Why $2 Trillion Is Kept In Banks That Can't Give Interest
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- Опубликовано: 5 май 2021
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Video written by Adam Chase
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Welcome to the very cool, very wholesome comments section.
So, what makes HAI possible (aside from unbridled capitalism and unrelenting unpaid student intern labor) is the topic suggestions of viewers like you. That's, of course, because I don't want to have to actually do my job, so I make you do it for me. However, being a benevolent tyrant, I reward any successful topic suggestion that we actually use with a free HAI t-shirt (although warning you: turnaround times are really slow on getting them out.) So, suggest your topic here, and maybe your parents will finally be proud of you for having played a part in a somewhat successful video on the internet: docs.google.com/forms/d/e/1FAIpQLSfUdlvw6YgU44J8AnM2U_ZvRMyvh_CUM51LYSqF5nYJB9d1-w/viewform?usp=sf_link
Joe mama
Second
4th
Fantastic voiceover work! No mispronunciations whatsoever!
@@meenuseth5039 your third
Fantastic voiceover work! No mispronunciations whatsoever!
Ahaha
Fantastic voiceover work! No mispronunciations whatsoever!
I concur
Fantastic voiceover work! No mispronunciatios whatsoever!
Fantastic voiceover work! No mispronunciations Wendover!
i have a degree in islamic finance, and you did a great job explaining this in under 10 minutes
Hi there, do you have an "islamic finance 101" kind of book suggestion for me:')
It seemed to me that it came to a sudden stop, though: could you recommend any slightly longer vids that go deeper?
@Steven Victor Neiman The ruling on stock market is very subjective. Islam is 1400 years old and it's rulings on things such as crypto and stock market subject to interpretation of Islamic jurists who gives Fatwah (Opinion) based on Quran and Hadis. To put it simply Islamic jurists can give different judgements which was also established during beginning of video. Some say Stock is Ok and some says it's not Ok. Yeah it's a mess! All we Muslims can do is follow what we feel right on such ambiguous matters and hope God forgives our sins if he exists.
But what about his voiceovers?
@@YO-pf3pq it's the highest growing sector in finance. That's what it is.
Next video on Wendover Productions:
The Logistics of Fantastic Voiceover Work, with No Mispronunciations Whatsoever
I'm addicted to having money in the bank.
And I really do suffer from withdrawals
@@DyslexicMitochondria Ever since i subscribed to ur channeI, I see you everywhere
Fantastic Voiceover work! No mispronunciations whatsoever!
NEVER GONNA GIVE YOU UP
NEVER GONNA LET YOU DOWN
NEVER GONNA RUN AROUND AND
HURT YOU
You know it's a Wendover video when the sentences
End
Like
This
Why does everyone think that he's the same person as the one on Wendover Productions? We all know that Wendover just steals HAI's voice to do Fantastic Voiceover Work, with No Mispronunciations Whatsoever
You actually taught me about our financial system better than the teachers at my local mosque did.
To be fair, I imagine the people teaching at mosques are probably not financial advisors haha.
I recommend you read: haram wealth in contemporary muamalah by Dr. Erwandi. This books cover almost everything about Islamic financial ruling.
Haha, I also (as a Muslim) used to wonder how Islamic Banking worked, now I know!
Same man same
damn imma show this to my mosque's imam
Don't you hate it when your father won't give you a billion dollars
He won't even give me a small loan of a million dollars!
Don't you hate it when your father don't
he said he would just get a pack of cigs
Relatable
I do. It's my painful weekly experience. I say, the old man is stubborn!
yup
Tapas the morning to you sounds like the sort of place I'd go.
i think you meant to write "Fantastic voiceover work! No mispronunciations whatsoever!" common mistake tho dont blame you
*go to
@@SopanKotbagi "The sort of place to which I would go," if you're going to be pedantic.
@@jimsvideos7201 yup, that works
That reminded me of when I used to watch Jacksepticeye lol
"Tesla that I won’t let my writer touch nor look at."
Plot twist - he doesn't have a writer.
no, he does. are you mixing up him up with the Sam from Wendover jerk?
