Allen Farrington and Harris Irfan explain that Bitcoin aligns with Islamic finance principles. They discuss riba (usury), fractional reserve banking, and why sound money naturally produces Islamic harmonious financial systems.
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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