JP MORGAN - Islamic Finance
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- Опубликовано: 2 июл 2024
- Financial services company, JP Morgan, discusses the qualities of Islamic Finance, ethical investing, and how this approach to finance is felt across markets.
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Wow...that's pretty advanced it's ethical, green etc principles, definitely make it a modern religion not a backward prehistoric one like the media portray. ..I need to study about this!
I wish i had an islamic bank in my country
Armani Spice nothing better than gods law!!.
That's very nice to hear. If you have any questions about Islam please feel free to ask me :)
The more one studies Islam at its core the more one finds out that Islam is not a religion only but a complete way of life. A way of life in a complete sense that is moral ethical and most important, just! Nothing what the mainstream media potrays and certainly not what the extremist claim.
@@TheRybka30 in Islamic law no one going to approach you and say you walk funny etc you can do whatever you want in your home but not advertise it
INTEREST MAKES THE RICH RICHER AND POOR POORER.
TAREQ Islam its not just about intrest this whole system is a fraud and a means of legalized theft of the masses if you know how it works you will realize watch mike maloneys video on this also sheikh imran hosein
Omar Bader yes but saudi arab still uses the riba based financial system + they signed the petrodollar deal which was the biggest betrayal of the ummah and were responsible for the collapse of the ottomans
Omar Bader i am aware of the historic stuff thats why i know saudia arab betrayed the muslims with the ottomans the signed the riba based petrodollar deal which was the biggest betrayal towards the ummah they created the wahaabi sect alongside the british saudi arab has been destroying historical sites from the time of prophet muhammad pbuh they have always supported israel and america and betrayed the muslims now they want a new modernised islam(they are building casinos and dance clubs) you are the one who needs to learn history
@@maxter1334 yes brother, watching sheikh imran has opened my view. been a fan since the last 3 years. may Alllah give him a long life
So a 100k house with with interest cost 300k for 20 years and, it cost 350k in Islamic Banking claiming Riba free for also 20 years make you richer? That's doesn't make sense.
Imagine globalizing this in the world, life will change drastically to a better place
Unfortunately the zionists and j people dont want that to happen
Anonomous Liz JP Morgan is literally run by zionists bro, I think they are planning something
A B i know all the banks,the bis,the federal reserve,the imf the zionists and fake j-ew-s(khazars) are behind them
The more one studies Islam at its core the more one finds out that Islam is not a religion only but a complete way of life. A way of life in a complete sense that is moral ethical and most important, just! Nothing what the mainstream media potrays and certainly not what the extremist claim.
It's attractive to only mentally ill people.
Surah an nur 24:33 Even if you compel your sex slave to have sex, Allah is forgiving....
Just disgusting.
And that verse 54:1 moon splitting is a joke...
If moon were split, there would be Qayamat on Earth, because gravity would be messed up....
This book is a joke.
Abdul Qadir my advice to you is ignore the trolls that'll show up. They have no life. They're so against Islam but so obsessed with it at the same time!
@@LaLaTheRockstar Yeah 2B mentally ill people are followers of Islam. Good one. Just know we're not even considering your comments anymore. The ones that try refuting you end up showing your ignorance yet you still don't want to learn. Go work or wash your clothes or something. Get a life and stop obsessing over this.
@@bilaal3488 The modern muslims want to break away from the clutches of Mullahs. There is very large number of ex muslims and they are growing and they are not coming out in large numbers as there is threat to their life by the follower of the 'religion of peace'. It could be the largest number of apostates in Islam.
@@SharkCoach Bruh. You're basically telling me there's a large amount of ex-Muslims because you don't know whether they're all coming out or not 😂😂. Are you one of those guys who thinks most Muslims are from Middle East and all the -stan countries? Mainstream ex-Muslims these days make it seem like they went through hell and back to leave Islam. Btw to tell you the truth, I'm yet to see an ex-Muslim who's apostated for non-personal reasons. It's always "my Father used to..." or something similar. It's almost never to do with actual Islamic doctrines.
May I ask: if you have such feelings about Islam, why are you here in the first place? It's a sincere question.
ok imma learn more about islam now cause this video just proved to me that half knowledge of anything is injurious I used to hate these people I think thats abt to change now
How is your research going so far ?
That’s just life man, never close your mind to anything or anyone
Islam is a complete code of life. It works in its own way. If you want to know it, read it thoroughly without having your mind preoccupied with hate and opinions.
Its economical, social, political and judicial system will surely make you believe that it's the only truth.
@@hariskiani9601 Well put.
Is he a Muslim yet ?
Thank you, very informative. I live in the US and have been investing with Albaraka Türk (İstanbul) and Saturna Capital (US) for about 8 years now, and am quite happy with both products.
This is moral version of human capitalism, moral capitalism that benefits all regardless of race and socioeconomic status.
Nice in theory but it doesnt work.
@@nsebast only because usuary controls the economy today.
@@nsebast i said it seems impossible because western finance controls the world economy today. Islamic banking requires national and international contribution in this cause. Islam wants the money to be circulated among the rich and the poor. Usuary makes the rich richer and the poor poorer.
@@nsebast if a poor man is in need of a loan, your banks will back out because they know he can't pay interest. Our banks won't because their objective is to eliminate poverty from the society.
@@nsebast your system is not based on the weight of coinage metals like gold that's why it's unstable and fallible. Ours is. So there is no way you will lose your money.
Cant wait for people to call this extremism as well. LOl
The religion is more socio religio political system than other religions. I will just say abrahamic religions are all wrong, and was made out of spite, not truth. If you look at the history and values of it. Because what if promoting some of the values does the opposite? I made a new religious cult. God of Obvious Good and Evil. The real truth!
Kejiri Are you an expert in comparative religion meaning have you studied Judaism, Christianity and Islam? Or have you just done research on one and made your decision on all? I’m just asking generally I don’t mean to sound rude or debatable in any way, I’m just intrigued
@@carseuropeangunskorean752 Thats a fair question. Not judaism "in terms of Talmud atleast" but i have read the bible, used one year reading the islamic sunni hadiths from sunnah.com and am now currently reading ibn kathir tafsir. Going through the tafsirs i can find online, then shia hadiths and i am probably just gonna end it there.
