Islamic banking

[Aapa]

Salaam,

Just read on www.whatreallyhappened.com the Islamic world that follows non-interest banking and sharia has not suffered from the global devastation. We should all pull our money out of Zionist banking. (sorry, I am being redundant).

 

[hassana elkoussi]

:salam2:


I'm all for it. That's the least we can do. And saying the truth is never redundant, Mirajmom, may Allah bless you.

 

[pcozzy]

:salam2:

I am seriously considering, I just need to make sure that I will have access to funds on a regular basis.

Here is an article I read recently:

CA: MUSLIM INVESTORS PROFIT BY ADHERING TO FAITH -

Matthai Kuruvila, San Francisco Chronicle, 2/9/09


As credit markets have imploded, triggering a global economic crisis,

Islamically correct investors have seen a change of fortune: The conservative principles this small group of devout Muslims clung to during the economic heyday has insulated them from the worst of the past year's suffering.


Their renunciation of the interest-based economy kept them away from investments in financial services companies, whose stocks have collapsed, and out of traditional mortgages.


"There was a time two or three years ago that Islamic finance was considered simply too conservative," said Professor Ibrahim Warde, author of "Islamic Finance in the Global Economy" and an adjunct professor at the Fletcher School of Law and Diplomacy at Tufts University. "Right now, many people are recognizing that maybe it wasn't such a bad thing."
Dow Jones Islamic Market Indexes, which represent benchmarks for Islamically correct investment categories, have been outperforming their non-Islamically compliant counterparts by 3 to 4 percent in key indexes. The two Amana Income and Growth funds, the largest Islamic mutual funds in the country with $1.2 billion in combined assets, have been outperforming the S&P 500 in the past year by 13 and 7 percent, respectively. (Both Amana funds also outperform the S&P index on 5- and 10-year comparisons.)


Bay Area residents who bought homes through an Islamically compliant lender in San Jose, the Ameen Housing Cooperative, don't have to worry whether their lender will work with them if they lose their jobs. Islamic lenders are required to work in good faith with distressed borrowers to figure out ways to make payments manageable - and co-op leaders say they will. (MORE)

 

[TheHumbleWun]

Two simple principles can shield any economy from man-made inflation and recession: The gold standard and zero interest. Both are emphasized by Islam but neither is likely to be adopted by the West. Bankers can only survive on riba but they are finding now that this belief is a fallacy and that without government bailout they will eventually be insolvent!

The gold standard is not likely to be restored because it forces governments to live by their means! They cannot overspend.

Is Islamic banking mature enough and has global reach and is liquid? That's what it takes to attract depositors from around the world, otherwise depositors will be taking a risk with their money, not that they aren't with regular banks but at least deposits in regular banks are insured.

Salaa,

Well said brother. The question becomes, who will bail out the U.S. government!?

They U.S. government is buried in debt with trillions of dollars for borrowing from China & other countries, including under control by the private Federal Reserve cartel.

 

[pcozzy]

:salam2:

I really shouldn't post this here but you might get a grasp of what how much damage control is taking place:

USA was 3 hrs away from Economic, Political Collapse in September 2008

by Magnifico

Mon Feb 09, 2009 at 08:58:22 PM PST

According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of 2008, the United States of America came just three hours away from the collapse of the entire economy. In a span of 2 hours, $550 billion was drawn out of money market accounts in an electronic run on the banks.

Rep. Kanjorski: "It would have been the end of our economic system and our political system as we know it."

Kanjorski's bombshell begins to detonate at roughly 2:10 into the video.


http://www.youtube.com/watch?v=INAG...com/storyonly/2009/2/9/234340/6189/142/695504

Transcript (part):

I was there when the secretary and the chairman of the Federal Reserve came those days and talked to members of Congress about what was going on... Here's the facts. We don't even talk about these things.


On Thursday, at about 11 o'clock in the morning, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States to a tune of $550 billion being drawn out in a matter of an hour or two.


The Treasury opened up its window to help. They pumped $105 billion into the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks.


They decided to close the operation, close down the money accounts, and announce a guarantee of $250,000 per account so there wouldn't be further panic and there. And that's what actually happened.


If they had not done that their estimation was that by two o'clock that afternoon, $5.5 trillion would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States, and within 24 hours the world economy would have collapsed.


Now we talked at that time about what would have happened if that happened. It would have been the end of our economic system and our political system as we know it.