Plot twist- he is the writer and gets no teslas :(
no he is the writer
he is just using 2nd person to tell himself not to get one
@@alexander-mauricemillamlae4567 lol yeah
@@ajaxfire got r/whooooshed hard here 😅
POV: You are trying to find a comment that doesn't say :
Fantastic voiceover work! No mispronunciations whatsoever!
Fantastic voiceover work! No mispronunciations whatsoever!
POV: You are trying to find a comments section without at least one comment that starts with "POV".
This is insane !!!
I have never reached so many likes !!!!!!!!!!
Why does everyone keep saying it? is it some code or whatever I haven't watched the video
@@rhubarbeque Its in the vid once you see it you will know
Yea I had to explain to my math teacher about how we don’t get interest. She was really amazed and impressed as well. Also only 6 more days left brothers and sisters, make the most of them!
6 more days left before what?
@@hedgehog3180 We can't tell you because you'd tell the police. 😂😂 Jk Eid
Gonna make every minute counts!
😂 😂 😂 😂 😂
@@truthseekerBVC lmao bruh 💀
I'm not a muslim, but I do have my money in an islamic savings account. Some banks here in Malaysia do publish their profit rates, so for example, the account might offer a profit rate of 2% per annum. Time deposits are also a bit different - the profit is given to you upfront, not until maturity.
my grandma lost all money on one of islamic banks in my country. my suggest is take out your money and run away.
satu malaysia!!!!
@@inLor don't generalized it!
Bank runs must be a nightmare in Islamic countries
@@inLor my family lost all their money in the sub-prime mortgage scandal. An Islamic bank wouldn't have been involved in the financial tools that nearly broke the country. Ultimately though, if you have a lot of money, it's best to keep it in multiple banks in case one fails.
Why I must say, your voiceover work in this video was most magnificent. I was unable to find any mispronunciations whatsoever.
Spoken like a true gentilman
Indeed
I’m Muslim and loved the fantastic voiceover work
@Winston Smith You're the one that's despicable
@Winston Smith oh come on man, this video is not about that cube, please don't spread hatred the world already has enough
@Winston Smith bruh fucking chill, first of all you are one to talk seeing as how your religious symbol is literally a man being brutally murdered and you hang it on walls over your altars. second, this man has been nothing but kind in this comment section please show him mutual courtesy.
@Winston Smith ironic from the religion that believes God had to be tortured to death by other ppl to have the ability to forgive you guys. Whereas in Islam God forgives out of his own mercy, which is what’s called just. Not to mention we confirm the biblical prophecy of Jesus getting saved by angels and raised to heaven. But then again, we’ve got scientific, linguistic, and conceptual proofs, and you’ve got conjecture and indoctrination, so sucks to be you
@@wizzard9531 no religion has scientific,linguistic and conceptual proofs. Science itself doesn't support religion. Your religion is no more superior to his than his to your religion. Don't make baseless claims. Winston Smith was wrong at first but now you are in the wrong .
Let us all take a moment to appreciate the cleverness of the restaurant name, “Tapas The Mornin’ To Ya!”
Fantastic voice work saying it
No mispronunciations whatsoever
It's a Harris Wittels joke
Jacksepticeye is gonna sue somebody..
RIP Harris
Sounds like a more honest and upfront system tbh, they still make money but it sounds open instead of sneaky bs
the idea of the bank sharing profits with start ups seems really cool, it would encourage banks to make less risky and more sound investments. 2008 probably wouldn't have happened if that was how our banks operated.
@@cageybee7221 it would lead to the same thing. This seems just like interest plus extra steps. Food for thought, just imagine you replaced all banking systems with Islamic banking. What’s gonna stop Islamic Banks from buying up all the houses and selling it at exorbitant amounts like home speculators do today? Newsflash: absolutely nothing.
You now have subprime mortgage bubble Islamic version. Just because it seems good on paper doesn’t mean it will work out in real life. Human greed always finds a way to ruin things.
@@Incubator859 yea but the thing is when u pay ur actually buying ur house in small pieces and so like each mouth u buy 1% back, if the bubble does pop u still have part of ur house which both u and the bank own part off so ur not completely out. But the most important thing with any system is to not let the banks go crazy
@@cageybee7221 well 2008 didn't effect Muslim countries like exactly due to this type of banking system.