@@kejiri3593
Reading your comment was just a waste of time, thats 10 seconds ill never get back...
@@kp5602 I am gonna assume you didnt agree. But i just dont like females being 2nd class citizens. So abrahamic religions are just not what i care for, the values doesnt seem right. Ergo why its made out of spiteful religious culture and not truth. But its free speech so i get that.
Basically one example. I could understand if feminine mentality is bad in terms of lack of action, seeking safety over freedom or practicality. But it would make more sense if it was more on the line of "competent people are in charge while incompetent ones are to be built up to improve" but thats not the case. Often males are just seen as above. One con of man is violence but yeah. As much as i dont like misandrianism in feminism and i am against that, i dont believe in misogony either
If I borrow you 100 , you pay me back 100 . That's it . No interest or higher amount
THEREALMVP Islam ❤️❤️
Morons don't know that if I lend you 100, and you pay me 100 in 5 years, I am in loss... Because the value of 100 today will be equal to the value of 105.....
Money always depreciates...
It's like you are just donating your money, not doing business. It's simply bullshit...
@@LaLaTheRockstar this case is different . As long as it's not interest you charging.
@@ATI6950FTW Please explain...
They say in the video the documentation differs but the outcome is the same. So is there actually a difference if the outcome is the same?
Even if u don’t like Muslims that no interest shii must’ve hit close to home
Mubarak Widaa if Muslims were to act according to Islamic way of life, I think many people would have loved Muslims. But unfortunately, we have Islam as a perfect religion and we have Muslims.i always encourage people to study the religion with an open mind.
The current monetary system is a means of legalized theft of the masses anyone who studies modern day economy and finance knows this
@@widaa911 like you stated in your earlier comment, when people hear about how Islam prohibit interest, they are amazed how good that is. I always tell them that is a microcosm of what Islam is about. Ho read, reflect and think as Allah commands all mankind to do.والله أعلم
@RAPH OOO Masha' Allah! May Allah make it easy for you. My advice for you is to read about islam. Get books on the Fundamentals of islam and Islamic jurisprudence books that will teach you about worship of Allah, fasting, zakat and so forth. Allah commands us to read read read and learn. We the muslims are not good representatives of islam. The religion of Islam is perfect but muslims are human beings with all our flaws. Don't get discouraged my brother. I wish you all the best and may Allah guide you through Ameen.
Sure and donkeys can fly too. It doesnt work.
Wow Islam is beautiful once you know about it 👍
Mr Arsenal ; well said Alhumdulillah.
Siva 1985 thats not islam bro go read about thats not teaching of islam
Mr Arsenal oh whenever bad thing done by Islam then you guys will say it’s not Islam . Simple way of avoiding accusations.
@@tamils4436 tamila
@Siva 1985 you definitely learned only from the media. Illiteracy is the origin of chaos.
Interest is forbidden in any form or under any garb.... No questions or justification
its not interest actually. The lender buys the property w/ their own money. In return they "sell" u the house at a higher price but allow u to pay them back over a period of time.
@@ob4129 how about jizya tax?
@@jpman3963 it is as equal to jakat tax. The interesting point is - the amount of jakat is higher than jiziya
@@orbachinpothik3279 how about 'non believers' paying jizya tax? Can someone please elaborate on this
@@jpman3963 What is your contention? Do you want a tax free state? Every citizen of a country has to pay tax, whether you call it jiziya or jakat or anything else. It does not matter whether you are believer or non-believer.
Islamic Bond market will grow to suprase traditional bond market because Islamic core principals are aligned with upcoming western generation.
Lending at zero interest rate is a loss...
@@LaLaTheRockstar it looks like that but research it and find what other benefit are there.
@@LaLaTheRockstar Islam doesn't think solely about This world. Actually, you can't be a Muslim if you don't consider ALLAH is one and Muhammad PBUH is his last messenger. Lending money to people is a great help and has great rewards in the afterlife because it creates a very healthy society. That's the point focused on in Islam.
And Allah knows the best.
LaLa they lend with a plus value not interest or they lend like private equity. So the bank take the risks as well with the borrower. The biggest users of Islamic finance are actually the Chinese who would have thought.
@@maxcharge4911 In a murabahah loan they just set up a deferred payment on a commodity or property purchase and set a mark up equivalent to interest and the sharia board rubber stamps it (for a nominal fee, of course.) Its like Christian bishops selling indulgences in the middle ages.
I'm a finance student, and yeah Islamic Finance is an interesting area and I wish everyone has time to read about it.
And it's the best example of a sector which is anti-corruption, anti-Blackmarket, and against interest rate.
Unfortunately Islamic countries score very badly on the anti-corruption index of transparency international.
Robert Hannah calm down most Muslim countries are new nation unlike westerners we will grow up
@@tigawatakasing4331 One can hope that ethics would actually be displayed by those who profess to adhere to Islamic religiosity. It is surely more than modes of dress, dietary laws, and ritual.
Maashaa’ Allah! How refreshing it is when knowledgeable and professional Muslims present Islamic Law and principals to the world just as my Muslim brother, Mr. Hussain, has done. Allahummah baarik brother ameen. Alhamdulillah, very refreshing indeed. What an exceptional way of giving da’wah. Moreover, I respect the openness of this UK media station for allowing Mr. Hussain to speak about this topic in their studio. May Allah bless them ameen.
IF JP Morgan has something to do with it than it's has nothing to do with islam
Hakeem Faisal I disagree. More companies are realizing financial wise it makes more sense to go the Islamic way. Money wise, it makes more sense for them.
Ye see me?
Ikr
Conventional banking or Islamic Banking, JP Morgan see they can make tons of money from people who use their services, they see it they like it.
I agree.
Any form of interest, even hidden behind a "good" moral is forbidden.
It's clear in Quran. Don't blind yourself.
The Quran truly outlines the way we should live, for some reason people rather be ignorant to it and pretend they know it.
Surah An Nur 24:33 even if you compel your sex slave to have sex, Allah is forgiving......
