Why a rich Muslim is a better Muslim

[CrazyZ]

Agree the IMF and World bank trapped us really good. On a government level you simply cannot avoid it but on a personal level you absolutely can. Even a country like Saudi Arabia where Islam was born has a interest based banking and business sector.
The really funny thing here is they feel proud to ban alcohol and sexual activities because that's haram in Islam but are perfectly fine with the biggest of all haram riba . All harams aren't equal ,in Islam Riba is far biggest sin than adultery and drinking .

I'm not a fan of dawn, but review:

Bank interest is not `riba`

THE controversy about the permissibility or prohibition of bank interest started in the colonial times, in the...

www.dawn.com

Scholars brighter then me have made the argument that modern banking interest is not same as riba as practiced by the jahiliyyah tribes at the time of the prophet. The jahiliyyah moneylenders would expect double or more of the amount lent. This is clearly exploitation and should not be allowed. This not how things are done today.

You must also consider inflation. Is it an "excess (riba)" if I keep my money in the bank and get 1% interest when inflation is 5% because of an expanding money supply. You are clearly losing buying power....there is no excess (riba). If the interest rate is less then the inflation rate.....then their can be no excess (riba)....which is usually the case in the modern world. This is why I invest in stocks.....I would actually lose money keeping it in the bank in the USA because of all the money printing. Stocks can keep up with inflation in the long term.

You can't always blame the IMF or other foreign lenders for our own foolishness. $500 million is nothing, some wealthy and profitable Pakistani business have that in their couch cushions....then why go debt abroad and become beholden to foreigners?

 

[PakFactor]

Unfortunately the disease of greed infects regardless of the faith one proports to carry. The pandemic has raised considerable financial anxiety in the populace and these people come out to prey on it.

Bulls Eye. Nothing else needs to be said, these are staged opportunists scamming the average individual with get rich scheme.

 

[PakFactor]

I'm not a fan of dawn, but review:

Bank interest is not `riba`

THE controversy about the permissibility or prohibition of bank interest started in the colonial times, in the...

www.dawn.com

Scholars brighter then me have made the argument that modern banking interest is not same as riba as practiced by the jahiliyyah tribes at the time of the prophet. The jahiliyyah moneylenders would expect double or more of the amount lent. This is clearly exploitation and should not be allowed. This not how things are done today.

You must also consider inflation. Is it an "excess (riba)" if I keep my money in the bank and get 1% interest when inflation is 5% because of an expanding money supply. You are clearly losing buying power....there is no excess (riba). If the interest rate is less then the inflation rate.....then their can be no excess (riba)....which is usually the case in the modern world. This is why I invest in stocks.....I would actually lose money keeping it in the bank in the USA because of all the money printing. Stocks can keep up with inflation in the long term.

You can't always blame the IMF or other foreign lenders for our own foolishness. $500 million is nothing, some wealthy and profitable Pakistani business have that in their couch cushions....then why go debt abroad and become beholden to foreigners?

I can count a few Pakistanis in my state who are my clients with over 100M in their accounts cash and double that amount in properties who aren’t publicly known and keep a low profile.

 

[Clutch]

You guys are being quick to judge. I've been watching this guys channel for a while now.

He's a self made millionaire, he made his money in Software development and has expanded into all sorts of markets.

He explicitly tells people to avoid riba.

He has setup a technical college in Mirpur teaching people basic vocational courses.

His channel is full of business ideas for people, and his mission is to help create a million dollar millionaires in Pakistan.

He won't invest with anyone, he won't coach anyone, he is not offering paid advice - he is trying to drive entrepreneurial spirit in our country.

I didn't talk about him. I subscribe to his channel.

 

[313ghazi]

I didn't talk about him. I subscribe to his channel.

OK. In that case I misunderstood your comment.

 

[Saddam Hussein]

Why we should be more focused on promoting and doing business than a typical job. Ummah brigade should listen to this before they call themselves superior than anyone else.

Do you want Pakistani to end up being like this Youtuber "influencer" to make the mighty dollah, and no one will remain there for the typical job.

Society will be doomed. In 2021 the actual productive jobs are underpaid, useless entertainers which influencers are as well are overpaid for no actual needed value.

 

[SecularNationalist]

You guys are being quick to judge. I've been watching this guys channel for a while now.

He's a self made millionaire, he made his money in Software development and has expanded into all sorts of markets.

He explicitly tells people to avoid riba.

He has setup a technical college in Mirpur teaching people basic vocational courses.

His channel is full of business ideas for people, and his mission is to help create a million dollar millionaires in Pakistan.

He won't invest with anyone, he won't coach anyone, he is not offering paid advice - he is trying to drive entrepreneurial spirit in our country.

Yes he is from my Mirpur/Jhelum area. He travels in that region extensively.

You can't always blame the IMF or other foreign lenders for our own foolishness. $500 million is nothing, some wealthy and profitable Pakistani business have that in their couch cushions....then why go debt abroad and become beholden to foreigners?

Why would a private entity should pay a government debt? Governments only get rich by a effective taxation system. We have a bad taxation system(improved recently) and corruption. Yes first it's our own failure before we blame IMF. Though IMF are no saints either ,they really exploit the developing countries and specially the ones where their geo political interests lie.Its also a tool to control and dictate the foreign policies of USA,UK and their close allies.

Do you want Pakistani to end up being like this Youtuber "influencer" to make the mighty dollah, and no one will remain there for the typical job.

Society will be doomed. In 2021 the actual productive jobs are underpaid, useless entertainers which influencers are as well are overpaid for no actual needed value.

Please before you reach any conclusion watch his channel or bother yourself a little to know about him.

 

[313ghazi]

Do you want Pakistani to end up being like this Youtuber "influencer" to make the mighty dollah, and no one will remain there for the typical job.

Society will be doomed. In 2021 the actual productive jobs are underpaid, useless entertainers which influencers are as well are overpaid for no actual needed value.

Actually he is constantly asking people to learn skills to setup thier own businesses or to gain employment where they have value.

What he is opposed to is people seeking government jobs as their only career choices. He is also opposed to people spending money on low quality higher education or courses where they won't have any real job prospects at the end.

In our country the private sector is limited - the public sector is bloated and inefficient.

It is ideal for people to setup SME's and become job creators. Also if you want a job you need skills and experiences that make you worthy of a job - not a degree in arts, humanities or literature.

 

[CrazyZ]

Why would a private entity should pay a government debt? Governments only get rich by a effective taxation system. We have a bad taxation system(improved recently) and corruption. Yes first it's our own failure before we blame IMF. Though IMF are no saints either ,they really exploit the developing countries and specially the ones where their geo political interests lie.Its also a tool to control and dictate the foreign policies of USA,UK and their close allies.

IMF is the lender of last resort for countries BOP issues. If you need to go to the IMF....then you already screwed up.

In the west taxes are only a part of government spending.....new debt makes up sizable portion. This debt is sold in local bond markets and is privately owned......mostly by its own citizens and businesses. There is no reason why Pakistan can not do the same.

Also a dam authority can be setup as a public private corporation. GOI can retain majority ownership. Remaining shares can be sold in the KSE and profits returned to private investors as dividends. I said a few years ago that crowd funding will never raise the needed capital to build a dam.... seems to be the case.

Pakistanis need to modernize their thinking about finance and money. OP vid only covered a portion of the issues.