@@ShahTalks to say they were not effected is a stretch, their banks may have held up better because they didn't speculate to the extent of the west, but these countries were and are still closely linked to the world and trade and were hurt by the shock indirectly in practical material markets of amounts of imports and desire for exports and secondary effect to financial markets from foreign investors in the west selling off, but i see your point that these countries mostly avoided it, though some countries are more adherent than others, the gulf states are especially bad with being massive hypocrites and the U.A.E and Saudis still got seriously hurt from their own banks' speculations.
Considering how fucking toxic the stock market is as currently structured with gambling now completely outweighing its conceptual idea of being a method of distributed investment, this is amazingly wholesome.
Son I think you ll do great in an airplane
@@ikosaheadrom I have no idea how your comment connects to mine.
@@forgottenfamily 9/11
@@ikosaheadrom Are you suggesting that me calling an Islamic banking structure wholesome is condoning or enabling terrorism?
@@forgottenfamily something along those lines . It's not funny now that you explained it
mashallah Fantastic voiceover work! No mispronunciations whatsoever!
Yay
...Huh. never thought I'd say this, but Sharia Law is on to something when it comes to banking. Seems a lot less predatory then conventional banking methods. 😳
Naturally. Allah knows best
@Lion muslim sacrified cow to give them to the poor people and Christian kill and eat pig meat so what is difference between killing a cow or pig then alcohol damage the liver in long run so i think it is best idea is not to drink it
@Lion so i think you dont know anything. Muslim pay 1/5 of there income to the poor if you are a farmer then you must give 1/5 of your product to the poor people and at the end of ramedan we must pay some amount of cash to the poor. We give a cow meat to person who not eat meat for 1 year we give him a chance to at least experince meat in his life vegetrian life style is for the rich life style not for someone who cant even efford to buy beard . islam have social equality support the role of female in time when female are only concider for bredding and Pleasure . You never see racism in islamic countery becuase in quran said everyone is equle but the corrupted goverment made and some terorist whom is not follow the teching of islam and change the religion to ther benefit made it bad . I agree alcohal have some benefit but the amount that harms the body is much more than the benefit
@Lion hejab is not mandatory its Voluntarily in islam like nun in Christian church if you dont know somthing plz at least search the internet we always say jock about women that them are have more right than man in court . Resoan behiend lots of childern is not because of pleasure its because that many muslim are working on farm or they are in war and they need those children for working for them like europe before industrialization and after world war2 and ww1. If you see modern countery like iran and you dont see a lots of children you see a lots of adult man because of war that they have (iran iraq war ) but now in iraq and syria its war and they need those childern so i think you understand now. Muslim only can get 4 wife only to support the wido or in past secure the ties between 2 family to stop the war and if you dont know if you get wife they have right to get amount of money that both side agree before marrage anytime then if you dont support you wife with any mean they can sue in court
@Lion i said up croupted goverment you can use religion to silence people like europe in dark age . its not problem of islam so . In Arabian Peninsula usally woman didnt have right why Because the have monarchy goverment they need to suppress women . If the dont then people start think about democracy not for they Basic right
Brazilian banks don't give interests also: They keep them to themselves.
Lmao
Riba translates to usury, not interest. All forms of usury are haram but figuring what is considered usury is much more difficult and where much of the debate is.
😳
@Nicholas ll interest is allowed, except when it comes to money
r/progressiveIslam Moment
May Allah guide you
@@belasstrongestwarrior I don't understand?
@Nicholas ll I'm talking about the innovator
Islamic Banks: *no interests*
International Monetary Fund: “Now that is an Avengers level threat.”
to be honest I prefer this system although maybe I'm biased because I just got my student loans
Hopefully you can manage that loans effectively.
@@alvr3461 I've actually paid them back already as I left University but I'll have more by the end of the year
@@fredrikkirderf2907 Glad to know.
islamic banking system is definitely better because it can be miserable for poor people to pay interest. Poor people need loan to start a small business to feed their family which they often can't fearing high interest
Actually makes a lot of sense. But why would the bank be incentivised to take the risk of a profit sharing agreement? I don't understand that part.
@@anonymousarmadillo6589 Because at the end of the day it's broadly the same as a conventional loan, just repackaged to be Sharia compliant. They call it "profit sharing", but it's basically the same as interest.
