نظرة متعمقة في الاقتصاد الإسلامي الشامل _ د. منذر قحف في بودكاست كاف اقتصادي(480P)

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Transcript

00:00:00In Islamic finance, we believe in the market.

00:00:03And the Prophet, peace and blessings be upon him, among the first things he did in Medina

00:00:08He identified a place and said, "This is a market."

00:00:12No one is prevented from entering it.

00:00:15No one can prevent anyone from leaving it as they wish, or from entering as they wish.

00:00:20Do not intercept the riders before the people arrive.

00:00:23Do not receive them before they descend to the market.

00:00:26The present does not sell to the Bedouin, and the regulations for this market are not in place.

00:00:31Ethical systems that make it an efficient market

00:00:36In Islamic finance, when I finance through sales

00:00:41Or finance through leasing

00:00:43Give the signal to the market to produce this product.

00:00:49I don't want to decide for him.

00:00:53For example, as a bank, what the consumer produces is what decides.

00:01:03Hello

00:01:04I'm personally looking forward to this episode, excited and encouraged by it.

00:01:09Due to the quality of the content, the information, and the topics discussed.

00:01:12Which will be presented in the context of this episode

00:01:15Islamic economics and how it confronts economic challenges and problems

00:01:21Caused by recession, deflation, inflation, interest rates and other economic problems

00:01:28What are the foundations upon which the Islamic system bases its dealings in order to promote sustainable development?

00:01:35Financial stability and also

00:01:38economic prosperity

00:01:39This episode of the Economic Cafe podcast

00:01:42We will stop at the basics of the Islamic system.

00:01:46And also, what are Islamic banks?

00:01:50What are the points of agreement between the Islamic system and the Islamic system?

00:01:53With other economic systems

00:01:55Furthermore, is it possible to build a global Islamic system that combines ethical values?

00:02:00And also economic efficiency

00:02:03This is what we will learn with Dr. Munther Al-Qahf

00:02:06He is a researcher at the Islamic Development Bank in Jeddah.

00:02:11Professor of Islamic Economics and Finance at Sabahattin Zaim University in Istanbul

00:02:17He is also a former professor in the Department of Islamic Economics and Finance at Hamad Bin Khalifa University in Qatar.

00:02:24Greetings, Doctor. Welcome.

00:02:26May God bless you, thank you very much

00:02:28I am alive now, not at the Islamic bank.

00:02:31I was in the Islamic bank 23 years ago

00:02:35In the name of God, what God wills

00:02:36Currently you are a senior teacher and a senior professor in

00:02:39Currently, I am a professor of Islamic Economics and Finance at Sabahattin Zaim University in Istanbul.

00:02:46In the name of God, what God wills. Doctor, to begin with, how can we understand the Islamic economic system?

00:02:53I mean, I want to say here, if I may, after the name of God, the Most Gracious, the Most Merciful

00:03:00Praise be to Allah, Lord of the Worlds, and peace and blessings be upon our Prophet Muhammad and upon his family and companions.

00:03:07I want to say that studies in Islamic economics are modern studies.

00:03:16That means don't go too far back than sixty or seventy years to the middle of the last century.

00:03:26These studies are based on modern economic principles, as we are talking about contemporary science.

00:03:36But certainly, ideas on Islamic economics issues were found scattered throughout all books of jurisprudence.

00:03:47This means that all transactions are certainly closely related to the economy.

00:03:54Islamic economics, then, is a field of study that is both modern and ancient.

00:04:02Ancient in the sense that it is scattered throughout Islamic jurisprudence in general and Islamic thought as well.

00:04:11It's not just about jurisprudence and doctrine; it also has a significant connection to Islamic economics.

00:04:18But as specialized studies, let's call them systematic in the narrow economic sense.

00:04:28This is recent and does not date back more than sixty or seventy years.

00:04:34And even if he died a short time ago, maybe three or four years

00:04:41What I used to call the Sheikh of Islamic Economics, may God have mercy on him, Dr.

00:04:48Mohammad Najatullah Siddiqui was a professor at Aligarh University in India.

00:04:56Prior to that, he conducted studies in Islamic economics and holds a PhD in economics from the University of London.

00:05:08Yes

00:05:08It means economics in the systematic sense, as we call it today.

00:05:14So what are the studies of Islamic economics then?

00:05:21I divide it into two parts

00:05:24Shaq is the study of the Islamic economic system.

00:05:30To try to identify the institutions and tools of the Islamic economic system

00:05:41Therefore, how do these institutions and tools interact in a living society?

00:05:50And how are transactions, production, consumption, distribution, and so on carried out within it?

00:05:59This is one aspect of the study of Islamic economics.

00:06:03The other aspect, no less important, is the study of economics.

00:06:12From an Islamic perspective, we differ in two ways.

00:06:22I say that these two differences also came from Ibn Khaldun, may God have mercy on him.

00:06:29The great Islamic scholar of the past

00:06:36The two differences are, firstly, that we consider sources of knowledge

00:06:43It is not just experience and observation, but also experience, observation, and revelation.

00:06:52The word of true revelation that comes to us from heaven

00:06:58It is a genuine scientific source accepted by reasonable people.

00:07:04Many Westerners today do not accept it.

00:07:08Those who have removed God from their agenda and from their lives

00:07:14We do not accept their method of research.

00:07:19First, then, is research into economic issues.

00:07:24I will explain what the economic issues are

00:07:28This is the second part of Islamic economics.

00:07:31It is research into economic issues

00:07:34based on

00:07:36Firstly, revelation should be a part, and an important part.

00:07:42Sources of knowledge

00:07:45Revelation is a primary source of knowledge

00:07:48The second observation

00:07:51It is to look at the human being as a whole and integrated whole.

00:07:56Not as separate parts from each other

00:08:01One of the mistakes of modern economics

00:08:05I also studied it in the West, for example at the University of Utah in America.

00:08:11Others also studied it at Western universities.

00:08:15Whether in Europe, America, or in our country

00:08:19But with a Western education, after all.

00:08:22All of this study is always fragmented.

00:08:29Don't look at the human being as a whole

00:08:33Ibn Khaldun insists that we should view man as an integrated whole.

00:08:40Therefore, you find, for example, economists

00:08:44As some economic critics call them

00:08:48For example, someone won the Nobel Prize for this type of criticism.

00:08:54They are called mediators

00:09:01These instrumentalists failed to realize that human behavior always has a purpose.

00:09:09Humans do not act without a purpose.

00:09:12So if I delve into economic issues

00:09:15If you buy this pen

00:09:16So I bought it for a specific purpose

00:09:18And if I eat, I eat with a purpose.

00:09:22And if I sell, I sell for a specific purpose.

00:09:25That this goal would keep him away from studying economics

00:09:30This is a very serious matter.

00:09:33Therefore, Ibn Khaldun in his ancient economic study

00:09:39In the fifth part in particular of his book, the introduction

00:09:45Introduction to History

00:09:46In Chapter Five

00:09:49He says in it that we should study man as a whole

00:09:55He is considered the founder of sociology.

00:09:58Sociology is also the father of economics.

00:10:00Economics is a part of sociology.

00:10:03As it was in the past

00:10:05But it was distributed

00:10:06So we study economics

00:10:09And we distance teleology from it.

00:10:12This is a dangerous thing to do.

00:10:15These economists

00:10:17Those who were especially in the late twentieth century

00:10:23In the late nineteenth century

00:10:27And in the twentieth century until its end

00:10:30That is, until the 1980s

00:10:34We used to find these mediators

00:10:37They are the ones who dominate the field of economics in the West and in universities.

00:10:41Today we find many voices speaking

00:10:48For example, in the Journal of Economic Research

00:10:53This journal does not publish summaries.

00:10:56At least the titles

00:10:58A few words may be published

00:11:00What is being written about the world economy?

00:11:02This magazine is published

00:11:05American Economic Association

00:11:08The one whose name

00:11:09Journal of Economic Treechar

00:11:11Journal of Economic Research

00:11:14In this magazine, approximately twenty-five years ago

00:11:19You couldn't find a title like "Altruism in Human Behavior"

00:11:28This title over the past twenty years

00:11:33We now find it and find economic research that talks about otherness.

00:11:40So even the science of economics began

00:11:45As is the case with Westerners

00:11:46They began to evolve towards what we call the two fundamental differences.

00:11:57Between our research economy and their research economy

00:12:02It is the recognition of revelation as a source of knowledge.

00:12:06And the study of man as a whole is integrated

00:12:10When I study economic issues

00:12:14He never leaves my hypotheses

00:12:17Regarding the research framework

00:12:20Humans have other goals as well

00:12:23For example, a person has a humanitarian perspective.

00:12:26He knows that every other human being is like him.

00:12:30He is exactly like him

00:12:32Therefore, he treats him in this homosexual manner.

00:12:36Therefore, many economic theories

00:12:41Which was before that

00:12:43We began to notice that there were errors in it.

00:12:47Because of the separation of ethics

00:12:51In particular also

00:12:52About economic behavior

00:12:56Economic behavior among all people

00:12:59With the disbeliever and with the believers

00:13:01And with the other creditor

00:13:04Whether it is a divine religion

00:13:06Or a positive religion

00:13:07With all people

00:13:09Ethics are linked to economic behavior

00:13:12It is wrong to say

00:13:14No, she is not related

00:13:15The mediators were saying that

00:13:19But now people are starting to change.

00:13:23Even economists in other countries

00:13:27They also began to change

00:13:29We are therefore in Islamic economics

00:13:32We study these two branches together

00:13:34What is the Islamic economic system?

00:13:37And how do we express it?

00:13:40A contemporary expression that is appropriate

00:13:43With our language today

00:13:45The language of the age we speak

00:13:49What is the Islamic economic system?

