“The point I want to make is that Allah has declared war on riba. When Allah declares war on something, how long do you think it takes Him to win the battle? Half an hour? A millisecond? A millisecond is too long. It’s instant! When Allah says it’s done, it’s done. So, it means we are not fighting a powerful force but rather a ruin. The battle has already been won. Riba doesn’t have power. All you have to do is move away from it.

We give power to the dollar when we say, “it has power,” like an icon. If you say, “this is god,” if you say, “this glass of water is god,” then whatever the water does will affect everything in your life. But if you say this is a piece of paper, actually a worthless piece of paper, then the US dollar will last less than 24 hours. All you have to do is move away from it.

We are told that this cannot happen, that it is impossible. So, what does it take? It takes a group of people who say, “I don’t need you,” and to establish gold and silver again. It takes the same amount of courage that the people who introduced bitcoin had. They said, “I don’t need the US dollar; we can do something better.”

You have all the technology today to introduce a payment system based on gold and silver instead of a bitcoin which is still something you have to believe in this unit, and it depends on a number of people supporting it. When you buy a piece of gold, it’s like a piece of potato; it doesn’t have any Buddhist belief. The technical system that supports the payment system will be very similar.”

I agree with the vast majority of what Shaykh Umar Vadillo said in this episode you did with him:

• The global central banking fiat system is based on riba.

• It is evil and has enormous detrimental consequences for the vast majority of mankind.

• “Islamic Banking” is an oxymoron because it builds its financial products on top of this central bank’s riba system.

• Humanity can do better by rejecting this system.

Where I disagree with Shaykh Umar Vadillo and yourself is when you equate Bitcoin with all the other cryptocurrencies that came after it.

Here is a list of articles to understand the difference:

I also dispute Shaykh Umar Vadillo’s claim that it is possible to create a digital payment system based on gold and silver. Theoretically, it is possible, but the problem lies with central banks and the nation-states that do their bidding—they don’t allow it. What Shaykh Umar Vadillo is suggesting is not novel. Numerous people have attempted to create such payment systems based on gold and silver, but they are always shut down.

Here is an example:

Ask Shaykh Umar Vadillo why he hasn’t been able to create such a system yet, despite many years of championing it. Didn’t his own Shaykh, Shaykh Abdul Qadir As-Sufi (Rahimuhullah), state:

“The defence mechanisms of today’s late capitalism and its crisis management surrounding the buying, moving and minting of gold have surrounded it with prohibitive pricing and taxation.”

Read here: The Islamic Dinar – A Way-stage Passed

History has shown that gold is easy to centralize and confiscate by governments and other nefarious actors. In theory, introducing a digital payment system based on gold and silver is possible, but it introduces counterparty risk:

3)

Lastly, I”ll push back at the term “Capitalism” when referring to the riba central banks fiat sytem. I just find it more accurate to refer to the current global debt monetary system as the “Central Banks Fiat System” or “The Riba System” rather than just “Capitalism.”

Calling it “Capitalism” often leads people to assume that truly free markets and property rights are anti-Islamic, when in fact, these concepts align with Islamic jurisprudence.

It’s more precise to label it The Riba System because it emphasizes Islam’s opposition to usury/interest and the pursuit of profit at the expense of morality/God’s commands and prohibitions.

Another reason I refrain from solely calling the current global debt monetary system “Capitalism” is that Muslims who haven’t delved into this topic might erroneously lean towards “Communism” and “Socialism” because their rhetoric opposes “Capitalism.” Ironically, at the heart of “Communism” lies the same institution found in what you and the Shaykh referred to as “Capitalism”: The Bank, the primary institution of usury/riba.

Point 5 of the Communist Manifesto reads:

“Centralization of credit in the hands of the state by means of a national bank with state capital and an exclusive monopoly.”