​

http://www.dailykos.com/storyonly/2009/2/9/234340/6189/142/695504

It is still very Fragile
​

 

[abu'muhammad]

:salam2:

Most damage done globally especially in west, is due to lust and greed of earning interest , by nationalized and private banks, financial institutions and companies. Whether that may be prime issue, or bankruptcy of Lehman bros, refco inc, delta airlines or others. In case of prime issue, the banks had different interest rates as per standard and capacity of loan-taker ! Such banks and institutions circulates money in the global economies – mainly in stock-markets, foreign direct investments and interest systems. They have objective of earning fast - quick at high-risk. In such a system the effect is quick and fast like a chain reaction. Initially the lower class people affects badly, then the mid-class and then the rich class. So its seen that companies in fortune 100 and given ratings by fitch, crisil and others, vanishes in night and or declares bankruptcy.



Global devastation is not a day -effect but it happens slowly through-out. It is when people cannot hold their demands, when people have no land on earth and buy lands on moon, when governments waste money in such expeditions and space programs, when all citizens want to become rich in less time, where there is only capitalist thinking. And when governments are genocidic. Such governments use interest system , as it nullifies work and effort. And encourage its citizen to fix deposit their money in banks and various schemes.

The recession and bearish effect was seen well-advance when banks cannot get back money as there were many defaulters unexpected and unseen in prior times. These banks cannot get back its principal when its aim was to earn interest over it, when countries have lower GDP, and when companies have lower “earnings per share” and tumbled “price to earning ratio”. Such economies were bubbles, ready to explode anytime. It can be seen now in such countries, the lowest “buying capacity” in the last 50 years.

On the other side in Islamic banking, the main principle is prohibition of usury (interest). It’s work is consitent and compliant to Islamic shariah. shariah councils or fiqh councils within the banking system and management, prevent any attempt in banking against shariah and monitor its working. ……….

 

[Aapa]

Salaam,


Call me stupid but why did Merryl Lynch give its CEO"s over $100 million in bounuses. Yet, they welfare plans and aid to the poor was cut. And what are the sons of the devil going to when they die? You can't make coffins out of dollar bills!
Funny thing the only item on the news is the woman who gave birth to 8 children..and Michelle Obama's earnings!

 

[stiks]

asalaamualaykum,

the only Islamic bank out here is the IBB and i've heard stuff about it that makes me think twice about their 'Islamicness' (if there's such a word). to be completely sure that no riba passes in my account i only opened a strictly basic account.

 

[TheHumbleWun]

Right. And why did Congress pass the Wall Street bailout bill of 700 billion dollars without much fuss, but when it came to helping the poor and improving schools and roads, they balked. Answer: Because the poor cannot contribute to their campaigns. They have no morals and no shame. I'm happy that they are out of power for the moment.

Salaam,

The whole fiat currency system is created to have social classes. You have to have the rich, the middle class, and the poor. It's mandatory. Without creating such a system, the dollar would be worthless. Inflation and deflation is the wheels to this American empire. Think about it.

Every president the steps in to "help" or "change" is just shifting things. Cutting one program, forming another, deleting one item on the tax return creating another. It's a bunch of foolish methods and has deceived many Americans.

Martial law is coming soon. People will be jobless and will have no choice but to join the military to make a living. These war mongers love war and times of recession, it creates opportunities for them.

 

[stiks]

Salaam,

The whole fiat currency system is created to have social classes. You have to have the rich, the middle class, and the poor. It's mandatory. Without creating such a system, the dollar would be worthless. Think about it.

Every president the steps in to "help" or "change" is just shifting things. Cutting one program, forming another, deleting one item on the tax return creating another. It's a bunch of foolish methods and has deceived many Americans.

Martial law is coming soon. People will be jobless and will have no choice but to join the military to make a living. These war mongers love war and times of recession, it creates opportunities for them.

:salam2:

scary, scary, thought! May Allah protect us all (ameen)

 

[Hard Rock Moslem]

Islamic banking and financial system including Islamic insurance system (takaful) is gaining a lot of mileage in Malaysia. More and more people including 40% population who are non-muslim are going for Islamic banking. Many foreign banks are jostling for Islamic banking license from the Central Bank because of the success of this system.

I think muslim nations must venture into Islamic banking system which is more transparent, clear down line and very ethical. Today's global credit crunch prove Islamic banking is the way forward.