Ayuuto/hagbad

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Lamagoodle
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Re: Ayuuto/hagbad

Post by Lamagoodle »

Executive wrote:
Lamgoodle wrote:
Executive; no need to give thumbs up. You are the guy who claimed to have taken graduate courses in financial economics only to show that your knowledge of basic economics was zero.

Mr I-Know-It-All you don't really have much to come with, an explained of your bizarre claim would have helped, but you failed. I will give you another chance. How do you equate the commission charge for transferring money to being an "interest rate".
That shows alot about your lack of knowledge you dupe !!!!!!!!!!!!!! I know alot more than you as regards economics and related fields. That is what I am sure of. Commission charge? You hoodwink, didn't they teach you that commission=interest when you attended adult education economic classes?????? because you have never attended economic classes at university. Even high school students know that.

Do you want me to academically botch you as I did in that thread months ago?????
Tuushi
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Re: Ayuuto/hagbad

Post by Tuushi »

That is the whole point of ayuuto for many including myself .To have a saving of exactly what u have put in.if u have contributed 5000 at the end of a 10 months period,u get that much,regardless of inflation.And i do that to avoid the riba of a saving account.

It is not because i want to gain any.If i wanted to make money without the fear of riba,there are many ways to make good money on ur savings and that is what separates people.

Executive,pls,lets not make this discussion into useless jib taking and personal insults.

Some of us are actually enjoying this exchange.
Lamagoodle
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Re: Ayuuto/hagbad

Post by Lamagoodle »

Tuushi wrote:That is the whole point of ayuuto for many including myself .To have a saving of exactly what u have put in.if u have contributed 5000 at the end of a 10 months period,u get that much,regardless of inflation.And i do that to avoid the riba of a saving account.

It is not because i want to gain any.If i wanted to make money without the fear of riba,there are many ways to make good money on ur savings and that is what separates people.

Executive,pls,lets not make this discussion into useless jib taking and personal insults.

Some of us are actually enjoying this exchange.
Good reason I will say. I see the benefits of Ayuuto and that is why I have written this piece. But, I want just to inform you that you might lose some money.

Also please note that you cannot be free 100% from interest rates/ribba if you live in the west. The bus you are probably taking to work, your car dealer, the infrastructure etc is not free from it. In addition, don't be tempted by the so called xalaal free morgages, they are more expensive than normal morgages. and also these so called xalaal morgages are repackaged and sold on a global financial market. It is just marketing ploy.
Executive
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Re: Ayuuto/hagbad

Post by Executive »

Lamgoodle wrote: That shows alot about your lack of knowledge you dupe !!!!!!!!!!!!!! I know alot more than you as regards economics and related fields. That is what I am sure of. Commission charge? You hoodwink, didn't they teach you that commission=interest when you attended adult education economic classes?????? because you have never attended economic classes at university. Even high school students know that.

Do you want me to academically botch you as I did in that thread months ago?????

A commission charge on transfering money is NOT an interest rate. You need to distinguish when a commission is an interest rate and when its not. We are not talking about loans here, were are talking about money transfers (Xawalado activity). You have just displayed utter stupidity, or you merely on purpose playing with words because you can not back up your silly claims.

As Gurey pointed out, you are just talking out of your rear Mr I-Know-It-All. So are you going to answer the question or are you again just going to beat around the bushes and play with words as you brag about your knowledge. :mindblown:
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Re: Ayuuto/hagbad

Post by Tuushi »

The amedities i use,the place i shop at,the car i drive,all might not be free from riba but that is different from signing up for one u know and are aware simply because it might be in ur daily life otherwise.That was my whole point.

For example,credit cards,i know what interest i will get charged if i dont make the payments when due but it is automatic interest paid if i used it for cash advancement which i would never do because i know.

It is not a perfect system but as long as i pay my balance,i dont personally pay any interest and that is my way of staying away from it as much as i can.

Thanks to ayuuto,i paid my student loan without incurring a dime of interest.
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Re: Ayuuto/hagbad

Post by Lamagoodle »

Executive wrote:
Lamgoodle wrote: That shows alot about your lack of knowledge you dupe !!!!!!!!!!!!!! I know alot more than you as regards economics and related fields. That is what I am sure of. Commission charge? You hoodwink, didn't they teach you that commission=interest when you attended adult education economic classes?????? because you have never attended economic classes at university. Even high school students know that.

