The Long and Short of Islamic Financing for Muslim Entrepreneurs v0.1

Muslim entrepreneurs constantly face the struggle of raising capital due to conventional financing solutions being plagued with Riba. Unfortunately the so-called "islamic" alternatives are not much better because they still replicate the underlying usurious effects of Capitalism.

In this presentation I have attempted to highlight how current financing models are exploitative even when Interest is not involved and how even Islamic banks are contributing to the same problem.

I have then presented a viable solution based on the Sunnah with real life modern day examples and a vision of the future.

Transcript

1. AWAKENING THE GIANT PRESENTED BY KHURAM MALIK THE LONG AND SHORT OF ISLAMIC FINANCING FOR MUSLIM ENTREPRENEURS v0.1
2. BUSINESS STRATEGIST AUTHOR OF BILLION DOLLAR MUSLIM krmmalik.com I am Khuram Malik
3. BUSINESS EXPERIENCE £1m retail computer business at the age of 20 (circa 2000) BUSINESS STRATEGY Mentored over 500 founders and CEOs around the globe in various business related strategies since 2013 FINANCE £2m+ raised in finance across for various Startups and Film ISLAMIC STUDY Advanced student of knowledge on Muamalat under the tutelage of Shaykh Umar Vadillo About Me
4. GENERAL OVERVIEW Riba Capitalist models of exploitation Effect on the Entrepreneur & Economy Modern day examples The Madina Template A modern day solution Potential positives for Entrepreneur & Economy What You Will Learn Today
5. Currently the key debate around the need for Islamic Finance is due to the need for avoiding interest. Muslim entrepreneurs are unable to access capital due to the understanding that Riba is haraam. However, we have misunderstood what Riba actually is. P R E S E N T E D B Y KHURAM MALIK
6. RIBA IS MUCH MORE THAN JUST "INTEREST"
7. RIBA MEANS "EXCESS" OR ANOTHER WAY TO LOOK AT IT IS "EXPLOITATION"
8. When one party overwhelmingly benefits over the other by exploiting the other party, this is Riba P R E S E N T E D B Y KHURAM MALIK
9. Interest IN THE GRAND SCHEME OF THINGS... is arguably the least dangerous aspect of Riba in the modern day. Other usurious practises employed by financiers are far more dangerous and insidious and unfortunately we have many "islamic" variants of these under the guise of them being "ethical" or "Shariah compliant" P R E S E N T E D B Y KHURAM MALIK
10. IT IS IMPORTANT TO UNDERSTAND THE CURRENT MODELS OF FINANCING AND WHAT RIBA IS Otherwise we risk buying into alternative solutions that are still usurious in nature, thus defeating the purpose of an Islamic alternative altogether. P R E S E N T E D B Y KHURAM MALIK
11. RIBA IS SPECIFICALLY THE CONCEALED INSTRUMENT USED IN ORDER TO HELP THE RICH WIN AND THE POOR LOSE. THUS FURTHERING WEALTH INEQUALITY P R E S E N T E D B Y KHURAM MALIK
12. ENTREPRENEURSHIP ALONE OR MAKING LOTS OF MONEY FOR OURSELVES WILL NOT SOLVE WEALTH INEQUALITY. P R E S E N T E D B Y KHURAM MALIK
13. WE MUST STAMP OUT RIBA IN ORDER TO STAMP OUT THE DIVIDE AND THIS HAS TO BE DONE BY CHANGING THE WAY ENTREPRENEURS ACCESS CAPITAL AND THE TERMS AND THE DYNAMIC IN THE WAY IT IS OFFERED P R E S E N T E D B Y KHURAM MALIK
14. MACRO AND MICRO-ECONOMICS
15. This exploitation affects both the entrepreneur and the wider economy It’s a lose-lose situation where society as a whole loses and the exploiter “wins” for a short while. (Note: “ A short while” can still be a couple of decades in some cases, if not more) THE EXPLOITATION OCCURS IN THE NATURE OF THE CONTRACT/ BUSINESS TRANSACTION/ MODEL P R E S E N T E D B Y KHURAM MALIK
