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2.6 The Prohibition of Gharar (uncertainty, deception)

season 2 Nov 30, 2020

In this episode, we talk about deceptive business practices known as Gharar. 

Abu Hurairah states, “The Prophet forbade selling by way of tossing stones to settle a sale (Al-Haasah), and the sale of Gharar.” (Muslim)

What is Gharar?

Uncertainty, hazard, chance, risk, delusion, deception, danger, peril...

Gharar is:

  • to make someone believe something that is false or vain.
  • to put someone in a dangerous position due to deception.
    outwardly
  • it looks very attractive but in reality it is something much different.

 

Where to listen

You can subscribe to the "Islamic Finance Podcast" with an app on your phone or computer and listen to episodes whenever you like. Episodes can be downloaded using a podcast app like Apple PodcastsStitcher (iOS, Android), Spotify or you can listen directly on our website.

Hosted by Almir Colan

Youtube direct link: https://youtu.be/UU6MS7jLghA

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2.5 The Prohibition of Riba, Part 3 (more examples)

season 2 Nov 26, 2020

Discussion continues with a talk about bitcoin, investments, mutual funds, shares, gold, REIT's, Sukuk, bonds and credit cards.

Where to listen

You can subscribe to the "Islamic Finance Podcast" with an app on your phone or computer and listen to episodes whenever you like. Episodes can be downloaded using a podcast app like Apple PodcastsStitcher (iOS, Android), Spotify or you can listen directly on our website.

Hosted by Almir Colan

 Youtube direct link: https://youtu.be/ZZLczgzd7mE

Connect

Be part of the conversation and keep in touch with us to find out about new episodes and other content.

 Connect with us:

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Facebook (group)

Twitter

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Read Disclaimer here.

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2.4 The Prohibition of Riba, Part 2 (Rules, types and examples)

season 2 Nov 18, 2020

In this episode we continue our discussion about riba. We talk specifically about key rules and types of riba (interest) and give some practical examples.

Summary of rules by Imam Nawavi:

  1. When the underlying ‘Illah (operative cause behind a law) of the two goods being exchanged is different, shortfall/excess and delay both are permissible, e.g. the exchange of gold for wheat or dollars for a car.
  2. When the commodities of exchange are similar, excess and delay both are prohibited, e.g. gold for gold or wheat for wheat, dollars for dollars, etc.
  3. When the commodities of exchange are heterogeneous but the ‘Illah (operative cause behind a law) is the same, as in the case of exchanging gold for silver or US Dollars for Japanese Yen (medium of exchange) or wheat for rice (the ‘Illah being edibility), then excess/deficiency is allowed, but delay in exchange is not allowed. (Reference Understanding Islamic Finance, M. Ayub 2007, p.52)

“Do not...

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2.3 The Prohibition of Riba (interest), Part 1

season 2 Nov 16, 2020

In this episode, we take a look at the prohibition of Riba (interest) in Islam and other religions - as well as some of the wisdom behind it.

Where to listen

You can subscribe to the "Islamic Finance Podcast" with an app on your phone or computer and listen to episodes whenever you like. Episodes can be downloaded using a podcast app like Apple PodcastsStitcher (iOS, Android), Spotify or you can listen directly on our website.

Hosted by Almir Colan

 Youtube direct link: https://youtu.be/UAMoWBhDVeI

Connect

Be part of the conversation and keep in touch with us to find out about new episodes and other content.

 Connect with us:

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Read Disclaimer here.

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2.2 Contracts: Classifications, Conditions and examples.

season 2 Nov 09, 2020

In this episode, we take a deeper look into contracts and some everyday transactions.

What is the difference between a home loan and home financing? Is there such a thing as Islamic home loan?

All this and more in this weeks episode.

Where to learn more:

Australian Centre for Islamic Finance (AUSCIF):
Islamic Finance Professional Development Course with Almir Colan
Website: https://www.auscif.com

Books:

Introduction to Islamic Finance by Mufti Taqi Usmani

Understanding Islamic Finance by Muhammad Ayub

- AAOIFI Shariah Standard

Where to listen

You can subscribe to the "Islamic Finance Podcast" with an app on your phone or computer and listen to episodes whenever you like. Episodes can be downloaded using a podcast app like Apple PodcastsStitcher (iOS, Android), Spotify or you can listen directly on our website.

