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@annache I think the bigger issue is that currency without intrinsic value is not the same currency as the time of Prophet. The number printed are just arbitrary. Riba is value addition. Hypothetically speaking if a currency exists which increases 100% in value every year. We can call it...

@annache

@daisies89 You dont get it do you? Its not about buying gold or not buying gold. Currency itself is negative interest and negative interest is as prohibited as positive interest. Point A & E. In addition as I stated above you are giving wealth to people who don't deserve it.

@daisies89 It was enforced from 1933 to 1974 when dollar moved away from gold standard. Once they forced people to adopt to the new system , people are now comfortable with the idea of currency. As I gave the analogy of the frog in water, people are comfortable with losing 1-3% annually. in...

@daisies89

@daisies89 No point number a and e. currency itself is negative interest and the value of your currency is declining and going to banks. So if you dont take interest you are giving away wealth for free to banks. Also I mentioned that if you pay tax on the interest. the value of your wealth...

@sbmor777 But Currency with its negative interest is makes holding currency riba. Why do you not talk about that? Just because its societal norm doesn't make it right. In the past people of Lot, Noah were destroyed over their sins, they were following the societal norms at that time which made...

@sbmor777 But if you don't deal with interest that means that you are giving away free wealth to the banks. That is as Sinful. you are supporting an interest based system with your wealth. It is societal norm to do that and that makes us feel comfortable. Herd mentality is what its called...

@sbmor777 My premise is that Interest on Fiat Currency is not Riba as long as the value is the same. Riba is Value addition. There is no value addition with interest, if there is value addition you can give it away, all my bank accounts have a minimal interest like 0.1% or something which I give...

@sbmor777 Islamic banking is itself prohibited. The issue is fiat currency. fiat currency is controlled by governments. Fiat currency is enforced upon us and in itself has build in negative interest on value. Because of negative interest imposed by the issuer of fiat currency it in itself is...

@evgen unless you can convince me otherwise. I have come to the conclusion that Fiat Money with its negative interest rate is 100% prohibited by Islam there is no doubt in my mind. Now you get paid in fiat currency every month and you convert it into real money and keep it safe or Invest it...

@evgen

@berniceann Preservation of wealth, net zero. Not talking about tax avoidance. I did discuss in my posts how govts devalue money and then the values of asset artificially looks higher and govt than charges tax on appreciation. Actually there is no appreciation of asset value in most cases. Its...

@berniceann But my point is money is not the same as currency. Lending and earning interest is not what I am interested in. Its the preservation of wealth or letting the govt steal out wealth through depreciation of currency, money printing. Easiest way is to hoard a basket of commodities but...

@berniceann why aren't there easily available resources on this topic? how come its so hidden? There are no YouTube lectures. No one talks about this. Either there are scholars who just say its haram, then there are promoters of Islamic banking and then there are liberals who just take...

@berniceann where do I start? I cant find any good resources.

@berniceann The lender nowadays are not using their own capital. They use other peoples capital. Also the debtor is usually an LLC or other legal structure where the owners wealth is protected. If they fail in business they lose the business, they have 10 other business which they will still...

Aoa I have tried to have this question asked but it seems religious scholars typically evade this question because of fear of retaliation. Obviously we know riba is prohibited in Islam. No questions. From what I have understood is riba is asking for added value in addition to what was given...