00:13:52We also research economics

00:13:56In human behavior

00:13:57Towards material issues

00:13:59This behavior

00:14:00It has three main parts

00:14:03It is production

00:14:05Distribution and consumption

00:14:08How are products, distribution, and consumption carried out?

00:14:11In humans as humans

00:14:14And how is it done, and how does he want it?

00:14:17And how does the economic system want it too?

00:14:19What Islam calls for

00:14:23I want to conclude this point.

00:14:26Yes

00:14:27There is a clear economic system

00:14:31It differs from other systems

00:14:37From the old communism

00:14:40Which have disappeared and faded from minds

00:14:43Even minds have ceased to exist and are dead

00:14:46Socialism in all its forms and types

00:14:49and the capitalist system

00:14:51Especially in its most violent form

00:14:55capitalism

00:14:57Which is as it is applied in America

00:15:01I am talking about the Islamic economic system

00:15:04Clearly defined and different from those

00:15:08Its features are very important

00:15:10As the truth shows

00:15:15The legal framework for economic conduct

00:15:19The legal framework is the jurisprudence of transactions.

00:15:22Islamic jurisprudence of transactions is a legal framework

00:15:25It is not Islamic economics

00:15:27at all

00:15:28It is not the Islamic economic system

00:15:31It is a legal system

00:15:32Jurisprudence is a legal matter

00:15:35It is a legal system

00:15:37But it defines the legal framework

00:15:40economic behavior

00:15:43That's correct, and we have a very rich and very useful jurisprudence of transactions as well.

00:15:50It also means very, very useful in encirclement.

00:15:54Okay, specifically, Doctor, this detail is very important, especially regarding the branches of economics.

00:16:01Islamic

00:16:01The focus is on the point of revelation and the ultimate purpose of the subject of economics, interpersonal relationships, and so on.

00:16:08Today, the fundamental principle in financial transactions, Doctor, is sharing in both gains and losses.

00:16:13Whether you win or lose, I'm with you.

00:16:15But in this case, what are the foundations based on what you mentioned in this beautiful definition of Islamic economics?

00:16:21The foundation upon which the Islamic financial system is built in promoting economic development and prosperity.

00:16:29What are the principles that he urges or calls for?

00:16:32Look, there's an important point we need to note.

00:16:39The Holy Quran, when it mentioned usury and prohibited it

00:16:47He gave us the alternative of selling, but he didn't give us the alternative of sharing.

00:16:53Indeed, in some places in the Holy Quran we find the word "quarreling partners".

00:17:03We also find a place where people are in conflict with one another.

00:17:08So where did the idea that participation is the basis of dealing come from?

00:17:14The basic principle in dealings is that each person should act as he sees fit regarding his property.

00:17:20The fundamental principle in dealing with others is that you produce with all your energy and with all that you possess.

00:17:27And if you see that it is in order to expand your production

00:17:33You need to share with someone else, so you share with them.

00:17:37As for the original principle, no, the original principle is not to share with him.

00:17:41Yes

00:17:41That means you have no means to use.

00:17:45The principle is to use what you have in terms of money and personal physical, mental, and psychological capabilities.

00:17:58These capabilities are used in the most effective and efficient way possible.

00:18:05If you see that it is more beneficial to partner with someone else, then partner

00:18:10If you find it more beneficial to produce on your own, then produce on your own.

00:18:15This depends on the type of production and the size of the facility.

00:18:21Some of the rich can afford to own an entire ship.

00:18:26So no one else needs to participate in it.

00:18:29He owns a steamer, which is a means of transport.

00:18:32They transport goods from one country to another.

00:18:35Why participate?

00:18:37He doesn't need to participate

00:18:39He can hire workers, managers, and so on.

00:18:44To do that

00:18:45I am saying the origin of Islamic finance then

00:18:50It is its connection to the real market

00:18:54Note

00:18:57The difference between us

00:18:59And between the capitalist system

00:19:02In particular

00:19:04The difference between us and him in the issue of funding

00:19:08The capitalist system

00:19:11Separating the financial market from the real market

00:19:16real market

00:19:18It means the market where it takes place

00:19:21It means it's not a place

00:19:23But it is the concept of the market in which it takes place

00:19:28Production and distribution of goods and services

00:19:33The production of goods and services is the real market.

00:19:38Notice, for example, that they study economics for four whole years and you don't hear a thing

00:19:47Regarding the word "funding" in Western universities today

00:19:51Unfortunately, this is the case in Arab universities because we have adopted the approach of Western universities.

00:19:57They study economics and you don't hear the word finance.

00:20:01They study economics at the doctoral level and you never hear the word finance.

00:20:07It is not required

00:20:09Another specialization considered

00:20:10The issue of financing is another area of expertise.

00:20:13They call it financing, corporate finance, or something else.

00:20:19The problem with capitalist economics today

00:20:22The finance sector is separate from the production sector.

00:20:27If you have the ability to pay

00:20:33And it gives me a sufficient return in the form of interest.

00:20:39I'll give you a loan

00:20:40Regardless of what you do with this loan

00:20:45And why would this loan be used?

00:20:48In Islamic finance, we do not give loans.

00:20:51There is absolutely no loan in Islamic finance.

00:20:56We are certainly talking about profit-driven financing.

00:21:00Not charitable funding

00:21:03Philanthropic funding

00:21:05It means your mother is giving him a charitable loan for nothing.

00:21:08Certainly, or your brother or a dear friend

00:21:12Profit-oriented financing

00:21:16In capitalist society, with capitalism, with the contemporary capitalist system

00:21:22The financial market is separate from the real goods market.

00:21:29Goods and services

00:21:30As for Islamic finance

00:21:32If you were to come to an Islamic finance institution that offers profit-making opportunities

00:21:37An Islamic bank, for example

00:21:38She tells them she wants a loan

00:21:40We do not give loans

00:21:41What do you want to do with the loan?

00:21:44You want to buy a car

00:21:46We buy the car and sell it to you at a profit.

00:21:49Selling generates benefits

00:21:53Every sale

00:21:55The current sale

00:21:57Meaning, the one who pays for it directly

00:21:59Generates benefits

00:22:00Deferred payment sales generate more benefits.

00:22:04Because you will benefit from the car

00:22:07Without paying for it

00:22:09Let's focus on simplification

00:22:11You buy a car and pay for it a year later.

00:22:14You will use the car

00:22:16And you will use all your other resources

00:22:20also

00:22:21At the same time

00:22:22Because nothing was missing from it.

00:22:24Use them all and enjoy them.

00:22:27So you now have more benefits.

00:22:31Before you take the car

00:22:34So when you take the car from the seller's property

00:22:38So if you're not going to pay him immediately

00:22:42It is his right, and it is also fair.

00:22:45to divide or share

00:22:49These are the additional benefits between you and him

00:22:53How to divide or share

00:22:56More accurate than the word "to divide"

00:22:58Because it is not equal

00:23:00Depending on the market

00:23:03If it is in the consumer market

00:23:08The customer is the most powerful force in the market.

00:23:11He takes a larger share of these benefits.

00:23:14And if the seller is the stronger party

00:23:17He takes a larger share

00:23:18According to the market

00:23:19The market is acceptable in the Islamic system.

00:23:22We accept the market

00:23:24But it's also a market

00:23:27Firstly, subject to the law

00:23:29Like any market in the world

00:23:31Subject to the law

00:23:33No market means, let's say, without law.

00:23:35It is subject to the law

00:23:37But our law

00:23:39Cheating is prohibited

00:23:41It prevents injustice

00:23:42Usury is prohibited.

00:23:44Exploiting others is prohibited

00:23:47Monopoly is prohibited

00:23:49Our market

00:23:50The capitalist market is similar

00:23:53Meaning

00:23:54For example, note

00:23:56Let's go back in time a little

00:23:59In America

00:24:01In early

00:24:021900

00:24:04early twentieth century

00:24:07There were no

00:24:09Any laws

00:24:10It prevents any form of monopoly.

00:24:13Many monopolies were formed.

00:24:17And also received

00:24:19Much injustice occurred

00:24:21For people who lack economic power

00:24:27Economic power became the standard for dealings.

00:24:32Note the words of Abu Bakr, may God be pleased with him.

00:24:36The rich man in your eyes is poor in mine until I take what is rightfully mine from him.

00:24:41The strong among you are weak in my eyes until I obtain justice for him.

00:24:46The weak among you are strong in my eyes, so that I may obtain justice for him.

00:24:50Therefore, the Islamic system, through the jurisprudence of transactions, is the true path.

00:24:58This jurisprudence also needs development as it evolves

00:25:02Through that, through the legal framework

00:25:06From the very first minute in the market, we prevent monopolies.

00:25:11Laws were issued starting, I think, in 1906

00:25:16successive laws at multiple levels

00:25:22It prevented many forms of monopoly.

00:25:25Some forms of monopoly still exist.

00:25:28Present in the capitalist economy

00:25:30More precisely, in America

00:25:33Which are unjust monopolies

00:25:35Monopolies still exist in the means of communication.

00:25:40This is Twitter and FaceTime

00:25:44Monopolies as well

00:25:45Thus, these monopolies were established.

00:25:49The Islamic market system from the very first minute

00:25:54Monopolies are prohibited in it

00:25:55We prevent monopolies, and monopolies are discussed.

00:25:59Islamic jurisprudence also in detail

00:26:02Therefore, the market is based on Islamic principles.

00:26:08Which are ethical rules

00:26:10Our religion is certainly a moral religion.

00:26:14But I say all religions as well

00:26:17Even man-made, non-divine religions

00:26:21It is also ethical

00:26:23And not just Islam

00:26:24But the difference between us and them is a big one.

00:26:29Our ethics are not just general principles.

00:26:34But she went into detail

00:26:37Don't they say the devil is in the details?

00:26:42Yes

00:26:43Our ethics prevented the devil from getting involved in the details.

