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In this video, we explore how Islamic finance works by connecting its activities to the real economy to bring value and benefit to society as a whole.

Unlike conventional finance, which often deals with money-for-money transactions and leads to the financialization of the economy, Islamic finance focuses on tangible assets and real wealth creation.

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To learn more about Islamic finance and economy and to support MMM in producing future financial literacy videos like this, consider becoming a member of our Muslim Money Matters platform.

Join us at www.muslimmoneymatters.com

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In this video, we talk about Riba (interest/usury) and how to spot it in everyday transactions.

Using a common example of buying a car, we illustrate how one transaction can be done as permissible trade, while another can entail Riba from a loan or money-for-money arrangement. This can be hard to spot if you're not familiar with it, but by the end of this video, you'll be able to recognise Riba confidently, insha'Allah.  

Learn More and Support Our Work!

To learn more about Islamic finance and economy and to support MMM in producing future financial literacy videos like this, consider becoming a member of our Muslim Money Matters platform.

Join us at www.muslimmoneymatters.com

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In this video, we delve into the Islamic principles that determine the permissibility of commercial transactions. We'll explore the key principles that underpin business and finance matters in Islam.

There are two core principles to establish whether something is impermissible in Islamic financial and commercial matters:

1. Explicit Prohibition: We look for evidence that something is explicitly mentioned as prohibited, such as riba (interest), which is clearly forbidden.
2. Contrary to Sharia Objectives: If an action goes against the aims and objectives of the sharia and has a detrimental impact on society, it becomes impermissible.

Understanding these principles helps ensure that business and financial activities align with Islamic ethical standards.

Dive into Riba, learn about its history and impact.

> Download Slides in PDF <

In this video, we explore the subject of riba (interest, usury), its prohibition, and historical context. We also analyse common Riba situations and compare Islamic vs conventional finance.

Topics
0:00 Introduction
0:38 Meaning of Riba
2:16 Prohibition of Riba
3:54 Simple Ribawi Transactions
6:36 Parties Involved in Riba Transactions
8:51 Riba in Previous Nations
9:12 The Bible on Riba (Ribit)
12:17 The Merchant of Venice Story
14:07 Shylock "Sammy the Bull"
15:49 Wisdom Behind the Prohibition of Riba
17:16 Programming of Riba
17:46 The Fall of the Ottoman Empire
20:49 Types of Riba
24:28 Rules for Riba
27:59 Examples of Riba
38:03 Conventional vs. Islamic Finance
44:07 Basic Modes of Finance

Watch on YouTube > click here

Other suggested videos:

Turkiye's Economy: The Untold Story (full documentary)
youtu.be/UyPIrbxFu88?si=ck9DX5RviAHl2khb

Wisdom behind Prohibition of Riba (interest)...

What are the top 5 must-have Islamic finance books on your bookshelf? Here is the list of my top 5 favourite Islamic finance books:

Links from video:

An Introduction to Islamic finance by Mufti Taqi Usmani <Link>

AAOIFI Shariah Standards <Link>

Financial Transactions in Islamic Jurisprudence by Dr Al-Zuhayli (2 volumes). <Link> 

Economic Concepts of Ibn Taymiyyah by Abdul Azim Islahi <Link>

Understanding Islamic Finance by Prof Dr Muhammad Ayub <Link>

Direct Youtube Link for the video "Top 5 books on Islamic Finance" : https://youtu.be/gDNBi2dAAvU

My links - https://www.almircolan.com/links

Recently my kids came to me and told me that they wanted to buy something online. I asked them what it was, and it turned out to be a significant purchase. I asked them, how will they buy it since their savings were not enough?

They told me about a new app which allowed them to “buy now, pay later”. I did not like that idea for a number of reasons.

Watch video to learn more.

In this video we are talking about 2 concepts that are important for understanding the key trends in our economy today.

One of the miracles of Islam are the rules of Riba (interest, usury). Many students who for the first-time study these rules think they are a burden to the economy and question wisdom to why we exchange money for money in equal amounts and on the spot. Sometimes we even ask if there is a place for such restrictions in a modern economy? In this clip, we analyse the power of Islamic economic principles regarding the ban on Riba by looking at the root causes of the Global Financial Crisis.

Please listen and share.

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In this interview, I share memories from my childhood and growing up in Sarajevo, and also some thoughts about challenges in the Islamic economy and finance.

The video is translated with English subtitles & recorded during my recent trip to hometown Sarajevo in Bosnia by Televizija 5.

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Youtube link: https://www.youtube.com/watch?v=EHyKSAMO3QU