4 ms·

This is a good initiative. Muslims like me have to already give out a fifth (%20) of their earnings every year called Khums https://en.wikipedia.org/wiki/Khums

This is a good initiative. Muslims like me have to already give out a fifth (%20) of their earnings every year called Khums https://en.wikipedia.org/wiki/Khums https://en.wikipedia.org/wiki/Khums We also believe from numerous Hadith's that the money comes back in double for those that give. As they say, you can't take with your palms closed.

MicroBerto 10y ago
> "have to" What happens if you don't or can't?
- deleted 10y ago
  [deleted]
burkaman 10y ago
Do you consider earnings to be "spoils of war"? Or has the tradition just evolved to include all income.
- hamhamed 10y ago
  That depends, for my sect, Shia, it's solely business profit. If no profit, then no Khums.
loeg 10y ago
Islam has lots of very different (from a Western perspective) personal finance rules. Just two examples: * Lending with interest is forbidden (which also rules out investment in traditional bonds) * Zakat is a mandatory annual 2.5% wealth tax As you might imagine, the latter makes it very difficult to retire without some sort of pension system. https://en.wikipedia.org/wiki/Islamic_banking_and_finance https://en.wikipedia.org/wiki/Islamic_banking_and_finance https://en.wikipedia.org/wiki/Zakat https://en.wikipedia.org/wiki/Zakat
- icebraining 10y ago
  Planet Money did a story on a small US bank whose owner was convinced to start offering Islamic-compatible financial products: http://www.npr.org/2016/05/12/477758545/michigan-bank-discovers-the-need-for-islamic-finance-products http://www.npr.org/2016/05/12/477758545/michigan-bank-discov...
  - loeg 10y ago
    Yeah. > There are banks in the Muslim world that have thought about this, and one thing you can do is replace interest with something like a rent payment. The customer, the person who wants to buy the house, doesn't own it right away. Instead, the bank buys the house and puts it in a legal entity called a trust. Then, the customer makes monthly payments for, say, 30 years. Each month, they own a little bit more of that trust until, finally, the house is all theirs. So that's pretty much a conventional mortgage, except you don't own it immediately. So it's not a loan because you only own the portion you've paid for, I guess. > Now, not all Muslim scholars are OK with this. Some say this is just interest by another name. It's a religious loophole.
ivanca 10y ago
Look at that, a religion that commands how to spend your money. The west has televangelists but at least they're not so readily accepted and many Christians consider them a scam.

MicroBerto 10y ago

> "have to" What happens if you don't or can't?

deleted 10y ago
[deleted]

burkaman 10y ago

Do you consider earnings to be "spoils of war"? Or has the tradition just evolved to include all income.

hamhamed 10y ago
That depends, for my sect, Shia, it's solely business profit. If no profit, then no Khums.

loeg 10y ago

Islam has lots of very different (from a Western perspective) personal finance rules. Just two examples: * Lending with interest is forbidden (which also rules out investment in traditional bonds) * Zakat is a mandatory annual 2.5% wealth tax As you might imagine, the latter makes it very difficult to retire without some sort of pension system. https://en.wikipedia.org/wiki/Islamic_banking_and_finance https://en.wikipedia.org/wiki/Islamic_banking_and_finance https://en.wikipedia.org/wiki/Zakat https://en.wikipedia.org/wiki/Zakat

icebraining 10y ago
Planet Money did a story on a small US bank whose owner was convinced to start offering Islamic-compatible financial products: http://www.npr.org/2016/05/12/477758545/michigan-bank-discovers-the-need-for-islamic-finance-products http://www.npr.org/2016/05/12/477758545/michigan-bank-discov...
- loeg 10y ago
  Yeah. > There are banks in the Muslim world that have thought about this, and one thing you can do is replace interest with something like a rent payment. The customer, the person who wants to buy the house, doesn't own it right away. Instead, the bank buys the house and puts it in a legal entity called a trust. Then, the customer makes monthly payments for, say, 30 years. Each month, they own a little bit more of that trust until, finally, the house is all theirs. So that's pretty much a conventional mortgage, except you don't own it immediately. So it's not a loan because you only own the portion you've paid for, I guess. > Now, not all Muslim scholars are OK with this. Some say this is just interest by another name. It's a religious loophole.

ivanca 10y ago

Look at that, a religion that commands how to spend your money. The west has televangelists but at least they're not so readily accepted and many Christians consider them a scam.