16. When you fix the contract you fix both of these issues at the same time. I.e. the entrepreneur prospers and so does society at large (yet another argument for changing the system rather than expecting the individual to change) P R E S E N T E D B Y KHURAM MALIK
17. CURRENT MODELS OF FINANCING
18. TYPES Bank loans, mortgages; anything with recurring loan repayments plus interest INTEREST Often thought to be islamically prohibitive because it’s interest based, but the need for collateral is potentially even more damaging (and still usurious in nature). COLLATERAL Debt based financing requires the need for putting up collateral, which is not a requirement in Islam. This need for collateral in today's world means only people with money already can get a loan BANK The lender (usually a bank) takes no risk, since the money is printed out of nothing and if you are unable to repay the loan, the lender seizes your collateral Debt-based Financing P R E S E N T E D B Y KHURAM MALIK
19. The Trust Fund Baby THE RICH KID WITH ACCESS TO THE FAMILY TRUST FUND IDENTIFIES A PRIME PROPERTY Uses trust fund as collateral and bank of "mum and dad" for downpayment SECURES A 100-YEAR MORTGAGE Gets a 100/150 year mortgage with very low monthly payments that is possible only due to the value of the collateral (i.e. the trust fund) PUTS THE PROPERTY ON RENT Earns rental income that far exceeds the monthly mortgage repayments (and the average worker salary) P R E S E N T E D B Y KHURAM MALIK
20. £7K of passive income a month A £3M PROPERTY Purchased in Gerrards Cross with a £1.5m downpayment £12.5K RENTAL INCOME On £5k mortgage repayments A Prime Property in one of Britain's Top Prime Locations P R E S E N T E D B Y KHURAM MALIK
21. THE NEED FOR COLLATERAL ALLOWS THE RICH TO CONTINUE GETTING RICHER WHILE DISADVANTAGING THE POOR P R E S E N T E D B Y KHURAM MALIK
22. THE 'INTEREST' ASPECT OF THE DEBT FINANCING TRANSACTION IS PROHIBITIVE IN OTHER WAYS
23. The Property Price Cycle Repays $220,000 on the mortgage in total over 25 years. 25 years later, Fadhim now has an asking price of $220,000 or more Fadhim buys a property for $150,000 P R E S E N T E D B Y KHURAM MALIK
24. and the cycle is the same For all of Fadhim's neighbours P R E S E N T E D B Y KHURAM MALIK
25. P R E S E N T E D B Y KHURAM MALIK
26. The Property Investor is reliant in Riba in order to turn a profit P R E S E N T E D B Y KHURAM MALIK
27. The Property Price Boom was driven by high interest rates P R E S E N T E D B Y KHURAM MALIK
28. The Cost of Consumer Goods Distributor takes out loan to purchase inventory and buy transport vehicles Cost of Debt- servicing, i.e. interest payments are passed onto the consumer Manufacturer takes out loan to buy manufacturing equipment P R E S E N T E D B Y KHURAM MALIK
29. the impact to the entrepreneur and the consumer Entrepreneur experiences prohibitive cost of starting and maintaining her business Consumer experiences greater cost of living P R E S E N T E D B Y KHURAM MALIK
30. "In the 2012 edition of Occupy Money released in November, German Professor Margrit Kennedy revealed that 35% to 40% of everything we purchase goes on private bank interest. This unearned income is bled by bankers, financiers and bondholders. Every time buyers spend £100 or €100 or U.S. dollars, 40 percent of the purchase price is vacuumed up in interest and bank charges by the banks that do not produce anything." P R E S E N T E D B Y KHURAM MALIK
31. The majority of Islamic banks and islamic lending institutions today require collateral for securing a loan and even though they "technically" do not charge interest they still contribute to rising costs for the consumer and the entrepreneur and the destruction of business in similar ways, in fact, in many cases, the contribution to this problem is even greater than their non-islamic counterparts. P R E S E N T E D B Y KHURAM MALIK