00:26:49I went into all the details

00:26:51So we knew and defined

00:26:54Monopoly and exploitation, for example

00:26:57Taking people's money unjustly and other such things

00:27:01We identified it

00:27:02For example, note the prohibition of usury.

00:27:04It enters through twenty chapters of jurisprudence

00:27:07Because it affects those

00:27:10Everywhere he enters

00:27:13You find that they noticed that

00:27:16They did not stray from that

00:27:18Our ethics went into detail

00:27:21This is an important difference

00:27:22Between us and other religions

00:27:25She also has ethics

00:27:27But our ethics have entered into all these details

00:27:32And they did not enter

00:27:34General principles remained

00:27:35Therefore, for example, you find today

00:27:37The world's biggest usurer

00:27:43It is the American Catholic Church

00:27:46Catholic Church

00:27:49She invests all her money in usury.

00:27:51It is the largest earner in the United States.

00:27:55interest

00:27:57Although usury is forbidden in their view

00:28:00And they say

00:28:01It came to me from one of the monks

00:28:04And I still have his message.

00:28:05He told me we want to establish a presence in America

00:28:09Islamic bank

00:28:11A follower said

00:28:13He said, "Don't be surprised."

00:28:14I'm telling you, it's an Islamic bank, don't be surprised.

00:28:17Because the Islamic bank is the only one

00:28:20The only model for the Christian bank

00:28:23For the true Christian bank

00:28:26That's what he said.

00:28:28I still have his letter.

00:28:31Even today

00:28:34So it means he

00:28:35Everyone knows that Christianity and Judaism

00:28:40They forbid usury

00:28:41But they returned to its interpretation

00:28:44They interpreted it in another way.

00:28:47They said, "Usury."

00:28:48It means it wasn't much

00:28:50What does "a lot" mean?

00:28:52Does thirty mean a lot or not?

00:28:53thirty percent

00:28:55Forty percent now in Türkiye

00:28:57Is it too much or not? Yes, very much.

00:29:01So usury means they returned to their interpretation

00:29:04Therefore, the Catholic Church became the biggest usurer in America.

00:29:09Therefore, our system is built on institutions.

00:29:14Institutions

00:29:16Institutions

00:29:16The economic system

00:29:20These are the rules of the economic system

00:29:22Meaning

00:29:23like

00:29:28The gangs

00:29:29The roof rests on it

00:29:31The ceiling is the system

00:29:33These rules

00:29:34For example, respecting property

00:29:37Individual

00:29:38Indeed, your money and your blood are sacred to you.

00:29:42Like the sanctity of your day

00:29:44This is in your month, in my place, this Messenger, peace and blessings be upon him.

00:29:49The meaning of his word

00:29:51Respect for personal property

00:29:54for example

00:29:54Ownership distribution system

00:29:56Inheritance

00:29:57My melody, note the inheritance system

00:29:59Mandatory system

00:30:00The noble verse in Surah An-Nisa

00:30:04After that

00:30:04I have decided on the distribution of the inheritance.

00:30:06She said

00:30:07Those are the limits set by God.

00:30:08And whoever transgresses the limits set by God

00:30:11He has a Jahni

00:30:13Whoever obeys God and His Messenger will have Paradise

00:30:17Do not overstep

00:30:19For example, the distribution of ownership

00:30:22The distribution system began in Islam

00:30:24It begins with the distribution of ownership

00:30:26And it continues after that

00:30:29for example

00:30:29Zakat

00:30:31Meaning

00:30:32I want to take a small example

00:30:34If someone has a million

00:30:37He lost money in his business ventures.

00:30:40He still had half a million

00:30:42Is it still subject to Zakat?

00:30:44Or should we exempt him from paying Zakat?

00:30:46Because he lost half his money

00:30:48Subject to Zakat

00:30:49Subject to Zakat then

00:30:51We do not exempt him from paying Zakat.

00:30:52There must be a right for the poor and the needy

00:30:56In his money, in half a million

00:30:58Which remained

00:30:59As long as it is compared to that poor man

00:31:03This one owns half a million

00:31:05That is something he owns.

00:31:06He should give it

00:31:08Therefore, the Islamic system

00:31:11He went into detail

00:31:13So, Doctor, many foundations

00:31:16The basis of the Islamic system

00:31:18In his dealings with the subject

00:31:19No deception

00:31:21Injustice

00:31:22cheating

00:31:22individual ownership

00:31:24The topic focuses on it

00:31:25fair distribution

00:31:26For money

00:31:27In addition to the concept of Zakat

00:31:28These are very positive things.

00:31:30In Islamic transactions

00:31:32There are, of course, many terms

00:31:34The one you have built your throne on

00:31:35I will mention it later.

00:31:37This means mentioning its details sequentially.

00:31:38But the separation was beautiful

00:31:40Between the Islamic system

00:31:42And the system that deals with capitalism

00:31:46Several other systems were mentioned.

00:31:49Such as the socialist system and others

00:31:50Are there any things they have in common?

00:31:52Or a case of intersections between the Islamic financial system

00:31:57and other economic systems

00:31:59Meaning

00:32:02Note

00:32:03In principle

00:32:07Or if it always means

00:32:09Let's start with the generalities.

00:32:10So we move on to

00:32:11Privacy

00:32:12Generalities

00:32:14Every economic system

00:32:16It aims at two things

00:32:19Production efficiency order

00:32:22And the other thing

00:32:24fairness in distribution

00:32:28Production efficiency

00:32:30And justice in distribution

00:32:32order

00:32:33socialist systems

00:32:34There are many socialist movements.

00:32:36All socialist systems aim for that.

00:32:39The communist system also aims for that.

00:32:42But he thought justice

00:32:44Production efficiency

00:32:45It requires that the state plans

00:32:48It is production and it is what carries out

00:32:49And after seventy years he failed at that

00:32:52And it was proven that

00:32:53The state cannot

00:32:55To achieve a goal

00:32:57Or to achieve the goal of efficiency

00:33:00In production, in fact

00:33:01Completely incompetent

00:33:05and justice

00:33:06In distribution, it was also thought that

00:33:08Fairness in distribution requires

00:33:10To not own property

00:33:11Individual for any means

00:33:13Why for production?

00:33:15The result also

00:33:17The communist system failed in this

00:33:19Although that is his goal

00:33:21He was noble

00:33:22These two goals are the same

00:33:25Also, the goal of the capitalist system

00:33:28They are the same

00:33:29Goals of socialist systems

00:33:31The multiple ones, and they

00:33:33Objectives of the economic system

00:33:35Islamic efficiency in

00:33:37Production and fairness in distribution

00:33:39But we return

00:33:41To the word that

00:33:42The devil is in the details

00:33:45They entered

00:33:47Their devil is in the details

00:33:48We instead of

00:33:51We allow our devil

00:33:52To go into detail

00:33:54Sharia law was introduced with these details.

00:33:57Peace and blessings be upon him.

00:33:59He gave us models

00:34:01To deal

00:34:02I mean, I'm impressed

00:34:04One of the models of dealing

00:34:06Which the Messenger said

00:34:08Peace and blessings be upon him

00:34:11It means a strange hadith

00:34:14Where did he get it from? Certainly from unwritten revelation.

00:34:19Meaning of spiritual revelation

00:34:22Meaning from God

00:34:23All of it is revelation from God.

00:34:24It is but a revelation revealed

00:34:26But the Prophet, peace and blessings be upon him

00:34:30He brought something that is a marvel in every sense of the word.

00:34:34Six categories existed among the Arabs

00:34:37Gold, silver, dates, wheat, barley, and salt

00:34:42He said these categories

00:34:44He said these six categories

00:34:46Treat it like money

00:34:48Where did this come from?

00:34:51Where did Muhammad, peace and blessings be upon him, get it from?

00:34:55It certainly meant something very strange in his time.

00:35:00Today we realize that money should be treated in a special way

00:35:06Take an example

00:35:08The Prophet, peace and blessings be upon him, stipulated these six things

00:35:13Money and the like

00:35:14It is required that it be hand to hand

00:35:18That is, if you buy with money

00:35:20It should be sold with immediate delivery.

00:35:24When contracting for the two currencies

00:35:27Turkish lira to US dollar

00:35:29to receive

00:35:30It means, as our common people in Damascus say

00:35:33Qabidh Bqabidh

00:35:35Delivery by delivery

00:35:37now

00:35:40Why did the Prophet, peace and blessings be upon him, stipulate this condition?

00:35:44If we observe in today's world

00:35:46There is an equivalent

00:35:49More than 18 times

00:35:52The total amount of global production

00:35:56All countries of the world

00:35:57If we add up all of its national production

00:36:01Multiplying by 18 together gives us approximately

00:36:06That means now slightly more than a hundred trillion

00:36:09As for the financial amounts used, these are the same funds used today in monetary transactions.

00:36:23Currency trading worldwide, without any delivery, represents transactions approximately 18 times the total global output.

00:36:38So the Messenger, peace and blessings be upon him, with one word abolished them all.

00:36:43These are the funds used in currency speculation.

00:36:50Which is approximately 18 times the amount of global production

00:36:56Why do we prohibit all these transactions?

00:36:59He tells you that zero means the transaction must be hand-to-hand.

00:37:02This means you cannot make any deferred transactions.

00:37:06No, not as they are in these markets.

00:37:10So what do the owners of this money do?

00:37:14They will certainly find that they want to invest their money.

00:37:18Now, the investment method they use is through currency speculation.

00:37:25They speculate on the currency

00:37:27Therefore, the foreign exchange market has ballooned globally.

00:37:31This massive inflation

00:37:33When that is abolished, they will return to producing goods and services.

00:37:40They will produce wheat

00:37:41They will set up farms

00:37:43They will set up clothing factories

00:37:45For computers

00:37:47And for shoes

00:37:48And for the tournaments

00:37:49They will produce benefits for people

00:37:52The Prophet, peace and blessings be upon him

00:37:54I swear to God, I say

00:37:55It's like a miracle

00:37:57It is one of the miracles of the Prophet, peace and blessings be upon him.