@@anonymousarmadillo6589 Since banks are "part-owners", they are forced to take less risk than conventional banks as conventional banks don't have the risk from failure of business, this is the main reason Islamic banks are faar less likely to close down and screw over their customers than conventional banks.
Ethical and cooperative banks are gaining popularity coz its a safer more ethical banking alternative, though not the same as Islamic banks, there are quite a few similarities
@@lonyo5377 Really.
@@lonyo5377 It isn't the same because its riskier for the bank. If a loss occurs, it occurs on both the bank and the borrower. Example: If a storm destroys a building financed by a regular loan. The Borrower is still indebted to the bank. In interest-free loans the bank is part owner. If the building is destroyed bank loses money. So as a partner, the bank will want to ensure the success of the business. This means insurance would be negotiated with a large bank rather than a small business owner. The bank's contacts can connect the business owner to a network to increase the small business, etc.
Saying profit sharing is the same as interest is like saying active income is the same as passive income.
Sounds like a great deal for entrepreneurs starting a small business, I presume less risky for them compared with standard loans, but probably more risky for the banks.
Its thier name for asset backed banking. Asset means real products and services not purely "financials services".
That's the point. Islamic economic system always hold upon justice. So taking risk from both sides is the justice here.
Honestly, this system seems better than the Western one
Both risk-sharing and interest-based transactions have existed for a long long time. None are exclusive to "western" or "eastern".
@@iwatchwithnoads7480 I'm amazed at how many people think that banks don't take on any risk in traditional interest loans, defaulting on the loan is literally the risk the banks are taking, that's why they vet your finances before giving out a loan.
@@nautical1078 if you can't read with context, don't write.
This is about loan vs investment/sale.
@@iwatchwithnoads7480 what risk-sharing and interest-based sharia bank honestly offer that is same to the conventional ones? Please tell your definition on how sharia bank works
i mean yea thats bc ours is made by humans and this one is made by God.
This system actually sounds pretty awesome!
This just seems like a great idea for facilitating long term growth! It reminds me a lot of the Volksbank that Economic Explained talked about.
i know one thing, if banks were partners with the people they invest in rather than simply intrest collectors, 2008 would not have happened. furthermore, if the price you pay on your mortgage was set on the day you agreed to it and could not be altered, millions would not have lost their homes to agustible rate mortgages that became unpayable as banks jacked up rates to save themselves.
@@cageybee7221 exactly!
can you link to the economics explained video talking about volksbank? can't find it. Thanks
Fantastic voiceover work. No mispronunciations whatsoever. And happy early Eid to anyone celebrating.
Thank you! Eid mubarak to you too
thanks!
Eid Mubarak to you too my brother
Eid Muabarak
"No penalty for late payment or reward for early payment"
If all banks operated like this then society would be better
Agreed.
If there was no penalty for late payment no-one would ever pay anything back…
@@Penfold101 There can be lawsuits
@@Penfold101 pretty sure Islamic law sorts that out
why are you buying more than you can afford i get it if it's hard to get a job because of a cough cough pandemic
Drinking game: every "Fantastic voiceover! No mispronunciations whatsoever!" comment, take a shot.
And also, don't die
And you do this on an Islamic law video, daredevil
Those two are mutually exclusive
> mfw u post this on a video on Islam and Islamic Laq
Lol why are there even so many comments like that?
@@arryn786 Beginning of the video. Like 30 second in.
Hey Sam, good job on this!! Even if a few details were a bit off, you clearly put in a lot of effort to understand a complicated topic, and I appreciate you.
wrong video but ok
A bit exploitable but I like this bank system honestly, I would give a try
I bet nearly every comment will be like "Fantastic voiceover work! No mispronunciations whatsoever!"
Ooh, is this about specific nuances in financial systems relating to religious law? Surely this comments section will be perfectly civil and not at all unpleasant.
Yup, exactly that
all of the muslim commenters i've seen so far have actually been perfectly civil, if anything they are glad for a more simple explaination than the ones the imams give xD
everyone be vibin in the comment sections, no wars or fights
Well, this comment didn't age well. Let's just pretend there was zero sarcasm in it, 'kay?