32. TYPES Venture Capital, Private Equity, Angel Investing, Public trading on the stockmarket and even some cases of crowdfunding FUNDS Financiers provide funds for a percentage stake in the business EFFORT Capital is valued over effort therefore the investor or the greater financier is able to "call the shots" often to the detriment of the workforce or actual founder of the business STAKES Stakes in a company can be sold off or traded meaning company ownership/interests can change against the interest of the founder and workforce Equity-based Financing P R E S E N T E D B Y KHURAM MALIK
33. THE WEB OF MONEY FRACTIONAL RESERVE Money is pooled from bank accounts using the fractional reserve banking system INVESTMENT BANKS This pooled money is invested into investment institutions, large companies and public infrastructure INVESTORS The investments make the investors richer and give them control over essential elements of the economy P R E S E N T E D B Y KHURAM MALIK
34. YOU NEED TO UNDERSTAND THE FRACTIONAL RESERVE BANKING SYSTEM Fadhim has $1000 in his bank account The bank has a 9:1 fractional reserve ratio $100 available for Fadhim $900 reserved for loans & investments P R E S E N T E D B Y KHURAM MALIK
35. $90,000 AVAILABLE TO THE BANK TO USE FOR LOANS AND INVESTMENTS With no legal recourse for Fadhim or his neighbours i.e. if Fadhim and all his neighbours wanted to empty their bank accounts one day all at once, they would be unable to do so since their money is in use elsewhere (often against their knowledge and will) I F F A D H I M H A S 1 0 0 N E I G H B O U R S W I T H $ 1 0 0 0 I N T H E I R B A N K A C C O U N T S E A C H , T H A T ' S P R E S E N T E D B Y KHURAM MALIK
36. ASKS THE CREDITORS TO GIVE HIM HIS AND HIS NEIGHBOURS OWN MONEY W H E N F A D H I M F O U N D S A S T A R T - U , H E E S S E N T I A L L Y P R E S E N T E D B Y KHURAM MALIK
37. The majority of Islamic banks today use the Fractional Reserve Banking system. P R E S E N T E D B Y KHURAM MALIK
38. EXTRACTION: FUNNELING ALL THE PROFIT UPWARDS
39. "The dynamics we’ve entered is, in many ways, creating a dangerous, high stakes Ponzi scheme,” .... “Highly marked up valuations, which should be a cost for VCs, have in fact become their key revenue driver. It lets them raise new funds and keep drawing fees." CHAMATH PALIHAPITIYA
40. THE FUNDING LADDER Seed $100k - $1m Series A, B $1m - 10m Pre-Seed / Incubation $0-100k Series B, C $10m - 100m Series D $100m+ IPO $ Billions Angel Venture Capital Private Equity * boundaries are approximate and represent typical conventions/norms Public Stock Exchange P R E S E N T E D B Y KHURAM MALIK
41. Modern day investors want growth at all costs Uber is a prime example (and just one of thousands and thousands). A company that continues to attract investment and increase in revenues, but is yet to turn a profit. Uber's endgame is to create a complete global monopoly and is happily willing to operate at a loss until said monopoly is achieved.
42. Growth at all costs BLACK HOLE The "hype" of growth can be used to attract naive investors and create a "black hole" in the economy LABOUR FORCE The hard work and commitment of the workforce is overlooked and present and future investors are prioritised for financial return CREATING MONOPOLIES As Uber "buys" good press and aggresively expands into territories even where it doesn't make a profit it eliminates any potential competition thus creating a monopoly. COST OF DOING BUSINESS Social media ads for example are cost prohibitive because these are effectively auctions and thus VC backed firms have deeper pockets and can bid higher driving the price up for everyone.