Just disgusting
LaLa do you even know what you’re quoting? There’s no way you’re this painfully stupid. It’s very convenient how you don’t quote the entire verse allow me help you.
But let them who find not [the means for] marriage abstain [from sexual relations] until Allah enriches them from His bounty. And those who seek a contract [for eventual emancipation] from among whom your right hands possess - then make a contract with them if you know there is within them goodness and give them from the wealth of Allah which He has given you. And do not compel your slave girls to prostitution, if they desire chastity, to seek [thereby] the temporary interests of worldly life. And if someone should compel them, then indeed, Allah is [to them], after their compulsion, Forgiving and Merciful. 24:33
First off the verse says if a slave desires to be freed you must write up a contract and free them. Secondly it says do not compel them to prostitution, if you do compel them (slave girls) then Allah is to them (slave girls) forgiving. The verse isn’t saying that those who raped them will be forgiven its saying the slave girls will be forgiven. Hence “after their compulsion.”
Fornication is obviously forbidden in Islam so if such an act is done under compulsion then no blame will be put upon those who it was forcefully done to since it didn’t happen of their own accord. It’s embarrassing how you quote a verse that shows the complete opposite of what you’re trying to prove I don’t know whether to laugh at you or pity you.
@@zackdurant1584 Jazak Allah khair for clearing this up. This person has obviously nothing going on with his life that he decides to misquote ayat from the Quran with no idea whatsoever
The best finance is Islamic Finance. Absolutely Interest free. Why People are getting in trouble its because of Interest
100k house with interest cost 300k for 20 years, Islamic loan cost you 350k for also 20 years, I don't know who they want to fool, maybe we just ordinary people will believe it's Riba free but, no one can deceive Allah, learn from story of Sabath people.
@@fadrium1464 I replied to you before, Ill do so again. I think advocates of Islamic finance do a disservice to devout Muslims by directing them to deal with "Islamic" institutions and products, which are largely sharia compliant copies of conventional financial instruments. Discussions of ethics in finance quickly degenerate into diatribes about the evils of riba and the avoidance of gharar (which make clear that the discussants have no knowledge of modern capital markets or risk management). Meanwhile secular regulators do the tough work that really matters to consumers, such as fair dealing, transparency and disclosure of fees, truth in lending, and disclosure of investment performance.
Asif Khan
And LATE FEES! Student Loan for $12,000 becomes $78, 000 over YEARS , because person CANNOT pay what Banks or University wants each month!
This islamic bank are still getting more than they purchased house for so its still interest
@@AndroidAndPCChannel It dosent matter. If they are doing interest free and charging a bit more then it worth. When seller and buyer meets on the price and after sometime seller ask more then they agreed then it is interest and haram.
Thanks the presenter , speaker & producer for the topic discussed. Alhamdulillah.
Amazing. Will try to learn more about Islam.
Search assimal Al Hakeem on RUclips as well as islamqa.info website. Great sources for questions and get a general idea of Islamic beliefs. I'm sure there are many other sources as well those are just some that I am most familiar with. Just remember it is important to know that at times things might not make sense right away but once you understand the wisdom behind those things it will make perfect sense InshaAllah. Go into this with no prejudgements and search for the truth and I believe that will lead you to Islam inshallah. Good luck brother!
@@Lutestick Thank you
@@greyfield6828 of course! Let me know if there is anything I can help with as well.
Islam means peace and peace for all 💖💐
KHALIIL01 that is correct 👍🏻
@kalil AKA Benjamin Miles Perry perry how rude of a grub are you, Islam means submission, salam means peace
This is awesome, Muslims are awesome!
This’s a great understanding clip Islamic is simple religion if you put the effort in to learn the religion
If a part of islam was able to ethically generate 2.2 trillion then i wonder what all of islam can do for humanity
ethically? Islamic countries are among the most corrupt in the world.
@@roberthannah7983 due to foreign interventions. Afghanistan, Iraq, Syria, Lebanon, Libya, Palestine and now Iran, these countries were once prosperous and wealthy.
Robert Hannah I don’t want to judge you as you may be speaking out of a lack of knowledge. But Muslim countries were not always like this. Foreign intervention by the west turned some muslim countries into shit-holes and I don’t think the magnitude of the damage it caused can ever be forgiven. Read about the Islamic Golden Age; the first university in the world was built by a Muslim woman. Algebra and the scientific method were all Muslim inventions. War, poverty, exploitation and greed by the West and some corrupt Muslim leaders (puppets in my opinion) bred this 20th-21st century terrorism we know about today. But by God’s will we will soon progress from that and go back to glory. Nothing lasts forever.
I agree that America's foreign policy in the midde east has been brutal and clumsy. Better to have left Saddam, Assad, and Qadaffi where they were, nasty as they were!
Mr Khan above talks about Islam ethically generating a lot of money. It is really a corrupt elite in Islamic countries draining their oil reserves and appropriating the money for themselves. They hire poor expats to come and run their economies. Corruption - transparency international tells the story - see www.transparency.org/cpi2018 . The "west" (OECD countries for example), accused of corrupting Islamic countries, rank a lot better.
Yes, there was a golden age around the year 1000 for Islamic philosophy and science - you refer to Ibn al-Haytham as originating experimentation and hypothesis testing in science. Islamic scholarship appeared to be open to other philosophies. Then there was a debate between scholars el Ghazali and Ibn Rushd (Avicenna) - Ghazali's The Incoherence of the (Greek influenced) Philosophers (in Islam), and Avicenna's response - The Incoherence of the Incoherence ... Since then, it seems that Islamic scholars sided more with Ghazali and Islam turned inward and shut itself off from inquiry and evolution. I realize I am oversimplifying this greatly and historians far more schooled than I continue to debate this. To say it was a golden age is oversimplifying. Life for most people was tribally oriented, nasty, brutal, and short. It is only in the last two centuries that the middle class has developed in western countries, and more lately with the adoption of secular economic policies hundreds of millions more in China, India, and parts of east Asia have been lifted out of poverty.
Robert Hannah I take back what I said on speaking without knowledge as you clearly know the history and I commend that since most people just talk out of their asses these days.
