"Many believe that a strong state will not allow market partici- pants to exploit consumers. Hoarding or abnormal price hikes, however, should not be understood just as a manifestation of market failure. As Ibn Qudamah realized, price control itself can be responsible for causing both hoarding and price hikes. If the state enforces an artificial price ceiling on traders wherein the true and natural costs of the product are responsible for price escalation, then traders are likely to resort to hoarding. Moreover, hoarding will lead to a shortage of supply, which will result in price hikes. Thus, price control itself can start a vicious cycle of price instability, and Islamic jurists have understood and analyzed this problem very clearly." - from "Islam & Economics"
Hamid Irsane, Shariah advisor, on LinkedIn about Takaful, "an ethical, cooperative alternative to conventional insurance, rooted in fairness and community support." "Takaful operates on Islamic principles of mutual cooperation (taawun), where participants contribute a set donation amount (tabarru') into a fund to protect one another against unexpected events. "
#takadao #communitypower #financialfreedom #inclusivity #empowerment #defi #web3 #crypto #islamicfinance #insurtech | Hamid I.
🌟 What is Takaful and How Does it Work🌟 Takaful operates on Islamic principles of mutual cooperation (taawun), where participants contribute...
Faraz Adam on LinkedIn about the halal standards of animal food consumption:
π—¨π—‘π——π—˜π—₯π—¦π—§π—”π—‘π——π—œπ—‘π—š π—›π—”π—Ÿπ—”π—Ÿ 𝗦𝗧𝗔𝗑𝗗𝗔π—₯𝗗𝗦: 𝗙π—₯𝗒𝗠 π—”π—–π—€π—¨π—œπ—¦π—œπ—§π—œπ—’π—‘ 𝗧𝗒 π—–π—’π—‘π—¦π—¨π— π—£π—§π—œπ—’π—‘ Halal is more than just the food on your plateβ€”it’s a process that spans the… | Faraz Adam
π—¨π—‘π——π—˜π—₯π—¦π—§π—”π—‘π——π—œπ—‘π—š π—›π—”π—Ÿπ—”π—Ÿ 𝗦𝗧𝗔𝗑𝗗𝗔π—₯𝗗𝗦: 𝗙π—₯𝗒𝗠 𝗔𝗖𝗀𝗨π...
 That's what I meant with pureness in the whole supply chain in
Ethical Website Creation – Islamic Marketplace
Stay SAIF. Stay away from riba. Use Bitcoin whenever possible. Ditch fiat. Keep business clean. That's it. That's the message. [Brought to you by
Islamic Marketplace – Products & Services you can buy with Bitcoin
]
Video: THESE 5 Principles = 80% of Islamic Finance!
image [by Faraz Adam]
4 months after the last newsletter, issue #20 was just sent out. Subscribe here:
Subscribe to our Newsletter! – Islamic Marketplace
IM, the free only-Bitcoin based P2P marketplace, following ethical guidelines, has got rid of decorative images depicting women. Yes, I made this mistake, but better to correct it late then never.
Islamic Marketplace – Products & Services you can buy with Bitcoin
Imam al Ghazali, the great 12th-century theologian, jurist and mystic, differentiates between those who conduct business with justice and those who go beyond that and strive for excellence. He proposes 6 ways we can sell with ethics and spirituality: 🟣 Don’t praise your product more than it deserves. This would be misrepresentation and deception. Be honest - although there is no harm in being charming, warm and friendly, that’s part of being good at business. 🟣 Do not conceal any defects in your products If you have issues with your product, state them and let your customer know that you are working on fixing it. β€œWhenever he displays the best side of the cloth or shows it in a dimly lighted place so that it will appear better (than it is), or displays the better of a pair of shoes or stockings, he is a tyrant and a scoundrel.” 🟣 Do not provide less than what you’ve been paid for We would do well to apply the phrase β€œunderpromise and overdeliver,” in our businesses. Imam al Ghazali expands on this: β€œIt was the custom of the forefathers that when they received, they would accept half a grain less and when they gave, they would give half a grain more. They would say: β€œThe half-grain is a veil between us and hell,” for they feared they could not measure accurately. And they would say: β€œThe person is a fool who would sell Paradise, with a breadth many times greater than the seven heavens and earth, for half a grain!” 🟣 Taking advantage of people’s lack of knowledge of the market The Prophet Muhammad ο·Ί prohibited intercepting caravans before they reach the market. This practice involves a buyer going out to meet a caravan that is bringing goods to the market, and buying those goods at a lower price by concealing the actual market rates in the city. This is deceptive because the seller in the caravan is unaware of the true value of their goods in the city's market. 🟣 Cancel a transaction if one has second thoughts after buying it Imam al Ghazali says this isn’t obligatory, but it’s a highly ethical thing to do. In today’s terms, this could be creating adequate time for a refund period. The point here is that if someone feels dissatisfied or uncomfortable with their decision, you should not look the other way. 🟣 Selling to the poor on credit In other words, if someone can’t afford something, give them time to pay. Don’t demand the payment, especially if they are not well-to-do and with little means. If the debtor dies, forgive the debt. Imam al Ghazali said that virtuous entrepreneurs don’t even keep a log of transactions where the poor owe them money, and getting payment from them should be considered a bonus. Source: On Earning a Living and Trade [via Omar DaCosta-Shahid on LinkedIn]
Why is the Muslim Ummah so powerless although we make up a fifth of the world's population? We're not on the right track. We don't follow our agenda given by Allah ο·» to us. We are content to raise our voices instead of doing the right thing. Which gets us off track. - Inward development: Gain more taqwa.. - Unify with other Muslims on the agenda - Calling to good as a unified ummah and with the power to do so. About the inward development: Observe taqwa and come to Islam completely. Meaning applying the book of Allah in our personal lifes. And a huge chunk of the Qur'an is about financial regulations (mahr, child support, zakat, giving loans back, staying away from riba etc.). So the first easy litmus test is to check our money matters. We need to observe taqwa in our financial dealings. When we don't abide by Allah's laws we will be humiliated, powerless and receive the rage from Allah. So we need to start at step 1 at least. To get our financial dealings right. Bitcoin can play a fundamental role here. Not just saving wealth in Bitcoin but also using it as a currency (medium of exchange, MoE) in daily life. And keeping as little fiat money as possible. We must try everything to not get involved in riba and the modern banking system. No riba loans, not using fiat currencies, not leaving money on our checking accounts and thus enabling and supporting this system. The second step would be observing the hudud of Allah in family life. So are we living taqwa in our financial matters and in our family matters? Watch the full khutba as it provides a better and more complex solution than just the "raise your voice!" you hear from everywhere. ⬇️