Do you want me to academically botch you as I did in that thread months ago?????

A commission charge on transfering money is NOT an interest rate. You need to distinguish when a commission is an interest rate and when its not. We are not talking about loans here, were are talking about money transfers (Xawalado activity). You have just displayed utter stupidity, or you merely on purpose playing with words because you can not back up your silly claims.

As Gurey pointed out, you are just talking out of your rear Mr I-Know-It-All. So are you going to answer the question or are you again just going to beat around the bushes and play with words as you brag about your knowledge. :mindblown:
You are making yourself an easy target, gratuitous idiot. It is called "cost of capital" . I am not going to continue replying to your nonsense and obscure the discussions.

Last time, it was transaction costs and now you don't know economic interest!!!! I can picture a fadhi ku dirir nacas but I am calling your bluff.

You are ignored.
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Re: Ayuuto/hagbad

Post by Executive »

^ Again for the second time you have been completely embarrassed and silenced. I was gonna leave gurey for you, but couldn't hold myself this time. You gain nothing from talking nonsense about subjects matter you are unfamiliar with... :mindblown:
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Re: Ayuuto/hagbad

Post by Lamagoodle »

Tuushi wrote:The amedities i use,the place i shop at,the car i drive,all might not be free from riba but that is different from signing up for one u know and are aware simply because it might be in ur daily life otherwise.That was my whole point.

For example,credit cards,i know what interest i will get charged if i dont make the payments when due but it is automatic interest paid if i used it for cash advancement which i would never do because i know.

It is not a perfect system but as long as i pay my balance,i dont personally pay any interest and that is my way of staying away from it as much as i can.

Thanks to ayuuto,i paid my student loan without incurring a dime of interest.
Again, ayuuto's advantage outweighs its disadvantage ( I dedicate a whole thread to it).

The issue of ribba is not as easy as people claim. In Toronto for instance, there is so called islamic morgage. Pay a visit to them and ask them how much they charge in fees; you will be surprised to learn that they charge almost twice the price of morgage rates and that they resale the morgage,
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Re: Ayuuto/hagbad

Post by Tuushi »

I am well aware u did. :lol:

I was against u making it seem like it is for idiots who dont wanna make any profit from their money.

I never trusted those Islamic mortgages.Not long ago,a bunch of people lost their homes after the whole thing collapsed,corruption (one dude ran away with millions i believe) was the focus.

Unless we have an Islamic bank,that is regulated and would be accountable,there isnt gonna be a riba free mortgage for Muslims here.

I have seen people bathed in riba and it is not a pretty sight.They justified it because they cant escape it.They are the same people who buy lottery tickets weekly,because they will donate some of their winnings and that would be that. :?

Customized Islam ftw.
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Re: Ayuuto/hagbad

Post by Anarchist »

@Lamagoodle - Ayuuto is not a business investment and does not involve any sale or trade-off. There is also no gains or losses because the person gets back exactly what they were to get back if they had set the money aside themselves for a certain period of time, no? Say, I decided to set aside $500 every month for 10 months, I get back $5000. Ayuuto with 10 members, each one pooling $500 will also yield $5000 after 10 months of contributing. The only difference is some members might get the $5000 before others, but are still expected to continue paying the $500/month for the 10 months. I fail to see where the riba could possibly come from? Nobody is trading goods or services here, no percentages involved, no investment, no bartering, etc. It's a great system for people who know they can't save on their own or lack the means to save on their own. Am I missing something?
Lamagoodle
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Re: Ayuuto/hagbad

Post by Lamagoodle »

The fool:

It is good if you discuss your fadhi-ku-dirir- tribal nacnac instead of engaging in discussions that will make you look a fool. You don't have the language or subject matter capital needed to engage me. Take Gurey with you too and engage in tribal sodomy

So, beat it.


Tuushi, true. There was this Xawalah called DALSAN which fooled people a few years ago. In Dubai, somalis have been tricked into buying homes.

There is nothing called riba(interest) free world. That is good as child lullaby but nothing more. We live in a world governed by riba/interest.