43. Until very recently the United States Security and Exchanges commission made it illegal for individuals that did not have a high net-worth ($1m+) to invest in high growth start-ups even as a pooled investor. This meant, that if you were not a high net- worth individual, you could not invest around $10k into Uber in 2009 and have your shares be worth $2m+ today (estimated) Making easy money is only reserved for the rich while the majority of Uber's drivers work extra long hours each week and still struggle to pay rent. Ring-fencing
44. The way equity-based financing is geared today, it means the founder is effectively an "outsourced employee" for the investor This is antithetical to the islamic position. In Islam, effort is valued over capital. P R E S E N T E D B Y KHURAM MALIK
46. The bank provides the loan and the terms state the money is to be paid back in 10 years THE RBS SCANDAL Two years later, the bank decides to ask for the money back citing "unpredictable market conditions" etc The retailer is unable to service the debt and is forced to agree new terms and conditions to "manage" the situation A "business manager" is assigned to the business by the bank taking a seat on the company board that subsequently asset strips the business mostly selling to his friends and funnels any profits upwards A Major retailer doing good business approaches the bank for a loan for capital based expansion (i.e new stores, more marketing etc) The business goes bankrupt citing poor market conditions" or "increased competition" and the workforce is left to fend for itself P R E S E N T E D B Y KHURAM MALIK
47. THE DESTRUCTION OF THE ECONOMY It is believed over 16,000 businesses were bankrupted in this way between 2000 and 2016 at a scale of £193bn of fraud IT'S NOT AMAZON! Amazon is not the reason the high street has been dying. The reason is Private Equity THE REAL CRIME All the profit is funneled upwards and the workforce is what really suffers in all this. They do all the hard work, they prop the business up, give up their lives, do not earn fair for their due and are left jobless and often penniless at the end through no fault of their own P R E S E N T E D B Y KHURAM MALIK
49. A Canadian AI startup in 2020
50. Muslim led equity financing firms are not free from this ill at all. They create just as much harm (knowingly or unknowingly) due to the nature of the business model itself. It is important to understand this is not a personal attack on people that run these institutions. It is a criticism of the underlying business model in play. It is fundamentally the underlying business model that causes harm. P R E S E N T E D B Y KHURAM MALIK
51. Capitalism harms the individual and society P R E S E N T E D B Y KHURAM MALIK
52. "Those who practise Riba will not rise from the grave except as someone driven mad by Shaytan's touch. That is because they say: 'Trade is the same as Riba' But Allah has permitted trade and He has forbidden Riba." [Quran: 2:275] P R E S E N T E D B Y KHURAM MALIK
53. Capitalism says "In order for me to win, you must lose" P R E S E N T E D B Y KHURAM MALIK
54. The Rich enjoy Capitalism to maintain their position and to inhibit the poor If we choose to ignore the danger(s) of Capitalism or don't actively seek to understand it, then we risk re-creating exploitative Capitalist models with an Islamic badge that cause more harm than good. I refer to Capitalism here as the ideology propped up by Riba, rather than the literal use of the term to mean the acquisition of wealth. Wealth is good so long as it's not generated through exploitation.
