Islamic Finance for Everyone

We are pleased to share our recent publication:

Alharbi, R. and Smolo, E. (2026). Debt Composition and Economic Growth in the GCC: Evidence from Bonds and Sukuk. Journal of Economics, Law and Society, 3(1), 31–47. DOI: 10.70009/jels.2026.3.1.2

This paper examines whether conventional bonds and Islamic sukuk have different effects on economic growth across six GCC countries over 2010–2024. The findings suggest that debt composition matters: conventional bond issuance is negatively associated with aggregate GDP growth, while sukuk issuance is positively associated with GDP per capita growth. The results highlight the potential role of sukuk in supporting welfare-enhancing and infrastructure-oriented development in the GCC.

The paper is available free for download here: https://doi.org/10.70009/jels.2026.3.1.2

We sincerely thank the reviewers and the journal editors for their constructive comments, careful guidance, and support throughout the review process.

hashtag hashtag hashtag hashtag hashtag hashtag Hfz. Dr. Edib Smolo Edib Smolo

𝐔𝐧𝐜𝐞𝐫𝐭𝐚𝐢𝐧𝐭𝐲 𝐢𝐧 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐞: 𝐆𝐡𝐚𝐫𝐚𝐫 𝐢𝐧 𝐌𝐨𝐝𝐞𝐫𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐞

Welcome to the series finale of "Islamic Finance for Everyone" on Gharar, Uncertainty in Islamic Finance. In Episode 4, we bring the classical principles we've discussed into the contemporary world, exploring how the prohibition of Gharar shapes modern Islamic financial products and practices.

In this video, you will learn about:

- 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 𝐢𝐧 𝐌𝐨𝐝𝐞𝐫𝐧 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐬: We analyze the application of Gharar rules to contemporary practices like Urbun (earnest money), conditional sales, and the prohibition of "two sales in one," ensuring transparency in products like Murabahah and Ijarah.

- 𝐆𝐡𝐚𝐫𝐚𝐫 𝐢𝐧 𝐒𝐮𝐛𝐣𝐞𝐜𝐭 𝐌𝐚𝐭𝐭𝐞𝐫: Understanding how the "do not sell what is not with you" principle applies to forward contracts and the strict requirements for description and specification (Salam/Istisna) to avoid ignorance in transactions.

- 𝐙𝐞𝐫𝐨-𝐒𝐮𝐦 𝐆𝐚𝐦𝐞𝐬 & 𝐒𝐩𝐞𝐜𝐮𝐥𝐚𝐭𝐢𝐨𝐧: We tackle the complex issue of derivatives, options, and high-risk speculation (reminiscent of the 2008 crisis), distinguishing productive trade from prohibited risk-trading.

- 𝐑𝐢𝐬𝐤 (𝐊𝐡𝐚𝐭𝐚𝐫) 𝐯𝐬. 𝐆𝐡𝐚𝐫𝐚𝐫: Discover the crucial distinction between commendable risk-sharing (al-ghunmu bi’l-ghurmi) in partnerships (Mudarabah/Musharakah) and the self-created excessive uncertainty (Gharar) found in conventional insurance trading.

Gain a comprehensive view of why these prohibitions are essential for preventing exploitation and ensuring full consent and fairness in the modern economy.

That wraps our series on Gharar! We hope this journey has deepened your understanding of ethical commerce. Don't forget to rewatch the series to solidify these concepts.

If this video helped you better understand Islamic finance, please like the video, subscribe to the channel, and share it with your network. Follow us on our social media platforms for more practical insights, and join us in the next episode as we continue this journey together.

FULL VIDEO: https://youtu.be/xTg8xnvrVZA

𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐭𝐡𝐞 𝐜𝐡𝐚𝐧𝐧𝐞𝐥!