00:38:00He stipulated

00:38:01When you deal with money

00:38:04Therefore, dealings should be hand-to-hand.

00:38:08Qab Bid

00:38:09Yes

00:38:09It is never correct

00:38:11All these transactions

00:38:13These are transactions whose reality

00:38:15Stealing from each other

00:38:17It is what is called, meaning

00:38:20Please allow me to use the English expression.

00:38:22Transfer Up Wealth

00:38:24Not generating new value

00:38:27It is the transfer of ownership from one person to another.

00:38:30One wins, one loses

00:38:32So there's nothing

00:38:35A transaction based on

00:38:37Generating new value

00:38:39Notice I said

00:38:40Islamic finance is based on

00:38:42By sale

00:38:43He rents

00:38:45He also makes contributions

00:38:47a little

00:38:48But also possible

00:38:50Islamic finance

00:38:52If only by these means

00:38:54He does not lend

00:38:56Note

00:38:57He does not lend

00:38:59This way

00:39:01What does it mean?

00:39:02Selling is a real transaction

00:39:04In the market

00:39:05It requires the transfer of goods

00:39:07From owner to bank customer

00:39:09Through the bank

00:39:11The bank owns it

00:39:12Then he sells it to the customer

00:39:14It is

00:39:14When we move this item

00:39:17From the seller

00:39:19or product

00:39:20To the consumer

00:39:22What will the product do?

00:39:24It will produce another commodity

00:39:26correct

00:39:27Note

00:39:27This is a development process

00:39:29Because it gives the signal

00:39:32Through the market

00:39:34For the product

00:39:35Produce a commodity

00:39:36As an alternative to it

00:39:38Your goods are in demand

00:39:39In the market

00:39:40So the Islamic bank

00:39:43When financed by sale

00:39:45Helps

00:39:47Production

00:39:48That he

00:39:49It encourages production

00:39:51Therefore

00:39:53Development

00:39:54when

00:39:55Funds

00:39:56Rental

00:39:57He will take

00:39:58Fixed asset

00:39:59car

00:40:00He takes from here

00:40:02or building

00:40:02He takes it from the product

00:40:04Contractor

00:40:06The one who built

00:40:07Contractor

00:40:08The one who built

00:40:09Construction

00:40:11He takes it from him

00:40:12And he gives it to the user

00:40:14Let's have a separate residence

00:40:15residential houses

00:40:17He gives it to the user

00:40:18This too

00:40:19production process

00:40:21Islamic finance

00:40:23when

00:40:24He does

00:40:25Through selling

00:40:26Or through

00:40:28Cigarette

00:40:29Or through

00:40:31Posts

00:40:32Certainly the posts

00:40:33Its meaning is the establishment

00:40:34New projects

00:40:35or expansion

00:40:37Existing projects

00:40:38Whether it is

00:40:39establishment

00:40:40New projects

00:40:41or expansion

00:40:42Existing projects

00:40:43or

00:40:43giving

00:40:44signal

00:40:45For the product

00:40:46Produce a commodity

00:40:47Other

00:40:47It is financing

00:40:49Islamic

00:40:49Funding permission

00:40:50developmental

00:40:51What is it?

00:40:52The secret to that

00:40:53The secret to that

00:40:55It is that

00:40:56Finance

00:40:57He does

00:40:57via

00:40:58Sale

00:40:59or lease

00:41:00Or participation

00:41:02And it does not

00:41:03via

00:41:03loan

00:41:04Because the loan

00:41:05He separates

00:41:06practical

00:41:06Finance

00:41:07About the market

00:41:08The real

00:41:09Is this

00:41:10I mean, doctor

00:41:11The system

00:41:12capitalist

00:41:13or communist

00:41:13The one I mentioned

00:41:14It does not depend

00:41:14On the subject

00:41:15Sale

00:41:15And rent

00:41:16Participation

00:41:17Never

00:41:18It does not depend

00:41:19It depends on the loan

00:41:20and financing

00:41:21for example

00:41:22In the system

00:41:22Communist

00:41:23The one who was

00:41:23Before that

00:41:24In China

00:41:25China also

00:41:26It changed a lot

00:41:27From the system

00:41:28Communist

00:41:28The one who was in China

00:41:30He was in the union

00:41:31Soviet

00:41:31Produce something

00:41:34for example

00:41:34Funny

00:41:35Which he produced

00:41:36communist system

00:41:37It is for

00:41:39more

00:41:39Production

00:41:40Produce

00:41:41In one of the factories

00:41:42All shoes

00:41:44She is the individual

00:41:44right

00:41:45only

00:41:45All of that

00:41:47Because it's easier

00:41:48Because it's easier

00:41:49So they produced them all

00:41:51This

00:41:51Do not associate

00:41:52In the market

00:41:53Note

00:41:54Because

00:41:55This is amazing

00:41:56individual

00:41:57right

00:41:58Alone

00:41:58Not possible

00:41:59To be sold

00:42:00In the market

00:42:02But

00:42:03Production

00:42:03amount

00:42:04It has increased

00:42:05But he

00:42:06Not a production

00:42:07Usage

00:42:08In finance

00:42:09Islamic

00:42:10We believe

00:42:11In the market

00:42:12And the Messenger

00:42:13Peace be upon him

00:42:14Peace

00:42:14From the first

00:42:15What he did

00:42:16In the city

00:42:17He identified

00:42:19place

00:42:19He said

00:42:20This is amazing

00:42:20market

00:42:21For the people

00:42:22It does not prevent

00:42:23One to enter

00:42:24To her

00:42:25And it does not prevent

00:42:26One to go out

00:42:27From it

00:42:27Whoever wants

00:42:28Enter

00:42:28Whoever wants

00:42:29to go out

00:42:29And do not receive

00:42:31The riders

00:42:31Before he comes

00:42:32the people

00:42:33Do not receive them

00:42:34Before he slipped

00:42:35To the market

00:42:36He does not sell presently

00:42:37felt

00:42:38and placed

00:42:38Systems

00:42:39For this market

00:42:40Systems

00:42:41Ethics

00:42:42which makes it

00:42:44Market

00:42:44effective

00:42:45I

00:42:46In finance

00:42:47Islamic

00:42:47When I finance

00:42:49via

00:42:50Sale

00:42:50Or Amul

00:42:51via

00:42:51Leasing

00:42:52give

00:42:54signal

00:42:55For the market

00:42:56Because it produces

00:42:57For this product

00:42:59I don't want

00:43:00To decide

00:43:01I decide

00:43:02for him

00:43:02I am a bank

00:43:04for example

00:43:05What does it produce?

00:43:06consumer

00:43:07He is the one who decides

00:43:08Because the consumer

00:43:10This item is required

00:43:11So I buy

00:43:12This item

00:43:13From the market

00:43:14And I sell it to the consumer

00:43:15At that time

00:43:16Product of this item

00:43:17It will produce

00:43:19Instead of it

00:43:20And it increases

00:43:21Its production

00:43:22Because of his merchandise

00:43:23Required

00:43:23Let's assume there

00:43:25alternative product

00:43:26But it's not popular

00:43:28The target

00:43:28They don't like it

00:43:29What will he do?

00:43:31Product of that item

00:43:32The alternative

00:43:32It will stop

00:43:34About its production

00:43:35And he will go bankrupt

00:43:36No, but

00:43:37Harvest

00:43:37You can get

00:43:39bankruptcies

00:43:39Also in the market

00:43:40Islamic

00:43:41If your item

00:43:42People don't want it

00:43:43Why produce it?

00:43:45It is better to go bankrupt

00:43:46And do not produce it

00:43:47Because we don't need it

00:43:49This actually means that these are the Islamic principles.

00:43:51What I rely on

00:43:52Islamic Economics

00:43:53She mentioned common points

00:43:55Between Islamic Economics

00:43:56and other global economic systems

00:43:58In the case of equitable distribution

00:44:00Production efficiency

00:44:01But it is applied in the Islamic system

00:44:02It is not actually applied as a reality.

00:44:05In other economic systems

00:44:06She emphasized the idea of buying and renting

00:44:08The topic of participation and so on

00:44:10I mentioned the topic of inflation

00:44:13Today, inflation

00:44:13That is, according to what you mentioned.

00:44:16Currency speculation

00:44:18It called for a state of inflation

00:44:20What we are seeing today in the global market

00:44:22And perhaps Corona means

00:44:23I came and added, meaning

00:44:26And contributed

00:44:26Ice cream and the issue of inflation

00:44:28Today, from the perspective of Islamic economics

00:44:32Where does inflation begin?

00:44:34Regardless of the topic of currency speculators

00:44:36And how can this help reduce inflation?

00:44:39This means that inflation certainly has many causes.

00:44:43Regarding inflation in Türkiye

00:44:47One of the reasons is to do

00:44:51With long-term return projects

00:44:56Short-term financing

00:44:58This has an effect on inflation.

00:45:01This also affected the currency price.

00:45:04But today inflation isn't just in Turkey, Doctor.

00:45:08It even exists in America

00:45:10I now want to talk about Türkiye

00:45:13Then we speak in general terms

00:45:15In Türkiye

00:45:17One of the causes of inflation

00:45:18Something similar happened in Malaysia as well.

00:45:21The same thing happened in other countries.

00:45:23In Thailand or Brazil

00:45:25When you undertake large, important projects

00:45:32But they are many

00:45:34These projects mean that he will spend a lot of money on people.

00:45:40Workers are employed to build roads, bridges, and other infrastructure.

00:45:45But road revenues and bridge revenues

00:45:49This is slow

00:45:51The returns don't come quickly.

00:45:54It takes longer to arrive

00:45:57Its returns are slow relative to its costs.