I don’t necessarily disagree with some of what you said pertaining the corruption of Muslim leaders. We’ll both be on the same boat when we say some of them have sacrificed their own people and values for money. True sellouts. But again, your first comment was talking about how you wouldn’t call Islam ethical... which is just biased and false. You won’t really call anything ethical if it’s adhered to by humans since it will always be open to abuse. Doesn’t mean the ideology itself is the root cause of unethical behaviour.
The Islamic Golden age pertains to advances in science, education and technology by many Muslim philosophers. It doesn’t really mean most Muslims lived long, healthy lives. No one did. But Muslims certainly were in control of many aspects of education, research, military and philosophy. That’s why many Europeans migrated to places like Turkey (former centre of the Ottoman Empire). It’s not really an over simplification since the term ‘golden age’ in this context refers to matters of educational advancement not necessarily the economic uplifting of the masses.
Muslims have become much more conservative for a myriad of reasons. First off it is a known fact that where there is starvation, illiteracy and exploitation, more people would be open to radicalisation; there have been many studies on it. I come from Nigeria and the terrorist group Boko haram only succeeded through recruiting 13 year old illiterate desperate beggars on the street and promising them heaven if they detonated a suicide vest in the middle of a market. Regardless of religion or culture, where there is poverty, any ideology can be exploited for a cause. There’s not one ideology you can mention that has never resulted in radicalisation and bloodshed.
However you need to also stop grouping Muslims. Muslims in Senegal and Gambia are economically better off thus don’t have these problems as much. Islam is hundreds of years old in Senegal and even the French couldn’t get rid of it when they colonised them. However 20-21st century terrorism as we know it today with Al Baghdadi and his fans is a direct result of the most tragic political situations in the Middle East. But Western intervention has always been present. If you removed America, France, Germany and the UK from the equation, 70% of the problems in the Middle East would go away.
Look at Afghanistan for example, everyone thinks of the Taliban before anything. But American forces killed more Afghan civilians than the Taliban. No one would know that unless they searched it up though since CNN won’t tell you. The point here is you’re arguing against certain aspects of the ideology when that’s absolutely not what’s causing the death of millions of Muslims. That’s why Muslims like me will always be Muslim despite what we see and hear other Muslims doing in the name of it, falsely. Muslims aren’t the ones holding 5 millions atheists in concentration Camps in China. Muslims aren’t the ones intervening in western countries and bombing them to a pulp. Muslims aren’t the ones that control the global economy. We’re not the ones that economically sanction poor countries for the action or inaction of their leaders.
Islam is the true so all system of Islam have to be beneficial. Allah is the creator so nothing is compare to him. Allah is most powerful ever.
Allah akbar
Mataan Ciiideed 5 rupees rubber
The best, and simplest videos I've found on understanding Islamic finance have been Ali Tunio's
Wow islamic finance is simple and clean the way life should be
I LOVE MY RELIGION
If the value of interest is hidden in admin fees etc then its still haram
So where did you cover admin fees???
Zeeshan Niazi admin fees are couple thousand MAX usually less than that. If they end up being astronomical or scattered hidden charges then its back door interest.
You not pay the interest, but you pay the sevices
Well no, because interest and usury (Riba) are not the same even though many Muslims confuse the two. Read the wiki Riba page for more detailed information on the various debates over Riba (usury) and interest.
Stephen Connolly good to know you get your Islamic knowledge from Wikipedia
I would love to go back and work for JP Morgan that does islamic financing even tho my field isn't related to it.
I have to admit the guy has given great response
I am an engineer working in US based bank, Really i would like to work in Islamic banking. Is there is any possibility. Currently i am in Bahrain.
muhammad taahaa brother you are commiting a major sin by working in a bank the prophet said all 4 are equal the one who lends on intrest the one who takes money on intrest theone who records the transaction and the witnesses
My job was to give the message the rest is on you to decise
KHALIIL01 there is no islamic bank today in the world these so called islamic banks are based on the riba system they should be called munafiq banks
Its not good, they are just spinning the words.
Frazer Nash if i were the president i would ban this system
coming from the perspective of an economist this sort of investment won't 100% work. Disclaimer, I have nothing against ethical investing or Islam. But here is why this wouldn't work, basically the time value principle kicks in. Lets say that you give someone one $10 today and you agreed to get it back in a year. Now most interest rates account for two things personal gain and to counter the inflation. Now since Islam does not allow personal gain from money aka "Rebah" then we remove personal gain. What are we left with is inflation countering. Inflation is actually a direct cost on the lender which means that if a lender does not account for it they will lose money. Read about inflation if you're confused. This means that the lender will not get the same money value they have lent. In the past,this wasn't a problem cause gold always held its value and you rarely had to account for inflation. But in today's economic environment we use fiat money, which means that there is nothing to back it up like gold. So please don't get scammed and opt into something that will actually make you lose money instead of breaking even.
No, when you invest in an Islamic bank you do not get the same amount back for the very reason you have specified. Money does indeed lose its value over time owing to inflation. Islamic banks make their profits through the following methods:
Mudarabah(Profit sharing): In this method, the depositors provide funds to the bank. The bank uses these funds to invest in businesses and any and all profits are shared with the depositors in a pre-determined profit sharing ratio. The only difference however, is that if the investment results in a loss (given their excellent investment portfolios, this doesn't happen often), the losses are entirely borne by the bank. In addition to this, the bank provides management expertise to run the business.
Murabaha(lending): In this case, the bank lends money to a loanee. Lets assume you wish to purchase a car for $10,000. At a 4% interest rate over 5 years the compounded amount would be $12,210 and the monthly payments are decided upon. In an Islamic bank, the bank purchases the car you want for $10,000 and sells it to you for $12,210 and the entire amount will be split into 60 equal payments. The only difference here is the amount you pay initially and in the end (its the same in Islamic banking while in commercial banking the first payment has only interest and the final payment has only the remaining compound amount). Other minor differences are that in Islamic banks you cannot refinance on the same loan. (Take one loan of lower interest and use it to pay a part of the payment for your current loan).
In addition to this, they have workarounds for insurance and leasing as well. So yes, they do not technically charge interest, but they do have other ways of making money.