I saw a comment of a muslim thanking the guy for his explanation amd some atheist and a Christian started a war in his replies so yeeah...
Only one comment though
Hey, I just officially took a loan to fund my dream house from shariah bank yesterday and you just absolutely killing it with that explanations! Also genuinely, that arabic words pronunciation of yours are pretty good and pretty far from butchering them. So I'm going to say it:
Fantastic voiceover work! No mispronunciations whatsoever!
That's because, as briefly explained, the banks have limited access to many conventional things that banks can do to reduce risk, offset costs or generate income. It's genuinely more expensive to run a Sharia compliant bank than a conventional bank because of this.
It's a bit expensive because you know the price up front, no cover-up whatsoever. If you're doing business with conventional bank, the interest rate will float, meaning that you don't really know how much money you'll spend at the end of your loan contract period, so it's very uncertain and that's what shariah law trying to prevent. If the economy is on a dip in the future, or market is crashing for the worst of times, you'll get a lot of trouble because the interest rate will go up high, but any proper shariah bank will not be affected by this.
Fantastic voice over work! No mispronunciations whatsoever.
Also, Tapas The Mornin' To Ya is one of the groan-iest puns ever.
There are actually some really cool reasons why this is a good system aside from religus reasons.
care to elaborate?
@@dbuc4671 yeah because its more equal towards the bank and the person. If the buisness fails they both reap the consequences and if it succeeds they both reap the rewards. Muslims believe it was sent down to prevent people from becoming slaves to banks by continually being held accountable to paying interest over time and to make the process more equal. Not a scholar so some of this may not be 100% right but that is my understanding
Allah knows best . Even if someone doesn't believe in God, His system is still going to be the best to use for any person Muslim or not.
@@jam6876 true, but not helpful to non-Muslims at all
@@dusscodehow?
Fantastic Voiceover work! No mispronunciations whatsoever!
NEVER GONNA GIVE YOU UP
NEVER GONNA LET YOU DOWN
NEVER GONNA RUN AROUND AND
HURT YOU
You have successfully Rickroled me, take your like
oh god dammit
The last thing i expect is HAI explaining about how Islamic finance works.
I mean yeah, but it's still only half as interesting as how the Vatican banking system works
The last thing I would expect HAI to explain is the Spanish Inquisition
@@xp8969 😂🤣😂 good one
@@FizzyZailani sequoia made the joke, not me
@@Sequoia204 based and Python pilled response bro
the catholic church also banned interest/usury back in the renaissance. the banks back then made there money by having late payment fees which was expected because if you didn't pay back your money late you wouldn't incur a fee but no bank would lend to you again.
@@user-op8fg3ny3j Probably due to the Reformation weakening the Catholic Church’s political power as well as the development of capitalism and colonialism.
@@user-op8fg3ny3j
Because "enlightenment"
Hey man aside from Ri'ba unpaid labor is also Haram please consider giving your writer a raise.
90% of the comments section: Fantastic voiceover work! No mispronunciations whatsoever!
More like 99%
And over 60% of your comment is that same comment, so you can add that to the tally.
The entire comment section is now based on,"Fantastic voiceover work! No mispronunciations whatsoever!"
"Every day I wake up to that one awful thought. Today I have go to that bank again and run it. This is the most boring stuff I've ever done, I hate this job, it is literally the same every day and there seems to be no hope for anything more interesting in the future"
This is what happens if you run a bank... Without interest.
Oh my god
the bank still has ways to make money, just not the overty unethical ways western banks do it. i like the system, i'm glad atleast something decent came out of a set of religious laws.
Good twist. Its easier to be interested if you get paid interest, but if you aren't interested in getting paid, then does the Interest become thr DisInterest
? :-)
@@cageybee7221 you missed the joke bud
@@Fauzan1812 it was a pun at one side, and mocking the Islamic Banking system in the other. We have 10 Islamic Banks in our country and they are much more geared towards serving their clients more than making the shareholders crazy rich by exploiting the clients.
"Sharia" is juz the arabic word for law, so when u say "Sharia law", u r juz saying "law law", and yeah as mentioned in the vid, different regions and cultures have different Sharias although u managed to successfully capture the gist of Islmaic finance
Well you'd also say American Law, English Law, Canadian Law, etc, it's good to have specificity
@@InterrogatingTheCat just say islamic law
It's like saying Chai Tea and Naan Bread
Think of it like they're saying "Sharia (law)" if that makes you feel better.
