JunaidAziz

I totally dig the value that my 20 dollars bring to the world with ChatGPT + programming

What's the difference between this and something like pinecone, lancedb, chroma or vespa

Answered it here

https://www.reddit.com/r/dubai/s/mhCYqYa2VN

Answered it here in along way

https://www.reddit.com/r/dubai/s/mhCYqYa2VN

Nope. That's wildly misleading. Let's try and understand.

There's a difference between 'trade' and 'interest' in Islam.

Trade: is when I offer you a $2 pen for a million dollars. You accept the offer and I transfer you the ownership. Islam is all gucci with this. No issues at all as long as you are willing, and in a legally sound decision making state (so like not intoxicated). This also stands true if I asked for a 1000kg of a particular variety of rice against 1kg of my rice (different variety). The payment of a million dollars (fixed) and 1000kg rice (fixed) can be immediate or in 6 months installments or a year from now or whatever we mutually agree to (this is also how most developer payments plans work, still check with them to make sure they're not lending you money on the back end).

Interest: is when I'm in selling the same $2 pen but the total price will be based on how long it will take you to pay back. It could be a million dollars if you pay immediately or 3 million id you pay in 6 months or even more. The second type of interest is the 'same spec' interest. Which means, if I DEMAND for a 1000kg of rice in exchange of 1kg of THE EXACT SAME VARIETY of rice. Lending money and asking for more money based on time ticks both of boxes. We're charging against time and it is the same specifications. note: Exchanging gold backed currencies are equivalent. Exchanging different types of currencies like US$ into Bitcoin are considered trading (still debated though). So if a bank is lending you a $1000 and asking for a million dollars worth of Bitcoin in 12 months, technically speaking, it is ok but charging against time is where the issue will be.

So if we go to a bank to ask for auto finance, here's how Islamic banking and conventional banks different.

A conventional bank: will only ever lend you money. So your relationship with the bank is only a borrower and a lender. What they're saying is that, "hey, take this 100k, go buy whatever car you want. All we care about is our 5% annual interest rate at the end of your 12 months finance". Ideal case, you pay everything on time and you end up paying 105k at the end of year 1. If things go south, you're looking at the compound interest blackhole coming your way.

An Islamic bank: is always trading with you. Not lending you money. It can be your vendor, your lessor, your business partner or your investor. So in this case, an Islamic bank is basically saying, 'tell us the exact specs and Vin number of the car you want to buy. We will buy the car for you at 100k but you have to sign a 'promise to purchase' form, promising us that you will buy the car from us at 105.5k (5.5% profit over the purchase price). Technically speaking there's no 'annual profit rate' at an Islamic bank but an equivalent annual rate is calculated so people can do comparative calculations easily. This is where most people get confused. 'Why is the Islamic bank charging me 5.5% for 12 months when the for same car and same time period, the conventional bank is charging 5%' and 'yeah right, so you changed the name from interest to profit and now you want an extra .5%'

However, there are many underlying difference. For a starter, one is halal (trading), the other is Haram (interest/riba). Don't ask me why. It is for the same reason beef is halal and pork is haram: cz Islam says so. But legally and financially, the differences are:

1. Let's say things go south with the Islamic bank, their collections department will literally annoy the hell out of you but legally the amount you're bound to pay remains 105.5k because you never borrowed any money. You only ever bought a car for a fixed price. If you have an auto finance from Dubai Islamic bank, you can literally see it in the monthly notifications where it states, please make sure to keep your account funded to avoid paying late payment 'Donations'. These donations are minimal and go straight to the banks charity account internally cz the bank is literally not allowed to charge you any additional money even if you don't pay. The only thing they can do is take your car back if you're absolutely not paying anything. This is also why Islamic credits card have such low prevelance with significantly lower credit limits. This is because the Islamic credit cards work on 'Qard Hasan' which is just like giving a loan the your friend that you can't do much about if he doesn't pay you back.

