I am a Chartered Accountant and also the IS Auditor. The concepts defined by the Mr. Haris are really great. Mr. Muzammil thanks for inviting such a knowledgeable and practicable person on the platform. Your all podcasts are really very informative, with every podcast I learn something new and the discussions also make my concepts more clear. Your efforts are greatly appreciated.
Your channel is just been created 2 days ago and you are saying the very first video you watched is a podcast. I haven't listened to podcast yet and nor i am commenting on video. I am just asking about the validity of this comment.
You are a chartered accountant, so am I. Accounting is completely different than finance. Secondly, Islamic banks do not operate on the interest model. When you finance things through Islamic finance model, it is owned and sold to you by the bank who earn profit on it, unlike the conventional bank which loans you the money and earns interest on it.
@@hassanahmed267 Hey bro, as you said you are also a CA, i know that accounting is different from Finance but you should also know that a CA also conduct audits of different banks. I have conducted audits of different banks (i.e. islamic banking and conventional banking) so i know the whole picture of it.
Finally, someone speaking truth. There are dozens of issues with Islamic banking but the biggest issue is money creation. When people work their sweat and blood to earn money while banks are allowed to create money just by ledger entry how can such a system be islamic.
Try to read an introductory book on economics. Money creation is niether immoral nor un islamic. The money supply can both be increased and decreased according to how the central bank thinks will be right for the economy.
Great job, this is new age guest with a world view of 21 century. KPK finance minister was also great. Quality of guest is great. No decision makers are on the podcast. Before in IK era you had access to all Govt officials who you cross examined now I don’t see decision makers or Govt servants in your podcast. The whole nation of beggars and it Chief of Beggars are not available? No one in the world is going to give single dime to beggars according to mr shobaz. Going forward finish this season on high note and stop discussing Pak problems that you and your guests who are no decision makers can solve. People controlling your life consider you digital terrorists because you talk about progressive Pakistan and an institution that has lost every battle it has fought since the inception of Pakistan, do you think they care about Pakistani people and their families or economy. All of them go live in other countries after retirement so teach your audience how to make a buck in country of Beggars and then leave them to rot. Stop being so patriotic in your interview no ones in decision making role give a puc. One who really cares is dying for this morally and ethically bankrupt nation of Beggars.
This is the fundamental issue with the banking system- the central bank cannot justify legally and morally bringing currency into circulation. This is even against the secular contract law, as they do not risk anything in return. This is the fundamental flaw as they have a monopoly on the currency, which takes away the freedom from the people to choose. Furthermore, they charge interest on the currency they put into circulation, whereas the interest charged is never created in the first place. So, they steal the principal amount from circulation without producing anything in return. That's why the concept of banking is alien to any just society. Conventional banks or Islamic banks work under the same central bank using the same paper/digital money that has interest attached to it. Islamic banks are not anything in parallel but work under the same usurious central banking system. The moment interest rates change, so do the fluctuations in their Islamic products because the currency they use has an added cost of interest.................................
Anybody who doesn't understand the damage fiat money has done to the world needs to look at the long term CPI chart and see how inflation has skyrocketed from 1971. The year the US shifted away from the Gold Standard.
Yes of course, after 1971 when countries couldn’t redeem their gold for their US dollar reserves - it lead to a free for all in quantitative easing. Nowadays it’s just supply and demand. The more we need to give to get a US dollar - the more natural resources we give up.
This is absolute gold. You extracted so much value from this guy. We would love to have this as a dedicated segment. A continuous learning is needed to tackle with the current economic system that is deemed to fail us.
Great, first man to clarify islamic banking so distinctly and clearly. Great to hear of what the rich do, how banks operate, what the future and how could there be equalizer! Thanks Muzammil
For anyone interested in this topic and a thorough history of mankind's rape aka present day banking, please read the book: Debt, the first 5000 years. This guy is absolutely amazing. Thank you @muzammil for hosting this podcast
Harris is saying exactly the identical words what I have been preaching since the last 20 years since I left banking. Finally a young man with the requisite background has spoken the truth about the status of present day islamic banking, about new forms of exchange, about the fake USD and the potential Pakistan holds. Bravo.
I have watched half of the video, so far it's great. To extend this topic of Islamic Banking I would love to see Mufti Taqi Usmani on your podcast. It would be an enlightening experience to see him here on this topic
That's their problem they consider jamhur like their brain dead madarssah students and he won't have balls to come to such platforms where he would be questioned harshly
Its truly refreshing to listen to Mr Haris. He not only understands banking, he understands the principles of Islamic finance & risk and is able to explain it. Above all he states facts, the truth.
@@muzamilahmed3127 Tatti Ushmoney is not a scholar or baking or financial Expert but a mill of the run maulvi. His father claimed to be a Prophet [RasoolAllah].
I am thrilled to see another podcast of Mr Harirs again. he has an in-depth understanding of the so-called Islamic halal financing banks or financial institutions. i have seen his podcast and seems a credible person.
My friend lives in Dubai, so she bought a car using an "Islamic car loan." First, they told her the loan rate was only a 3.19% profit rate, kept emphasizing how low it was, and gave her an estimated monthly payment. A little suspicious, I did the math myself, and the monthly payment and the profit rate were not lining up. So I'm arguing with her banker about this bullshit monthly payment and asked how they're calculating it. So I asked her to get her bank documentation and discover 3 different rates, the actual effective rate being 6%. The fact they started off with a lie irritated me, then I did the math and saw how much "profit" she would have to pay by the end of the loan and compared it to how much interest she would have to pay with a conventional Riba loan, and it was almost the same amount. Whoever created these fraudulent products, I am afraid for him.
This podcast is the peak of your work (to date). Keep up the good work. Plz try to bring another expert who has a counter narrative in favor of Islamic Banking.
What an incredible discussion! I'm truly amazed by the depth and knowledge shared by Mr. Haris. Hats off to Mr. Muzamil for facilitating such a wonderful and insightful conversation. I thoroughly enjoyed it and would love to see more interviews like this on a regular basis.
I’m an economics student with a keen interest in Islamic economics. After studying Islamic economic principles, I was particularly impressed by Mufti Taqi Usmani’s work on Islamic banking, especially the Meezan Bank’s innovative halal policies. I would like to request that you consider inviting Mufti Taqi Usmani to discuss these topics further.
Pray tell me what are these innovative Halal policies? Do they include confiscating your car or house if you fail to meet your monthly payments 'partner'? In the 'Business' you share with Meezan Bank?
@@PakluPapitoownership of car is with bank. Its a rental contract. If you don't pay they have a right to take it back. How come it's wrong? Do you let your house to stay with tenant even if he stops paying?
@@mujtabamansoor3405 Absolutely spot on! Indeed the ownership of car is with the bank and since it's a rental contract you have to pay them and when you cannot be able to they have the right to take it back 100%. BUT hang on a sec. Who decides what would be the rent? Free market? demand and supply? or the Almighty Central Bank? Telling you to charge the same rate of interest as rental? and if you don't comply your banking license would be scrapped? Even for the sake of the argument let's consider the rate of interest as equivalent of the rental amount in the free market, would you care to enlighten which owner of the car or property transfers it as a 'gift' to the tenant at the end of the contract?
