The wealth of Muslims

[Splinter]

The only thing I know is that Muslims are not allowed to earn interest? Am I wrong? But as far as I know any wealth should be shared (not just on Eid - as in food)

Let me know what I'm wrong about?

 

[visrot]

?

 

[Hamish McPanji]

The only thing I know is that Muslims are not allowed to earn interest? Am I wrong? But as far as I know any wealth should be shared (not just on Eid - as in food)

Let me know what I'm wrong about?

There are a lot of business principles embedded in Islamic belief. Am probably the worst person to try and explain this, as am not knowledgeable enough

Interest is one of those thing that has been strictly prohibited, as there needs to be a shared risk. So when a bank invests my money, I share the risk of the investment, and so may lose some of that money if the investments fail. A fixed return (usually the interest rate) is not allowed. I think it is also to prevent things like loan sharking which I can see regular legal advertisements for in SA.

Hoarding of goods is also not allowed

There is also a restriction on profit taking, so 200% and 300% margins are a no no.

Gambling is not allowed (for obvious reasons) as losers never know when to quit

But, you are better off asking someone like wayferer, as he would know better

 

[Grant]

The only thing I know is that Muslims are not allowed to earn interest? Am I wrong? But as far as I know any wealth should be shared (not just on Eid - as in food)

Let me know what I'm wrong about?

But as far as I know any wealth should be shared

i think that you could start there !

 

[Hamish McPanji]

Oh yeah, we pay like a 2.5% tax like thing called Zakaat every year based on our savings to those less fortunate than us. I don't have to pay it to the mosque or anything, although some people do.

The idea is to give the money to those people and families who meet certain criteria. I use mine to buy hamper packs for poor families and pay school fees for a couple of student.

Fortunately I meet the criteria to have to give Zakaat, and not receive it. I don't think any of the mybb forumites would qualify to receive Zakkat.....sorry guys

 

[Haldex]

Both Muslims and Jews deal with interest in a similar fashion.
Their brokers have special investment tips.

 

[Freshy-ZN]

My perception of the Jewish and Muslim communities is that they support each other in ways that the European and probably black communities do not.

For example when a member wants to start a business or study for a degree they get funding from their extended families and the community. Whites and blacks run off to the bank with the end result being the banks get richer and not the family/community. There also seems to be a general level of support that breeds success whereas the whites and blacks seem inherently jealous of others successes.

 

[GonzoTho]

Oh yeah, we pay like a 2.5% tax like thing called Zakaat every year based on our savings to those less fortunate than us. I don't have to pay it to the mosque or anything, although some people do.

The idea is to give the money to those people and families who meet certain criteria. I use mine to buy hamper packs for poor families and pay school fees for a couple of student.

Fortunately I meet the criteria to have to give Zakaat, and not receive it. I don't think any of the mybb forumites would qualify to receive Zakkat.....sorry guys

As a matter of interest. Do you only give Zakaat to Muslims in need or is it intended for anyone less fortunate?

 

[Haldex]

Jews and Muslims also stay with their parents till they get married.
Hence the surplus cash.

 

[F1 Fan]

As a matter of interest. Do you only give Zakaat to Muslims in need or is it intended for anyone less fortunate?

As far as I know, anyone. But as you may imagine, we tend to give to muslims first as we share similarities in our beliefs and way of life.

 

[Mineer]

As a matter of interest. Do you only give Zakaat to Muslims in need or is it intended for anyone less fortunate?

there are 8 categories of people who qualify to receive Zakaat funds
and 1 of those categories are for the non-Muslim but this person can not be an open enemy of Islam.

the full list follows
1. Those living in absolute poverty (Al-Fuqarā').
2. Those restrained because they cannot meet their basic needs (Al-Masākīn).
3. The zakat collectors themselves (Al-Āmilīna 'Alaihā).
4. Non-Muslims who are non-combatant against Islam or wish to convert to Islam (Al-Mu'allafatu Qulūbuhum).
5. People whom one is attempting to free from slavery or bondage. Also includes paying ransom or blood money (Diyya). (Fir-Riqāb)
6. Those who have incurred overwhelming debts while attempting to satisfy their basic needs (Al-Ghārimīn).
7. Those working in God's way (Fī Sabīlillāh).
8. Children of the street / Travellers (Ibnus-Sabīl).

 

[Xino_sam]

there are 8 categories of people who qualify to receive Zakaat funds
and 1 of those categories are for the non-Muslim but this person can not be an open enemy of Islam.

the full list follows
1. Those living in absolute poverty (Al-Fuqarā').
2. Those restrained because they cannot meet their basic needs (Al-Masākīn).
3. The zakat collectors themselves (Al-Āmilīna 'Alaihā).
4. Non-Muslims who are non-combatant against Islam or wish to convert to Islam (Al-Mu'allafatu Qulūbuhum).
5. People whom one is attempting to free from slavery or bondage. Also includes paying ransom or blood money (Diyya). (Fir-Riqāb)
6. Those who have incurred overwhelming debts while attempting to satisfy their basic needs (Al-Ghārimīn).
7. Those working in God's way (Fī Sabīlillāh).
8. Children of the street / Travellers (Ibnus-Sabīl).

