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RE: Breaking the Committee/ROSCA Cycle: Is Your Saving Strategy Killing Your Wealth?
I do not think you have to worry about Sharia laws, as they are specifically related to Islam and Muslims. The blog above is intended to give everyone a basic understanding of my world and the rules that apply to it. This particular piece was written more in an essay style for people of my own ethnicity rather than for broad blog reach. Sometimes it is okay to make a specific group feel like the center of attention, but my work is mostly targeted toward a global audience. Still, I felt pleased by how you went beyond your own culture and religion to try and understand these concepts.
You are right that the ways a Muslim can grow money are limited by the rules of Islam. However, if you look at why those rules were made, you might reach the conclusion that Islam is by nature against fiat currency and inflation. Most systems that rely on inflation reach their "doomsday" faster. If you are interested, you should deep dive into how Islam solves inflation and economic problems. I might post more about this in a deep-dive community since their rules are less strict than those on HL.
Commodity-backed paper bills or notes are very popular in Islamic societies, but they take a major hit of distrust whenever a scam occurs. For example, a popular store in Dubai was selling plastic, non-tearable gold notes that held a small amount of gold and were redeemable at that same store. It became very popular, but then the owners ran away. It was tragic and created a fear among Muslims regarding those types of investments. Later, some people invested in gold certificates and a few banks failed, which caused another setback and more fear to emerge.
If there were no scams, the Islamic world would be using commodity-backed bills and a fixed pricing system for everything. This would make life easier for the whole world and help people escape the poverty trap, as pay would be fairer. However, up until now, Muslims have not provided a scalable and globally trusted commodity-backed system that is easy to carry. Some Islamic banks work on this but fail to implement it in daily life. I see it as a failure of modern Muslims that they have not solved the inflation problem, while many also discourage any sort of growth. If you look back at the reflections in the blog, you will understand why I wrote what I wrote and why many Muslims are used to the committee system while other Muslim alternatives remain unpopular.
:)
Yes I understand Sharia law is not targeted at Christian people 😄 but I personally find it important to try to look at things from another's perspective and understand their rules. Especially important because I'm in a primarily Muslim culture here.
It took me a little while to figure out why this was outside the hotel on the fifth floor.
Then I realized it was the timing of different prayers (there is a Mushola for praying on the 5th floor) and when they can break their fast for the day.
Although I know when you have to start your fast in the morning because the prayers are broadcast to the community at large and usually wake me up :)
Regarding your commodity based notes :) There you go. Your next project. Commodity backed NFT's on HIVE that the average person can use as trading (as opposed to HBD or HIVE directly). 😄 Then again that may be a whole pile of work.
As for doing research? I will absolutely not say I'm knowledgeable by any stretch but I did do a lot of reading to figure out what was and was not acceptable and an idea of why. As I understand it the whole idea is : You can profit but not at someone elses expense. If you want to profit there should be joint risk and joint reward. But yes I know there are a lot more rules and a lot of good reasons behind those rules.