What a great episode, what a brilliant guest. I could go on listening to him if it was a much longer episode. Need more content like this; packed with value, concise, insightful. This was really a treat
Brilliant guest! Very eloquent! And overall a very intellectual discussion that actually made sense on so many levels. Do bring him back for more episodes as and when needed. I would love to hear more on his insights. Excellent questions put forth as well by the host!
It's great. Mr Haris was able to convince the audience to agree with his pov. But should we be making the judgement by looking at one side of the coin only? This is the second podcast by Bro Muzammil in line. Now, we request him to host a guest, who believes the otherwise, so that the audience get the opportunity to listen the both sides and then make a knowledgable judgement. Thanks!
Can you arrange a talk with Dr Zeeshan Ahmad sb. on this topic?! He is ex-Dean LUMS business school, ex-Dean IBA, ex-Dean KSBL, ex-Dean Alqadir University, Dean GU-tech and vice-Chancellor AGU... As well as he is Alim-Deen too...... I hope we will benifit from that podcast too...
Deutsche bank a German bank is heading Islamic bank - What a shameful movement for muslim finance world over. Canada PM is heading for Islamic Housing... And Great Saudis are playing with line....
Saw his "The Thinking Muslim" podcast twice, all in one go to better understand what he has to share. Brilliant episode and i guess the best one so far where we can see all positive comments because Haris just nailed it.
The discussion was wonderful and insightful; I was really impressed by the guest's knowledge of Islamic principles. Currently, Islamic banking is offering every service and product with the same name, simply by adding "Islamic" to it. You can't just translate "alcohol" into Arabic or add "ab e zam zam" to make it halal. Many friends are asking if we can invite Mufti Taqi Usmani, as he has replicated the same Islamic model in Pakistan from Dubai.
Harris irfan is not fully right.. hes not highlighting the merits of IF.. flaws are there but to totally condemn as fraud or haraam..is also haraam. This also means that he is questioning the genuineness and sincerety of sharia scholars, sharia commitees of Islamic finance....do you mean to say they are cheating Allah... culprits are the senior conventional bankers who switched to islamic finance for lucrative " package" and not for faith or ideals. They are the ones copy pasted conventional banking products to islamic finance. Sharia scholars would approve any model that meets the requirements of sharia principles. Father of islamic finance justice taqi usmani is from your country.... why dont you ask him if islamic banking is haraam or fraud.....half knowledge in any field is dangerous.. when i struggled 7 years to move from conventional banking to islamic banking i consulted prominent scholar Dr. Bilal philips . He gave me a simple guideline . He said if islamic finance is even one percent better than ribawi banking in terms of halaal and haram we should chose islamic finance.. that comes of deep knowledge and not shallow knowledge like the guest and host here
If someone didn't understand the conversation then he should and must listen to the detailed version of it in the ghamdi 23 questions series chapter riba.
Mufti Taqi Usmani robe us and make us look stupid, He give Fatwa to Guidance Mortgage, they are taking money on interest add more interest on top it, call it rent, how come? no one can make haram to halal. Please listen Allah and his Rasool not to any Mufties.
What a sane voice on the crucial topic. Thank you for having him. Please also invite Mufti Abdul Khaliq Azad Rayepuri, the Director General of the Rahimya Institute Of Quranic Sciences. This will further add the substance to the fact that the so called Islamic Banking is HARAM.
who told you to peg your currency with dollar LOL the system is rigged by the west and brics currency is a step to counter it , not islamic finance that doesn't use money supply and multiplier for rapid wealth generation ! Islam nikalo aur economics dalo dimaag mei , padho bc padho ! in a system where everyone is generating wealth by its debt based nature , you'll be left far behind from the whole world LOL People and societies that don't change with time usually perish (unless you have an S level economic system - Sadly your's don't work) ! and lemme tell you one more thing , bitcoin is just a mode of tranfer and acconting , it doesn't change the manner of financial system , duds using it for money laundering , of what - guess hard ! FIAT MONEY LOL
Thank you so much Muzamil for inviting an experienced guest who knows the in and out of his game. That was the best podcast in a while. I look forward to seeing more content with this guy.
My conclusion is that the Islamic finance simply means that the world must go slower, the environment protected and be healthier, the population growth controlled and wars mostly avoided, and people less fat.
Invite Mufti Taqi Usmani so he can officially go on record as some of his students and colleagues have stating that Islamic banking is a necessary lesser evil compared to conventional banking when pushed to the edge.
Highly seconded. As a Common man typically does in every aspect of life, he gives broad sweeping statements about Islamic banking being truly Islamic or not without understanding the nuances and in-depth details of the actual concept. 1. Islamic banking (as developed by Mufti Taqi Usmani) in its current form is supposed to be the 1st stage of transition towards an Islamic economy. When something is in transition, of course some elements of it won't be 100% Islamic. 2. If some Islamic banks do not follow the Islamic banking procedures and ethics properly, it is the fault of those specific banks, not the inherent fault of Islamic banking concept. 3. It needs to be understood and investigated what is the next stage of transition towards Islamic economy and what progress has been made so far.
@@Suqrat400 On what basis you declared him as fraud. Do you understand Hadith and Quran better then him? Do you have better understanding of Islamic Fiq, compared to him ? Do you have more experience in Economics and Jurisprudence as compared to Mufti Taqi Usmani? if not , do you have any counter argument or references ? Just a bearded dp and name does not make you a philosopher.
@@danimalik7078 When a person sells something makes profit out of it then he is called salesman(Businessman) and the same person calls other businesses who are doing the same thing as haraam enterprises and this is called fraud in the name of religion. He is just stupid bearded guy who opposed repeal of hudood ordinances in reference to women who were raped and could not get justice due to flaw in the law where they were accused of fornication and themselves jailed. I have spent considerable amount in the madarsaa which have same school of thought and I can tell you with certainty that he is no more than charlatan. He is making millions out of meezan bank and other consultations he has done across the muslim world.
Just extraordinary, everything! down to the every minute detail. kudos to you Muzammil @@TBTGO for inviting such personalities and Sir Haris Irfan great respect on highlighting the facts and figure and crystal clear communication.
The guest's point was that anytime you have a "bank" and anytime any person comes in to "deposit" their money, the bank will automatically start "lending" without you ever finding out. Remember his example in the video where he said "bank has 100 in deposit but will lend out 1000 using the 100 as collateral". The problem is that the "bank" as an institution is not there to hold your money. It's sole purpose of existing is to lend. That's why he said islamic and banking is an oxymoron i.e. complete opposites. Do you understand?
Bank could lend for profit in a halal way. The way the package it matters the most. For example, some wants to buy a house worth 10million. The bank can buy it first at 10million on the spot. Then they can sell it to the person at a higher price to bag a profit let's say sell it to him at 13million with some conditions. Such as the pays 10% deposit on the spot(1.3million) and the remainder to be paid in installments for a certain duration of time. These are the easy conditions. There are difficult conditions too. Such as how to mitigate the risk of default. What does the bank do when the guy can no afford to pay back? Do they extend the repayment period or forfeit the loan as suggested in the Qur'an? Do they cease the assets of guarantors or the person that can no longer pay back? Banks usually do not want to take risks.