Interesting

 

[krycor]

One thing you forget though is that with the lack of interest comes a lack of state taxes too which is the norm in western countries. So what people sometimes do is offset it by using the interest gained to pay taxes and then their 'profit interest' is much much less i.e. effect of removing interest gained becomes less.

 

[Splinter]

So maybe this thread should be moved back to the PD thread - seeing as I want to ask how many muslims, who are so insistent on food being halaal, have interest-bearing bank accounts or investments.

 

[HavocXphere]

So maybe this thread should be moved back to the PD thread - seeing as I want to ask how many muslims, who are so insistent on food being halaal, have interest-bearing bank accounts or investments.

I don't think those R3.46 in interest earned on a cheque account will result forfeiting the 72 virgins. After inflation your not even making money...

There are a lot of business principles embedded in Islamic belief. Am probably the worst person to try and explain this, as am not knowledgeable enough

Interest is one of those thing that has been strictly prohibited, as there needs to be a shared risk. So when a bank invests my money, I share the risk of the investment, and so may lose some of that money if the investments fail. A fixed return (usually the interest rate) is not allowed. I think it is also to prevent things like loan sharking which I can see regular legal advertisements for in SA.

I see.

Another thing I see is popular is making prayer rooms available. e.g. The one in Menlyn shopping center isn't provided by the shopping center. Some wealthy dude is covering the cost.

 

[Splinter]

I don't think those R3.46 in interest earned on a cheque account will result forfeiting the 72 virgins. After inflation your not even making money...

Actually, this is the debate. There is such a furore over halaal food (Burger King anyone) I am just, as an admitted antagonist against religion, trying to highlight selective religious beliefs.

Muslims are allowed to eat non-halaal foods (in extreme circumstances I am told). But, having said that, Muslims are not allowed, at all (I am told) to participate in any interest-bearing investments. Be that bank accounts or or otherwise. And I am quite willing to state that I believe almost every muslim in this country, with money, has some asset that is interest bearing.

So, I just want to know if I am wrong?

 

[Hamish McPanji]

I don't think those R3.46 in interest earned on a cheque account will result forfeiting the 72 virgins. After inflation your not even making money...


I see.

Another thing I see is popular is making prayer rooms available. e.g. The one in Menlyn shopping center isn't provided by the shopping center. Some wealthy dude is covering the cost.

A lot of Muslims set aside an area of their property for use prayer rooms. So when travelling, and prayer time approaches, you are in some small town somewhere, you will likely find a place where you can wash and pray

Some of these towns are not big enough to support a mosque. And we are not forced to give money to support the mosque, but people do so optionally

 

[Hamish McPanji]

Actually, this is the debate. There is such a furore over halaal food (Burger King anyone) I am just, as an admitted antagonist against religion, trying to highlight selective religious beliefs.

And I am quite willing to state that I believe almost every muslim in this country, with money, has some asset that is interest bearing.

So, I just want to know if I am wrong?

As I have said, a lot of muslims will not partake in interest at all, the same as alcohol, gambling etc. Others will have varying levels of conmitment , and different interpretation of the rules

Muslims are human, as you are, and we are not perfect. And as humans, we will be inclined to follow some aspect of the rules more strictly than others.

 

[Splinter]

As I have said, a lot of muslims will not partake in interest at all, the same as alcohol, gambling etc. Others will have varying levels of conmitment , and different interpretation of the rules

Muslims are human, as you are, and we are not perfect. And as humans, we will be inclined to follow some aspect of the rules more strictly than others.

I think this is the essence of what I am saying. You are quite happy to cause conflict with the halaal food rule (which is not absolute) ; but then quietly ignore the fact that you are absolutely not allowed to have a bank account that earns interest.

Dude, I get that you are human. But tell me how you select what parts you adhere to and what parts you ignore?

 

[F1 Fan]

I don't think those R3.46 in interest earned on a cheque account will result forfeiting the 72 virgins. After inflation your not even making money...

I have never ever been told anything about ever getting virgins. And I know my religion well. Not expert, but well. So whenever I hear these remarks, I have no idea where they come from.

As I have said, a lot of muslims will not partake in interest at all, the same as alcohol, gambling etc. Others will have varying levels of conmitment , and different interpretation of the rules

Muslims are human, as you are, and we are not perfect. And as humans, we will be inclined to follow some aspect of the rules more strictly than others.

^This. Many people don't get this. MUSLIMS make mistakes. Not everyone follows the religion in every single aspect. We are bound to make mistakes.