👍 Like | 🔁 Share | 🔔 Subscribe

📢 𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:

📍 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: https://www.instagram.com/islamicfinanceforeveryone

📍 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: https://facebook.com/61572669714767

📍 𝐓𝐢𝐤𝐓𝐨𝐤: https://www.tiktok.com/

🤝 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐔𝐬 / 𝐃𝐨𝐧𝐚𝐭𝐞

🅿️ 𝐏𝐚𝐲𝐏𝐚𝐥 🔗 https://paypal.me/ESmolo80

📧 [email protected]

Uncertainty in Islamic Finance: Gharar Types

Welcome back to “𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐟𝐨𝐫 𝐄𝐯𝐞𝐫𝐲𝐨𝐧𝐞” for Episode 3 of our series on 𝑮𝒉𝒂𝒓𝒂𝒓, Uncertainty in Islamic Finance. After examining the legal evidence in Episode 2, we now break down the distinction between different types of Gharar and when uncertainty truly impacts a contract.

In this video, you will learn about:
• 𝐌𝐚𝐣𝐨𝐫 𝐯𝐬. 𝐌𝐢𝐧𝐨𝐫 𝐆𝐡𝐚𝐫𝐚𝐫: Understanding gharar fahish (excessive uncertainty) which voids contracts, and gharar yasir (minor uncertainty) which is often tolerable and necessary in real-world transactions.
• 𝐓𝐡𝐞 𝐅𝐨𝐮𝐫 𝐂𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐈𝐧𝐯𝐚𝐥𝐢𝐝𝐢𝐭𝐲: Discovering the specific legal checklist scholars use to determine if Gharar invalidates a contract, including whether it is excessive, affects an exchange contract, impacts the core subject, and if there is an overriding necessity.
• 𝐏𝐫𝐨𝐡𝐢𝐛𝐢𝐭𝐞𝐝 𝐯𝐬. 𝐏𝐞𝐫𝐦𝐢𝐭𝐭𝐞𝐝 𝐂𝐚𝐬𝐞𝐬: We analyze examples like mulamasah (touch-sale) and hasah (pebble lottery) against exceptions like Bay' Salam (forward sale) and Istisna (manufacturing contract) that are permitted due to necessity and specified terms.

Gain clarity on how Islamic principles balance ideals of certainty with the practical necessities of production and commerce.

Stay tuned for Episode 4, where we apply these concepts to modern finance! Join us on this journey to understand Islamic finance and its role in fostering fairness.

FULL VIDEO: https://youtu.be/4EInVcVZYbc

𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐭𝐡𝐞 𝐜𝐡𝐚𝐧𝐧𝐞𝐥!
👍 Like | 🔁 Share | 🔔 Subscribe

📢 𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:
📍 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: https://www.instagram.com/islamicfinanceforeveryone
📍 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: https://facebook.com/61572669714767
📍 𝐓𝐢𝐤𝐓𝐨𝐤: https://www.tiktok.com/

🤝 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐔𝐬 / 𝐃𝐨𝐧𝐚𝐭𝐞
🅿️ 𝐏𝐚𝐲𝐏𝐚𝐥 🔗 https://paypal.me/ESmolo80
📧 [email protected]

𝐔𝐧𝐜𝐞𝐫𝐭𝐚𝐢𝐧𝐭𝐲 𝐢𝐧 𝐈𝐬𝐥𝐚𝐦𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐞: 𝐄𝐯𝐢𝐝𝐞𝐧𝐜𝐞 𝐟𝐨𝐫 𝐆𝐡𝐚𝐫𝐚𝐫 𝐁𝐚𝐧 ⚖️

Episode 2 is LIVE! We’re diving into the legal evidence behind the prohibition of Gharar (uncertainty). Learn how Islam protects justice and prevents exploitation in every transaction.
What’s inside:
✅ Qur’anic principles on financial justice.
✅ Key Hadith forbidding Bay’ al-Gharar.
✅ Real examples: Al-madamin, Munabadhah, and Muzabanah.
✅ Why avoiding "one-sided risk" leads to better economic efficiency.