Islam has 1 sharia and all school of thoughts agree on Islamic law fully but differ in small matters for example is having pets in your house halal or haram but everything is 100% on point from criminal penalty to politics and economics. Do not speak on our behalf
Fantastic voiceover work! No mispronunciation whatsoever.
Hey Sam, good job on this!! Even if a few details were a bit off, you clearly put in a lot of effort to understand a complicated topic, and I appreciate you.
I really didn't expect you to be talking about this topic, but I am really happy you did. Great work, keep it up.
The monotone humor combined with interesting info hits the spot just right, keep making stuff like this man
Fantastic Voiceover! No mispronunciations whatsoever!
The pronunciation is so flawless that I’m mind-blown.
Another video yay! I am seriously loving the voice over work in this video 😁
That's super interesting. I kinda like that setup better. Maybe I should look into an Islamic bank, despite not being a Muslim 8)
yeah do you won't be disappointed
There's no need to be a Muslim to be a partner of Islamic banks. In Malaysia, many non-Muslims put their money in Islamic banks too. The whole idea of Islamic Finance is quite interesting such as takaful, khairat, musharakah, etc. Most layman Muslim like me don't study them in depth but I know many who do.
@@muhdajmel9473 That's what I figured. I really do appreciate the conceptual difference of the partnership as opposed to just the lender. Though, of course, it likely doesn't make much difference financially 8D Still, I've looked into it a bit for purchasing a home.
Not at that point at the moment, but it's definitely something I want to keep in mind.
@@gildedbear5355
It's great to know that you're looking into it. Islamic banks are human institutions that aim to execute their policies in the light of interpreting the Qur'an and the Sunnah. Thus, it is a system prone to weaknesses. So its great you're looking into things first.
Look up Joe Bradford. He is into Islamic finance
Another RUclips channel Is Islamic Finance Guru
Medieval European banks also couldnt charge interest since the church banned it. they instead utilized late payment fees and you were expected to pay atleast one late fee, otherwise you would be blacklisted by all the banks for paying back to early.
i mean, since there's no added convenience/bonuses from taking loans at the time (compared to taking credit today), i would assume taking a loan means you can't pay it back anytime soon
There is no late payment fee and others, in Islamic Banking
Amazing voiceover work! No mispronunciations at all!
U've done a good job resuming these concepts. Well Done. "Interest" and "Murabahah" are not the same thing, cause in the second one the bank sells you what it really owns, not like in the "interests" system, where all the bank has to do is ask a loand from the federal bank with some lower interest. the "interests" system is based like on some "virtual assets" while the "murabahah" is based on real money that the bank owns. The bank interest are the cause of all the financial crisis in history.
No, all Islamic banks do is buy an item and sell it back to a person at a higher rate. That’s basically the same thing as interest 😂😂😂
I love how his voice is the perfect mix between "Bright Side" level generic-ness and someone like huggbees, it perfectly pairs with the cheesy jokes and stock-but-still-charming visuals.
Fascinating video! I didn't think a banking system could easily work without some fom of interest, but this makes sense! Thanks for making this.
Good job explaining this in simple video... I am Muslim and live in Malaysia but our teacher and schooler can't simplify this concept like u did 👍🏻
Wonderful Video Sam. As someone who has been involved in that world of finance for years you did a BANG UP job!! Excellent!!
Also, I'm an Arab, I've spoken Arabic since birth, and even I struggle with both the meaning AND pronunciation of certain old Arabic words.
Im Pakistani and i seem to know my secondary language (English) better than my main and mother tongue which is urdu
What Colonization does to a mfker
@@belasstrongestwarrior I was born way after the English colonization of Palestine
@@aliabdallah102 I mean your brain is colonized by the Westerners
I was watching the new wendover video when I saw this notification. I dropped that video immediately because you have a much better voice.
Even his scripts are better organized and to the point.
Arms aren't haram, although many banks might avoid the arms industry for ethical reasons.
This... feels much more sustainable than interest banking.
Shariah finance is complex but you done a great job of explaining the basics without prejudice.
