About this episode
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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