57. Liberalism is the ideaology of Capitalism and Capitalism is its praxis. I.e. the tool and means with which this ideology is spread. Born in the 17th century, Liberalism is the pre-dominant ideology in society today even in Muslim countries. Many Muslims actually speak in Liberalist terms. Liberalism is not compatible with Islam. Liberalism comes about in order to make the rich richer and the poor poorer as a way of maintaining power. CAPITALISM IS CURRENTLY THE MOST WIDESPREAD RELIGION ON EARTH P R E S E N T E D B Y KHURAM MALIK
58. "Many people that were born and brought up in luxury, employ people to perform their tasks. Generally, the rich are too proud and that's why they keep employees to do their works" IBN KHALDUN P R E S E N T E D B Y KHURAM MALIK
59. Interestingly, Liberalism arose around the 1700s, while Ibn Khaldun made his observation 4-500 years earlier Liberalism uses Capitalist tools and methods (mosty Riba) in order to exert its control. Current financing products, including many “Islamic finance” products are actually Capitalist instruments. A true Islamic finance alternative cannot be based on Capitalism or inspired by Liberalism. LIBERALISM P R E S E N T E D B Y KHURAM MALIK
60. QIRAD: THE SUNNAH OF FINANCING AND THE GUARANTEED PROMISE OF PROSPERITY
61. Qirad is a type of contract. It does away with all the harms and ills of debt-based and equity-based financing in one fell swoop and at the same time gives rise to the individual and society at large P R E S E N T E D B Y KHURAM MALIK
62. QIRAD DOES NOT REQUIRE COLLATERAL WHICH MEANS THE RICH AND POOR HAVE EQUAL ACCESS TO CAPITAL P R E S E N T E D B Y KHURAM MALIK
63. WITH QIRAD THERE IS NO STAKE IN THE BUSINESS WHICH MEANS THE CAPITAL PROVIDER CANNOT EXPLOIT THE ENTREPRENEUR BY EXERCISING THEIR STAKE IN THE BUSINESS. THE ENTREPRENEUR IS NOT AN EFFECTIVE EMPLOYEE OF THE INVESTOR IN THIS SCENARIO. HE IS A 'FREE AGENT'. P R E S E N T E D B Y KHURAM MALIK
64. Imam Malik said: "The recognised and permitted form of qirad is that a man take capital from an associate to use. He does not guarantee it and in travelling pays out of the capital for food and clothes and what he makes good use of, according to the amount of capital. That is, when he travels to do the work and the capital can support it. If he remains with his people, he does not have expenses or clothing from the capital." -- Malik Muwatta P R E S E N T E D B Y KHURAM MALIK
65. INVESTMENT Made as a purchase/ownership of a given amount of inventory and the profits split on each unit of sale after raw material and marketing costs are covered. There are no stakes in the company. LOSS Any loss/damage is incurred by the investor (within reason). EFFORT Labour is valued over Capital. The Qirad "agent" makes the key decisions and calls the shots as opposed to the financier/investor PROPHET (PBUH) Muhammad (PBUH) and his companions practised Qirad Qirad P R E S E N T E D B Y KHURAM MALIK
66. QIRAD: THE PROCESS He works out the unit cost of each soap bottle incl manufacturing, raw materials, distribution, sales/marketing, transport and storage etc Fadhim is the Qirad agent that wants to sell soap After receiving investment he purchases 100 bottles of soap He finds 10 investors and submits a proposal for the purchase of 100 units of soap He physically earmarks 10 bottles of soap to each investor (100 units total) As Fadhim sells each unit he sends the investor their share of the profit minus unit cost and his own share of the profit P R E S E N T E D B Y KHURAM MALIK
67. QIRAD: THE MATH $500 / 100 units $5 per unit cost $500 / 100 units $5 per unit distribution cost $100/100 units $1 per unit storage cost* Total cost $11 per unit Fadhim keeps the remaining $6 profit (per unit) Gross manufacturing cost $500 for 100 units Distribution cost Total: $500 Storage cost $100/month *assuming all goods are sold within a month. ** We are excluding Amazon seller fees here for sake of simplicity (ordinarily they would be included) Amazon sells the item for $20. Total per unit profit $9** Each investor takes home $3 per unit profit. ($14 altogether. $11+$3) P R E S E N T E D B Y KHURAM MALIK