@@alibarisa2778 Anytime bank does "lending", it has to ask for not one cent specified over the amount lent otherwise it's Riba. Bank will never do that because all currency is fiat and in a constant state of loss of value Vis a Vis commodities. Your second example is exactly how "Islamic finance" is abused because although you made sure the contract is valid per Sharia, these companies selling you "islamic" products either have a) if they have the funds themselves then they try to have higher profit margins than the usurious banks to keep their products viable to compete Or B) if they don't have funds themselves then the are paying Riba themselves on back end (by transferring loan to you) to justify driving their profit margin higher while selling you a product under the guise of a Islamically valid contract. Now it's impractical in first scenario and haram (following the letter of the law while ignoring the spirit of law) in second scenario. It's much better for Islamic finance to find investment products to save people's wealth from constantly eroding than focus on trying to focus on finding loopholes to accomplish goals of making same profit margins as Riba based banks.
Except for central banks, no bank creates money out of thin air. Usually they keep certain percentage of deposits as reserves and use the remaining amount to give out loans. Banks don't need to keep every cent they get in as deposits. Ideal money is not good as well because devaluation.
The way the system works, it creates fake money. Banks don't create fake money. The system is flawed. You give bank $100. They keep 10 and lend $90. Eventually this $90 ends up in another bank. That bank again lends $80 and keeps $10. This $80 again ends up in another bank by the borrower who pays to buy something. So the third bank keeps $10 and lends $70. The $70 again end up in another bank..... In this way, originally there was only $100. But using that $100, people have bought products for $90 + $80 + $70 + $60 +........ So basically the $100 has been multiplie din the economy, resulting in more products being sold on loans. This results in increase in money supply and increase in product sales. When sale increases too much, inflation happens and money gets devalued. This is how the banking system creates fake money. From $100, the banking system created $90+$80+$70+$60+$50 and so on.....
@bharathfsf3686 The way the system works, it creates fake money. Banks don't create fake money. The system is flawed. You give bank $100. They keep 10 and lend $90. Eventually this $90 ends up in another bank. That bank again lends $80 and keeps $10. This $80 again ends up in another bank by the borrower who pays to buy something. So the third bank keeps $10 and lends $70. The $70 again end up in another bank..... In this way, originally there was only $100. But using that $100, people have bought products for $90 + $80 + $70 + $60 +........ So basically the $100 has been multiplie din the economy, resulting in more products being sold on loans. This results in increase in money supply and increase in product sales. When sale increases too much, inflation happens and money gets devalued. This is how the banking system creates fake money. From $100, the banking system created $90+$80+$70+$60+$50 and so on.....
Another scholar with a very good grip and command on this specific topic is Mufti Abdul khaliq Azad Raipuri who debunks the idea of the so called Islamic banking in the light of Quran and shariah . Kindly invite him on your podcast on this topic. 👇 ruclips.net/video/Zy9aIdvzRkY/видео.htmlsi=_96JoVbzZ0vlVSET
Excellent podcast Muzamil Hasan Haris Irfan excellent style of explanation economic Islamic Banking Beautiful way of example explanation waste knowledge in banking May Allah bless him Haris
Absolutely amazing discussion.. Provide me with new domains to rethink my future investment decisions. The concept of borrw spend and consume is really oppressing me and the people around. i can clearly see that!! I would love to have him back again on one of the specific topics discussed in this podcast. Thank you Muzamil
bhai property ke paper ghuma ghuma ke pakistan ki productivity has touched rock bottom LOL - with islamic banking you'll get that again ! who told you to peg your currency with dollar LOL the system is rigged by the west and brics currency is a step to counter it , not islamic finance that doesn't use money supply and multiplier for rapid wealth generation ! Islam nikalo aur economics dalo dimaag mei , padho bc padho ! in a system where everyone is generating wealth by its debt based nature , you'll be left far behind from the whole world LOL People and societies that don't change with time usually perish (unless you have an S level economic system - Sadly your's don't work) ! and lemme tell you one more thing , crypto currency is just a mode of tranfer and acconting , it doesn't change the manner of financial system , duds using it for money laundering , of what - guess hard ! FIAT MONEY LOL Aur yar ek bat bata , haram tareeko se paise kamane walo ke liye kaam karke , salary halal method se invest karne mei , would you feel any shame ? this scholar thinks trade is the solution , "volume" comes from that debt based system , with islamic model you'll atleast get back in an era of atleast 100-150 yrs ago or so
A fascinating discussion. I'm particularly impressed by the speaker's clarity on Islamic economic principles. Declaring Bitcoin to be Islamic is as problematic as endorsing fiat currency. To qualify as 'money,' something must function as a medium of exchange, a unit of account, and a store of value. When subjected to this test, Bitcoin falls considerably short, disqualifying it as a true form of money.
@@Sobanhassan1761 Bitcoin fails as 'money' because it's: Not widely accepted as a medium of exchange. Too volatile to be a reliable unit of account or store of value. Lacks intrinsic value, making it highly speculative. Such shortcomings make Bitcoin incompatible with Islamic economic principles.
@@Fewlines Its not widely accepted because its new. Do you think Gold was adopted as currency overnight ? And you are wrong about store of value. Bitcoin has proven to be best performing asset since its inception. Data shows that there is no better store of value than Bitcoin.
I am student of Fiqh Ul Muamlaat at prestigious institution in Pakistan and MaashaaAllah this podcast is absolutely masterclass. Thank you so much for this insightful and beautiful podcast. Thumbs up.
Thank you for inviting Haris and thank you for coming over to the podcast, such an amazing scholar. I really loved the show and the effort from both ends.
The person speaking didn't even understand the concept of Islamic Banking. It is just not like that you take the word "interest" and write "profit" instead. Invite Mufti Taqi Usmani to properly understand it's logic and concept.
Do u understand what he said he isn't against the contracts the banks have with people, the problem is the bloody banks itself lending or in islamic banking sharing more money than they have
Islamic banking is all about risk sharing and but in Pakistan it's dependant on KIBOR so as a banker I don't think the current prevailing Islamic banking system is just a fraud and Taqi Usmani will be held accountable for that on the day of judgement
Does Islam allow to print money out of nothing ? That is what banks do Islamic or not ? Mufti has allowed it because there is no alternative to banks unless Bitcoin becomes the norm.
I think I am in Love with this guy haris irfan. no homo though and I'm only 12 mins in the video as I type this. What he is talking about is what I have been wanting for a while that someone comes and educate this stupid nation about. The concept of money and how it is being built out of thin air in credit infatuated first world which is in turn ruining third world economies which can still tap into their natural resources reserves to create value and this guy has explained just in mere 12 minutes of the video. I would really appreciate if you may get it dubbed or dub it in urdu or use urdu subtitles and post it for these betting agency and binary trading promoting youtubers facebook/tiktokers and how they are digging their own graves eventually as well as those they call fans.
There is nothing wrong with the statement. It simply means a person named so and so. The Alim is not a sahabi, a prophet AS or Allah SWT. Veneration of a person beyond a point will lead to shirk. Your point would have made sense if normally it was disrespectful to refer to someone like this. (Special exemption is given only to Sahaba, Prophet SAW, and Allah SWT (the highest in fact))
there were crashes pre fiat currency as well due to lack of money in the system. There is not enough gold in the world for every human. Fiat currency that is controlled is good for people and the world. Hard currency leads to war due to limited resources and war over those resources.
@@Muzammil.S yeah if you let it sit in a bank. The whole point is to save and invest to make it grow faster than inflation which the US pegs at 2% while stock returns are 10% and house prices have increased by 3% on average. The people that do it right can then retire at 65 and live off it for 30 years
@@HarshPatel-yh7cq Don't get fooled by CPI reports. Inflation rate is far greater than 2% for USD and in a country like Pakistan, it can reach 20% ! Printing money out of thin air will lead us to disaster.