Hosted by Almir Colan

 

Youtube direct link: https://youtu.be/OBAWBBDj0TQ

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2.1 Islamic Law of Contracts and Business Transactions

season 2 Nov 02, 2020

In this 1st episode of the Season 2, we are looking into Islamic Law of Contracts and Business Transactions. This is a critical topic to understand what is permissible and what is not in various commercial transactions and financial arrangements.

Where to listen

You can subscribe to the "Islamic Finance Podcast" with an app on your phone or computer and listen to episodes whenever you like. Episodes can be downloaded using a podcast app like Apple PodcastsStitcher (iOS, Android), Spotify or you can listen directly on our website.

Hosted by Almir Colan

 

Youtube direct link: https://youtu.be/Lof4BLdbNsY

Connect

Be part of the conversation and keep in touch with us to find out about new episodes and other content.

 Connect with us:

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Facebook (group)

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Read Disclaimer here.

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1.6 How Islamic Finance works

season 1 Oct 26, 2020

In this episode, we introduce the basic principles of Islamic banking and finance. Learn some of the difference between conventional and Islamic banking.

Globally, there is a demand for a fair and just banking system that the Islamic banking and finance industry provides.

As this demand continues to rise, so does the awareness of the timeless principles and values of Islamic finance. Built upon the foundation of Islamic law, which prohibits usurious and speculative activities, the Islamic finance industry prides itself on engaging in business and financial dealings in an ethical manner. The sentiment of this industry is not one of greed, but one of mutual cooperation and partnership through a fair and equitable financial system. The Islamic finance industry has achieved such growth that it is now an astounding 2 trillion-dollar global industry. Not only is this the fastest-growing segment of the financial industry, but it is socially responsible and sustainable as well.

Where to...

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1.5 Zero Sum Capitalism

season 1 Oct 19, 2020

In this episode, we examine financial incentives that are moving capitalism away from real economic activities and toward zero-sum (win/lose) profit modes that may have a detrimental impact on societies.

Where to listen

You can subscribe to the "Islamic Finance Podcast" with an app on your phone or computer and listen to episodes whenever you like. Episodes can be downloaded using a podcast app like Apple PodcastsStitcher (iOS, Android), Spotify or you can listen directly on our website.

Hosted by Almir Colan

Youtube direct link: https://youtu.be/l5QyURbbgiI

Connect

Be part of the conversation and keep in touch with us to find out about new episodes and other content.

 Connect with us:

YouTube

Facebook (public page)

Facebook (group)

Twitter

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Read Disclaimer here.

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1.4 Economic incentives: The Xiaogang village story

season 1 Oct 12, 2020

People realise their dreams and economic prosperity by participating in system with rules and incentives that reward initiative and taking risk.

In this episode, we examine incentives that drive economic prosperity and reward initiative and risk-taking.

Specifically, we look at the principles that Xiaogang village adapted in 1978 and how it led to China's modern economy that reportedly lifted 500 million people out of poverty.

 

Where to listen

You can subscribe to the "Islamic Finance Podcast" with an app on your phone or computer and listen to episodes whenever you like. Episodes can be downloaded using a podcast app like Apple PodcastsStitcher (iOS, Android), Spotify or you can listen directly on our website.

Hosted by Almir Colan

 Youtube direct link: https://youtu.be/QVWChm4rS1Q

Connect

Be part of the conversation and keep in touch with us to find out about new episodes and other content.

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1.3 The 3 Pillars of Islamic Economy - The Shepherds model

season 1 Oct 04, 2020

In this episode, we talk about a new model for Islamic economy: The Shepherds model.

The first domain of wholesome Islamic economy is the capacity to take care of the weak. This primary indicator shows the moral leadership and wellbeing of society via its capacity to take care of those who are in need. This function is built on virtues like empathy and compassion where Islam legislates several mechanisms such as zakat, sadaqh, waqf and similar methods to discharge this obligation.

Second, are regulatory measures that ensure that the economic system remains Shariah-compliant and not engages in activities that have a detrimental impact on society. This aspect of the economy ensures that ethical rules are respected and human effort is concentrated on activities that are approved by Islam. At the same time, it defines areas of commercial activities that are prohibited such as Riba (interest), Gharar (excessive risk) and similar.

The final critical part of economic development is in...

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