It’s the right way forward for an ethical and moral way of doing transaction as Islam ☪️ translate it.
JP Morgan realise irrespective of different religious virtues, they are able to make money in what I still believe is a niche market. Islamic banking isn't anything new but in the west it is. 'Go where the money is'.
LMFAO jp morgan...islam....choose one 😂😂😂
How can u avoid riba /interests when u use paper money where the value changes? These so called inflations essentially interests. Use gold dinar or silver dirham or commodity barter, Now that's Islamic. Not Islamic finance but MUAMALAH
@Ahmed A ok but you can't inflate gold as you will, gold is limited, but paper money lol now they even talk about digital money. And government can an they usually love printing as much as they can, in the past inflation do happen but it's the government who cheats by debased the gold coin with more cheap metal such copper so they can minting more coin. So the problems is government, don't blame gold for inflation.
I don't know people criticising each other west people east people
Now a days people when heard something they study about that
if it's good they admiting to that
As you can see Islam is growing also Islamic finance is growing.
Ma sha Allah
I hope it's time to understand eachother and hugs.
If you know more about Islam, you'll realize that its ideal isn't limited to the finance side, but Islam is ideal and comprehensive in all aspects of life.
It’s called back door islamic finance
Its very profitable for banks to offer Islamic banking since interest is prohibited in Islam. they get to keep the money in face value without giving back a cent.
Could you elaborate face value please?
@@john54321able Assume u deposit $1000 on a bank for saving, if its Islamic banking after a year u will get de same thousand without time value of the money added. While JP Morgan might profit 10 times by investing ur money in that same duration. So to answer ur question: face value is the $1000 u deposited. As a Muslim i am Ok with it but just showing hw western banks may profit frm Islamic banking.
Mohamed Ibrahim
JazaKallah ....Why would a muslim invest $1000 when hes not getting any benefit(interest). What benefit does he get from using the “halal” savings account?
@@john54321able Very good question - why would he? Ill copy what I wrote elsewhere - I think advocates of Islamic finance do a disservice to devout Muslims by directing them to deal with "Islamic" institutions and products, which are largely sharia compliant copies of conventional financial instruments. Discussions of ethics in finance quickly degenerate into diatribes about the evils of riba and the avoidance of gharar (which make clear that the discussants have no knowledge of modern capital markets or risk management). Meanwhile secular regulators do the tough work that really matters to consumers, such as fair dealing, transparency and disclosure of fees, truth in lending, and disclosure of investment performance.
Because western country people are more broad minded and very optimistic in their holistic approach I fell islam will be widely appreciated and accepted their.
Islam will rise from the west.
I am working for JP Morgan Chase Bank 🏦 but I recently got to know that the bank which is riba based is haram, im in a process to quit ...
Most banks and even Islamic ones are mixed up in these sort of dodgy activities.
Islamic banks are just trying to finesse the way they charge interest imo.
That's the misuse of a framework, blame the people.
@@mzs114 you would have to blame the sharia boards too, who comprise a who's who of Islamic scholars (and who get a more than nominal fee for their services).
@@roberthannah7983 people does include the scholars too, they are not a separate race/class.
@@mzs114 Yes, I agree. I think Muslims have a bad habit of saying, I am not a scholar, so I must follow what is said ... , when in reality the scholarly fatwahs are just opinions of people, often well meaning, but sometimes with their own agendas.
@@roberthannah7983 Well that is where we miss what the Qur'an(or Allah) wants, and credit goes to NAK for explaining this eloquently that a Muslim(one who submits the will to God) as long as has the right intent and puts efforts will be guided aright(my understanding), now it may happen that confusion may come in till one finds the way out, but eventually people will get there, and here is where especially the Barelvi's take the falk(imo, idk about others), they keep hammering that one needs a mentor(peer) to find the right path or he will be astray, that is not true, the incident of people of the cave is the prime example of how people who surrounded by misguidance are guided by God Himself.
People commit mistakes, but people also explore, learn and eventually help each other in doing good and forbid bad, and I guess that is what God wanted, for us to take this journey and discover!
back door riba Dajjal's bread going to enslave mankind
Islam will live forever and the whole world is our home
👏
I didn't even know that Islamic Banking was even a thing. How do these banks make money then? For instance, the example you brought up, if banks buy houses for people and lease it to them over a time period until that debt is paid back then how would the banks benefit? Do Islamic banks suppose to exist to just finance endeavors without profiting from it? Or would they only profit from being shareholders of businesses they help finance originally?
They buy it for you and value it at a higher price for you to pay in installments.
I think the explanation of home financing in Islamic Banking given in the video was quite rushed. In Islamic Banking, you can purchase a house via a partnership agreement between the customer and the bank. They pool their funds (so deposit of say 20% from the customer and remaining 80% from the bank) to buy a house of which they both own a proportion. The customer then pays rent to the bank on the 80% that they do not own and can over time also make additional payments to buy the banks share of the house, eventually acquiring 100% of the house. As their proportion of ownership goes up, their rent decreases. So yes Islamic banks do make money (from the rental payment). Worth remembering that trade and profit aren't forbidden in Islam, as opposed to interest.
@@Adil_IFI mashAllah that makes a lot more sense. It becomes less risky to loan to people if they also have made paid a portion of the total expense. However, how does inflation play into this? Say inflation is growing at 1.6 percent, would the rent also need to grow at that rate too? I would imagine the rent will decrease but also "increase" to counter inflation.
@@ahmedmusa4351 I'm not 100% sure what banks do in practice and don't want to mislead but in theory the rent should be according to market rates (as any other "real" investment) which obviously would factor in inflation. In the UK where I'm from, I think the rental rate is pegged to a central benchmark but just want to reiterate I'm not 100% sure. Would advise you to do some research on specific providers. But yes there are increasingly shariah compliant home finance solutions being developed and would say its our duty as Muslims to find and support these initiatives. Only by engaging can we create a better way inshaAllah
In order for Islamic Banking to work we would need to re-think the core principals of what money really is. In todays sociaty money/currency is debt and hence is analogic to interest. We would have to peg the currency to some tangible asset in order make the system work. And also the fundamentals of Islamic Banking are build on preconception that users of system are muslims. And as a Muslim we have inherent values that we follow when it comes to trust between muslims and non-muslims.
