apta_
"nusi" means "has been forgotten", "instasa" means "made to have been forgotten", but in this case it might be used for what was described in the article.
I think it will push them off to even more obscure platforms, and the ones that do make it there will be much more extreme and dangerous. They'll be harder to monitor as well.
At some point, a show of force might be necessary.
As if the dems didn't do the same? Let's be honest with ourselves, both extremes are very dangerous, and polarization is continuing. The far left will kill people if left to their accord: https://cdn.cnsnews.com/styles/article_big/s3/2021-01/Arthur...
The only successful model that is remotely close that has been historically proven is Islam's Zakat, a form of charity tax if you will. It doesn't force you to sell shares of your company, unlike some proposals I saw by dems.
I did not see a single politician refer to Zakat in any of their proposals. Note that they'd have to get rid of income tax as well to make things just.
Deemed unsatisfactory by who? The money printers? The banks? Yes, the people who make money off of lending money, something clearly prohibited in Islam, Judaism, and Christianity.
Clearly people want no part of this anymore, that's why bitcoin and other crytpocurrencies have a significant value proposition for many.
Forgiving 650K is nothing to scoff at, no matter how much money is being made. God bless him for his charitable actions.
Exactly. It's not needed. It causes a growth at all cost situation we see today (and one cost is debt slavery for a large portion of the population, increasing the wealth gap).
Islam prohibits something called Riba. Interest and usury fall under it, but Riba encompasses more than just loans. The example about purchasing gold on credit falls under riba for instance.
As a matter of fact, I would wager that these practices are a main driving force of the wage gap we see today, causing instability and unrest, inflation, and tons of other problems. We have better solutions, it's just that no politician I've seen so far is going to dare admit that the modern foundations are corrupt. Very powerful people are not going to be happy (note that I'm not arguing for socialism or communism either, they are destructive in their own ways).
The same applies to more elaborate schemes that involve multiple parties or transactions. For example, it is possible to engage in a futures contract with the intention of gambling (buy oil or some commodity, and never take delivery of it and sell it immediately when the contract is due). This is gambling, your intention was never to actually possess the item, but only to immediately sell and either make a loss or profit.
Furthermore, goods for which the quality and quantity cannot be specified cannot be sold by Salam contracts, as per the Hadith in my previous post (e.g. gems or precious stones since each is considered different), and I've seen at least one source that also exempts stocks from being tradable in Salam contracts due to high uncertainty (called Gharar sales in Islam, also prohibited).
As far as selling Salam contracts before they are fulfilled, I do not know. What sorts of issues or benefits can result from selling such a contract before it is fulfilled?
Edit: I think it is prohibited as well, as now the buyer is selling something that he does not yet possess. So you have the same item being sold multiple times before taking delivery. This narration should be the basis of prohibition:
> The Prophet (peace and blessings of Allah be upon him) forbade selling goods in the place where they were bought until the merchants had moved them to their own location.
> Apologies for all the questions this is fascinating
No problem! I'll do my best to answer what I know.
[0] https://practicalislamicfinance.com/2020/02/17/short-selling...
> The Prophet (ﷺ) came to Medina and the people used to pay in advance the price of dates to be delivered within two or three years. He said (to them), "Whoever pays in advance the price of a thing to be delivered later should pay it for a specified measure at specified weight for a specified period."
Does that sale describe future contracts (without any other stipulations or clauses, e.g. no shorting, no leverage, etc.)?
Note that Islam places restrictions on certain sales. Currencies are to be traded hand by hand, on the spot. For example, it's impermissible to purchase gold using a credit card because the settlement does not take place immediately. So things are a bit more nuanced there, as gold and currencies cannot be bought using Salam sales for example.
Under Islam, loans are are strictly an act of charity. There can be absolutely no contractual obligation for the lender to receive any benefit of any kind (monetary or otherwise) from the borrower in return for the loan. The borrower is encouraged to return more than the amount he borrowed, purely as a show of gratitude, but it can in no way be part of the contract, and in no way implied one way or another (like "off the record" sort of thing).
True Islamic finance is pro risk sharing, with no exploitative and parasitic practices that we see today. Want to start a business? Pitch your idea to an investor willing to put money into it, you put in the effort and he (or multiple investors) puts in the money. If the business succeeds, all parties benefit, if it fails, investors lose their money, and you lose the time and effort you put into it. Fair across the board. Zero debt.
Applying actual Islamic finance rules, we would immediately rule out things like stock shorting, put and call options, margin and leverage trading, mortgages, interest bearing loans, selling debt for debt, and so on. Now you can bet that Wall Street won't be happy, but time and time again those practices have proven destructive to the economy, and further increase the wage divide.
I was referring to the inflation of the US dollar. That's why property, stock, bitcoin, etc. went up.