@@HarshPatel-yh7cq And crashes pre fiat were also related with inflation. Nations used to borrow Gold in order to go to war but they usually crumbled in case of loss meaning there were real repercussions for needless wars. In case of fiat printing, a government like US doesn't even have to borrow to go to war hence we see perpetual wars now.
@@Sobanhassan1761 the only example I can think of is Spain when they got massive gold from South America but here hasn’t been inflation due to gold in other countries since again their is limited gold in the world.
One of the best podcasts ever made! We are being guided wrong and people have absolutely no knowledge about it. Superb! Thank you for sharing the information!!!!!!!!!!
please invte mufti taqi i dont wanna spam he is the one who had a hue hand in islamic finance please let him explain these products.he is not just a mufti but the creator of maybe the largest bank in pakistan meezan.So he is really experienced in this spaced please invte him
Highly educative podcast with a highly knowledgeable professional. Helped with better understanding of Islamic Finance and wealth management in these desperate times! Let's please have more of such podcasts.
This was a really mind opening session so thank you both for enlightening us on this topic. As a technologist and CEO of a successful startup I have so many product concepts popping up around democratisation of capital. It could be a game changer for millions of people in creating wealth and sustainable income. Well done.
Really enjoyed listening to Harris Irfan to improve my understanding of Islamic finance. Thanks to him for sparing time, and thanks to you Muzamil for arranging this. Jazakallah
Long overdue Haris is one person who cleared my thoughts about RIBA Thank you for having him There is a case of bringing him again to unpack bitcoin more to clarify some more doubts and questions
The more I listen to financial experts with limited Sharia knowledge criticizing Islamic banking, or Sharia experts with limited financial understanding doing the same, the more my confidence in Islamic banking and finance grows. This perspective comes from my experience as a qualified Chartered Accountant and practitioner, as well as a Certified Sharia Advisor and Auditor.
most insightful session ever, even better than a paid workshop etc. Waiting for Part 2 to discuss more about 1. tokenization's Islamic prespecpective 2. Potential of Tokenizing Balochistan' Development projects, CPEC, gold mines etc 3. Can Fintech in pakistan add features of Buying Bitcoins/TOKENS in future?
Great podcast and big fan of the guest already. Given the English barrier I would encourage you to produce an Urdu translated version which I am sure you must be working on. Keep up the good work!
It was an outstanding podcast. Please try to select similar topics in the future. It is much better than just listening to boring Pakistani politics where we do not see any hope. Many thanks for your efforts.
Muzammil This is one of your best podcast ! You asked very intelligent questions. You should do more podcasts like these as they are very informative and provide a good understanding of how things are happening on a global level. Appreciate the efforts you are putting in. God speed!
Great podcast. Irfan is a wealth of knowledge and gift to Islamic finance. His knowledge and experience is beyond most. What the common man would say is what are we supposed to while we live in this current banking system?
@@afzalshaikh2128 maybe you mean trying to day trade the volatility is likened to gambling. A new startup will have more volatility than Bitcoin, doesn't mean gambling.
Reinforced quite a few ideas and learnt a lot more. Need a lot more in-depth sessions with Harris and more importantly, real ground-level practical how-to solutions. A session where you invite a solid renowned Islamic banking scholar/ advocate would greatly be appreciated likewise!
Highly Appreciated This is the type of content that Pakistan needs right now have more guests that can talk on the same topic also some islamic scolars So that their opinoin can also be eleborated
Invite someone from the Islamic Banks to counter his arguments. Someone says, "If you can't convince them, confuse them". Calling Islamic Banking a fraud is just he tried to do that. Peace😊.
I am a Chartered Accountant and also the IS Auditor. The concepts defined by the Mr. Haris are really great. Mr. Muzammil thanks for inviting such a knowledgeable and practicable person on the platform. Your all podcasts are really very informative, with every podcast I learn something new and the discussions also make my concepts more clear. Your efforts are greatly appreciated.
Mashallah superb. Harris is genius
Your channel is just been created 2 days ago and you are saying the very first video you watched is a podcast.
I haven't listened to podcast yet and nor i am commenting on video.
I am just asking about the validity of this comment.
Accounting, Audit are different from Banking Finance. It's a whole new world.
You are a chartered accountant, so am I. Accounting is completely different than finance. Secondly, Islamic banks do not operate on the interest model. When you finance things through Islamic finance model, it is owned and sold to you by the bank who earn profit on it, unlike the conventional bank which loans you the money and earns interest on it.
@@hassanahmed267 Hey bro, as you said you are also a CA, i know that accounting is different from Finance but you should also know that a CA also conduct audits of different banks. I have conducted audits of different banks (i.e. islamic banking and conventional banking) so i know the whole picture of it.
Finally, someone speaking truth. There are dozens of issues with Islamic banking but the biggest issue is money creation. When people work their sweat and blood to earn money while banks are allowed to create money just by ledger entry how can such a system be islamic.
Try to read an introductory book on economics. Money creation is niether immoral nor un islamic. The money supply can both be increased and decreased according to how the central bank thinks will be right for the economy.
@@omarkhan3256 🤣🤣🤣
Great job, this is new age guest with a world view of 21 century. KPK finance minister was also great. Quality of guest is great.
No decision makers are on the podcast. Before in IK era you had access to all Govt officials who you cross examined now I don’t see decision makers or Govt servants in your podcast. The whole nation of beggars and it Chief of Beggars are not available?
No one in the world is going to give single dime to beggars according to mr shobaz.
Going forward finish this season on high note and stop discussing Pak problems that you and your guests who are no decision makers can solve. People controlling your life consider you digital terrorists because you talk about progressive Pakistan and an institution that has lost every battle it has fought since the inception of Pakistan, do you think they care about Pakistani people and their families or economy.
All of them go live in other countries after retirement so teach your audience how to make a buck in country of Beggars and then leave them to rot.
Stop being so patriotic in your interview no ones in decision making role give a puc.
One who really cares is dying for this morally and ethically bankrupt nation of Beggars.
ruclips.net/video/1lBvg0M5LJs/видео.html
This is the fundamental issue with the banking system- the central bank cannot justify legally and morally bringing currency into circulation. This is even against the secular contract law, as they do not risk anything in return. This is the fundamental flaw as they have a monopoly on the currency, which takes away the freedom from the people to choose. Furthermore, they charge interest on the currency they put into circulation, whereas the interest charged is never created in the first place. So, they steal the principal amount from circulation without producing anything in return. That's why the concept of banking is alien to any just society. Conventional banks or Islamic banks work under the same central bank using the same paper/digital money that has interest attached to it. Islamic banks are not anything in parallel but work under the same usurious central banking system. The moment interest rates change, so do the fluctuations in their Islamic products because the currency they use has an added cost of interest.................................
Anybody who doesn't understand the damage fiat money has done to the world needs to look at the long term CPI chart and see how inflation has skyrocketed from 1971. The year the US shifted away from the Gold Standard.
You are absolutely right brother and ive also checked the data which affirms your statement.
Yes of course, after 1971 when countries couldn’t redeem their gold for their US dollar reserves - it lead to a free for all in quantitative easing. Nowadays it’s just supply and demand. The more we need to give to get a US dollar - the more natural resources we give up.