JP Morgan can’t open Halal division as their main source of income is based on Interest. It is like run a Mosque by earning money from a Night Club
It can be separated. Its on different division, like hotel and alcohol. The hotel can serve alcohol if asked but by different management separatedly. And by that not mixing the source of income. Plus now we have advanced documentation. Islam allows one to take step by step measure. Theres no need to take drastic one because we live with races and religions.
@@MahmudulMithun your example is absurd. Im not justifying the haram.
Is this available in the USA?
Last time I declined attending interview in JP Morgan as a developer bcoz of bank
With grammar like this....good for them
@KHALIIL01 lel
@Kashif my point still stands ya lil shiet
Dajjal is not far
Yes brother
I AM CIRCUMCISED AND I PROUD OF IT
Amaan Ahmad how irrelevant and how inappropriate
Ha ha ha.
@@CEO786 maybe he's looking for an old Sheikh to get married. This might beca code to get the message out 😂🤣
Congratulations my brother and so you should be proud.
I can tell it was late circumcision. I don't think anyone who was circumcised as a baby would be this proud of it 😂
Please
His brief explanation on the difference of conventional and islamic mortgage financing really had me like “ohhhhhh..... now i know” and i just realised how stupid i was to think that both stuff are the same despite of the name. 🤦♀️🤦♀️
Nah that's wrong, see Islamic banks don't have interest, the Islamic financial system when corrictly applied will make all businesses succeful.
Any form of interests, even hidden behind a "good" moral is forbidden.
It's clear in Quran. Don't blind yourself.
A Elba what about going to uni and having to pay back the student loan with interest ? How am i, an 18 year old, supposed to pay 9.25K every year for 5 years . I would have to get student loan , i’ve got no other choice
sid aj you can take a loan in islamic banking system but there is no intrest
sid aj /Thank God in Saudi Arabia Studying is free from elementary school to university and They give university students a financial reward $ 500 per month just for Saudi students ❤️🇸🇦🇸🇦❤️👍🏻I love you my country and I hope God bless you and help you ❤️
iiabdullah f16 unfortunately saudi arab also has the fraud intrest based fiat papermoney system
Anonomous Liz I don’t mean banks I mean the government thank to allah they pay every thing so You do not need a loan from the bank because the entire study is free
Financial outcome cannot be the same and the form cannot be the same...under Islamic principles the deal must be a trade and must have a concept of risk/reward sharing. What is being described here is papering and does not represent Quranic principles.
For those paying attention: optics concerning Islam always portray Islam as respectable and always portray Christians as... basically what Islam is.
Assalamualaikum brother. I would like to buy, how can you help me?
It's a shame Muslim countries don't follow it either!
Usman Saleem well not malaysia
They are not Muslim countries, they are countries owned by the world bank, ruled by sellouts, inhabited by a majority of Muslims.
In Indonesia there are many of them
This so called Islamic banking will decline heavily as people are becoming more knowledgeable and doing research in this field. Interest is interest so you can sugarcoat it as much as you like by classifying it as ‘rent’ or ‘ profit’. You must clearly be a blind follower if you think this is halal in any way shape or form!
I’m actually in business myself and it makes a lot more sense than any system out there. The system runs basically on how much percentage of the home you own. If the bank paid 50% and you pay 50%, then they are entitled to 50% rent. But in addition to that, you pay an additional amount to reduce the principal amount due.
Think about it like this, if a friend loans you 100K on a 200K property for business purposes, then he is entitled to 50% profit. This way, he makes money and you make money.
Can someone explain to me how these Islamic banks acquire their money?
The Seperator Investments, buying shares, etc. Every sort of trade that is permissible
in islamic finance, banks can only charge the service fee, and it must be the same throughout, if a single penny increase in fee at any stage it is not islamic finance...
The current economic system does not allow for islamic finance to operate without a loss. An economic restart needs to follow before Islamic finance can operate a 100% syariah compliant. INTEREST FREE
There's NOTHING halaal, definitely nothing zabiha about JP Morgan!
As soon as he said "indirect investments may be frowned upon, but not neccesarily prohibited" I stopped taking him seriously.
JP Morgan is greedy enough to try to corner the narket in all aspects of banking. It makes no difference ti them.
halal is the Arabic word meaning permissible. haram meaning not permissible. mashbuh means there is uncertainty surrounding the matter, and we are taught to avoid anything mashbuh. Zabiha literally means "a slaughter" usually referencing a halal animal, however a zabiha can also not be halal (however it is unlikely someone would use that term to market non halal meats, although possible)
@@MrDaBBaS
...indeed
@@MrDaBBaS please clearfy that it's animal the media has mad people crazy about ISLAM. haha
And what if i cant pay ? What does the quran say about it?
If u can't payback ur debt, ur sinned.. That's it
@@toophatbaby3671 really?where is that written?🤔
Go search..
@@toophatbaby3671 And if (the debtor) is in straitness, then let there be postponement until (he is in) ease; and that you remit (it) as alms is better for you, if you knew.
@@khalidanejjar4404 And if (the debtor) is in straitness, then let there be postponement until (he is in) ease; and that you remit (it) as alms is better for you, if you knew.
I have one doubt and that is if i borrow money from some 100$ and according to islam i have to give 100$ back so here my question is if i borrow money from someone say 2009 and i am paying back in 2019 so here the value of 100$ which is in 2009 is not the same now in 2019 so as inflation come in.
So isn't it worthy or legal to get 100$ +amnt of inflation say 103$ now which has yhe same value as it is in 2009.
Will some one clear my doubts plzz??
Not based on any research but my opinion: they would have to provide the money back with inflation included, since it is technically not interest.
Why do Jp Morgan or his grandson understand gold and the movement of Gold for max profit or universal business practices.,.,.The great financer of America
There is no such thing as free money, only because it’s not called interest dose not mean there is not one,
don’t forget that ;)
DaGazz369 👌🏽 its play with words.
