Allen Farrington and Harris Irfa explain their seminal paper "Bitcoin, Fiat and Islamic Finance." They dive into why Islamic banking is an oxymoron, how riba (interest/usury) connects to fractional reserve banking, and why Bitcoin naturally produces Islamic-compliant financial systems.

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**NOTES:**

- Global South spends half GDP on debt interest

- Islamic finance industry worth $3+ trillion

- Dinar used for 1000+ years in Islamic world

- Fractional reserve creates money via lending

- Sukuk are asset-backed Islamic bonds

- Bitcoin enables prophetic economics principles

00:00 Start

01:56 Allen's backstory

03:13 Harris' background

05:09 Islamic banking is an oxymoron

08:10 Islamic finance will emerge on top of Bitcoin

12:46 Basics of Islamic finance

15:20 Riba (interest)

18:08 BTC mining in Islamic nations

24:07 managers & risk sharing

27:55 Flux

33:00 Is Bitcoin halal?

38:58 Islamic finance & a Bitcoin Standrd

41:42 Research response

 

 

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