68. Qirad in the modern day Qirad is not the ultimate antidote to wealth inequality as a result of Capitalism but is a major contributor to solving the problem. AN ANTIDOTE It is my personal belief and Shaykh Umar Vadillo's theory that Qirad has an inherent barakah that cannot be explained or even proven but is to be experienced BARAKAH Even a 12 year old can trade this way, starting with a very small sum of money and selling very few products. In fact, this is perfect for helping him scale. FRICTIONLESS AND FOR THE MASSES P R E S E N T E D B Y KHURAM MALIK
69. MEET NEIL GOUGAM An Algerian entrepreneur that supplies Polypropene rolls to manufacturers for the purpose of creating high strength bags for large volume or weight e.g. Sand Bags for flood protection. Qirad Case Study QIRAD BASED FINANCING Neil used Qirad to finance the purchase of raw material and inventory. His first investor was his wife. He has had additional investors since then. P R E S E N T E D B Y KHURAM MALIK
70. NEIL'S QIRAD PROCESS The raw material is packaged as rolls and a "per kg" cost is determined which includes shipping and marketing etc Neil buys 1 tonne of Polypropene material in Algeria Investor provides funds to purchase 1 tonne of raw material The rolls are shipped to the destination port and stored there e.g. Marseille, France As Neil sells varying lengths of the rolls to various customers, the unit of length is converted into a per KG calculation P R E S E N T E D B Y KHURAM MALIK The investor is paid back the principal sum for each kg and her share of the profit.
71. QIRAD CASE STUDY: NUMBERS Total unit cost 3 Euros per KG Total cost for 1 tonne of material, plus shipping and storage etc = 3000 Euros Investor receives 5 Euros per KG sold. 3 Euros principal sum, plus 2 Euros profit (40% of the share of the profit) P R E S E N T E D B Y KHURAM MALIK Sales made at 8 Euros per KG (approx)
72. A 2000 Euro gain on a 3000 Euro original investment Linda makes P R E S E N T E D B Y KHURAM MALIK
73. 3000 euros of income without spending any of his own money (3 Euros x 1000 tonnes at a 60% share of the profit [60% of 5 Euros]) Neil generates P R E S E N T E D B Y KHURAM MALIK
74. RASOOL (SAW) Was a Qirad agent. He would make a proposal to investors in Madina and take the goods to Syria via Caravan and sell there and then use the profit to buy goods in Syria and bring them back to sell in Madina. This is well documented. Qirad History P R E S E N T E D B Y KHURAM MALIK ANDALUSIA Qirad was a major component -- as part of a larger framework of practises based on Madina -- in the economic rise and prosperity of Andalusia ITALIAN RENAISSANCE Qirad was instrumental in the flourishing trade in Italy during the 15th century renaissance. A bustling economy created prosperous cities and new classes of people who had enough money to support art and learning. Trading ships brought goods to England, Scandinavia, and present-day Russia.
75. "When Qirad is in full flow, it will outclass any investment on the stock exchange(s). This is the most profitable form of investment by far. " SHAYKH UMAR VADILLO P R E S E N T E D B Y KHURAM MALIK
76. due to velocity of profit. With Qirad, an investor can get a much faster return on their investment than other investment vehicles due to the simplicity of the business model. Qirad is grossly underestimated P R E S E N T E D B Y KHURAM MALIK
77. VELOCITY OF PROFIT 360 days of the year / ROI every 3 days = 120 days. 120 * 4% means she receives a 480% return on her investment over the course of the year Investor receives a 4% return on her qirad investment within 3 days P R E S E N T E D B Y KHURAM MALIK She continues to reinvest her principal sum and receives a 4% return every 3 days through 360 days of the year
78. Profit margins with Qirad are normally quite high even as a singular return on investment. Imagine a 20% return every 3 days! Not to mention P R E S E N T E D B Y KHURAM MALIK
79. No official platform or institutions exist today that support the Qirad model officially or in a scalable way despite it being a major sunnah (that I’m aware of) Existing creditors, such as banks and VC’s do not (want to) understand this model nor does it meet their self interest so they are unlikely to support its application (but never say never). That said, in principle, Qirad is very easy to implement and just requires intention. Unfortunately P R E S E N T E D B Y KHURAM MALIK
