00:00Hi Habibis and Habibteez!
00:02Let's talk banking.
00:03Before Apple Pay, there was Abu Pay.
00:04It was Arab.
00:05In the 8th century, the golden Islamic age,
00:07merchants are traveling everywhere.
00:09But carrying coins was dangerous,
00:11so the Arabs invented something better.
00:13Listen.
00:14This one says, I owe you 100 dinars.
00:16That's right.
00:18Come on bro, I'll cash it in Cairo.
00:20This slip was called the suck,
00:22which is, drum roll, the check.
00:24So you can hand someone a suck in Iraq,
00:26and they'd cash it in Syria.
00:27Then came the genius move,
00:29letters of credit.
00:30Let me explain.
00:31Ma'alim!
00:32Look, huh?
00:33I'm good for the money.
00:35This guy can trust me.
00:36Yeah bro, he's valid.
00:37So it worked like a verified badge for trade.
00:40What?
00:40This letter of credit from Damascus.
00:43I'm going to have a bank.
00:44Oh, that's it, Yassidi.
00:45Take what you need.
00:49Then came the double entry bookkeeping.
00:51Here's what that means.
00:52You don't just write how much you have.
00:53You also write how you spent it,
00:55earned it, or maybe even owe it.
00:56It's like when your bank application says,
01:00Aha.
01:02Senor,
01:03what are you writing twice?
01:05One for the money,
01:06one for the money trail.
01:07Wah-wah-wah-wah.
01:09This is very smart.
01:10Of course it is.
01:11It is Arab.
01:12You know what else is smart?
01:14Using Shattafa.
01:15This system was later borrowed by the Italians in the Renaissance,
01:18but not the Shattafa.
01:20And it didn't stop there.
01:21Arabs had bank tellers, ledgers,
01:22and even currency exchange.
01:24Arab coins like the dirham were found as far as Scandinavia,
01:27China, and West Africa.
01:28So the next time you open your bank account,
01:30just remember,
01:31Arabs invented the system,
01:32but not the fees.
01:33And that's it, folks.
01:34Catch you in the next one.
01:35Shouya, bro?
01:3654 shawarma?
01:37Yeah, bro.
01:38Inflation.
01:39What you doing?
01:45What you doing?
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