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This recently happened to millions of Americans, including many Somalis. There's no baraka in what Allah outlawed; it eventually hurts you.So the lender comes in, and kicks you out of your house reclaiming. He also keeps all the money that you have been paying him for the last 18 years, which is more than the original loan itself
Its a caricatural description brother Shirib!bareento,
Say you bought a house on interest of course. And then u start paying it back, its a 20 year agreements. And for the 18 years u make ur stead payment, and by this time u already paid back the principal. But after that u fall sick, lose ur job or what not and are not able to make your monthly payments. Few months pass by and u are unable to make the payments. So the lender comes in, and kicks you out of your house reclaiming. He also keeps all the money that you have been paying him for the last 18 years, which is more than the original loan itself btw. Now you have no house and the lender keeps all that money also, and is free to resell your house to another person.
Now answer me this question....Is that scenario fair?
its easy for me to sit here and judge you bro, but you seem like a reasonable man. i will just state the facts.Its a caricatural description brother Shirib!bareento,
Say you bought a house on interest of course. And then u start paying it back, its a 20 year agreements. And for the 18 years u make ur stead payment, and by this time u already paid back the principal. But after that u fall sick, lose ur job or what not and are not able to make your monthly payments. Few months pass by and u are unable to make the payments. So the lender comes in, and kicks you out of your house reclaiming. He also keeps all the money that you have been paying him for the last 18 years, which is more than the original loan itself btw. Now you have no house and the lender keeps all that money also, and is free to resell your house to another person.
Now answer me this question....Is that scenario fair?
After 18 years if u can no longer pay back, the bank will sell the house to recover its money....if the price of the house has increased u might even end up gaining something!
The present day crisis is not because people are not able to pay ...its because the price of the house has shrinked!
Anyway, even if your description were right, is it a reason to put me in fire? thrown to eternal fire just because i wanted to have a house ...and a banker took advantage of me? just read in full description the punishment of riba ...and then u will understand wat I mean
B.
Your current system is not natural or universal, there are no natural laws there are the rules created by those who create this systemIn my opinion, we have two choices; if we want to engage in any transactions, there are no alternatives than the prevailing one. If we want to be careful, then the best solution is not to be part of the system.
Simply put it saaxib; it is a complex interconnected system in which institutions and actors follow the market.
I would recommend the al muwatta of imaam malik.gureey,
can u recommend any readings Islamic or not, on the other solutions? or just good reads in general about the topic. I would like a more Islamic perspective.
Au contrair my friend, i have already answered you in my first post, and teeri has explained it better and in more detailed.
For all your talk of logic and rationality, it is you that believes that this Kaafir western system is a natural phenomena.
That this "market" you speak of objectivley defines the rules of this system and that it is natural..
You claim to be an economist , i have observed that there is not much economic history taught in most schools today,
this explains the complete lack of perspective and constant dogma sprouted by economists today.
You also clearly have an issue with Islam and organized religion in particular, with your references to animal husbandry etc.
You believe that religion is a private thing, and not for society.
There are many alternatives, we do not have to engage in riba, i am using riba becuase it is a far more comprehensive than usury
it includes all the 72 different forms and all forms of speculation.
Today's interest based economy is relatively new, it is about 500 years old.
for most of human history it was a fringe practice.
There are alternatives for fractional reserve banking, there are alternatives for interest based currency.
If you are sincere we can discuss them and you can present your criticism
but you will have to refrain from using the magical "market"
Au contrair my friend, i have already answered you in my first post, and teeri has explained it better and in more detailed.
For all your talk of logic and rationality, it is you that believes that this Kaafir western system is a natural phenomena.
That this "market" you speak of objectivley defines the rules of this system and that it is natural..
You claim to be an economist , i have observed that there is not much economic history taught in most schools today,
this explains the complete lack of perspective and constant dogma sprouted by economists today.
You also clearly have an issue with Islam and organized religion in particular, with your references to animal husbandry etc.
You believe that religion is a private thing, and not for society.
There are many alternatives, we do not have to engage in riba, i am using riba because it is a far more comprehensive than usury
it includes all the 72 different forms and all forms of speculation.
Today's interest based economy is relatively new, it is about 500 years old.
for most of human history it was a fringe practice.
There are alternatives for fractional reserve banking, there are alternatives for interest based currency.
If you are sincere we can discuss them and you can present your criticism
but you will have to refrain from using the magical "market"
we can only discuss if you:
1) refrain from quoting people incorrectly
2) leave your utopic world from discussions that concern modern society
3) leave religious dogma out of this
4) provide an example where islamic banking/finance works in practice
5) become receptive to other views
6) stop pretending that you have a monopoly on opinions.
I can do better. I will recommend a website to you that will build you basic economics from the ground up.gureey,
can u recommend any readings Islamic or not, on the other solutions? or just good reads in general about the topic. I would like a more Islamic perspective.
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