80. Blockchain can radically fuel the application of Qirad. Qirad is a perfect application for it. but... P R E S E N T E D B Y KHURAM MALIK
81. The Fourth Revolution P R E S E N T E D B Y KHURAM MALIK The blockchain is a series of "blocks" all connected on one long chain. Each "block" contains a series of transactional records that cannot be deleted and are viewable publicly. By making the records public, fully transparent and undeletable and as long as the blockchain itself has a dependable and trustworthy identity verification mechanism, it becomes much harder to commit fraud. The blockchain becomes a public display of someone's integrity and becomes the inhrerent trust broker mechanism
82. Eliminates the need for current "trust brokers'. I.e third- party platforms and private companies that act as the trust broker in the process. Think Amazon, Uber, AirBnB, eBay, Escrow etc etc. Thus, individuals can directly transact with other individuals without being held to ransom or being at the whim and mercy of large private companies that serve their own self-interest first. This P R E S E N T E D B Y KHURAM MALIK
83. WHAT THEY ARE This is a blockchain specific term that means contracts that can digitally and automatically execute a contract by following a series of pre- defined rules and logic without the need for human intervention THE BENEFIT TO QIRAD The rules and principles of Qirad could be programmed into a "smart contract" which could execute Qirad principles without businesspersons or potential investors needing to understand the fiqh or ins and outs of Qirad. It would be a frictionless process. Smart Contracts P R E S E N T E D B Y KHURAM MALIK
84. WHAT THEY ARE dApps stands for De-centralised Apps. Apps that run on a decentralised blockchain are known as dApps. THE BENEFIT TO QIRAD An entire app could be made to incorporate smart contracts, payments, list of entrepreneurs, lists of investors so on and so on that could execute the entire business of Qirad for muslims worldwide and to create a genuine and viable islamic finance solution that adheres to the sunnah while also solving modern problems . dApps P R E S E N T E D B Y KHURAM MALIK
85. THE POSSIBILITIES A Qirad dApp could be developed on the blockchain that could not only work out all the unit calculations but also “track” every aspect of the trade from investment through to delivery of goods (asset tracking) through to distribution of profits, etc, not to mention the natural and automated enforcement of the entire agreement and contract by design. I.e. the entire Qirad process. With smart contracts and asset tracking the potential for increase in velocity of profit is exponentially greater than anything the world has ever seen before. A Qirad dApp P R E S E N T E D B Y KHURAM MALIK
86. As a software/blockchain developer, to collaborate with me to create a Qirad dApp for the benefit of the Ummah and restoring a sunnah. kam@stratagem.io I invite you.. P R E S E N T E D B Y KHURAM MALIK
87. Key Takeaways RIBA Riba is not just interest, it is exploitation and it is used as a concealed instrument through many finance options (including so called "shariah compliant" ones) today and it harms both the individual and society LABOUR VS CAPITAL Capitalist financial instruments value capital over labour. In Islam, Labour is valued over Capital BLOCKCHAIN A truly de-centralised and notarised blockchain with smart contracts and asset tracking is a perfect vehicle for conducting business via Qirad and has the potential to be a major global game changer P R E S E N T E D B Y KHURAM MALIK
88. Further learning and references Shaykh Umar Vadillo's Muamalat Masterclass Malik Muwatta Fatwa on Banking by Shaykh Umar Vadillo Ibn Khaldun Muqaddimah The Big Short movie Boiler Room movie Margin Call movie Other People's Money and how the bankers use it by Louis D. Brandeis Big by Matt Stoller HSBC Mortgage Calculator University of Portsmouth 2016 study into business fraud Thames Valley Police Crimes Commission Simply Explained Youtube channel Acknowledgements Shaykh Umar Vadillo Humaira Shahid Neil Gougam Faisal Amjad