Imam Al-Ghazali on Money
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- čas přidán 23. 06. 2024
- Have you ever thought about how Islamic scholars from the past viewed money, its purpose, and its function in society? Today, we're delving into the perspective of the great Imam Ghazali and how his insights into money could benefit us in today's economy and help address the problems we're facing.
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We hope you like our new format. Our team is dedicated to bringing you new content every week, insha'Allah. Share your feedback and suggestions for future topics.
Hey Almir! Big fan! can you please make a video about ETFs as a concept is Halal or not? (without getting into the specifics of each company's if its halal or not). It seems to me ETFs as a concept is ok in Islam as we share the risk and profit.
Also, with the rising of inflation and how most nations (inducing Islamic nations) are in crippling Riba debt and there for tanking their local currency and its effecting the poor people the most who don't have enough financial knowledge or banking/investing opportunities to make sure their money (currency) is now getting halved every 2 years. How can the layman in these countries lower there loses with inflation as much as possible?
In a lot of these Islamic countries (without mentioning names) unfortunately, the banks are promoting 25% annual returns in bonds (in local currency)! Which to my understanding is Riba. Yet the layman who are practicing Muslims have been investing in these bonds for decades without questionings if its halal or not. No body is talking about it. People think its normal and it has nothing to do with Riba. Only when they need to get a car or a credit card with interest they now think its riba.
Ghazali merely parroted al-Jassas's views on interest uncritically - and al-Jassas himself innovated a view of interest (being equivalent to Riba/usury) which contradicted the ordinance of the Qur'an as well as the practice of the early Muslims.
Furthermore, neither scholar bothered to check their claims by conducting social experiments to back these up with solid data. It is evident, investors with sufficient capital can become risk averse in their investment options according to the same extent that money lenders do ordinarily. These types of argument do not stand up to closer inspection.
Jazakallahu khayr
This is very well made, Almir. The editing really took off and the content is good, as always👍🏼
Bro Almir, I've been researching finance also. I've come across an awesome book about debt and the history of debt forgiveness. As a Muslim I find it merciful that we are encouraged to forgive a person's debt after knowing that they cannot repay it. The book is called Forgive us our Debt by Michael Hudson. He talks about the more then 1000 year history of governments/kings/Princes forgiving debt...it's a great subject we should research more...especially since our world today absolutely refuses to forgive any debt..
@AlmirColan, the new format is great. I like the summary of your spoken words on the right side of the screen, e.g., 2:06. Picture-in-picture format is also nice. I was irritated by the screen split at 2:38, which I don't prefer. The content is great, of course. As a financial professional, I would like to hear more about the idea of usury, and riba is like a loan shark with excessive interest versus low interest to buy a house, e.g., in Australia or Germany where Islamic loans are scarce. Thank you and Allah razi olsun.
Thank you for your feedback - much appreciated br Mustafa
I would like to add, does it apply the same when the receiver is poorer/weaker than the payor? Like if I buy T-bills or corporate debt, obviously the US govt and Apple have more money/strength than me. Still wrong?? And they WANT to sell the debt, it is not forced.
Incredibly happy to watch this documentary as I'm planning to use for the my coming assignment.... Jazakallah Khayr Ustaaz...and may you mention the background Vocal.
Thank you sheikh for the explanation
As a student of MBA I love this video!
Asalamu alaikum brother
The video format is nice and a very beneficial video
A request from my side
Can you please do a video on insurance and its Permissibilities using authentic sources
Alhamdulillah.
Thanks for the info.
Stayed blessed Brother for this brief but extremely informative video to have a better understanding about the real function of money which Allah has bestowed on us human beings as a gift. Stay blessed.
Thank you for this
Mashallah❤.
Efforts appreciated🎉🎉. .
Maasha Allah very well explained
Enlightening
Nice content brother. Keep going
Beautiful. Well presented 👍
I learned an insight.
Barak Allahu Fik for sharing the thoughts of the Great Imam Al-Ghazali Rahimahu Allah and those of Sheikh Usmani. Money is like a judge, perhaps that's why we talk about fair value. It's Also a judge because it can't be bought nor sold, and finally we should see money as a judge because it matters how we earned the value and in what we spend it. The video format is excellent, like the pros and better than the pros. Jazak'Allahu Kheiran, Wassalam, Belhassen F.
New subscriber here.Alhamdulillah
Isn't it interesting? On the end of the news they usually always mention Gold too. No matter what you call it, Dollar, Bitcoin, Oil, whatever, the eternal currency at least in this world will be Gold. Gold defines the base value.
Bitcoin is going to be the new measure of value, as it is truly limited & can be globally used to settle trade. Gold will always be manipulated.
Money is a judge of trade fairness 👍❤
Assalaamu Alaykum. Very beneficial looking forward to more. The background jingle as a music substitute isn't needed. Your content is interesting enough without it.
The most colors he has there also aren't needed. And the picture of himself also isn't really necessary. Black and white without picture, without music, that's sufficient. His content is interesting enough without it.
We are always happy to hear feedback on how to improve. We use vocals… also we use editing and recording styles that most users expect on the CZcams platform.
@@AlmirColan It was more of a joke, everything okay 👍
@@AlmirColan Videos are professional and nice.
Great talk. Could you please drop a link to the article of Mufti Taqi Usmani you mentioned?!
Here is the link ifresource.com/wp-content/uploads/2010/01/taqiusmanipostcrisisreforms.pdf
@@AlmirColan thank you very much. May Allah bless you abundantly.