What a con. Forgot (or chose to) to mention the first and main prohibition, not to use any fake 'money', or the promisory notes that are not backed by gold or precious metals. So if you are doing anything with usd or gbp or any national currency at all, it's not Islamic. The reason JPMorgan and other banks want to get into 'islamic finance' is that it actually costs more to buy a house when you are both renting and buying a portion of it each month, due to the fact that the nonislamic banks get the printed valueless promisory notes (usd, gbp etc) so cheap that even when they add the interest in it costs less. This is because rents and house prices are so high as the inflation from the continued printing of these fiat currencies (actually just debt notes, not real currency or money as it has no real value) has meant that prices have risen so far beyond what they would have if we had never stoped using gold backed currencies. Once you break the system by introducing fake non gold backed money, you cannot put it together again, and certainly not by just not charging interest on the lending of the fake money, especially if it costs more to do it than the other way around. Only solution is to go back to gold currency, as gaddafi and saddam said, and look what happened to them.
Zeb 1 ; I think you understand finance very well.
@@fakhruddinsamad thanks for the insight, I'm curious to know if the Islamic finance that you have in Malaysia ever based on gold backed currency, and if not how do people justify calling it Islamic when one of the most important fundamentals is missing? Not criticism, just trying to understand what the situation there is. Jazakallah!
@@fakhruddinsamad thanks, good to know, but so sad to know as well. So what happened in the 1970's? USA dollar lost gold backing in 1930's, so assume that you are talking about Malaysia here?
Islam
i am a muslim and i want to know if its alright for me to work in jp morgan as a investment banker what I mean to ask is that do they have any jobs for Muslims that don't require us to participate in interest or anything haram?
I am a Muslim and I love compound interests
You're going to HELL and burn till eternity. Or so I was told.
Interest isn't something we should take
I am gonna burn with my crispy $100 bills
Yeah you’re definitely not a Muslim
I am probably a better human being and a Muslim than all of u but go on.
what a load of crap, chase takes interest and thrives on it like all banks. There is not such thing as an "islamic" bank, it's an oxymoron.
That's not how it works islamically speaking, whether JP MORGAN deals in interest or not, the islamic product that they provide is islamic because it abides by islamic principales, and also because our world today is centered around interest so there will not be a bank that doesn't deal with interest.
@@zakariafadli4996 interest is haram. end of story. It is a form of shirk, THE biggest sin in Islam. You are waging war with Allah when you deal with interest. Period.
@@zakariafadli4996 it doesn't matter if the world is "changing" the Qur'an does not change. This is jihad, you stay patient and only ask Allah for help and work hard.
BlindHobo bro, read my words carefully. You are not dealing with interest, it’s the bank, you are using their islamic financial product. Last i checked you are just a layman like me and scholars with knowledge about islam that exceeds ours have deemed that to be islamic, so who are you to say they are wrong?
@@zakariafadli4996 because I have a brain and reason Alhamdullilah, and the Qur'an is clear.. interest is haram. And Prophet Muhammad, peace be upon him, forbid it.
What's the gain of the loaner?
If you want to buy a house, they will buy it for you then they will earn profit on the property (not on money).
Islamic Finance substitutes the relationship from lender-borrower relationship to other forms of relationships between banks and customers, among them:
Investor-entrepreneur
Buyer- seller
Lessee- lessor
Principal- agent
Islamic Banking is like Islamic Wine..
Banking works on interest (Riba)..
How can banking be Islamic?
This is serious issue.. pls do your research like you guys do in proving your "Sect" the true one....
🖖
Banking is Islamic. Its teachings are signed in the Qur’an. Your problem with Islam and Muslims. Your head is full of media waste. This is why you do not want to believe that Islamic banking is Islamic. O Hindu, you worship stones and cows.
😠😡
This is not halal. End of. Interest is interest.
The words “Islam and JP Morgan” put together are a misnomer and an oxymoron
How about an S&P index sin free fund
Ooh that wood be amazing. It won't be 500 anymore and may be less diversified
Husain Hasan from J P Morgan clearly belongs, unfortunately, to the Riba-interest equivalence camp for which there is little actual evidence (the Qur'an specifically condemns the practice of lending leading to exploitation in Surah 2, Ayah 279). Dr Mohammad Omar Farooq a world expert in IF (Islamic Finance) has published a number of peer reviewed articles in the primary research literature pointing out the flaws in this school of thought, the Wikipedia page on Riba being a good place to go for an up-to-date fully referenced literature review and extensive discussion of the term Riba (also more commonly known in English as Usury: en.m.wikipedia.org/wiki/Riba ).
Long story short, Riba is not the same as bank interest in a well regulated environment, e.g. here in the UK, since it usually does not involve usurious practices (where economic exploitation is apparent). A better example of Riba/Usury is loan sharking. For sure, IF must operate ethically hence the avoidance of investing in prohibited things (alcohol, pornography, prostitution, slavery etc).
Is Islamic financing available in America?
Islamic finance
Bank buys the house and rent it to the customer and give it to them after a certain period, ie when the bank thinks it has gained sufficient return over investment
This is just interest with extra steps!
Call it what ever you want, business wants returns at the end of the day
Its actually joint declining ownership. Would Allah really care? No.
for your answer, bank buys the house at 100$ take service charges of 10$, TOTAL 110$, then let say as per your agreement make it in installment for you, lets say your installment plan is 10 months, hence: 110/10= 11$, now you have to pay 11$ for 10 months, in these 10 months banks can not exceed the amount and after the installments over, you will be the owner of the house.
I GET MY OWN HOUSE THROUGH ISLAMIC BANKING....
@@salmanfazal3963 which bank have you used please, I may ask, my brother.
Only my home drill full an final 👍👍👍👍👍👍👍
Islam is the best religion if you read about it don’t look to media because They try to give a bad picture about Islam 👍🏻❤️❤️
What did he mean by "indirect investment" in sin stocks not being prohibited lol
Example: You invest in a Construction Company and you earn money through that investment. That construction company builds schools, hospitals, apartment buildings shoping malls etc. That company also get a contract to build a Casino and builds Casino. Gambling is haram obviously but you didn't invest in gambling. You invested in Construction company which is halal. Construction company built that Casino building which is also halal. Casino is made out of bricks and mortar and concrete and all those materials are halal. What is not halal is what people do in that building, gambling and other haram stuff of which you have nothing to do with. See, that is indirect investment, it is not haram but it is not recommended per say. I explained as simple as I could so you would understand how it works. I hope that answers your question!
