"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.
π What is Takaful and How Does it Workπ
Takaful operates on Islamic principles of mutual cooperation (taawun), where participants contribute...
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
https://islamic-marketplace.com/]Video: THESE 5 Principles = 80% of Islamic Finance!
[by Faraz Adam]
4 months after the last newsletter, issue #20 was just sent out.
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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
![[ mslm dvlpmnt ]'s avatar](https://image.nostr.build/99f4d8fe131d830e4d41330766c06551fcee919df9c9f269336c2db2b45c0108.png)
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:
π£ Donβt 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, thatβs part of being good at business.
π£ 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.
βWhenever 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.β
π£ Do not provide less than what youβve been paid for
We would do well to apply the phrase βunderpromise and overdeliver,β in our businesses.
Imam al Ghazali expands on this:
βIt 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: βThe half-grain is a veil between us and hell,β for they feared they could not measure accurately. And they would say: βThe person is a fool who would sell Paradise, with a breadth many times greater than the seven heavens and earth, for half a grain!β
π£ Taking advantage of peopleβs 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.
π£ Cancel a transaction if one has second thoughts after buying it
Imam al Ghazali says this isnβt obligatory, but itβs a highly ethical thing to do. In todayβs 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.
π£ Selling to the poor on credit
In other words, if someone canβt afford something, give them time to pay. Donβt 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 donβt 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. β¬οΈ
Btw, Islamic Marketplace is not only Bitcoin-only, it's also Nostr-only.
This is our only social media account. No Twitter, no Insta, no Facebook.
We keep our business clean and self-sovereign in every way.
Fiqh of Social Media - 40 Ahadith about Social Media
Based on Omar Usman's "Fiqh of Social Media"
at
Social Media Fiqh - 40 Ahadith about Social Media
40 hadiths applied to social media use
"The inheritance law of Islam ensures that the wealth of the deceased is distributed equitably. The general ownership of wealth is significantly diluted by this formula, as only one-third of oneβs inheritance can be distributed at will. Two-thirds is distributed to oneβs legal heirs, from the nears and dears of family members. The state cannot inherit anything from this wealth, and hence any kind of inheritance or death tax is out of bounds in Islam."
- Islam & Economics
"The institutional tenets of the Islamic economic framework
are evidently pro-wealth creation, which is in sheer contrast to the laws and values generally practiced in most of the Muslim-
majority countries today."
- Islam & Economics
S. M. Yusuf believes that Islam considers nature as largely a freely available resource to all without any proprietary rights to any individual. In fact, when it comes to nature and its manifestations, there is almost a consensus among Muslim scholars on the matter of ownership. Islam considers nature and natural resources as divinely owned and freely available to humankind.
This is mentioned in several passages in the Qurβan, but the following verses capture it clearly:
"It was God who created the heavens and the earth. He has sent down water from the sky with which He brings forth fruits for your sustenance. He has subdued the ships which by His leave sail the ocean in your service. He has subdued the rivers for your benefit, and subdued for you the sun and the moon, which steadfastly pursue their courses. And He has subdued for you the night and the day." (14:32β34)
All jurists would likewise agree with Yusuf that natural resources are freely available to all humankind. They draw inspiration from a hadith that declares:
"Muslims have common share in three (things): grass, water and fire." - (Sunan Abi Dawud, Book of Wages, hadith no. 3477)
- S. M. Yusuf, Economic Justice in Islam
Javed Ahmad Ghamidi's five fundamental elements in his model of Islamic economy directly derived from the Qurβan:
private property rights, national control over natural assets, control over usurpation, documentation and evidence, and distribution of inheritance.
"The Islamic economic framework should not be understood as a prelude to a new academic discipline or to a new economics, for that matter. This framework can be understood as a combination of moral principles and practical rules for a just, inclusive, and dynamic economic organization of society. At best, it can be understood as a doctrine, though without any claims of sacredness."
Islam & Economics.
The tenets of Islamic economy are price freedom, free trade, market regulations, sound currency, riba-free banking, low and flat taxes, reliance on voluntary contributions, and strict inheritance distribution.
