything which is haram unlawful we stay away from them for the pleasure of Allah subhanaw taala and we do that we'll see. We might lose a bit of money, we might earn less, but Allah will give us Baraka in that wealth, and we will feel internally happy with that money inshallah.

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We'll end with this. May Allah grant us that Oh, futami time was very, very short. I don't know what time I started.

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Let's start number

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one, one hour. I didn't even realize this book one hour, very shallow. But then he answers questions we can take maybe some of the things that I wanted to say may come in the question answering challenges.