📺 Watch Now: https://youtu.be/hcIqccacc8A

🤝 Support our work:
PayPal: https://paypal.me/ESmolo80
Email: [email protected]

𝐑𝐢𝐛𝐚 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐮𝐧𝐧𝐚𝐡: 𝐃𝐚𝐭𝐞𝐬 𝐨𝐟 𝐊𝐡𝐚𝐲𝐛𝐚𝐫, 𝐌𝐚𝐫𝐤𝐞𝐭 𝐉𝐮𝐬𝐭𝐢𝐜𝐞, 𝐚𝐧𝐝 𝐅𝐚𝐢𝐫 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 (𝐏𝐚𝐫𝐭 𝟒)

The final episode tells the story of the dates of Khaybar and shows how the Prophet ﷺ didn’t only ban riba; he built fair, transparent markets. We connect:

* The Khaybar dates case and riba al fadl.
* The ban on market entry fees and caravan interception.
* The principle: “free but not predatory” markets as an Islamic goal.

If you care about ethical business, economic justice, and Riba-free structures, this is your episode.

𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐭𝐡𝐞 𝐜𝐡𝐚𝐧𝐧𝐞𝐥!
👍 Like | 🔁 Share | 🔔 Subscribe

📢 𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:
📍 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: https://www.instagram.com/islamicfinanceforeveryone
📍 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: https://facebook.com/61572669714767
📍 𝐓𝐢𝐤𝐓𝐨𝐤: https://www.tiktok.com/

🤝 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐔𝐬 / 𝐃𝐨𝐧𝐚𝐭𝐞
🅿️ 𝐏𝐚𝐲𝐏𝐚𝐥
🔗 https://paypal.me/ESmolo80
📧 [email protected]

𝐑𝐢𝐛𝐚 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐮𝐧𝐧𝐚𝐡 (𝟐/𝟒): 𝐆𝐨𝐥𝐝, 𝐒𝐢𝐥𝐯𝐞𝐫, 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐒𝐢𝐱 𝐑𝐢𝐛𝐚𝐰𝐢 𝐂𝐨𝐦𝐦𝐨𝐝𝐢𝐭𝐢𝐞𝐬

This episode unpacks the famous hadith of six ribawi commodities – gold, silver, wheat, barley, dates, and salt – and how they form the technical backbone of riba rules in Islamic finance today. We explain:

• Why same for same exchanges must be equal and hand to hand.
• Riba al fadl vs riba al nasi’a with simple examples.
• How these hadith guide currency exchange, gold trading, and modern contracts.

Perfect for students of knowledge, professionals in finance, and anyone confused by “riba in loans vs riba in trade.”

Watch Full Video Here:
https://youtu.be/4Vr8GiQp8ck

𝐑𝐢𝐛𝐚 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐮𝐧𝐧𝐚𝐡: 𝐖𝐡𝐞𝐧 𝐇𝐚𝐥𝐚𝐥 𝐚𝐧𝐝 𝐇𝐚𝐫𝐚𝐦 𝐃𝐨𝐧’𝐭 𝐌𝐚𝐭𝐭𝐞𝐫 𝐀𝐧𝐲𝐦𝐨𝐫𝐞 (𝐏𝐚𝐫𝐭 𝟏)

“Riba in the Sunnah” is a 4-part series exploring how the Prophet ﷺ spoke about riba with vivid warnings, precise trade rules, and powerful reforms. In this episode, we cover:

- A time when people stop caring if their wealth is 𝒉𝒂𝒍𝒂𝒍 or 𝒉𝒂𝒓𝒂𝒎.
- The dream of the riba‑eater trapped in a river of blood.
- The hadith cursing the eater, payer, writer, and witnesses – “𝒕𝒉𝒆𝒚 𝒂𝒓𝒆 𝒂𝒍𝒍 𝒆𝒒𝒖𝒂𝒍.”

This series is designed for Muslims who want more than slogans – a serious, accessible dive into the prophetic teachings on riba, justice, and markets.