Anarchist, beri ayaan kuu jawaabaya. Sac baa qoobka igu haayo.

Habeen wanaagsan
Lamagoodle
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Re: Ayuuto/hagbad

Post by Lamagoodle »

Dear Anarchist,
Let me put my later seethes in context.

I initiated a thread on the role of Ayuuto in building trust and its leverage as a saving schemes for somalis. I also discussed its disadvantages based on the principle of opportunity costs i.e. the cost of not making an alternative decision. From an ayuuto perspective, the last people who receive it will certainly lose because of depreciation and inflation which is not taken into consideration. In theory, to the first recipient, ayuuto is a loan that does not carry any interest rate. You get an x amount which you are expected through a period of y time at 0 interest rate. You could use this money to invest in a fund or even save in a savings account and repay the loan (notice that to the first person it is a loan while to the last person it is a saving).

That is clear and not subject to discussions I assume.

My learned friend, DafiyoMiriq stated that he will rather lose money than engage in an interest bearing endeavour. I respect that even though I know that that does not make economic sense and that there are instruments out there that can yield him some returns.

Then we discussed (Tuushi and I ) interest rates. I shared my views of the issue which is based on empirical insights and theoretical knowledge;

1. The global financial system is an interlinked and the talk of a parallel system (xalaal banks for instance is wrong). Believe you me savings/borrowings made in Mecca do not stay in Mecca but are traded in Singapore, Hong Kong, London and wall street.

2.That the notion of Ribba (usury) is not necessarily the same as interest rates. A basic lesson in economics or related fields reveals that an interest is the cost of employing capital. In essence any yield from an investment decision is an interest.

3.So called Islamic mortgages are actually based on a marketing ploy. At the end of the day, these mortgages are repackaged and resold to “non Islamic mortgages. In most cases, instead of interest rates real estate agents use “costs, fees etc” which is actually more than the interest rate (and bordering usury).

Then came Gurey25 (qabil sodomised number 1) and we started a discussion on “xawaalaha”. Although the core spat between me and others centred on “ayuuto” this character wrote a few lines on Xawaala. Frankly speaking there was nothing to discuss with him. He was just beating about the bush. Nevertheless he provided some illustrations based on “maxaa la yiri” nonsense instead of a sound argument (read logical, rational and scientifically appraised). Mind you, you don’t have to be an authority on “Islamic jurisprudence” to know that the Xawaala system is based on making money on money (a key tenet of usury which is banned in islam). You and I know that we are paying a lot of money in so called services ( progressive). In addition, had we used the formal channels of money transfers (Bank) a lot of somalis will claim that we are engaged in xaaram.

Then came Executive (qabiil sodomised number 2) who a few months ago wanted to play witty on a related issue; financial instruments. We had a brief discussion which saw him run like Abdi Bile . He claimed that he was a graduate of financial instruments but after a few lines it was obvious that he was a graduate of fadhi-ku-dirir university. It became apparent to almost anyone who took basic financial courses at a college he was talking out of his rectum than his brain. Instead of discussing the issue and if necessary asking for clarification he reiterated the same nonsense i.e. the notion of interest (R) which is a key aspect of economics. In particular, investments decisions and the instruments related to that.

Any student of these fields will tell you that R is at the heart of everything since it signifies the “cost of capital employed”. To the layman R is just a percentage on a loan or a borrowing but to the mind of an economist it is more than that. Most of the theorems carry it.

Admittedly, my discussions on Xawaala, interest rates etc were a little bit on a theoretical level. But, I believe that in a forum of this caliber , we should discuss, learn from each other and dissect issues.

Finally, Anarchist, don't you think we have become a nation of "waan daadshe" ? I have watched several videos of supposedly well respected somali sheikhs, on the subject of Ribba and many of them have no knowledge. Yet, they provide rulings/opionions. Our sheikhs should ask doctors, economists, sociologists for inputs before they provide their silly fatwas. You will find a sheikh talking about female productive organs without taking a class in anatomy, a sheikh giving a fatwa on the gaalos practice of " credit cards" without having the basic knowledge of economics and a sheikh providing a ruling on social issues in the west. NB; I am referring to disapora issues.