@@mudza92 Thanks for explaining as best you could bro. However I truly doubt it is halal to maintain investment in a company or entity that engages in haram action aiding in the spread of prohibited things. You have a choice in what you put your money in and what companies you enable. If there are construction companies that also build casinos, there are many that don't. If you know your money will be used for haram it makes it your responsibility. This is my opinion man may Allah guide us all
mudza92 that would still be haram cause you with your money built this on your approval mean u helped build a posion for socity dont say its ok because i just put money in it
mudza92 if this was a building you built not in the intention of making it a casino and sell it as a building to a guy who ends up making it a casino then it not your blame
Why is it Islamic finance and not just finance??
Islamiic Banking system must be based on profit loss sharing basis.mark up profit is nearest to interest , mark-up profit and interest increase the value of products which is borne by consumers.interst makes a man idle.islamic is for humanity and not for only Muslim community.no shariah no islamiic Banking.this is welfare banking
This is unexpected. Never know islamic banking is a thing in the west . In malaysia we already have islamic banking and financing. For home financing , here some noticeable different.
1. It have capped max profit rate. So during economic unrest, it will never exceed that cap.
2. No late charge compounding.
3. The concept is to buy and resell. The bank will first buy and own certain percentages of your home, you will pay and buy that ownership from them.
If your country have islamic banking as well, please share it in the comments. I would love to learn how islamic banking work in other country.
BotackTech the purpose of interest haram is that you cant earn money on money for lender
If u buy house through islamic or whatever for $100 at the end bank will still get $110 but they just changed name to profit
Its just name changing concept it same
Get more money than what you paid for
@@AndroidAndPCChannel interest is haram, profit is not. In islamic banking bank do not loan you money, they buy the house and resale it to you with a certain profit margin. So nothing wrong with that. You can't honestly expect a bussiness to operate without taking profit.
See: en.m.wikipedia.org/wiki/Riba - for a fully referenced, discussion and up-to-date literature review of interest versus Riba (usury).
Host mention that Islamic financing emphasizes ethical investment, so what she is saying that even western culture considers investing in alcohol, tobacco and pornography unethical but they still practice it. Hmmm interesting! As far as JPM working with Islamic finance, I found it hard to believe since those brokerage companies usually don’t reconcile with Islamic banking based on my personal experience with those type of companies.
Nice AI mind reading
Islamic finance - JP Morgan.....
what an paradox 😂
The art of playing with verbs and nouns to make it seem it is totally legit. He says "the financial outcome at the end is the same whether you do islamic financing or conventional financing". You must be out of your mind, so you buy the house with the interest rate and then sell me the interest? And you still call it islamic financing, bro with all due respect but your scholars dont even seem to know the "i" of islamic financing.
Yes they do, they use murabaha deferred mark up same as interest. Would Allah care which one you use as long as it is reasonable and not exploitive? I dont think so. .
"A rose by any name is still a rose "
Jamal Ashburn و أحل الله البيع و حرم الربا،
More or less, “Allah made business allowed and forbade interest”
Call it then what you call it.
Interest is Haram
So is the internet
Albert Einstein once said “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it."
The Albert Einstein quote is fake!
Islamic finance does have interest, they just call it something else
Stupid and ignorant piece of shit.
@Inspired by Sheikh Ahmed Deedat who ever said islamic finance is Quran compliant?
I see some (not all) non-muslims in the comments whining and crying.
Did you guys watch the video? He said no interest.
No.
Interest.
Whats next? Will you refuse money gifts from a muslim?
@@roberthannah7983 idk from a loanee perspective, I'll gladly pay a considerate amount of mark up fee over interest rate any day.
@@b.brodriguez7181 I am curious why it makes a difference to you, if the end result is the same (you pay the same percentage on the loan).
Jp Morgan employee speaking about islamic finance lol
It's not "excessive speculation" that is prohibited. All leveraged and speculative products and market trades are prohibited. Also, most western banks do have an "Islamic" division but they are not exactly the most trustworthy or reliable banks. They are just looking at it as a product that increases their profit margin so anything to get them a piece of this giant pie. It's wise to only stick with Islamic banks outside western countries where they have a better grasp of the application of Islamic finance. In the west they are just paying these "scholars" for their stamp of approval on products even if they are questionable. In the west these banks often commingle islamic funds with interest based funds, they just market them as islamic products.
The prohibition on leverage and speculation is just the opinion of scholars who dont know much about finance and risk management.
@@roberthannah7983 hate to break it to you but when we talk about finance and financial trades from an Islamic perspective, the opinion of genuine Islamic scholars holds far more weight than any opinion of someone like yourself whose limited understanding leads to less than reliable products which adhere to Islamic standards. What you claim about the scholars is the same argument that can be made about your understanding of religious products, specifically that pertain to Islamic finance. So, its not just an opinion that can be taken lightly when there is a lot of trust and money at stake. Scholars don't need to be experts at finance, their expertise is based on business conducted based on the Islamic rules and literature. That's why their role is critical in creating sharia compliant products.
@@TheTraffic247 I think advocates of Islamic finance do a disservice to devout Muslims by directing them to deal with "Islamic" institutions and products, which are largely expensive sharia compliant copies of conventional financial instruments. Modernist scholars like Fazlur Rahman Malik and Abdullah Saeed dont accept the neorevivalist scholars' assertions that interest=riba. Discussions of ethics in Islamic finance quickly degenerate into diatribes about the evils of riba and the avoidance of gharar (which make clear that the discussants have no knowledge of modern capital markets or risk management). Meanwhile secular regulators do the tough work that really matters to consumers, such as fair dealing, transparency and disclosure of fees, truth in lending, and honest disclosure of investment performance. Islamic scholars should stick to ethics, where the world surely needs more direction.