00:46:01It costs very much

00:46:03This money

00:46:05If it was financed by foreign loans

00:46:09As happened in Türkiye

00:46:10The currency price is falling

00:46:13obvious

00:46:13Because these loans are short-term

00:46:16European banks will not give you loans for fifty years.

00:46:21They can give you loans for five years

00:46:24For three years

00:46:25For seven years

00:46:26But it won't even give you ten years.

00:46:28Very rarely

00:46:29These loans were therefore worthwhile.

00:46:34The lenders are the contracting parties.

00:46:37Those who contracted with the state

00:46:38internals

00:46:39Internal contractors

00:46:41They built these bridges and roads

00:46:43They took out loans from European banks

00:46:46These loans were earned

00:46:48So that they pay her

00:46:50They buy the currency from the market.

00:46:52The price of the Turkish currency is falling.

00:46:55The price of foreign currency rises

00:46:58Dollar and Euro

00:47:00This is one of the causes of inflation.

00:47:02Because we put a lot of money in people's hands

00:47:07From the workers and from the owners of the goods we bought from them

00:47:11In order to build these huge, massive projects

00:47:15Whether they are large government buildings or the like

00:47:18This does not generate a quick return.

00:47:21Or bridges, roads, or other

00:47:24This is something that should have been done anyway.

00:47:28If they funded my doctoral dissertation, I could...

00:47:32She says that if these projects were funded

00:47:36With Islamic finance, what happened wouldn't have happened.

00:47:40I have a message now from one of my students, and he is Turkish.

00:47:44A Turkish student of mine is writing his doctoral dissertation on this topic.

00:47:48About hospitals

00:47:50Because 15 very large hospitals were built

00:47:54Among them is the Shakoura Hospital here.

00:47:56It was financed in this way, which is a flawed method of financing.

00:48:01With medium-term external loans

00:48:04That means from 3 to 5 years

00:48:06These loans matured, so a payment was necessary, and the value of the Turkish currency decreased.

00:48:12We also distributed a lot of money into the hands of the people.

00:48:15Workers and raw materials supplier

00:48:18Almost all raw materials are locally sourced here.

00:48:21With these buildings, bridges, and highways, all of them

00:48:27All of this led to a lot of money in the hands of the people.

00:48:32But the production of food, consumer goods, building materials, and other things.

00:48:38What grew this fast

00:48:40If, for example, we started by building roads and bridges

00:48:47If we started building factories and farms

00:48:52We started with farms and factories

00:48:55Farms and factories produce their output during the year.

00:48:59The factory produces within a year

00:49:01Its products are placed on the market

00:49:04The farm produces within six months

00:49:06If we started with this and expanded this further

00:49:11Then we distributed the development of roads and bridges

00:49:16Over a longer period

00:49:18With local funding instead of Islamic funding

00:49:22By issuing checks

00:49:24If we issued a bond, it would have two benefits.

00:49:28Issuance of the roofs

00:49:29First, it absorbs excess money from people's hands.

00:49:35This is important in combating inflation.

00:49:38Absorbing excess money in people's hands

00:49:42The second benefit is that it funds these projects.

00:49:47The government, in any case, guaranteed these loans.

00:49:50The government guaranteed these loans to foreign banks.

00:49:54The government guarantees to Turks who provide these funds

00:50:00Turks now, Turkish society

00:50:03He has a lot of money ready.

00:50:06This is the problem

00:50:08Therefore, they raised the interest rate.

00:50:10Because instead of you using it in speculations

00:50:14Keep it

00:50:15Use it and put it in the bank.

00:50:17This is the goal of raising the interest rate

00:50:19Put it in the banks

00:50:21Instead of using it this way

00:50:24They want to absorb this live money.

00:50:27It could be absorbed through the issuance of a check

00:50:31Guaranteed by the government

00:50:33Roofs are based on rent

00:50:35She has a fee

00:50:38means predetermined

00:50:40That's fine.

00:50:41Because it's a rental

00:50:43So you're building, for example

00:50:45This is the canal they want to build

00:50:48If they funded it with roofs or hospitals

00:50:51You are building the hospital

00:50:54And you will rent it

00:50:55Owned by the owners of the roofs

00:50:58The government rents it from them.

00:51:00They are paid a salary every year.

00:51:02Instead of

00:51:04It means they pay, for example

00:51:06One hundred million

00:51:07The cost of construction

00:51:09They take ten million every year

00:51:12Over the course of ten years

00:51:14Or ten years

00:51:15So that the original pays

00:51:18With the fare

00:51:19During this period

00:51:20The state then becomes the owner

00:51:23after that

00:51:23After 12 or 15 years

00:51:26For these buildings

00:51:28Instead of doing that

00:51:30They financed it with loans

00:51:33From European banks

00:51:37In particular

00:51:37permission

00:51:39Causes of inflation

00:51:42We should know it

00:51:43One of them is the one I mentioned.

00:51:45Another one

00:51:47he

00:51:48plenty

00:51:50deliberations

00:51:52Based on speculation

00:51:56Meaning now

00:51:57As is happening in Türkiye

00:52:00This also happens in many countries.

00:52:03that people

00:52:05because of

00:52:06Their lack of trust

00:52:08With stability

00:52:10Government decisions

00:52:12They prefer

00:52:14that they keep

00:52:15With money

00:52:15In their pockets

00:52:16Instead of keeping

00:52:18With money

00:52:19Because also

00:52:20They are afraid of inflation.

00:52:21They saw inflation

00:52:23So that they can avoid that

00:52:26They turn it into gold

00:52:28or into a foreign currency

00:52:29strong

00:52:30Dollar, for example

00:52:31They keep it

00:52:33For example, me

00:52:35Some of my colleagues at work

00:52:36They tell me

00:52:37at the moment

00:52:39in which we get

00:52:41On the salary

00:52:42We will turn it all into gold

00:52:45And banks accept

00:52:46Gold accounts

00:52:47Yes

00:52:47So his account will be in gold.

00:52:49In the bank

00:52:51And whenever he wanted to buy

00:52:53And it is used

00:52:53Credit card is used

00:52:55Credit card

00:52:56He pays it once

00:52:58In the month

00:52:58correct

00:52:59So when he pushes her

00:53:00Transfer from gold account

00:53:01To the lira account

00:53:02The credit card amount is paid

00:53:06So people

00:53:07we

00:53:10With two things

00:53:11one

00:53:11Raising the interest rate

00:53:13Because he raised the interest rate

00:53:15What else does it mean?

00:53:17Doesn't inflation increase?

00:53:19If I were

00:53:20I, as a factory owner

00:53:21Let's separate

00:53:22For the fabric

00:53:23Clothing materials

00:53:26usually

00:53:28I use

00:53:30Bank financing

00:53:32Whether Islamic or secular

00:53:34or non-Islamic

00:53:35I use bank financing.

00:53:38In order to finance workers' wages

00:53:40raw materials

00:53:42What they call working capital

00:53:44If the interest rate increases on me

00:53:46The cost increased

00:53:47Therefore, I increase

00:53:49Price

00:53:50So inflation will increase.

00:53:53Its result

00:53:54Because

00:53:55This is amazing

00:53:56The benefit increases on

00:53:58The cost increases

00:53:59the society

00:54:01We do have a problem here.

00:54:03I mean, I'm saying

00:54:04Increasing the interest rate is a mistake

00:54:07But

00:54:09Interest rate increase

00:54:11Addressing the aspect

00:54:12From the sides

00:54:13Which is the side

00:54:14speculator

00:54:16Specolati

00:54:18The speculative side

00:54:20Meaning now

00:54:21we

00:54:22We may convince

00:54:23If interest increased

00:54:24sixty percent

00:54:25All people

00:54:26Those who put

00:54:27Their money

00:54:28With gold

00:54:29In banks

00:54:30They will convert it

00:54:31Lira

00:54:32And they put it

00:54:32Bank deposits

00:54:34And they take sixty percent

00:54:35But this

00:54:36What will this do?

00:54:38In production

00:54:39I, as a factory owner

00:54:41I am a young man

00:54:43Two weeks ago

00:54:45I bought

00:54:46bread bag

00:54:47this

00:54:47I love this Turkish bread.

