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There is little to no difference between what the article is describing, a halal certificate on some financial instruments and the Kosher or Halal stamps you se
by doesnotexist 6y ago
There is little to no difference between what the article is describing, a halal certificate on some financial instruments and the Kosher or Halal stamps you see on food products at the grocery store. In this case there is a consumer demand for products labelled Halal and it is being met by a body deemed to hold legitimacy in determining compliance, how this becomes a discussion about defending the entirety of a broad concept like Sharia is perplexing.
- pc86 6y agoIs a "halal certificate on some financial instruments" a relevant thing outside of Sharia law? This is a serious question. Are more moderate Muslims okay with interest, or is it pretty much across the board? I'm sure you can find some of any group okay with just about anything, I just mean in general. I'm not sure where on the spectrum of atheist to Islamist something like this falls. Right or wrong I have always associated refusal to use traditional banking a more hard-line Muslim belief.
- bckygldstn 6y agoScale makes a difference here. Kosher food isn't in large enough demand in the US to transform the entire agricultural industry, so non-adherents still have real choice. A closer example might be the MPAA (US film rating group). It's a voluntary certification, but it's become a de facto requirement such that the small, opaque, non-government group shapes the level of violence (high) and nudity (low) in all TV and films.
- doesnotexist 6y agoSurely most people will continue to be able to find a bank that will lend them money under familiar terms of interest. I find it hard to believe or take seriously that an Indonesian body certifying financial instruments of debt as Halal is going to upend JP Morgan and the western banking system en masse.
- davchana 6y agoExactly, in my religion/culture eating Halaal is forbidden, because of 100s of years of wars with Muslim Rulers. Forcing or scaling Halaal to transform the market that we non users have no choice will be totally unacceptable.
- LatteLazy 6y agoDid I misunderstand the article? I thought it said you were REQUIRED to have a certificate in order to operate... Edit: For most Sharia fintech startups, MUI certificates are not only commercially advantageous but legally required by the Financial Services Authority of Indonesia (OJK), the state financial regulator. Other areas of the Sharia digital economy, like halal e-commerce and umrah sites, travel-booking platforms for Islamic pilgrimages, do not require this certificate. So yes for fintech, maybe for ecommerce in general?
- doesnotexist 6y agoConventional banking and finance remains the bulk of activity within the country and I do not believe this announcement is declaring conventional products banned from the market at large. Rather I think this requirement only applies to a small section of the Indonesia financial industry, approximately 10% of the market. https://www.ojk.go.id/en/berita-dan-kegiatan/siaran-pers/Pages/Press-Release-Sharia-Finance-Gains-8-Market-Share.aspx https://www.ojk.go.id/en/berita-dan-kegiatan/siaran-pers/Pag... Participating in the Indonesian sharia finance economy would be more akin to something like organic certification on produce. Most farms are not organic but if you want to label your products as such then you have to undergo a certification process with an agency like the USDA. In this case to be certified Halal you have to gain the MUI certificate which is recognized by the OJK Financial Services Authority of Indonesian. However, an Indonesian person is likely better person to clarify this more precisely.
- LatteLazy 6y agoBut it applies to all of the fintech sector right? You cannot start or operate a fintech without religious permission? And by extension, forcing customers to buy products they don't actually want (sharia when they want non sharia).
- deleted 6y ago[deleted]
- doesnotexist 6y ago