THERE IS LOT OF MISUNDERSTANDING ABOUT THIS SYSTEM IN MANY COUNTRIES INCLUDING INDIA THIS PHOBIA AND MISCONCEPTION OF ISLAMIC FINANCE AND BANKING MAY BE REMOVED BY CONDUCTING SEMINARS, SYMPOSIA AND CONFERENCES TO MAKE CLEAR TO THE NATIONS WHICH ARE IN DEBT TRAPS
I think it's not easy to develop Islamic finance I'm Indonesian even in Indonesia, which is known as country with the largest Muslim population in the world, has a new Islamic bank in 1992 and then must wait for 10yrs later then came the government support in the form of legacy that permit banks to operate by the sharia system although the current practice of many islamic banks still not pure sharia, but their effort to provide finance which avoid usury would deserve our appreciation and support
Fact. He’s the only intellectual/well-spoken individual who could be found to explain Islamic banking comprehensively.
WOW, I hear these rules and I have to say, I agree 1000%. I am doing my best for The Truth Movement to see and Understand all of this and be enlightened to the fact that this system helps to UNENSLAVE HUMANITY!
That is such a beautiful explanation, let's hope the lecturer is a Muslim, but if he is not, may Allah guide him to Islam, it's truly clear from his lecture that Islamic finance is the best solution to be offered to the modern world and in turn it can balance the spread of wealth and eliminate the puberty altogether with the implementation of Zakat which is the legal 2.5% of ones wealth accumulated (and that 2.5% has nothing to do with interest whatsoever), untouched but it can be included with that wealth added to what's already there for a period of time be it a 6 month period to the completion of the Islamic year and not the Gregorian calendar and this must be cleared!!, the Zakat of that entire saved wealth should be deducted in order to give in accordance to the Islamic conditions.
Mash'Allah - Professor Lewis has explained the Islamic Finance better than even many Islamic Scholars.
Islam is a Holistic religion, human needs, both spiritual and physical should be dealt as one unit. Islamic Banking, involves free trading and not monopolistic policies which combine with tech and machines creating unemployment. With free trade and easy small businesses opportunities, will make people independent and less dependent on financial institutions.
I see the difference ein comments. From media channels and educational. Educational comment section actually have people who want to learn. And I praise u all. However media well u know.
In the byzantine Empire prohibited usury or charging interest , Their economy was growing in a steady way without any surprises .
Islamic economic system is based on moral and more balanced genuine system in the world.
Very authentic and it is 100% true that Islamic trade system is beneficial for mankind if we apply this in our society.
By far, the easiest-to-understand, well structured lecture on Islamic Finance I've found so far. Not to mention, a well-done explanation on the theoretical and practical issues. There's definitely more to Islamic Finance, but dear Sir, you hit the mark in compressing it all into 40 minutes. Many thanks for producing this video lecture!!
Professor Lewis thank you very much for your conference and your analyse for ISLAMIC BANKING.
All dislikes are from IMF and conventional bankers ...
Its better to cite the Qur'an/Sahih Hadith as the basis for every crucial points. Anyway thanks for the video!
Allah knows What is Best
This is a good information as I misunderstood it before. It really seems just and non greedy!
Every banker in America ought to watch this video and learn.
Islamic banking complies by the law of moses(Torah) and the gospel of Jesus.
@truthseeker9942