Regards,
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Re: Ayuuto/hagbad

Post by gurey25 »

:lol:
Lamagodle whats with all the anger
Lamgoodle wrote:Then came Gurey25 (qabil sodomised number 1) and we started a discussion on “xawaalaha”. Although the core spat between me and others centred on “ayuuto” this character wrote a few lines on Xawaala. Frankly speaking there was nothing to discuss with him. He was just beating about the bush. Nevertheless he provided some illustrations based on “maxaa la yiri” nonsense instead of a sound argument (read logical, rational and scientifically appraised). Mind you, you don’t have to be an authority on “Islamic jurisprudence” to know that the Xawaala system is based on making money on money (a key tenet of usury which is banned in islam). You and I know that we are paying a lot of money in so called services ( progressive). In addition, had we used the formal channels of money transfers (Bank) a lot of somalis will claim that we are engaged in xaaram.
seriously bro i was just too curious about your strange idea that xawala involves interest.
wel if they charge too much it would be price gouging but since they did not lend any credit and charge interest on it i dont think this is the case.

but you are correct in that essentially none of us can escape interest in this world.
The stranglehold of capitalism is supreme in that it permeates nearly all economic activity in the world and nearly all regions even in the depths of the congo jungle to the nomads of somalia.
The entire worlds economic system is based on interest and you cannot it escape this entirely , what you can and should do is to strive towards resisting this
domination. Why should you be doing this? It is because it is clearly defined as xaraam by allah, his prophet muhammed scw the khulafa al rashidun and the founders of the schools of fiqh especially imam malik, shafici and even abu hanaifa that spent the majority of their time and effort on this subject.
for example if you measure it by the content of his writing Imam Malik spent most of his work on highlighting all the dozens of different forms of interest and all the different methods people use to attempt to using riba.

The difference between you and me is that you have a narrow understanding of this subject, this is because you think you and I are debating about the definition of interest and economics as defined by economic text books.
You do not understand where i am coming from and i hope you at least try to understand this .
I am looking at the history of economic thought and its practice from recorded history to the evolution of the current capitalist system
you on the other hand are looking at how this all encompasing economic system works and assume that this is how things have always worked,
this is how it will always be. You seem to think that economics is a science when it is not !!.

There is micro economics which comes closest to a science and with which there is little debate and there is macro economics.
This is where the different economic theories and schools come in.
From the Liberals, neo-liberals, the austrians, the marxists, the keynsians, etc etc.

The first step is to free yourself from this intellectual domination, which i suspect you have and frankly the majority of muslims have as well.
Then you need to take a wider view.

another misconception you may have about me is that i am one the typical muslims you discuss this topic with,
you do not realize that the Salafi movement started in Al azhar of all places, and the founders were modernists just like you who were in awe of the west,
the pedigree goes back to jamal al din al afghani, and his student Muhammed abdu, and his student rashid ridda.
Muhamed abdu was made grand mufti of egypt by his close friend Lord cromer the real ruler of egypt, and his first action was to issue a fatwa that insterst was not riba.
The salafi movement and the wahabis and even the muslim brotherhood ( hassan banna was a student of Rashid ridda) do not and will not discuss this issue with you.When confronted they will resort to saying that it is daruura. a necessity because of the total domination of the capitalist west.
In fiqh daruurah is a legal instrument in cases of extreme necessity, for example lets say you are stuck on a desert and all you have to eat is are some pigs on the island.
In this case it is fard to eat that pig. but lets say a ship gets wrecked on the shore with no survivors but a pair or goats?
Do you continue to eat the pigs?
Do you start breeding them and say it is daruura.
This is what they are doing with Islamic banks, which are identical to regular banks.

They have twisted the instrument of qirad, or Mudaraba to correspond to regular interest banking, making them exactly the same,
whats worse most islamic banks charge a "profit rate" :lol: higher than the interest rate of regular banks.
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Re: Ayuuto/hagbad

Post by abdikarim86 »

To hagbad :up:

I think of lamagoodle's motive for declaring the xawala system as interest based, as something along the lines of
"we are all engaged in xaaraam, therefore why bother" :lol:
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Re: Ayuuto/hagbad

Post by MrSinister »

interesting topic. finances is an area as a community we need to learn more about, instead of listening to the xaraam brigade.
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