00:54:49In the bazaar

00:54:50I bought

00:54:51A loaf of this

00:54:53Turkish bread

00:54:55thus

00:54:55Yes

00:54:56And cut it up at home

00:54:57I bought it

00:54:59for

00:54:5925

00:55:01Lear

00:55:03The day before yesterday

00:55:05Thursday

00:55:05same market

00:55:06And the same seller

00:55:07She told me

00:55:0928 lira

00:55:10Absolutely

00:55:12Increased

00:55:12The cost there

00:55:13because

00:55:15Transportation fare

00:55:17Increased

00:55:18Meaning

00:55:19Cost

00:55:20we

00:55:20When we raised

00:55:21interest rate

00:55:22Increase

00:55:23Costs

00:55:24On all

00:55:25Producers

00:55:26Notice

00:55:28There is a rule

00:55:29We call it

00:55:30In finance

00:55:32It is a rule

00:55:34use

00:55:35Your money

00:55:35Private

00:55:36For money

00:55:37Fixed

00:55:37To buy

00:55:38Machines

00:55:39and the property

00:55:40The place

00:55:41factory

00:55:41And other things

00:55:42And he used

00:55:44Funding

00:55:44From the banks

00:55:45For money

00:55:47The circulated

00:55:48For materials

00:55:49Primary

00:55:49which you buy

00:55:50Every week

00:55:51And wages

00:55:52workers

00:55:52which they do

00:55:53Every week

00:55:54or every two weeks

00:55:55So use

00:55:56This is amazing

00:55:56use

00:55:57Funding

00:55:58Banks

00:55:58So then

00:55:59Price increase

00:56:01Interest

00:56:01Ali is increasing

00:56:02Cost

00:56:03On each product

00:56:04Every product

00:56:05In the market

00:56:06Turkish

00:56:07It has increased

00:56:08It cost him

00:56:08Including

00:56:10Transportation

00:56:11Increased

00:56:12It cost him

00:56:13service

00:56:13Transportation

00:56:14So you

00:56:15By raising the price

00:56:16Interest

00:56:16fact

00:56:17hit

00:56:18Development

00:56:19He hit

00:56:20Development

00:56:21in order to

00:56:22To absorb

00:56:24This is amazing

00:56:25Money

00:56:26Speculation

00:56:28funds

00:56:29Speculation

00:56:30Meaning

00:56:31Speculation

00:56:32I mean, doctor

00:56:32today

00:56:33Why most

00:56:34economies

00:56:34Global

00:56:35Facing a situation

00:56:35inflation

00:56:36On the subject

00:56:36more

00:56:37rate

00:56:37usury

00:56:37or interest

00:56:38Is there

00:56:39Things

00:56:40or benefits

00:56:40Tani

00:56:40regardless

00:56:41About the topic

00:56:41Speculation

00:56:42Finance

00:56:42and Egypt

00:56:43This is amazing

00:56:43Speculation

00:56:44the truth

00:56:45in order to

00:56:47to lift

00:56:47price

00:56:48Interest

00:56:49Its benefit

00:56:50The only one

00:56:51absorption

00:56:52Money

00:56:53Speculation

00:56:54This

00:56:55He gets

00:56:56In economics

00:56:57In which

00:56:58funds

00:56:59speculative

00:57:00Many

00:57:00like

00:57:01Economy

00:57:01American

00:57:02And like

00:57:02Economy

00:57:03Turkish

00:57:03But

00:57:04there

00:57:05mistake

00:57:06heinous

00:57:06also

00:57:07Raising

00:57:08price

00:57:08Interest

00:57:09He was

00:57:10It is possible

00:57:10To absorb

00:57:12Money

00:57:13Speculation

00:57:15By means

00:57:16Other

00:57:17And this

00:57:18The pot

00:57:18for example

00:57:19I give you

00:57:19example

00:57:20In France

00:57:22So now you're talking about the beginning of benefit

00:57:24Yes

00:57:24In France

00:57:26In the aftermath of World War II

00:57:29It was applied throughout Europe

00:57:32Marshall Project

00:57:33Marshall Project

00:57:35It is the injection of money

00:57:36From America

00:57:38To build

00:57:39What was destroyed

00:57:40For development

00:57:41In Europe

00:57:43This is the Marshall Plan

00:57:44So pumping these funds

00:57:46It leads to inflation

00:57:49obvious

00:57:50Because there was a lot of money in the country

00:57:52How did France deal with this?

00:57:55This inflation

00:57:56She issued

00:57:58Something like a coin

00:58:00Issued loan bonds

00:58:02With an attractive return

00:58:04They gave us this money

00:58:07Which the workers took

00:58:09The owners of the materials took it

00:58:10Raw materials sellers

00:58:12which we bought from them

00:58:14For the new construction

00:58:15All this

00:58:17We took this money from them

00:58:19And we enticed them by saying

00:58:21We will give you a high benefit

00:58:23So give them interest on it

00:58:2512 or 13 percent

00:58:27at that time

00:58:28I wasn't very high

00:58:31And because before that

00:58:32There was less benefit from this.

00:58:348 or 7 percent

00:58:36So give them 10 or 12

00:58:37They absorbed these funds

00:58:40In other ways

00:58:41To absorb funds

00:58:42In other ways

00:58:43To prevent speculation

00:58:47Why is Türkiye the only country

00:58:50He is almost the only one in the world

00:58:52As far as I know

00:58:53I could

00:58:54Visitor to at least 50 countries worldwide

00:58:57Their visitor

00:58:58I also give lectures to them

00:59:00Or training or otherwise

00:59:02Not one country, not two, not ten

00:59:05However

00:59:07What about all the countries I visited?

00:59:09The only state

00:59:11Those who have accounts

00:59:12With gold in banks

00:59:13She is Turkish

00:59:14I have never seen a country with accounts

00:59:17In banks, gold

00:59:19So why gold accounts?

00:59:21This helps with speculation.

00:59:24It helps that

00:59:26Meaning, if the employee

00:59:29My colleague at work

00:59:32At my university

00:59:34If there was no gold in the account

00:59:36No, not around it.

00:59:36What does he have to do with gold?

00:59:38Yes

00:59:39Foreign currency accounts

00:59:41Please set restrictions

00:59:43It is never wrong

00:59:45To impose restrictions

00:59:47On transfers of foreign materials

00:59:49What did the lecturer do, for example?

00:59:52In Malaysia

00:59:53It was so

00:59:55He fought against speculation.

00:59:57It means famous

00:59:59The story of this man who died

01:00:02George Cyrus

01:00:03I think his name is Cyrus, I think he confirmed it.

01:00:06The one who died recently

01:00:07Yes, yes

01:00:09Cyrus or something like that

01:00:10He died recently

01:00:12Meaning less than a year is possible

01:00:14Or a year or a little more

01:00:16It was him

01:00:18It means he is called the father of disaster

01:00:21Which happened in Southeast Asia

01:00:231990

01:00:26Ninety-one ninety-one

01:00:28ninety-two

01:00:29Which led to many bankruptcies

01:00:31The following are currency speculations

01:00:34Yes

01:00:34On the currencies of East Asian countries

01:00:37With a sharp edge, a slaughterer in this

01:00:39Except for Malaysia

01:00:40Malaysia at that time

01:00:42The minutes of the meeting stated that we will not allow speculation.

01:00:45No foreign currency is sold.

01:00:48Except for those who want to buy goods

01:00:52Or he needs to travel abroad

01:00:55Or he buys goods from abroad

01:00:57We do not buy foreign currency.

01:00:59Except for that

01:01:00There is no foreign currency account.

01:01:03Except for these genuine reasons

01:01:06Which is linked to the real market

01:01:09This was imposed for two years.

01:01:12Two years later the crisis ended

01:01:15And she passed through it

01:01:18reasonable peace

01:01:19Malaysia

01:01:21Here they raised the interest rate

01:01:24Instead of raising the interest rate

01:01:26Place strict restrictions there

01:01:28They imposed some restrictions

01:01:30It is almost symbolic

01:01:32And not very strict restrictions

01:01:35So that it is linked

01:01:38Foreign currency conversion

01:01:40Buying and selling

01:01:42With real benefits

01:01:44It means it is actually related

01:01:46Import and Export

01:01:48And the services that

01:01:50It is offered by Turks abroad

01:01:52And the services that

01:01:53Applications for Turks Abroad

01:01:56Those who travel

01:01:57From here to here

01:01:58Link it to the real market

01:02:01In other words, just keep speculation away from it.

01:02:04It is not a foreign currency.

01:02:08Foreign currency moves

01:02:10Except for a real reason

01:02:12This has a positive impact on economic development.

01:02:15in general

01:02:15and the financial market

01:02:17Because now the interest rate has been raised

01:02:19That means forty percent

01:02:21This killed industry and agriculture

01:02:23Killed local production

01:02:25Why did local production kill it?

01:02:27Does this mean we should sacrifice local production?

01:02:30For the sake of speculation

01:02:31We shouldn't sacrifice speculation; that would have been better.

01:02:33To sacrifice speculation

01:02:36And we reduce

01:02:36Or that it was during the reign of

01:02:40Canadian I

01:02:42John Kennedy

01:02:46During the reign of Kindi I

01:02:48Meaning 1956

01:02:49From a long time ago

01:02:53The central bank of America

01:02:56Two interest rates

01:02:57Local price and foreign price

01:03:00For foreign transactions

01:03:02They raised the interest rate

01:03:04To prevent speculation

01:03:06For internal transactions

01:03:08Lower the interest rate

01:03:09To encourage industry and agriculture

01:03:12Therefore, Dr.

01:03:13In both cases

01:03:14I have an Islamic prohibition against usury.

01:03:16Whether it is few

01:03:17And it wasn't small

01:03:18It is considered usury

01:03:18Is it always said in economics

01:03:20There is no economy without banks

01:03:22There are no banks without suspicion.

01:03:23But there are alternatives to interest

01:03:25As Dr. mentioned

01:03:28Let me begin with the Holy Verse

01:03:32The Holy Verse

01:03:34She said

01:03:36God has permitted trade and forbidden usury.

01:03:39Yes

01:03:39And after seven-eighths of verses came to us

01:03:43Verse of debt

01:03:45This is the longest verse in the Holy Quran

01:03:47Full page

01:03:49In Surah Al-Baqarah

01:03:49And those who believe, when you commit a debt for a specified term, write it down

01:03:53This means, where does this debt come from?

01:03:56Isn't selling permissible according to God?

01:03:59The main source of debt is sales.

01:04:03Sale on credit

01:04:05It is as if the verse says the first

01:04:08Verse 275

01:04:09It's as if she's saying

01:04:11And God has permitted deferred payment sales.

01:04:14At a price higher than the current price.

01:04:17And He forbade usury.

01:04:18Because the verse is talking about debts

01:04:21Deferred payment is more

01:04:24Its price is more than the current sale price.

01:04:27When payment is immediate

01:04:28So the verse

01:04:30Is this Islamically correct?

01:04:32Absolutely

01:04:32That is what the Holy Verse says

01:04:34This means, for example, ten.

01:04:36But if you like

01:04:37You push him after the trials

01:04:38If you want to pay me tomorrow

01:04:39It hits one-eighth of a unit, ten

01:04:40Is this Islamically correct?