Money is a very important part of life as well as Good health. I hate when people say money doesn't bring happiness. It does bring happiness in many ways ,for example you have a family living abroad and you want to see them,only way to see them is buying a airline ticket ( which nowadays is very expensive)but if you don't have spare money then it makes things difficult and miserable. And having lots of money you can also help others which brings them happiness as well to yourself. Like the gentleman said Money is source of Ease which is very true.
Salam, after visiting your website I have a few questions regarding the membership. Do you have time for a 30-minute phone call during the week? - I look forward to your response Thanks.
👍🏼👍🏼👍🏼
Hello Almir! Nice video, I enjoyed watching this video and it made think about the last quotation of Imam al Ghazali, that we should come back to the use of money as a medium, not as an object of trade. I didn't understand it.
Weren't dinars and dirhams used to purchase things in the past? What does he refer to when he said using money as a medium? I hope you can solve my questions, thank you!
It means use it as medium of exchange, to buy and sell other things with it… don’t sell money for money (as you sell things)… sale of money for money produces interest
@@AlmirColan I get it now! Thank you for the clarification. Jazzakalahu khayran !
But that was the day when money has intrinsic value, i.e. gold, silver, and copper. It's even more chaotic now with fiat money.
Jazaakallahu khayran ,
Can you also explain to us,
Islamic veiw of fiat currency and its inflationary nature.
insha’Allah we will talk about money and various issues surrounding it in one of the upcoming videos
I'm really disappointed you have just deleted some short videos you had. I put them in the watch later playlist and they got deleted
I was going to watch them when I have some free time. Why?
Oh, sorry about that. We are planning to record that content again in a new format and in higher quality, insha'Allah. More content is now scheduled on a weekly basis.
@@AlmirColansalams, can you leave them until the new ones are ready
@@AlmirColanPlease for that time re-upload these videos
Fiat money is not judge brate. We live in whole another world
From which book you quoted Imam Ghazzali ?
May Allah preserve you professor.
Please refer from using background music.
Not even for Islamic reasons, but I found it difficult to listen to you on your recent shorts.
I respect you and the new edited format and I love the fact you took the initiative to do so.
May Allah protect you and increase the ability of your knowledge to be shared.
@@Cxesar those are vocals but I get what you mean - I will pass feedback to editors
Assalamualaikum Sheikh Barakallahu fiikum. Can you make a video about Bitcoin and Cryptocurrency in islamic perspective. Jazakkallahu kheir
Walaykumu salam - will make some new videos about that insha’Allah - in the meantime you might want to check full course I made about it… see Bitcoin 101 playlist / it is critical view that covers both sides of argument
Money is the ruler that measures the amount of wealth. The judge is the market which gives any amount of money it's relative value. For instance one gram of gold may cost 10 us dollars one time and 50 dollars another time. Who judges this cost difference?, it is the market.
Salaam dear brother. I have a question. Am I allowed to take part in Forex trading?
Walaykumu salam - unfortunately I think it’s very problematic to engage in Forex.
@@AlmirColan and the reason?
What about banks’ wadia or sukuk? Is it the same as there are virtually no to little risk to the money deposited?
These concepts, by their nature, should be different from what we are discussing in this video.
How does this reconcile with the idea that true money should be gold and silver. The argument is that this money has an intrinsic value in its use as something else other than money. I agree with all the principles, just would like a way to reconcile between the two ideas into one cohesive idea. We have fiat money now which has no intrinsic value other than that it can be used to pay taxes and ironically satisfy all debts.
Linking money to gold and silver increases confidence in its value because these assets are less likely to be manipulated by human policies and government actions.
@@AlmirColan Agreed 100%. But the idea that money is not the end goal needs to be reconciled with the idea that if gold and silver are money, they too can be an end goal if that gold and silver can be used for something other than money. The argument that money is not the end goal is true if money was fiat, but in a gold standard, money can be the end goal if that money, ie. gold and silver, is used for lets say jewelry, or manufacturing, etc. Do you get my point? I agree with everything you are saying, I just think it is more nuanced and there needs to be a reconciling idea connecting the two.
@@Honestcritic79 you are opening big discussion :) too big for comments section
@@AlmirColan I hope you can do q&a videos too that would be amazing!
A lot of the increased economic activity in Western Nations can be directly tied to riba. It allows funding for projects, businesses, and research that would have been painstaking or impossible to fundraise otherwise. Imam Ghazali speaking more towards individuals (past) vs nation states (present)??? Currently, nation states use debt as a means of consumption (GDP), appeasement (politics), and more. The world is sick with Riba, it is immediate, alluring, and lucrative. It reaches nations and the individual the same. A true Fitna.
I work in the government, and trust me, loans and interest are destroying everything, it was a short term ease but as the 2007/2008 crises showed it was shortly lived.
Is buying bitcoin permissible because you buy a currency with another currency and then trade it.
There is a full course I did on Bitcoin, see playlists
Could you please not use music in your videos
That is not music but vocals.
Some problems can be solved with money and some problems can not. To say that money solves all the problems of life is height of foolishness. Money is not God . If you are a poor person and have a terminal disease you will die easily than a rich person. Money makes a rich man undergo painful medical treatments that prolong suffering.
It's truly amusing, seeing a religious person like Ghazali trying to understand the elements in his world. No currency was directly made by god. And as cute as his sentiments are, he has nowhere near the depth of understanding and vision that he should be seen as having credibility talking on such subjects.
He wasn't someone suited to deep insight anyway.
And without interest, most people who don't personally like you, will not give you money. And so, money will continue to accumulate in the hands of the rich without new people having a chance at great opportunities or ways to stabilize their businesses - or to get help when they really need it and when their friends can't provide it.
What about Sukuk?