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Sound Money in the Quran - Masjid Tucson

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					By Imran Akhtar
Money in the Quran
 Number of verses that directly reference money:
    Spend money in the cause of God
    Give money to charity
    Your money will not help you


 One beautiful verse says:
   GOD has bought from the believers their lives and their
    money in exchange for Paradise [9:111].


 But these verses don’t talk about Sound/Reliable Money

                                                              2
Another concept about Money
 [11:85] O my people, you shall give full measure and
 full weight, equitably. Do not cheat the people out of
 their rights, and do not roam the earth corruptingly.
 [6:152] … You shall give full weight and full measure
 when you trade, equitably. …
 [7:85] … You shall give full weight and full measure
 when you trade. Do not cheat the people out of their
 rights.
 [11:84]… Do not cheat when you measure or weigh.

                                                          3
Verses from Quran (cont.)
 [17:35] You shall give full measure when you trade, and
  weigh equitably. This is better and more righteous.
 [26:181] "You shall give full measure when you trade; do
  not cheat.
 [83:2] Who demand full measure when receiving from the
  people.
 [83:3] But when giving them the measures or weights,
  they cheat.
 FULL WEIGHT and FULL MEASURE



                                                             4
Full Weight & Measure in Bible
 [Leviticus 19:36] Your scales and weights must be
 accurate. Your containers for measuring dry materials
 or liquids must be accurate. I am the LORD your God
 who brought you out of the land of Egypt.

 [Proverbs 11:1] The LORD abhors dishonest scales, but
 accurate weights are his delight.

 [Proverbs 20:23] The LORD detests differing weights,
 and dishonest scales do not please him.
                                                          5
Short History of Money
 Barter system involved trading one good for another
    I need rice, you need eggs, we swap
 Problem: requires a ‘coincidence of wants’,
  cumbersome
 Solution: use commodity money (like copper, gold,
  shells, salt, etc.)
 Metals emerged as money over commodities like cattle
  or shells
 Then Gold and Silver emerged from Asia to entire
  world as the most common form of money

                                                         6
History of Money (cont.)
 Savers deposited their Gold and Silver coins at
    goldsmiths.
   Received a note/certificate for their deposit.
   Once notes became trusted medium of exchange, an
    early from of paper money was born.
   As notes were used directly in trade, goldsmiths
    observed people would not usually redeem all their
    notes at the same time.
   Goldsmiths saw the opportunity to invest their coin
    reserves in interest-bearing loans and bills.
                                                          7
Fractional Reserve Banking
 Bank decides to keep only 20% on reserve
 For example, I deposit $100 at a bank
 Bank keeps $20 for reserves and lends out $80
 The $80 is deposited in a bank, bank keeps $16 (20%)
  and lends out $64.
 This process continues until maximum total deposit
  created is $500 and the max increase in money supply
  is $400


                                                         8
Fiat Money
 Not backed by reserves of a commodity
 Money is given value by government decree
 US Dollar went off the gold standard in 1971 under
 Richard Nixon




                                                       9
Fast forward to Today
 Using Fiat Money and Fractional Reserve Banking,
  banks start giving very risky loans to earn more money.
 Loans fail, financial crisis.
 Central Bank prints more money to give to banks,
  creates inflation.
 Money printing is possible because of Fiat money,
  money not tied to any commodity




                                                        10
Honest Weights and Measures
 You worked for 4 hours, were given $100
 When bank prints money, your $100 is worth less
  because money was created out of ‘thin air’, someone
  got money for free.
 An unlimited amount of money can be created this
  way. Full measure of 4 hours changed.
 [26:181] You shall give full weight and full measure
  when you trade; do not cheat.
 We are violating the Quranic and Biblical law!

                                                         11
Effect of Violation
 Inflation is very high in countries around the globe.
 Too much money printing causes entire countries to be
    destroyed and people lose all their wealth.
   US engaged in money printing, so we’ll eventually see
    inflation rise here too
   Zimbabwe and Argentina examples of too much printing.
   Zimbabwe the bread basket of Africa to basket case.
    Inflation hit 100,000%
   Zimbabwe bank issues $10million bill - but it won't even
    buy you a hamburger in Harare (Capital city)
   Revolutions in Egypt, Tunisia, Yemen caused by Inflation

                                                               12
High                 Country            Inflation rate annually
Inflation            Liberia            11.2%
                     India              11.7%
                     Sudan              11.8%
                     Iran               11.8%
                     Yemen              12.2%
Inflation is a       Egypt              12.8%
stealth form of      Pakistan           13.4%
Taxation             Argentina          22%
                     Venezuela          29.8%


                  At 12% inflation, $100 becomes $52
                  after 5 years

                                                                  13
Beautiful Notes Not Worth Much
 Won’t buy a hamburger




                                 14
Vietnam 500,000 Dong = $31.37




                                15
Indonesia 100,000 Rupiah = $11.05




                                16
Guinea 10,000 franc = $2.33




                              17
Iran 50,000 Rial = $5.35




                           18
Sao Tome and Principe 50,000
Dobra = $3.47




                               19
Sound US Dollar
 Countless wars have been fought and
  countless people killed over currency
  control.
 The same inflation can happen to the ‘mighty’
  US$
 We should support people who stand for sound
  money.
 Of all the presidential candidates only 75 year
  old Dr. Ron Paul has been advocating sound
  money for the last 30 years.
 You want sound policies and a more peaceful
  Earth, look up this man!
                                                    20
Conclusion
 We should understand God’s laws on Sound/Reliable
  Money and follow them. Otherwise we bring untold
  suffering on the people

 Full Weight and Full Measure = Sound/Reliable Money


 [11:85] …You shall give full measure and full weight,
  equitably. Do not cheat the people out of their rights, and do
  not roam the earth corruptingly.

 [Proverbs 11:1] The LORD abhors dishonest scales, but
  accurate weights are his delight.
                                                               21

				
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posted:2/7/2013
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