01:04:42Yes

01:04:42As long as

01:04:43Because I didn't tell you

01:04:45When you take the car

01:04:47And you pay for it

01:04:48Except after a year

01:04:49Your benefits will increase

01:04:51All your other money

01:04:53You still enjoy it

01:04:54correct

01:04:55And on top of that, she has a car

01:04:57It gets worse morning and evening

01:04:59All of that means

01:05:01Your benefits have increased

01:05:03I am part of it

01:05:05Yes

01:05:06I am lacking in benefits

01:05:08When I gave you the car

01:05:10I didn't get an interview

01:05:11To buy, for example

01:05:12rug

01:05:14Or something else

01:05:15I benefit from it

01:05:17I am lacking in benefits

01:05:19Isn't it fair?

01:05:20It is not fair

01:05:23That your benefits have increased

01:05:25never

01:05:26And I am lacking in benefits

01:05:28never

01:05:28If the price had remained ten

01:05:31After a year

01:05:32But when the rice becomes

01:05:3411 years later

01:05:35Your benefits can

01:05:37It's worth 12

01:05:38And my interests

01:05:39One makes a difference

01:05:41I'm 11

01:05:43I took one

01:05:44And you took one

01:05:45This applies to things

01:05:47tangible sensory

01:05:48And things that are abstract

01:05:49For example, in the topic

01:05:50For example

01:05:50Digital services

01:05:52and services that deal

01:05:53For example, in the topic of training

01:05:54I'm saying confirmation

01:05:55And saying that

01:05:56And I remembered the flight

01:06:00I remembered my honeymoon

01:06:01I can give you the tickets too.

01:06:05And then you pay me

01:06:06You enjoy this benefit

01:06:09And then she pays it

01:06:11It will cost more

01:06:12obvious

01:06:13The verse suggests that

01:06:17The verse actually indicates that

01:06:19It's as if the verse is saying

01:06:21God has permitted selling for a price

01:06:23More than the deferred price

01:06:25Which will be Dina

01:06:27After four verses

01:06:29If you are religious

01:06:30So write it down

01:06:31So what will be religion?

01:06:33It is an alternative to usury.

01:06:36The verse says

01:06:37This is permissible and that is forbidden.

01:06:39As if she is saying

01:06:41It is an alternative to usury.

01:06:42The original principle is that it is an alternative to usury.

01:06:45And then also

01:06:47Rentals are similar

01:06:48Also, the posts

01:06:50also

01:06:50So I say

01:06:53Islamic finance

01:06:55Not without return

01:06:57No return

01:06:58Islamic finance as well

01:07:01His return will be

01:07:02Specific

01:07:04According to the market

01:07:05If the market

01:07:07It tends towards seller strength.

01:07:09More than just strength

01:07:10beneficiary of funding

01:07:14It will rise slightly

01:07:15Financing price

01:07:17Profit means

01:07:19Profit amount

01:07:20between

01:07:21Which the Islamic bank earns

01:07:24for example

01:07:24In the sale

01:07:25It will be more

01:07:26It will increase

01:07:27Because of the deadline

01:07:28And if

01:07:31In the market

01:07:33The market is a consumer market

01:07:35It will be less

01:07:36This is something the market determines.

01:07:38We have absolutely no problem with this.

01:07:41This is what the market determines.

01:07:42I say

01:07:43Funding is not free

01:07:45The origin of it

01:07:47Who said that?

01:07:48Its meaning

01:07:49interest rate

01:07:52The one who

01:07:53Finance

01:07:54President of Mali

01:07:56It has to be zero

01:07:57no

01:07:58It doesn't have to be zero.

01:07:59It has to be

01:08:00It's no use

01:08:02It has to be

01:08:02There is no funding

01:08:04Through a loan

01:08:05Hmm

01:08:07This is what's needed

01:08:08It has to be

01:08:09Meaning

01:08:09Not a zero interest rate

01:08:11There is no benefit at all.

01:08:14There is no zero rate.

01:08:17Because its rate is zero, it means we give loans at zero interest.

01:08:21We offer zero-interest financing

01:08:23Nobody gives you their money at zero profit

01:08:26For example, as a salesperson

01:08:29Why would I buy this for ten and sell it to you on credit?

01:08:33I have to sell it to you for more

01:08:35Otherwise, what will compensate me for these lost benefits?

01:08:40Islamic banks, even if they don't give these loans with interest

01:08:44But at the same time, they are not charitable organizations.

01:08:46She gives it to her with profits

01:08:48The profit for financing should be greater than zero.

01:08:54Financing profits should be greater than zero.

01:08:59Otherwise, no one will give what is rightfully theirs.

01:09:02Keep it in my pocket then

01:09:04Okay, today's topic is Islamic finance, Dr.

01:09:06Please allow me just one word here

01:09:08When we say it is a loan-based financing method

01:09:13She is the one who made the mistake

01:09:14It is what distances financing from the real market.

01:09:18The problem is not that funding is a zero-will endeavor.

01:09:24Funding should not be a zero-income transaction.

01:09:28The will to finance should be positive.

01:09:31Otherwise, the economy will certainly collapse.

01:09:36Financing through interest-bearing loans

01:09:43This is the mistake

01:09:44Financing should not be through lending.

01:09:48Rather, it is through selling because it is linked to the real market.

01:09:52Or by rent, because it is linked to the real market.

01:09:55Or participation because it increases productivity

01:09:58Okay, based on these concepts, Doctor

01:10:00Loans are prohibited in the Islamic economic system.

01:10:02So what do we mean by an interest-free loan?

01:10:06The truth is that a benevolent loan is in good places.

01:10:12Not in places of trade

01:10:16Trade is a profitable process

01:10:21In commerce, there is no such thing as an interest-free loan.

01:10:25A benevolent loan means that if I am asked, I usually ask a lot.

01:10:30So who gives you the interest-free loan?

01:10:34I'm telling your mother

01:10:35Your mother is the one who loves you with a love that knows no bounds or limits.

01:10:42She loves you anyway.

01:10:44It is the one that gives you the interest-free loan.

01:10:47Or your dear friend

01:10:49My wife sometimes gives me an interest-free loan.

01:10:52My mother is dead, may God have mercy on her.

01:10:56May God have mercy on her

01:10:57An interest-free loan is a charitable institution.

01:11:02Therefore, it is truly a wonder

01:11:07This bitter wonder

01:11:10Our jurists and historical scholars established it a long time ago, a thousand years ago.

01:11:17When they classified the types of transactions

01:11:21They classified the loan as an act of charity.

01:11:26He said that a loan is similar to charity.

01:11:30It is similar to aid

01:11:32It's like helping

01:11:33It resembles a smile

01:11:37Smiling at your brother

01:11:40It's like that

01:11:41It means it resembles good deeds.

01:11:43It is an act of charity, not a business transaction.

01:11:48What they classified in exchange contracts, which are commercial transactions

01:11:54Does this mean that the Islamic bloc might ask this person?

01:11:57Who needs the loan?

01:11:58And I will give him this interest-free loan.

01:12:00You ask him what his purpose is with this loan

01:12:02Based on that, it is determined if this person actually

01:12:05Does this mean he deserves this loan or not?

01:12:08No, Islamic banks don't give loans at all.

01:12:11Because where does an Islamic bank get its money from?

01:12:15Who are the people?

01:12:16Where does the Islamic bank get its money from?

01:12:19Who are the people?

01:12:20On what basis?

01:12:22Based on profit, meaning

01:12:24Because I give my money to the Islamic bank

01:12:27In order for the Islamic bank to use it

01:12:31In giving funding to others

01:12:34And he gives me a share of the profit he earns.

01:12:39This gain he earns is certainly permissible.

01:12:43Is there a specific period of time required to hold these funds before paying profits?

01:12:48This means an agreement between the two parties.

01:12:50It can be a period of time, or it can't be

01:12:53It can be a month, and profits are usually given every day.

01:12:57It means it rarely happens every day.

01:13:00But the computer system can also calculate the profit every day.

01:13:03And he gives him profit every day

01:13:05It is usually given every month or three months.

01:13:08Or even a year

01:13:09Or sometimes a year

01:13:11It distributes these profits to those who provided these funds.

01:13:18An Islamic bank is a profit-making institution.

01:13:21He does not give loans

01:13:23It provides financing through sales, leases, or partnerships.

01:13:30What gives loans

01:13:32Is it your mother who gives out loans?

01:13:34But also in addition to the mother and close friend

01:13:42Muslims throughout history

01:13:44Note that we need a social institution

01:13:49In the resolution of the International Islamic Fiqh Academy

01:13:55Which met in 2009 in the city of Sharjah

01:14:00In the UAE

01:14:02It was decided at that meeting

01:14:06An institution should be established, and Muslims have done so since ancient times.

01:14:13They did it in Andalusia, and they did it in Türkiye, particularly in Istanbul.

01:14:20Have you heard of what is called in Türkiye here?

01:14:24Bank stopped

01:14:26correct

01:14:27Bank stopped

01:14:28What is the source of funds for this endowment?

01:14:30Where did it come from?

01:14:31This is its origin

01:14:33Stop the money

01:14:34There are many people who are merchants, wealthy, and have money.

01:14:41During the last three hundred, four hundred, or five hundred years

01:14:47To the end of the Ottoman Empire and beyond.

01:14:51They established a money endowment

01:14:54They said, for example, I'll put

01:14:57One thousand gold liras at that time

01:15:01It was a gold coin

01:15:03gold coin

01:15:04To lend to those who need a loan

01:15:07For three months, six months, one year, or two years

01:15:10And he returns it

01:15:11These endowments

01:15:14Stop the money

01:15:15Its purpose is to provide loans

01:15:18Free for those who need it

01:15:21Yes

01:15:21These endowments

01:15:23In the early days of the Republic in Türkiye

01:15:27It means she started to put pressure on her.

01:15:30Then they all gathered

01:15:33And he unfortunately established a usurious bank there.

01:15:37It is based on usury and is contrary to the rules and principles of these endowments.

01:15:44It is a bank endowment

01:15:48In six or seven years

01:15:52A bank established a branch and transferred funds to this branch.