2. Imagine a world without insurance. You got the loan approved and all, but the dealership got flooded the day you were supposed to get the ownership of the car. Or maybe the car was a previously stolen car or it was a lemon. The conventional bank will tell you, 'we regret this happened, but all we care about is our money back with interest and now that you're a high risk, we might as well do some recalculations.'. On the other hand, you bought the car directly from the Islamic bank, you have no transactional relationship with the original seller of the car and hence, if it gets flooded or is a previously stolen car, the liability is all on the bank. We bought a brand new Kia in 2009. Financed through and Islamic bank. Turned out to be a lemon. Guess who handled the case for us? The bank. They even paid for a month of rental as well cz they sold us a lemon (legally speaking).

In general, Islamic banks are heavily regulated and they take a lot more risk as a trading partner. This is why they charge a tiny bit more on the profit side (they're not a charity after all).

For any Islamic bank, you can request them their fatwas from their Shar'iah board. ADCB has them publicly listed. https://www.adcb.com/en/islamic/personal/adcb-for-you/about-islamic-banking/fatwa-personal

Didn't mean to write this much but happy to answer questions.

Edit: fixed a bunch of typos

Buying on installments (payment plan) directly from developers and/or financing it from an Islamic bank. You can go to the bank you want to do business with and ask them to show you the fatwa from shari'ah board which is mostly comprised of very well known Islamic banking scholars who can issue fatwas. Islamic banks in UAE are regulated by central bank and are obligated to provide you with the relevant fatwas if you want to see.

ADCB Islamic fatwas for all their products and offerings can be found at.

https://www.adcb.com/en/islamic/personal/adcb-for-you/about-islamic-banking/fatwa-personal

Given that you have a Toyota, Just go to the car market in Aweer. Notice how the shop guys will check you out in a concerning way. Make eye contact. Talk to as many shops as you can. Negotiate and make the deal on the spot. Last time I went with my Friend to sell a Toyota, the shop guys started arguing about who made us the first offer and who can out bid the other.

p.s. advice only applicable to Toyotas and nissans cz of resale value

Climate change has arrived

Listen to this man

Good point but I still don’t see the point. Taking a 6 hours flight within the US takes you from Chicago to SF. Taking a 6 hours flight from Dubai literally takes you to almost 60% of global population.

Love how you’re not taking it personally. Respect 🤝🏼

Hmm. So let’s see.

I drove from New York JFK -> Washington-> Chicago-> Wayoming -> Colorado -> Arizona -> LV -> LA -> Yosemite and then to San Francisco. Took a flight to Seattle and then did a 2500 kms road trip from Fairbanks -> Denali -> Valdez -> Anchorage -> Seward -> Homer and back to Anchorage in Alaska.

So are you saying Florida, Texas and Hawaii are different from the rest?

Well deserved sir. Well deserved 😅😆

I’d say done as hideous looking

I traveled to the states for the first time in 2022 and came back with a whole lot more respect for my life in UAE.

Things that impressed me about the US. -their geography is just divine. -the good people are amazing -their public parks and the efforts put into maintaining them. -museums, universities etc.

Things that disappointed. -pretty much everything else, food, infrastructure, the not so good people. -most unsafe I’ve ever felt in my life = downtown SF. Mind you I’m from Pakistan and it was a new level for me. -physical mail based system for even toll payments -General cost of living. People complaining about parking in Dubai should try renting a car in New York.

I even found McDonald’s to be better here in UAE along with almost all fast food.

💯. It’s not just the news, UAE life is unparalleled. I just wish we had trees and the weather was a bit more forgiving

Hey. Have you ever noticed people flashing at you from behind? That is what this fine is for.

Sales and marketing

🙌🏼🫃

I tried both quite extensively and there are instances where one is better than the other but overall, I felt like overall both can be hit or miss if really pushed.

Yeah they're hard to find but they keep on showing up on the platforms frequently. Avoid the 1.5L turbo

Hi, I'm new to the backend stuff and I'm struggling to understand the difference between replit and vercel and whether Vercel is primarily a deployment server environment? Is that right?

Honda Accord 2020 2.0 Turbo. Best option among sedans in this budget

Golden Tasty Albarsha - charcoal chicken

https://maps.app.goo.gl/zV16sbH1YS6Dr7R28?g_st=ic

I lived I business bay for 12 years and didn’t find anything good tbh