@@ahmadjawadhassaan4462 The problem is the Ulema have sat on their behinds and not helped to build alternative systems
Okay and what are you/we going to do about it? Nothing. Keep your mouth shut
please need a next video regarding "Petro Currency" and the murder of Gaddafi and Saddam . If you dare.
This is absolute gold. You extracted so much value from this guy. We would love to have this as a dedicated segment. A continuous learning is needed to tackle with the current economic system that is deemed to fail us.
Indeed
Straight, Fearless talk from a genuine professional. Keep it up, lets have more such educative podcasts
what a splended Talk, Please bring Haris more in Up-comming poscasts related to islamic finances.
Great, first man to clarify islamic banking so distinctly and clearly. Great to hear of what the rich do, how banks operate, what the future and how could there be equalizer!
Thanks Muzammil
For anyone interested in this topic and a thorough history of mankind's rape aka present day banking, please read the book: Debt, the first 5000 years. This guy is absolutely amazing. Thank you @muzammil for hosting this podcast
He had the book in his shelf.
Harris is saying exactly the identical words what I have been preaching since the last 20 years since I left banking. Finally a young man with the requisite background has spoken the truth about the status of present day islamic banking, about new forms of exchange, about the fake USD and the potential Pakistan holds. Bravo.
Though I totally agree with Haris and he nailed it…. As ex-banker my one cent for Islamic Banking is Halal’s money sitting on Haram’s Server.
He prefers Jewish banking instead?😂
I have watched half of the video, so far it's great.
To extend this topic of Islamic Banking I would love to see Mufti Taqi Usmani on your podcast.
It would be an enlightening experience to see him here on this topic
That's their problem they consider jamhur like their brain dead madarssah students and he won't have balls to come to such platforms where he would be questioned harshly
Its truly refreshing to listen to Mr Haris. He not only understands banking, he understands the principles of Islamic finance & risk and is able to explain it. Above all he states facts, the truth.
Invite Mufti Taqi Usmani to the podcast as well to discuss Islamic banking.
That Idiot Dentonic is a fraud not a Banking Expert. 😢
He will definitely support such act because he created it
@@muzamilahmed3127 Tatti Ushmoney is not a scholar or baking or financial Expert but a mill of the run maulvi. His father claimed to be a Prophet [RasoolAllah].
He only invites educated people.
He is biggest fraud, making millions of Islamic Banking because he is the one who gave fatwa and consulted on these banking projects.
I am thrilled to see another podcast of Mr Harirs again. he has an in-depth understanding of the so-called Islamic halal financing banks or financial institutions. i have seen his podcast and seems a credible person.
My friend lives in Dubai, so she bought a car using an "Islamic car loan." First, they told her the loan rate was only a 3.19% profit rate, kept emphasizing how low it was, and gave her an estimated monthly payment. A little suspicious, I did the math myself, and the monthly payment and the profit rate were not lining up. So I'm arguing with her banker about this bullshit monthly payment and asked how they're calculating it. So I asked her to get her bank documentation and discover 3 different rates, the actual effective rate being 6%. The fact they started off with a lie irritated me, then I did the math and saw how much "profit" she would have to pay by the end of the loan and compared it to how much interest she would have to pay with a conventional Riba loan, and it was almost the same amount. Whoever created these fraudulent products, I am afraid for him.
It's unfortunate
This podcast is the peak of your work (to date). Keep up the good work. Plz try to bring another expert who has a counter narrative in favor of Islamic Banking.
What an incredible discussion! I'm truly amazed by the depth and knowledge shared by Mr. Haris. Hats off to Mr. Muzamil for facilitating such a wonderful and insightful conversation. I thoroughly enjoyed it and would love to see more interviews like this on a regular basis.
I’m an economics student with a keen interest in Islamic economics. After studying Islamic economic principles, I was particularly impressed by Mufti Taqi Usmani’s work on Islamic banking, especially the Meezan Bank’s innovative halal policies. I would like to request that you consider inviting Mufti Taqi Usmani to discuss these topics further.
Its pure Suvvar shit
Pray tell me what are these innovative Halal policies? Do they include confiscating your car or house if you fail to meet your monthly payments 'partner'? In the 'Business' you share with Meezan Bank?
can you please expalain any meezan bank product that is purely based on islamic finance system
@@PakluPapitoownership of car is with bank. Its a rental contract. If you don't pay they have a right to take it back. How come it's wrong? Do you let your house to stay with tenant even if he stops paying?
@@mujtabamansoor3405 Absolutely spot on! Indeed the ownership of car is with the bank and since it's a rental contract you have to pay them and when you cannot be able to they have the right to take it back 100%. BUT hang on a sec. Who decides what would be the rent? Free market? demand and supply? or the Almighty Central Bank? Telling you to charge the same rate of interest as rental? and if you don't comply your banking license would be scrapped? Even for the sake of the argument let's consider the rate of interest as equivalent of the rental amount in the free market, would you care to enlighten which owner of the car or property transfers it as a 'gift' to the tenant at the end of the contract?
What a great episode, what a brilliant guest. I could go on listening to him if it was a much longer episode. Need more content like this; packed with value, concise, insightful. This was really a treat
Brilliant guest! Very eloquent! And overall a very intellectual discussion that actually made sense on so many levels.
Do bring him back for more episodes as and when needed.
I would love to hear more on his insights.
Excellent questions put forth as well by the host!
It's great. Mr Haris was able to convince the audience to agree with his pov. But should we be making the judgement by looking at one side of the coin only? This is the second podcast by Bro Muzammil in line. Now, we request him to host a guest, who believes the otherwise, so that the audience get the opportunity to listen the both sides and then make a knowledgable judgement. Thanks!
Harris you have killed it. No waffle and so concise. To the point. I would want you come back and speak on an another topic.
Can you arrange a talk with Dr Zeeshan Ahmad sb. on this topic?!
He is ex-Dean LUMS business school, ex-Dean IBA, ex-Dean KSBL, ex-Dean Alqadir University, Dean GU-tech and vice-Chancellor AGU...
As well as he is Alim-Deen too......
I hope we will benifit from that podcast too...
To the best of my knowledge Dr Zeeshan is not a finance expert. I could be wrong though
Deutsche bank a German bank is heading Islamic bank - What a shameful movement for muslim finance world over. Canada PM is heading for Islamic Housing... And Great Saudis are playing with line....
@@supergirl1892 "when you "make believe", nothing is impossible. "
Best episode by far. Extremely insightful and thought provoking. Hats off to both Haris and Muzammil.
One of the best podcast I have ever seen.. The guest has explained Islamic finance brilliantly . This needs to be shared as much as it should .
It is one of the best podcasts you have ever produced!
I listened to this guy in another podcast a while ago and it really made sense and changed my perception on modern banking.
I read your comment and interested to know if you have recalled the name of this podcast. Thank you
@@eldalyeffendi6171 ruclips.net/video/f13mgKVjJsU/видео.html&ab_channel=TheThinkingMuslim
I commented twice about bringing him on the podcast. If you brought him because of our requests, bruh we love you ❤
Saw his "The Thinking Muslim" podcast twice, all in one go to better understand what he has to share.
Brilliant episode and i guess the best one so far where we can see all positive comments because Haris just nailed it.