Well done!!
"not the type girls never showed me in middle school."
So they had interest in you during high school? No one can resist your fantastic voiceover work! No mispronunciations whatsoever!
but interest is haram!
@@NorroTaku bruh
@@Driga_ Issa joke dude
@@Driga_ bruh
I live in ireland and a Muslim friend of mine’s parents bought their house up front because they wouldn’t take out a mortgage, seems pretty crazy.
That's not crazy, paying interest on a loan is.
that is the opposite of crazy. they own their home, the next banking crash won't make them homeless and they aren't paying a massive chunk of their income just to keep their home.
@@cageybee7221 I don’t think it’s crazy as in stupid, I think it’s crazy as in it’s nothing I’ve ever seen before outside of the mega rich.
crazy as in insanely awesome.
Taking a loan would just cost more.
Charging interest is also a sin in the Catholic church, the banking families of Florence would instead charge a late payment fee (coincidentally a percentage of the amount due), and it was expected for people to pay loans back late. If they paid them on time or early, they were blacklisted from all the banks in Europe.
Great content. Also, I recommend all of you to read this book: Haram Wealth in Contemporary Muamalah by Dr. Erwandi. This book cover almost everything about Islamic financial ruling.
Hi Mrs Jane is legit and her method works like magic I keep on earning every single week with her new strategy
Thanks for introducing me to Mrs Jane
My first investment with Mrs Jane gave me profit of over $24,000 us dollars and ever since then she has never failed to deliver and I can even say she's the most sincere broker I have known
Who's this professional everyone is talking about I always see her post on top comment on every RUclips video I watched
I think I'm interested how can I get in touch with Mrs Jane
Seeking for her contact details👇
I heard "Tapas" as "topless" and suddenly this video seemed much more wholesomely capitalistic.
That’s actually right “murabaha” is basically interest with extra steps the whole Islamic banking thing imho is pretty much financial products that cater to “Muslims” I say that cuz non-Muslims can participate too by in large they are pretty similar to conventional banks but depending on the specific products they offer some people could gain a slightly better advantage when compared to “traditional” banks....then again depends on where u are and what those”traditional” banks offer cuz no one country is exactly similar
The reason why Interest in Islam is bad, its because it breaks the nature that 100$ is equal to 102$
@Pen Guin I know what is an interests. But looking from Religious view. It is not righteous.
@Pen Guin There's a difference between borrowing money from someone, OPTIONALLY, paying extra as a thank you, and borrowing money from someone and is a MUST to pay extra more than borrowed.
Actually information is pretty accurate, and I deal with muslim banks for the mentioned reasons.
Awesome voiceover man!
Work voiceover fantastic! No whatsoever mispronounciation!
actually doesnt sound like a bad idea. But its not just Muslims, hundrets of years ago first European banks also had the same problem where Christianity also made it wrong to make interest from your fellow people, bankers quickly skirted around the rules by charging for late payment
The only thing that made me into sharia bank is i can have saving without any fees so i can rest my cashes for a while securely without being sliced slowly.
Interesting topic and video, enjoyed it!
When you give it some thought, Sharia is pretty much the best law system compared to what we have now.
Mother's Rights
Father's Rights
Parent's Rights
Children's Rights
Sibiling's Rights
Wife's Rights
Husband's Rights.
Stranger's Rights
Neighbor's Rights
Mate, even friends have right's, you can't leave your starving buddy without giving him a snack.
Islam is just perfect if you give it some food for thought.
@@yonissaid4057 yup we just have to follow it
@@yonissaid4057 wtf? Please use ur brain
@@ishaan7900 You here to mock?
I won't even waste my time to , since you didn't even have a single critic and went straight to mockery.
I wonder what religion teaches that?
or if you're just some atheist without a concept of morals.
Judging with your foul language and you low level grammar such as "wtf and ur" I'm going to assume you're an ignorant close minded person that doesn't think before speaking.
Have a good day Ishaan.
That was a SMOOTH transition to the sponsor😉
Awesome work! Cant wait for more.
Thank you for this video very well explained and accurate.
No mispronunciations whatsoever! Fantastic voiceover work!
Yeah I remember some of this from school and you honestly explained it better.
