Economic Challenges For Muslims In America - By Jamal Badawi

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Muslims who are sincerely striving to please Allah must be concerned with their financial dealings. In societies and systems where interest is the rule of the day, how are Muslims able to participate without compromising their cherished Islamic principles? And do Muslims really understand their responsibilities regarding their wealth and income? Dr. Jamal Badawi examines this issue by providing possible solutions for three economic challenges: selling things that are forbidden, the question of riba (is it the same as interest?) and the question of insurance. He then briefly touches upon the following areas of concern: indirect riba, saving plans and pensions, student loans, working at a bank or insurance company, and interest accrued on bank accounts. Other topics discussed: leasing cars, leasing a house Islamically but paying more for it, paying over time (deferred payment), leasing equipment, how to explain why interest is forbidden, and if Islamic economics are just theory. (Duration: 1 hour, 13 min)