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No Difference Between Conventional and Islamic Banks? | 416 | TBT

Muzamil Hasan | TBT Podcast

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Humayon Dar serves as the Director General of the Cambridge Institute of Islamic Finance, a research institute focused on the financial sectors of countries with a substantial presence of Islamic banking and finance.

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#thoughtbehindthings #muzamilhasan #islamicfinance

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• Google Podcast: https://bit.ly/2S84VEd
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00:00 - 01:54 – Introduction
01:54 - 05:51 – What is Shariah Compliance?
05:51 - 14:14 – The Revolution of Islamic Banking
14:14 - 18:40 – Islamic vs. Conventional Banking
18:40 - 25:36 – Understanding the Concept of Riba
25:36 - 35:51 – The Role of the Islamic Development Bank
35:51 - 43:18 – Fiat Currency in Islamic Finance
43:18 - 54:43 – Are Conventional Banks Truly Islamic?
54:43 - 1:01:00 – The Accumulation of Wealth in Islam
1:01:00 - 1:06:21 – Meezan Bank Case Study: Interest or No Interest?
1:06:21 - 1:13:36 – Do We Really Need Islamic Banking?
1:13:36 - 1:23:02 – Identity and Finance: How Do We Use It?
1:23:02 - 1:29:07 – Bitcoin & Democratized Finance
1:29:07 - 1:37:20 – Bitcoin: A Better Economic System?
1:37:20 - 1:42:15 – Is the Western Debt System Failing?
1:42:15 - End – Closing Thoughts

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20 Comments

@Arsalanalisyed 2 years ago

I would recommend that you invite Almir Colan and Safdar Alam for more discussion on this topic.

@isyed37 1 year ago

Summary: Islamic finance is just for personal satisfaction, not for making any real practical difference.

@idkbrohehee 1 year ago (edited)

Superb ..Muzammil raised really genuine questions, which I always pondered about Islamic banks. In my view, it's merely the exploitation of less awared customers on the name of religion.

@SabreenSyeed 1 year ago

Very important conversation Muzammil. You are going in the right direction. People need to realize Taqi Usmani misled the entire Ummah.

@forestxim 1 year ago (edited)

"Arabic" banking professionals always analyse shariah based banking from the prisms of few principles: mudaraba,musharica, and ijara,etc, but fail to understand the fundamental of fractional reserve banking that creates the Fiat based currency from excessive loan giving. Which comes along with time value of capital

@hur000 8 months ago

Absolutely love and respect your work muzammil ❤

@hamidmehmood473 2 years ago

Very good questions host. Respect 👍

@economicsclassroom6344 5 days ago

It's a pleasure to listen to such bright questions but the answers were unsatisfactory.democritazation point was very intriguing for me by listening to this I feel like referring to the Phillips curve 'anticipated and unanticipated inflation.Muzzammil I think you should do solo vlog because sorry to say, your guest was speaking from a fixed paradigm and even couldn't get to the essence of your queries.hope more from you thanks.

@idkbrohehee 1 year ago

Excellent. The economic profile of products is the same in the case of traditional and Islamic banking systems.

@zilsiddiqui6960 2 years ago

I very much enjoyed the discussion and wish you organize more of them on different topics. I am also impressed with your excellent contribution at a young age.

@nuzhatanees5796 2 years ago

Muzammil Hassan , I am so proud of you..

@atashaekh 2 years ago

mashaAllah, good to see you doing such podcast

@azizrahman6269 2 years ago (edited)

Great interaction and awareness session to clarify a lot of confusion for society a large about Islamic system and way of banking in Islamic way. Thank you, May Allah reward you both. Dr. Dar sb is really doing a great job (Dawah) for Islamic Financial System.

@ScalewithSaqib 2 years ago

"Islamic Finance is just for internal sakoon and identity?", I'm not an ecomomist but have believe that Allah made these rules so they must have greater purpose, not just to give us a label if Muslim.

@MuhammadAwais-ul7cf 2 years ago

Marvelous discussion

@sulemanmuhammadali7916 2 years ago

Thank u for bringing someone with proper knowledge and exposure to Islamic banking.

@xafarnyazee1036 2 years ago

Dear Muzammil! You are working a very good job and I hope this will inspire some in power to look into the matter. There is already a talk on the topic in the Parliament. My request to you is to do podcast including top Islamic scholars like Hazrat Mufti Taqi Usmani sab, his son who is also well verse in Islamic economics and many like those who actually possess the knowledge of both the fields i.e. Islamic Shariah and Jurisprudence as well as modern economy.
My main objective for those discussions is to know two things:
1) islamic banks in Pakistan and their working principles and if they dealing in commercial debts, what is its nature. I also want to know about the financial instruments thrpugh which Islamic banks earn money and how they are Shariah Compliant.
2) Stock Exchange of Pakistan where Shariah Compliant companies are registered but when I look at their financial sheets, almost all of them are dealing in bank loans and bank deposits and also pay or take interests on that money.

Thanks

@rajamuhammadafsar5432 9 months ago

سواٸے روپوں کے ھر چیز اپنی ویلیو برابر رکھتی ھے۔

@suahilbashir1945 2 years ago

Great job

@wholeworldeverything 1 year ago

He posed a thought-provoking question to the guest, stating, "When I lend money without charging interest, the value of that money diminishes over time due to inflation and other economic factors. As a result, if I don't charge interest, I ultimately receive less in return than what I initially lent." This perspective highlights his concern about the diminishing value of money in a zero-interest lending context.

In contrast, he expressed skepticism towards Islamic banks, asking pointedly, "If you're adhering to the principles of Islamic finance, which prohibits the charging of interest, how can you justify providing returns to depositors?" This line of questioning reflects his confusion about the mechanisms through which Islamic banks operate without compromising their fundamental beliefs.

So, what exactly is your stance on this matter? Are you more focused on the potential loss of value that comes from lending without interest, or do you find the returns provided by Islamic banks concerning?