The discussion was wonderful and insightful; I was really impressed by the guest's knowledge of Islamic principles. Currently, Islamic banking is offering every service and product with the same name, simply by adding "Islamic" to it. You can't just translate "alcohol" into Arabic or add "ab e zam zam" to make it halal. Many friends are asking if we can invite Mufti Taqi Usmani, as he has replicated the same Islamic model in Pakistan from Dubai.
Harris irfan is not fully right.. hes not highlighting the merits of IF.. flaws are there but to totally condemn as fraud or haraam..is also haraam. This also means that he is questioning the genuineness and sincerety of sharia scholars, sharia commitees of Islamic finance....do you mean to say they are cheating Allah... culprits are the senior conventional bankers who switched to islamic finance for lucrative " package" and not for faith or ideals. They are the ones copy pasted conventional banking products to islamic finance. Sharia scholars would approve any model that meets the requirements of sharia principles. Father of islamic finance justice taqi usmani is from your country.... why dont you ask him if islamic banking is haraam or fraud.....half knowledge in any field is dangerous.. when i struggled 7 years to move from conventional banking to islamic banking i consulted prominent scholar Dr. Bilal philips . He gave me a simple guideline . He said if islamic finance is even one percent better than ribawi banking in terms of halaal and haram we should chose islamic finance.. that comes of deep knowledge and not shallow knowledge like the guest and host here
ruclips.net/video/1lBvg0M5LJs/видео.html
100% agree
This is the best podcast on Islamic Finance that I've ever heard, this guy is really amazing. Hope to learn learn more from him.
Finally someone who knows what they're talking about
If someone didn't understand the conversation then he should and must listen to the detailed version of it in the ghamdi 23 questions series chapter riba.
Vote for Mufti Taqi Usmani podcast on Islamic Banking ✌️
@@saifurrehman2689 this video is based on truth
@@saeedhasan6623 ok
Than why shouldn't we get his opinion on this?
Agreed
Mufti Taqi Usmani robe us and make us look stupid, He give Fatwa to Guidance Mortgage, they are taking money on interest add more interest on top it, call it rent, how come? no one can make haram to halal. Please listen Allah and his Rasool not to any Mufties.
Nope
I wont vote
What a sane voice on the crucial topic. Thank you for having him. Please also invite Mufti Abdul Khaliq Azad Rayepuri, the Director General of the Rahimya Institute Of Quranic Sciences. This will further add the substance to the fact that the so called Islamic Banking is HARAM.
ruclips.net/video/Zy9aIdvzRkY/видео.htmlsi=_96JoVbzZ0vlVSET
ruclips.net/video/1lBvg0M5LJs/видео.html
💥 Best TBT episode ever. I found so much value from the episode and answers to economical and financial problems that I often used to think upon
30:38 mind blowing analogy....great. Plz....make sure he should come again and again to help us to learn..
who told you to peg your currency with dollar LOL
the system is rigged by the west and brics currency is a step to counter it , not islamic finance that doesn't use money supply and multiplier for rapid wealth generation !
Islam nikalo aur economics dalo dimaag mei , padho bc padho !
in a system where everyone is generating wealth by its debt based nature , you'll be left far behind from the whole world LOL
People and societies that don't change with time usually perish (unless you have an S level economic system - Sadly your's don't work) !
and lemme tell you one more thing , bitcoin is just a mode of tranfer and acconting , it doesn't change the manner of financial system , duds using it for money laundering , of what - guess hard !
FIAT MONEY LOL
Thank you so much Muzamil for inviting an experienced guest who knows the in and out of his game. That was the best podcast in a while. I look forward to seeing more content with this guy.
Love it! What a discussion! Immense respect for the guest for speaking his heart out. We certainly need more people like him.
back to back great episodes - this season is truly a class apart!
keep it up
My conclusion is that the Islamic finance simply means that the world must go slower, the environment protected and be healthier, the population growth controlled and wars mostly avoided, and people less fat.
population growth is high in islamic countris - slower means no new technologies - no innovation
Muzammil, this was one of your greater shows. Thank you for setting this up
Invite Mufti Taqi Usmani so he can officially go on record as some of his students and colleagues have stating that Islamic banking is a necessary lesser evil compared to conventional banking when pushed to the edge.
He is fraud.
Lesser evil 😂.. it's like saying drinking a little alcohol is lesser evil.. 😅
Highly seconded.
As a Common man typically does in every aspect of life, he gives broad sweeping statements about Islamic banking being truly Islamic or not without understanding the nuances and in-depth details of the actual concept.
1. Islamic banking (as developed by Mufti Taqi Usmani) in its current form is supposed to be the 1st stage of transition towards an Islamic economy. When something is in transition, of course some elements of it won't be 100% Islamic.
2. If some Islamic banks do not follow the Islamic banking procedures and ethics properly, it is the fault of those specific banks, not the inherent fault of Islamic banking concept.
3. It needs to be understood and investigated what is the next stage of transition towards Islamic economy and what progress has been made so far.
@@Suqrat400
On what basis you declared him as fraud.
Do you understand Hadith and Quran better then him?
Do you have better understanding of Islamic Fiq, compared to him ?
Do you have more experience in Economics and Jurisprudence as compared to Mufti Taqi Usmani?
if not , do you have any counter argument or references ?
Just a bearded dp and name does not make you a philosopher.
@@danimalik7078 When a person sells something makes profit out of it then he is called salesman(Businessman) and the same person calls other businesses who are doing the same thing as haraam enterprises and this is called fraud in the name of religion. He is just stupid bearded guy who opposed repeal of hudood ordinances in reference to women who were raped and could not get justice due to flaw in the law where they were accused of fornication and themselves jailed. I have spent considerable amount in the madarsaa which have same school of thought and I can tell you with certainty that he is no more than charlatan. He is making millions out of meezan bank and other consultations he has done across the muslim world.
Just extraordinary, everything! down to the every minute detail.
kudos to you Muzammil @@TBTGO for inviting such personalities
and Sir Haris Irfan great respect on highlighting the facts and figure and crystal clear communication.
In islamic banking, no one is lending money to anyone, how does interest even come into play?
no you can lend money to anyone, but you are not allowed to take interest, and the value of the money never depreciate
The guest's point was that anytime you have a "bank" and anytime any person comes in to "deposit" their money, the bank will automatically start "lending" without you ever finding out. Remember his example in the video where he said "bank has 100 in deposit but will lend out 1000 using the 100 as collateral". The problem is that the "bank" as an institution is not there to hold your money. It's sole purpose of existing is to lend.
That's why he said islamic and banking is an oxymoron i.e. complete opposites. Do you understand?
Bank could lend for profit in a halal way. The way the package it matters the most.
For example, some wants to buy a house worth 10million. The bank can buy it first at 10million on the spot. Then they can sell it to the person at a higher price to bag a profit let's say sell it to him at 13million with some conditions. Such as the pays 10% deposit on the spot(1.3million) and the remainder to be paid in installments for a certain duration of time. These are the easy conditions. There are difficult conditions too. Such as how to mitigate the risk of default. What does the bank do when the guy can no afford to pay back? Do they extend the repayment period or forfeit the loan as suggested in the Qur'an? Do they cease the assets of guarantors or the person that can no longer pay back?
Banks usually do not want to take risks.
@@alibarisa2778 Anytime bank does "lending", it has to ask for not one cent specified over the amount lent otherwise it's Riba. Bank will never do that because all currency is fiat and in a constant state of loss of value Vis a Vis commodities.