Is this system highly dependant on a 'credit score-like' system?
This is me honestly asking for clarification because the lack of penalty on missed payment is an odd concept to me.
No, Islamic banks are the worst kind of banks. They charge an interest rate just like any bank, but they call it different names to make it "halal". You can think about it as interest with hijab.
I do not know much about those Islamic banks in the west, but the banks in the middle east operate in a barbaric system. The only way to miss a payment is to lose your income, banks take your paycheck as a hostage. You wouldn't get the loan unless you agree to allow the bank to take their cut out of your paycheck before it gets deposited into your account. Furthermore, you'd better not lose your income, because if the bank takes it to the court you will go to jail.
About credit score, NO. They do not have that concept, they charge everyone the same interest rate. But the maximum amount of loan depends on your monthly salary. If you do not have a stable job with stable paychecks they will deny the loan.
@@user-jg6xu1kk1i that actually sounds like a fair way to do it. If you agree on a interest feee loan, and have no penalty for late fees it only makes sense that they will be able to extract the payment directly from my pay check just like a direct debit payment. How people could still find a way to disagree with a system that is more beneficial for the customer is odd. I’m sure there’s many things you could complain about in the Middle East, but if we’re talking unfair predatory financial practices come to the UK or any other country to see how bad it is.
Great research HAI team! Thanks for this video.
Great voiceover work. Keep it going!
How cute. He doesn't think the Qur'an bans the kind of interest he wanted from girls in middle school.
the bank still gets money but in a more honest way, genius
Your Voiceover has been on another level lately, keep it up!
Just want to repost my response of some discussion here, where some people missed some important key factor between conventional banking with interest and Islamic sharia banking with Murabaha:
The problem that you all missing from this discussion is that in interest based, the interest value is typically floating and does not agreed in the beginning of loan agreement (or akad in Islamic sharia). The interest can change over time and can bubble to a point over the bank's or economic interest (real interest, not the interest you pay)
Basically Islamic law prohibits entering or making an unclear agreement (as stated in the video where we cannot do Future and Option trading), where the interests in conventional banking is the unclear part of the agreement.
In a country with higher inflation rate like Indonesia, mortgage interest can skyrocket year on year depending on the central bank interest rates. For you guys in the first-world country where central bank interest rates are low, this may not be a major issues.
The sharia based loan practically eliminates this uncertainty part and make all amount of payment clear in the beginning of the loan agreement. Hence, the bank purchase the mortgage object, appraise the future value (like using NPV calculation), then use that to determine the amount due for the lender every payment term.
Practically this seems to be the bank taking out profit, but actually, the bank also taking the risk in case the actual future value is actually higher than what they agreed, or there's been a cost hike in the bank operational but they cannot increase the profit by increasing the agreed mortgage interest. While in conventional bank, if the bank needs more profit, they can just slap a new interest rate for the next year and all lenders need to comply. The lender has no power but accept for what it is. This makes this sharia lending scheme fairer for the lender.
Oh wow! Your voiceover style has been great lately! Keep it up!
Fantastic voiceover work! no mispronunciations whatsoever!
I spat out my Guinness at that Irish tapas "joke", how dare you defame my people with such derogatory stereotypes *takes bite out of raw potato*
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Thank you for covering this
I'm now considering transferring to an Islamic bank. Sounds like they're simply more ethical ^_^.
Feeling shitty for breaking the comment thread meme; but this just sounds like a far more humane banking system we should use this
Thats islam, what non-muslims do but better
Yeah, sharia law definitely has its... shortcomings, but it generally does the whole egalitarianism (economically speaking, at least) thing pretty well
@@felixbabuf5726 there is nothing wrong with sharia law
@@felixbabuf5726 Egalitarian, once you look past the theocracy, and everyone it stones, hangs, throws off roofs, or forces to wear garbage bags.
@@ShankarSivarajan I realized that, that's why I edited it to say economically speaking
Fantastic voiceover work! No mispronunciations whatsoever!
Fantastic voiceover work! No mispronunciations whatsoever!
Fantastic voiceover work! No mispronunciations whatsoever!
Fantastic voiceover work! No mispronunciations whatsoever!
Fantastic voiceover work! No mispronounciations whatsoever!