01:15:58It's not really an independent branch, like an independent bank.

01:16:01His name is Waqf Katlim

01:16:03So transfer these funds back to their original owners.

01:16:07Stop the money

01:16:08It is an Islamic bank named

01:16:11Katlam Bank stopped

01:16:13It is an Islamic bank that used this money.

01:16:15What I want to say

01:16:17The Islamic Jurisprudence Council said

01:16:20Every small Muslim community should

01:16:24To establish a money endowment

01:16:27In order to provide loans to those who need them

01:16:31Beautiful

01:16:32A loan without any interest

01:16:34What prevents countries or the global system in general from today?

01:16:38To implement the Islamic economic system

01:16:39The truth is, what's preventing us is ourselves, me, time.

01:16:45We are Muslims

01:16:47We are Muslims

01:16:48Because we did not explain to them the importance of that.

01:16:52We will not explain the important differences to them.

01:16:56Between what we call them to and what they are doing

01:17:00If we explained to them

01:17:02Don't you notice that the Holy Quran

01:17:04And that the Prophet of guidance, peace and blessings be upon him

01:17:08Both came as a mercy to the worlds

01:17:12What our Lord said is a mercy to the Muslims

01:17:15It is a mercy for all people and for non-people as well.

01:17:19For other creatures

01:17:20It is a mercy to the worlds

01:17:23We did not explain to him

01:17:26We have a very, very, very big duty

01:17:30To address them in a way they understand

01:17:32And to show him

01:17:34My latest book has been published

01:17:38It was issued by our university

01:17:40on behalf of

01:17:41Towards a new theory of finance

01:17:45Not for Islamic finance

01:17:48But we put it this way based on the wishes of some participants.

01:17:52subtitle

01:17:54This could be Islamic finance.

01:17:58Towards a new theory of finance

01:18:01This book was published in 2022.

01:18:04God bless

01:18:06Towards a new theory of finance

01:18:09We address it to all people

01:18:11What we address to Muslims never

01:18:14But we explained it to them in this book

01:18:17It is in English

01:18:18Ma'am

01:18:18So we explained to them in this book

01:18:20The Islamic system indeed

01:18:22He is the one who presents the project

01:18:26Which is an alternative

01:18:27It is certainly an alternative to the capitalist system.

01:18:30And it is not directed towards him

01:18:32Not part of it

01:18:34It is an alternative to the main financial system.

01:18:37Because he does not accept all these deceptions

01:18:40which it deals with

01:18:42From what they call choices

01:18:44Future transactions

01:18:47Transactions in invented currencies

01:18:50Illusions that have no real value

01:18:55Currency trading

01:18:57Which is useful hundreds of times

01:19:01Thousands of times over

01:19:03About needs

01:19:04Dealing needs

01:19:06Which is import and export

01:19:08Okay, so today's interconnected world is emerging, Doctor.

01:19:12Is it possible to implement the Islamic system or not?

01:19:14Absolutely possible

01:19:16Absolutely

01:19:16I see

01:19:17I mean, look

01:19:18Sometimes if you are asked

01:19:21Which community most actively uses Islamic finance?

01:19:24I'm almost saying America and the United States

01:19:27Because it really is the United States

01:19:30The economy is geared towards serving humanity.

01:19:33Unfortunately

01:19:34That is, except for the hotspots.

01:19:37Which are hotspots

01:19:39ruling centers

01:19:40Truth is the ruler

01:19:42It is an economically viable vehicle.

01:19:44But apart from that

01:19:46Meaning now

01:19:47invention

01:19:52The effort that was put in

01:19:53In the invention of a vaccine

01:19:56COVID

01:19:57Isn't this from

01:20:00requirements

01:20:01Islamic economics?

01:20:03Absolutely

01:20:04This is what benefits a person

01:20:06This is the best way I used it

01:20:08Money

01:20:09correct

01:20:09Islamic economics

01:20:11He was doing that

01:20:13So now

01:20:14If you removed the quarter's issues

01:20:16Exploitation cases were paralyzed

01:20:18At seven hundred

01:20:20My capital

01:20:20Adults

01:20:21Seven hundred only

01:20:23almost

01:20:24Which are

01:20:24These adults are in America

01:20:26the rest

01:20:27The community is almost

01:20:28Leave aside the hijab issues.

01:20:30Relationships between men and women

01:20:32But from an economic standpoint

01:20:34Absolutely

01:20:35It is a developmental society

01:20:36growing

01:20:36He wants to serve humanity

01:20:38And offers

01:20:39Seeks

01:20:40And where is the demand?

01:20:41He presents it

01:20:42For the people

01:20:43Human service

01:20:44Absolutely

01:20:45Human service

01:20:46Now, on the one hand

01:20:47Development, for example

01:20:49What is it

01:20:50most beneficial

01:20:51and best models

01:20:54For development

01:20:55Which got

01:20:56during

01:20:57Thirty or

01:20:58forty years

01:20:59Past

01:21:00We can mention

01:21:02model

01:21:02Malaysia

01:21:04In the days of the lecturer

01:21:05Turkish model

01:21:07In days

01:21:08The elders

01:21:09especially

01:21:10fifteen years

01:21:12The first of them

01:21:13Or even

01:21:14Meaning

01:21:15eighteen years

01:21:16The first of them

01:21:18Example

01:21:19Singapore

01:21:20Singapore

01:21:21In days

01:21:22for me

01:21:22thirty years

01:21:24to rule

01:21:25By virtue

01:21:26democratic

01:21:26Selected

01:21:27every time

01:21:28And it is returned to him

01:21:30Election

01:21:30But he

01:21:31during

01:21:32thirty years

01:21:33He was able

01:21:34To improve

01:21:34Level

01:21:35Economic

01:21:36For the individual

01:21:37thirty times

01:21:38Meaning

01:21:39It almost doubles

01:21:40Every year

01:21:40almost

01:21:41Isn't it

01:21:43This is it

01:21:43What he asks for

01:21:44Islam

01:21:45link

01:21:46All funding

01:21:47With activity

01:21:49Economic

01:21:50that

01:21:50It's useful

01:21:50the people

01:21:51Activity

01:21:52Economic

01:21:53The one who benefits

01:21:53the people

01:21:54He is the one

01:21:55We call it

01:21:55market

01:21:56The real

01:21:57Meaning

01:21:58market

01:21:58production

01:21:59and distribution

01:21:59goods

01:22:00Services

01:22:01This

01:22:02Called

01:22:03In economics

01:22:03market

01:22:04The real

01:22:05When

01:22:06We direct

01:22:07All funding

01:22:09about

01:22:10market

01:22:10The real

01:22:11We are

01:22:12We direct him

01:22:13In service

01:22:13man

01:22:14This is what

01:22:14He did it

01:22:15The elders

01:22:16Meaning

01:22:17I

01:22:17What I mentioned

01:22:18Erdogan

01:22:19same

01:22:19But he

01:22:20Erdogan

01:22:20The real

01:22:21As its president

01:22:21maybe

01:22:22Erdogan

01:22:23If we wish

01:22:24And there

01:22:25also

01:22:25We say

01:22:26also

01:22:26He and his party

01:22:27Not

01:22:28lonliness

01:22:29lecturer

01:22:30With his party

01:22:30And also

01:22:31Lee with his party

01:22:33also

01:22:33In Singapore

01:22:34These are examples

01:22:35Absolutely

01:22:36Absolutely

01:22:37Its meanings

01:22:38Strong Islamic

01:22:39Because she

01:22:40It does

01:22:41For the benefit of

01:22:42man

01:22:42Serving humanity

01:22:43and the economy

01:22:44Islamic

01:22:45Is this

01:22:45What he wants

01:22:46Why did God forbid usury?

01:22:49So that the financial market does not become detached from the real market.

01:22:55He said that usury is forbidden and the House (of God) is permitted.

01:22:57God dissolved the house

01:22:59permission

01:23:00Link financing to the real market

01:23:04always

01:23:04What

01:23:05What does it mean?

01:23:06Linking finance to the real market

01:23:08The financing should serve development.

01:23:11In service of real production

01:23:14This is what Islam wants.

01:23:16Of course, this is from a world-wide perspective, or as a whole.

01:23:21Today, I began by asking you this question, Doctor, and I will conclude with this question.

01:23:26You told me that we are the reason why Islamic economics isn't spreading or people aren't truly aware of it.

01:23:31But today, in general

01:23:34Islamic countries themselves

01:23:37Today, some of them are also facing financial or economic problems, and whatever the case may be

01:23:41Why don't these Islamic countries cooperate with each other and implement the Islamic system?

01:23:46In order to face these economic challenges

01:23:49This cooperation is certainly essential for their continued survival.

01:23:56For these countries to continue to exist, it is a fact

01:23:59May God reward you, Dr. Munther Al-Qahf

01:24:03You are currently a professor of Islamic economics and finance at Suahattin Zaim University in Istanbul.

01:24:08I previously held the same position at Hamad Bin Khalifa University in Qatar.

01:24:13Senior Researcher at the Islamic Development Bank in Jeddah

01:24:18I would have loved to conclude by praying for the martyrs of Gaza and asking God to heal the wounded.

01:24:23May God accept their martyrs. Thank you so much, Doctor, for all these details and information.

01:24:28I delved deeply into the world of Islamic economics.

01:24:31As I mentioned in the introduction to this episode, I personally was waiting for this type of topic.

01:24:37And indeed, we obtained the desired benefit.

01:24:40And now even people who are perhaps a little more in-depth in Islamic economics

01:24:44They benefited collectively

01:24:46Thank you very much, and thanks also to everyone who watched and listened to this episode.

01:24:51The Islamic Economics Specialist from the Kaf Economics podcast

01:24:55Hoping to meet you again in future episodes, God willing.

01:24:58May God protect you

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