Your second example is exactly how "Islamic finance" is abused because although you made sure the contract is valid per Sharia, these companies selling you "islamic" products either have
a) if they have the funds themselves then they try to have higher profit margins than the usurious banks to keep their products viable to compete
Or
B) if they don't have funds themselves then the are paying Riba themselves on back end (by transferring loan to you) to justify driving their profit margin higher while selling you a product under the guise of a Islamically valid contract.
Now it's impractical in first scenario and haram (following the letter of the law while ignoring the spirit of law) in second scenario. It's much better for Islamic finance to find investment products to save people's wealth from constantly eroding than focus on trying to focus on finding loopholes to accomplish goals of making same profit margins as Riba based banks.
Except for central banks, no bank creates money out of thin air. Usually they keep certain percentage of deposits as reserves and use the remaining amount to give out loans. Banks don't need to keep every cent they get in as deposits. Ideal money is not good as well because devaluation.
This is false. A banking license is what allows a bank to make new currency out of thin air.
You got the wrong idea. Creating money from thin air didn't meant the currency. It was the wealth in numbers as result of speculation and interests
@@waqasomeinterest is essentially rent
You use a taxi
A hotel room
Or u use someone's money ..
U pay rent.
The way the system works, it creates fake money. Banks don't create fake money. The system is flawed. You give bank $100. They keep 10 and lend $90. Eventually this $90 ends up in another bank. That bank again lends $80 and keeps $10. This $80 again ends up in another bank by the borrower who pays to buy something. So the third bank keeps $10 and lends $70. The $70 again end up in another bank..... In this way, originally there was only $100. But using that $100, people have bought products for $90 + $80 + $70 + $60 +........ So basically the $100 has been multiplie din the economy, resulting in more products being sold on loans. This results in increase in money supply and increase in product sales. When sale increases too much, inflation happens and money gets devalued. This is how the banking system creates fake money. From $100, the banking system created $90+$80+$70+$60+$50 and so on.....
@bharathfsf3686 The way the system works, it creates fake money. Banks don't create fake money. The system is flawed. You give bank $100. They keep 10 and lend $90. Eventually this $90 ends up in another bank. That bank again lends $80 and keeps $10. This $80 again ends up in another bank by the borrower who pays to buy something. So the third bank keeps $10 and lends $70. The $70 again end up in another bank..... In this way, originally there was only $100. But using that $100, people have bought products for $90 + $80 + $70 + $60 +........ So basically the $100 has been multiplie din the economy, resulting in more products being sold on loans. This results in increase in money supply and increase in product sales. When sale increases too much, inflation happens and money gets devalued. This is how the banking system creates fake money. From $100, the banking system created $90+$80+$70+$60+$50 and so on.....
Another scholar with a very good grip and command on this specific topic is Mufti Abdul khaliq Azad Raipuri who debunks the idea of the so called Islamic banking in the light of Quran and shariah . Kindly invite him on your podcast
on this topic. 👇
ruclips.net/video/Zy9aIdvzRkY/видео.htmlsi=_96JoVbzZ0vlVSET
Mufti Abdul Khaliq Azad sb really a great islamic scholar
yeah Mufti Abdul Khaliq Azad Raipuri has an awesome command on this topic
Excellent podcast Muzamil Hasan
Haris Irfan excellent style of explanation economic Islamic Banking
Beautiful way of example explanation waste knowledge in banking
May Allah bless him
Haris
Any muslim working in banks should resign and look for other jobs
Absolutely amazing discussion.. Provide me with new domains to rethink my future investment decisions. The concept of borrw spend and consume is really oppressing me and the people around. i can clearly see that!! I would love to have him back again on one of the specific topics discussed in this podcast.
Thank you Muzamil
bhai property ke paper ghuma ghuma ke pakistan ki productivity has touched rock bottom LOL - with islamic banking you'll get that again !
who told you to peg your currency with dollar LOL
the system is rigged by the west and brics currency is a step to counter it , not islamic finance that doesn't use money supply and multiplier for rapid wealth generation !
Islam nikalo aur economics dalo dimaag mei , padho bc padho !
in a system where everyone is generating wealth by its debt based nature , you'll be left far behind from the whole world LOL
People and societies that don't change with time usually perish (unless you have an S level economic system - Sadly your's don't work) !
and lemme tell you one more thing , crypto currency is just a mode of tranfer and acconting , it doesn't change the manner of financial system , duds using it for money laundering , of what - guess hard !
FIAT MONEY LOL
Aur yar ek bat bata , haram tareeko se paise kamane walo ke liye kaam karke , salary halal method se invest karne mei , would you feel any shame ?
this scholar thinks trade is the solution , "volume" comes from that debt based system , with islamic model you'll atleast get back in an era of atleast 100-150 yrs ago or so
A fascinating discussion. I'm particularly impressed by the speaker's clarity on Islamic economic principles. Declaring Bitcoin to be Islamic is as problematic as endorsing fiat currency. To qualify as 'money,' something must function as a medium of exchange, a unit of account, and a store of value. When subjected to this test, Bitcoin falls considerably short, disqualifying it as a true form of money.
How does Bitcoin fail on those tests ?
I use Bitcoin as a medium of exchange, unit of account, and store of value. Bitcoin passes your test.
@@Sobanhassan1761 Bitcoin fails as 'money' because it's: Not widely accepted as a medium of exchange. Too volatile to be a reliable unit of account or store of value. Lacks intrinsic value, making it highly speculative. Such shortcomings make Bitcoin incompatible with Islamic economic principles.
@@SAL-fs1mr Good luck!
@@Fewlines Its not widely accepted because its new. Do you think Gold was adopted as currency overnight ? And you are wrong about store of value. Bitcoin has proven to be best performing asset since its inception. Data shows that there is no better store of value than Bitcoin.
I am student of Fiqh Ul Muamlaat at prestigious institution in Pakistan and MaashaaAllah this podcast is absolutely masterclass. Thank you so much for this insightful and beautiful podcast. Thumbs up.
Muzammil please invite Mufti Abdul Khaliq Azad once
ruclips.net/video/Zy9aIdvzRkY/видео.htmlsi=_96JoVbzZ0vlVSET
Yes mufti abdul khaliq azad sb are best to explain islamic economic system in light of quran and hadith.
Thank you for inviting Haris and thank you for coming over to the podcast, such an amazing scholar. I really loved the show and the effort from both ends.
The person speaking didn't even understand the concept of Islamic Banking. It is just not like that you take the word "interest" and write "profit" instead. Invite Mufti Taqi Usmani to properly understand it's logic and concept.
You should get appropriate help immediately. You need it.
You bastards do not know anything
Do u understand what he said he isn't against the contracts the banks have with people, the problem is the bloody banks itself lending or in islamic banking sharing more money than they have
Islamic banking is all about risk sharing and but in Pakistan it's dependant on KIBOR so as a banker I don't think the current prevailing Islamic banking system is just a fraud and Taqi Usmani will be held accountable for that on the day of judgement
Does Islam allow to print money out of nothing ? That is what banks do Islamic or not ? Mufti has allowed it because there is no alternative to banks unless Bitcoin becomes the norm.