Subscribe for the full series and future content on Islamic finance, riba‑free living, and ethical markets.

https://youtu.be/tNb7SZ1YwW8

𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐭𝐡𝐞 𝐜𝐡𝐚𝐧𝐧𝐞𝐥!
👍 Like | 🔁 Share | 🔔 Subscribe

📢 𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:
📍 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: /islamicfinanceforeveryone
📍 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: /61572669714767
📍 𝐓𝐢𝐤𝐓𝐨𝐤: /islamicfinancefor

🤝 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐔𝐬 / 𝐃𝐨𝐧𝐚𝐭𝐞
🅿️ 𝐏𝐚𝐲𝐏𝐚𝐥
🔗 https://paypal.me/ESmolo80
📧 [email protected]

𝐖𝐚𝐫 𝐟𝐫𝐨𝐦 𝐀𝐥𝐥𝐚𝐡? 𝐓𝐡𝐞 𝐅𝐢𝐧𝐚𝐥 𝐁𝐚𝐧 𝐨𝐧 𝐑𝐢𝐛𝐚

Surah Al-Baqarah 2:275–281 is the final word on riba:
• Trade is 𝐡𝐚𝐥𝐚𝐥, riba is 𝐡𝐚𝐫𝐚𝐦.
• Believers must give up all remaining riba.
• Persisting in riba equals war from Allah and His Messenger.
• The alternative is a system based on trade, mercy, and charity.

This video unpacks these verses and shows how the Prophet ﷺ applied them in real life.



https://youtu.be/Aj3lIF35-tA

In this episode of 𝑰𝒔𝒍𝒂𝒎𝒊𝒄 𝑭𝒊𝒏𝒂𝒏𝒄𝒆 𝒇𝒐𝒓 𝑬𝒗𝒆𝒓𝒚𝒐𝒏𝒆, we begin the journey of “𝐑𝐢𝐛𝐚 (𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭) 𝐢𝐧 𝐭𝐡𝐞 𝐐𝐮𝐫’𝐚𝐧 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐒𝐮𝐧𝐧𝐚𝐡” by examining the first two phases of the Qur’anic prohibition of riba.

We explore:

- 𝐒𝐮𝐫𝐚𝐡 𝐀𝐥-𝐑𝐮𝐦 𝟑𝟎:𝟑𝟗 – how Allah contrasts riba vs zakah, teaching that wealth built on interest does not grow with Him, while charity and zakah truly multiply.
- 𝐒𝐮𝐫𝐚𝐡 𝐀𝐥-𝐍𝐢𝐬𝐚’ 𝟒:𝟏𝟔𝟎–𝟏𝟔𝟏 – how Bani Isra’il were already forbidden from taking riba, and how it became one of the reasons for their punishment.

You will see how the Qur’an prepares hearts before laws: first building moral dislike and historical awareness, before moving to explicit prohibition.

🎥 This is Part 1 of 3 in the “Qur’an and Riba” mini-series.

𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐭𝐡𝐞 𝐜𝐡𝐚𝐧𝐧𝐞𝐥!
👍 Like | 🔁 Share | 🔔 Subscribe

📢 𝐅𝐨𝐥𝐥𝐨𝐰 𝐮𝐬 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:
📍 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦: https://www.instagram.com/islamicfinanceforeveryone
📍 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤: https://facebook.com/61572669714767
📍 𝐓𝐢𝐤𝐓𝐨𝐤: https://www.tiktok.com/

🤝 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐔𝐬 / 𝐃𝐨𝐧𝐚𝐭𝐞
🅿️ 𝐏𝐚𝐲𝐏𝐚𝐥
🔗 https://paypal.me/ESmolo80
📧 [email protected]

I’ve just released the final episode in my Riba series: “𝐌𝐨𝐝𝐞𝐫𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐚𝐧𝐝 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭.”

This video explores how interest-based banking spread into Muslim societies during the 19th–20th centuries, why scholars rejected attempts to justify bank interest, and how modern Islamic banking emerged in response.

The episode also includes a short summary of the entire series.

If you’re interested in Islamic economics, ethical finance, or financial history, this is a great starting point.

Happy to hear your thoughts!

https://youtu.be/or9ce7O416o