The wealth of Muslims

[Splinter]

Whats next the wealth of gay people?

Umm, the obvious response is that there is no religion of homosexuality - and that I ask based on the rules and prohibitions of the religions mentioned.

 

[AfricanTech]

I get what you are saying. I do not claim to be perfect, but I can tell you I have never killed anyone The difference is of course, that I don't claim to be religious and therefore adhere to those rules. I also don't think I am going to heaven, when I selectively choose which of the religious rules I adhere too...

Yeh, bit of a lottery eh!

Which one's gonna disqualify you?

- alcohol
- non-halaal food
- taking interest
- not praying on time
- not fasting

 

[undesign]

Yeh, bit of a lottery eh!

Which one's gonna disqualify you?

- alcohol
- non-halaal food
- taking interest
- not praying on time
- not fasting

It's going to be those lewd and filthy thoughts when seeing non-Hijab wearing females that's going to get you in the end.

 

[isie]

Or as Greg Giraldo said, a mistranslation from "seven foot two Persian"

Or as Robin Williams said 72 Virginians

 

[AfricanTech]

It's going to be those lewd and filthy thoughts when seeing non-Hijab wearing females that's going to get you in the end.

Hmm, more likely the acting upon the lewd and filthy thoughts...

or....wait....I've got it, the pronz!

 

[Merlin]

Wait, wait, wait...

The term investment can be used in an economic or a financial sense.

With reference to this thread, it seems, to me, to be a case of financial investment. ...or is the money being used to develop, maintain and/or upgrade Muslim-linked <something?>.

So, htF does a Shariah-compliant investment work if it is forbidden for a Muslim to obtain interest from an investment? The primary aim of a financial investment is to make money by way of capital interest.

 

[undesign]

So, htF does a Shariah-compliant investment work if it is forbidden for a Muslim to obtain interest from an investment? The primary aim of a financial investment is to make money by way of capital interest.

Don't be afraid to google.

http://bit.ly/15X5j2o

 

[Splinter]

Hang on here folks. Unlike a couple of other "religious" posters here some folk are trying to give an honest answer. I myself am someone who lets their frustration boil over to ridicule. Lets just see what the answers are. And "judge" appropriately.

 

[Hamish McPanji]

Wait, wait, wait...

The term investment can be used in an economic or a financial sense.

With reference to this thread, it seems, to me, to be a case of financial investment. ...or is the money being used to develop, maintain and/or upgrade Muslim-linked <something?>.

So, htF does a Shariah-compliant investment work if it is forbidden for a Muslim to obtain interest from an investment? The primary aim of a financial investment is to make money by way of capital interest.

The thing about interest earnings is if the bank promised me 5.5% earnings, they have to pay me 5.5% even if they only earned 3.2% , or even lost 5.5% from the investment that that put my money into. Islamically, there has to be a shared risk for investments

So if the money in my Shariah compliant account is used to invests in a company that manufactures for example soft drinks, and the company is making losses, then i have to share in those losses. Therefore there is a potential to lose money as well.

There are a lot of places money can be spent which are not interest based for example manufacturing, wholesale and retail businesses , property, transportation, pharmaceuticals, etc . For none of these the core earnings are derived from interest. Whether it is on the stock exchange or direct investment into the business doesnt matter.

However, if i have a normal cheque account (non interest earning), and am paying a monthly sum / transaction fee for the bank to store my money for me, most scholars would agree that it is acceptable use of banking as i am paying money for a fee (storage fee).

What the Shariah banks are also not allowed to invest in is activities that are prohibited in Islam, for example breweries, casinos, strip clubs, night clubs, financial institutes that give and take interest, and the list goes on

Do i trust the Shariah divisions of the major commercial banks in SA ? They all seem to have latched onto this potential market with both hands. Not really....there is bound to be some sort of contamination occurring. Is there any Shariah only bank that i would trust with my money? Some of them have very opaque structures, have dodgy major shareholder or don't look financially sound, so unlikely.

 

[Hamish McPanji]

I get what you are saying. I do not claim to be perfect, but I can tell you I have never killed anyone The difference is of course, that I don't claim to be religious and therefore adhere to those rules. I also don't think I am going to heaven, when I selectively choose which of the religious rules I adhere too...

Islamically, only god can judge who is going to heaven, which I have pointed out to a few 'holier than thous' in the past after they had singularly decided I am going to burn indefinitely in hell, so who knows, you might end up in heaven, even if not by choice

 

[Merlin]

Thank you for the simple & clear explanation, Imran.

 

[Splinter]

The thing about interest earnings is if the bank promised me 5.5% earnings, they have to pay me 5.5% even if they only earned 3.2% , or even lost 5.5% from the investment that that put my money into. Islamically, there has to be a shared risk for investments

So if the money in my Shariah compliant account is used to invests in a company that manufactures for example soft drinks, and the company is making losses, then i have to share in those losses. Therefore there is a potential to lose money as well.

There are a lot of places money can be spent which are not interest based for example manufacturing, wholesale and retail businesses , property, transportation, pharmaceuticals, etc . For none of these the core earnings are derived from interest. Whether it is on the stock exchange or direct investment into the business doesnt matter.

However, if i have a normal cheque account (non interest earning), and am paying a monthly sum / transaction fee for the bank to store my money for me, most scholars would agree that it is acceptable use of banking as i am paying money for a fee (storage fee).

What the Shariah banks are also not allowed to invest in is activities that are prohibited in Islam, for example breweries, casinos, strip clubs, night clubs, financial institutes that give and take interest, and the list goes on

Do i trust the Shariah divisions of the major commercial banks in SA ? They all seem to have latched onto this potential market with both hands. Not really....there is bound to be some sort of contamination occurring. Is there any Shariah only bank that i would trust with my money? Some of them have very opaque structures, have dodgy major shareholder or don't look financially sound, so unlikely.

Hey Imran, I hear you, but as usual it's just qualification or interpretation to make things easier. Then again, do I want you and many other muslims to become strict interpreters of Islam (eg Sharia extremists) - not a chance

 

[Splinter]

Islamically, only god can judge who is going to heaven, which I have pointed out to a few 'holier than thous' in the past after they had singularly decided I am going to burn indefinitely in hell, so who knows, you might end up in heaven, even if not by choice

Yebo. Thanks man, again I appreciate your honesty. In fact, I think you lean towards my way of thinking (eeek!). That there may be some sort of higher force, but religion is man-made and not the prescribed way to leading a good life and whatever may be beyond.