I think I am in Love with this guy haris irfan. no homo though and I'm only 12 mins in the video as I type this. What he is talking about is what I have been wanting for a while that someone comes and educate this stupid nation about. The concept of money and how it is being built out of thin air in credit infatuated first world which is in turn ruining third world economies which can still tap into their natural resources reserves to create value and this guy has explained just in mere 12 minutes of the video. I would really appreciate if you may get it dubbed or dub it in urdu or use urdu subtitles and post it for these betting agency and binary trading promoting youtubers facebook/tiktokers and how they are digging their own graves eventually as well as those they call fans.
" A guy called hamid hassan"...what a respect for great sheikh, teacher of teachers in sharia
There is nothing wrong with the statement. It simply means a person named so and so.
The Alim is not a sahabi, a prophet AS or Allah SWT.
Veneration of a person beyond a point will lead to shirk. Your point would have made sense if normally it was disrespectful to refer to someone like this. (Special exemption is given only to Sahaba, Prophet SAW, and Allah SWT (the highest in fact))
there were crashes pre fiat currency as well due to lack of money in the system. There is not enough gold in the world for every human. Fiat currency that is controlled is good for people and the world. Hard currency leads to war due to limited resources and war over those resources.
The money you're defending is designed to expand in supply, cause price inflation and make you, me and everyone poorer in the long run.
@@Muzammil.S yeah if you let it sit in a bank. The whole point is to save and invest to make it grow faster than inflation which the US pegs at 2% while stock returns are 10% and house prices have increased by 3% on average. The people that do it right can then retire at 65 and live off it for 30 years
@@HarshPatel-yh7cq Don't get fooled by CPI reports. Inflation rate is far greater than 2% for USD and in a country like Pakistan, it can reach 20% ! Printing money out of thin air will lead us to disaster.
@@HarshPatel-yh7cq And crashes pre fiat were also related with inflation. Nations used to borrow Gold in order to go to war but they usually crumbled in case of loss meaning there were real repercussions for needless wars. In case of fiat printing, a government like US doesn't even have to borrow to go to war hence we see perpetual wars now.
@@Sobanhassan1761 the only example I can think of is Spain when they got massive gold from South America but here hasn’t been inflation due to gold in other countries since again their is limited gold in the world.
An amazing professional with a clear insight into what an ethical form of banking should be.
Awesome guy.
I 100% agree with this.. but lets also bring mufti taqi usmani to see the other side of the coin as well and what he has to say
Loved it! I would love to hear from Mr Haris again.
Hum aur hamare 2 bache = 5 Islamic banking 😂😂😂
😂
One of the best podcasts ever made!
We are being guided wrong and people have absolutely no knowledge about it. Superb! Thank you for sharing the information!!!!!!!!!!
Islam islam islam and more islam!!! Isssslaaammm!
thanks Muzamil bhai for inviting him on your podcast. I am a big fan of him.
please invte mufti taqi i dont wanna spam he is the one who had a hue hand in islamic finance please let him explain these products.he is not just a mufti but the creator of maybe the largest bank in pakistan meezan.So he is really experienced in this spaced please invte him
One of the best podcasts I have ever been through on your channel... Please bring Haris again & again..
an 80 min ad for bitcoin 🙄 ... sheer idiocy .... even i know more than this silly guest on the subject
Amazing! Loved it! Do have him back for more!
One of the best podcast about islamic financial system....
Highly educative podcast with a highly knowledgeable professional. Helped with better understanding of Islamic Finance and wealth management in these desperate times!
Let's please have more of such podcasts.
This was a really mind opening session so thank you both for enlightening us on this topic. As a technologist and CEO of a successful startup I have so many product concepts popping up around democratisation of capital. It could be a game changer for millions of people in creating wealth and sustainable income. Well done.
Really enjoyed listening to Harris Irfan to improve my understanding of Islamic finance. Thanks to him for sparing time, and thanks to you Muzamil for arranging this. Jazakallah
It was a great discussion, just changed my perspective and way to address the environment around me, surely i need to hear this guy again.
Long overdue
Haris is one person who cleared my thoughts about RIBA
Thank you for having him
There is a case of bringing him again to unpack bitcoin more to clarify some more doubts and questions
The more I listen to financial experts with limited Sharia knowledge criticizing Islamic banking, or Sharia experts with limited financial understanding doing the same, the more my confidence in Islamic banking and finance grows. This perspective comes from my experience as a qualified Chartered Accountant and practitioner, as well as a Certified Sharia Advisor and Auditor.
Interesting conversation esp bitcoin part and how it can help store value and comparison with gold and money!! Bring him backkk
most insightful session ever, even better than a paid workshop etc.
Waiting for Part 2 to discuss more about
1. tokenization's Islamic prespecpective
2. Potential of Tokenizing Balochistan' Development projects, CPEC, gold mines etc
3. Can Fintech in pakistan add features of Buying Bitcoins/TOKENS in future?
The most insightful video on finance I've ever watched. Amazing work Muzammil Bhai! Thank you so much for bringing him on for the podcast.
I think we need more subject matter experts like Haris. This subject requires more time to discuss. Please invite him back. jazakum Allaah(swt) khair
Great podcast and big fan of the guest already. Given the English barrier I would encourage you to produce an Urdu translated version which I am sure you must be working on. Keep up the good work!
The practical tips you shared really resonate with me. It’s great to see advice that’s applicable to both personal growth and professional success.
The guest was very clear and specific in his point of view.
It was an outstanding podcast. Please try to select similar topics in the future. It is much better than just listening to boring Pakistani politics where we do not see any hope.
Many thanks for your efforts.
Muzammil This is one of your best podcast ! You asked very intelligent questions. You should do more podcasts like these as they are very informative and provide a good understanding of how things are happening on a global level. Appreciate the efforts you are putting in. God speed!
One of the best guest you have ever had. Lovely.
Very insightful... I liked the way Harris explained how old knowledge has precedence and still useful in our modern time. Very good pod cast
Great discussion, I am a veteran banker and agree with Harris opinion on current Islamic banking frameworks
Great podcast. Irfan is a wealth of knowledge and gift to Islamic finance. His knowledge and experience is beyond most. What the common man would say is what are we supposed to while we live in this current banking system?
Start learning about and accumulating Bitcoin.
@@SAL-fs1mr bitcoin is not allowed. The volatility is likened to gambling.
@@afzalshaikh2128 maybe you mean trying to day trade the volatility is likened to gambling. A new startup will have more volatility than Bitcoin, doesn't mean gambling.
Saw Haris on the thinking muslim podcast the first time. Amazing conversation that one, too.
First time tuning in from Canada 🇨🇦 and I really enjoyed the truth we all feared.
One of the best podcast relating to islamic finance.
Best podcast to clear about cryptocurrency and Islamic banking
This was a lot of aha moments. Jezakellah from Ethiopia.
You can't really mix "banking" with halal. Unless you operate on charity, but then it's not a bank.
Reinforced quite a few ideas and learnt a lot more. Need a lot more in-depth sessions with Harris and more importantly, real ground-level practical how-to solutions. A session where you invite a solid renowned Islamic banking scholar/ advocate would greatly be appreciated likewise!
Absolutely thoughtful.. amazing work done by Harris Irfan
Highly Appreciated This is the type of content that Pakistan needs right now have more guests that can talk on the same topic also some islamic scolars So that their opinoin can also be eleborated
Invite someone from the Islamic Banks to counter his arguments.
Someone says,
"If you can't convince them, confuse them".
Calling Islamic Banking a fraud is just he tried to do that.
Peace😊.