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Invisibledownforpot
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Registered: 06/25/01
Posts: 5,715
islamic banks
    #2989412 - 08/11/04 03:39 AM (12 years, 3 months ago)

I don't know about you people but I love how Islam looks down upon intrest when people take loans or use credit cards.

http://news.bbc.co.uk/2/hi/business/3547374.stm

First Islamic bank to open in UK


The Gulf has been the focus for the expansion of Islamic banking
Banking regulators say they have given permission for the UK's first purely Islamic bank to start operating.
The Islamic Bank of Britain will have its headquarters in Birmingham, which is home to one of Britain's biggest Muslim communities.

The bank will not pay or charge interest and will offer financial products that comply with Islamic law.

British banks have recently started offering products tailored for Muslims, but they are all non-Islamic banks.

For example, HSBC already offers an Islamic law (Sharia) compliant pension, home loan scheme and stockbroking service.

As Islamic banks cannot charge interest, they will commonly buy real items and lease them back to customers.

The payments from the customers will include a charge which will enable the bank to make money.

This is a major event, both for the financial services industry and the UK as a whole

Michael Hanlon, Islamic Bank of Britain


Q&A: The UK's first purely Islamic bank
For example, if a customer wants to buy a computer, the bank will buy the machine, then sell it on to the customer at a fixed price - leasing it to them or charging a rental fee until the item is fully paid for.

The Islamic Bank of Britain has also said it will not invest in companies associated with tobacco, alcohol or pornography.

'Enormous opportunity'

The bank opens its first branch in London's Edgware Road next month and intends to offer its services to Muslims across Europe.

Branches in Birmingham and Leicester will open by the end of October while telephone and postal banking services will be available from November, the bank said.

Managing director Michael Hanlon told BBC Radio Five Live: "This is a major event, both for the financial services industry and the UK as a whole."

He added that taking a conventional bank and adding in the Islamic model "offers enormous opportunity" as an alternative banking model.

In addition to Britain's Muslim community, the country receives tens of thousands of visitors from the Middle East each year.

"Even though our core market is the UK's 1.8 million Muslims and Muslims visiting the UK, our proposition is holistic as it will attract all members of the community not just in the UK but across the world," said Waheed Qaiser, a senior bank official.

The bank says it has start-up capital of ?14m from investors in the Gulf and British Muslims.

It will seek to raise a further ?40m-50m through a public share sale in the UK, leading to a stock market listing, and a private placement of shares in the Middle East.


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http://www.myspace.com/4th25


"And I don't care if he was handcuffed
Then shot in his head
All I know is dead bodies
Can't fuck with me again"


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OfflineZahid
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Registered: 01/21/02
Posts: 4,779
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Re: islamic banks [Re: downforpot]
    #2989513 - 08/11/04 04:00 AM (12 years, 3 months ago)

It works for us, so what do you care?


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InvisibleRavus
Not an EggshellWalker
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Registered: 07/18/03
Posts: 7,991
Loc: Cave of the Patriarchs
Re: islamic banks [Re: downforpot]
    #2989765 - 08/11/04 05:51 AM (12 years, 3 months ago)

It does work pretty well, a family member took a loan from the mosque to buy some apartments and because of that, he doesn't have to pay multiple times the original price. Interest makes the rich richer and the poor and middle class poorer

I'm not necessarily against it, but it depends on the culture. America is capitalistic, greedy and divided, so interest works excellent here, while the Arab nations are more family oriented, religious and poorer, so a lack of interest works better there


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So long as you are praised think only that you are not yet on your own path but on that of another.


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Invisibledownforpot
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Re: islamic banks [Re: Zahid]
    #2990837 - 08/11/04 01:16 PM (12 years, 3 months ago)

Ok Zahid, I don't care, I hope you all die. How's that?


--------------------



http://www.myspace.com/4th25


"And I don't care if he was handcuffed
Then shot in his head
All I know is dead bodies
Can't fuck with me again"


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InvisibleInnvertigo
Vote Libertarian!!
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Registered: 02/09/01
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Loc: Crackerville, Michigan U...
Re: islamic banks [Re: downforpot]
    #2990987 - 08/11/04 01:57 PM (12 years, 3 months ago)

I wonder how many people here would get their thong in a bundle if this would be a Christian bank?


--------------------

America....FUCK YEAH!!!

Words of Wisdom: Individual Rights BEFORE Collective Rights

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." -- Thomas Jefferson


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Invisibledownforpot
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Re: islamic banks [Re: Innvertigo]
    #2990993 - 08/11/04 02:00 PM (12 years, 3 months ago)

Why would it matter if it was christian, jewish, or islamic?


--------------------



http://www.myspace.com/4th25


"And I don't care if he was handcuffed
Then shot in his head
All I know is dead bodies
Can't fuck with me again"


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OfflineSeussA
Error: divide byzero

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Re: islamic banks [Re: downforpot]
    #2991064 - 08/11/04 02:19 PM (12 years, 3 months ago)

> Ok Zahid, I don't care, I hope you all die. How's that?

Please keep your personal attacks to yourself. Attack the topic, not the poster.


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Just another spore in the wind.


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InvisibleInnvertigo
Vote Libertarian!!
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Re: islamic banks [Re: downforpot]
    #2991066 - 08/11/04 02:19 PM (12 years, 3 months ago)

It doesn't really, insert any religion and the others would riot.


--------------------

America....FUCK YEAH!!!

Words of Wisdom: Individual Rights BEFORE Collective Rights

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." -- Thomas Jefferson


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Invisibledownforpot
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Re: islamic banks [Re: Seuss]
    #2991077 - 08/11/04 02:22 PM (12 years, 3 months ago)

What he said to me seemed like an attack. "So what do you?" shit sounds to me like he was calling me a hater.


--------------------



http://www.myspace.com/4th25


"And I don't care if he was handcuffed
Then shot in his head
All I know is dead bodies
Can't fuck with me again"


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InvisibleInnvertigo
Vote Libertarian!!
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Registered: 02/09/01
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Loc: Crackerville, Michigan U...
Re: islamic banks [Re: downforpot]
    #2991093 - 08/11/04 02:26 PM (12 years, 3 months ago)

Religion tends to have a lot of haters.


--------------------

America....FUCK YEAH!!!

Words of Wisdom: Individual Rights BEFORE Collective Rights

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." -- Thomas Jefferson


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OfflineRedstorm
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Re: islamic banks [Re: Innvertigo]
    #2991114 - 08/11/04 02:33 PM (12 years, 3 months ago)

Like almost all other religions? :wink:


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InvisibleInnvertigo
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Re: islamic banks [Re: Redstorm]
    #2991207 - 08/11/04 03:00 PM (12 years, 3 months ago)

Is there an echo in here?


--------------------

America....FUCK YEAH!!!

Words of Wisdom: Individual Rights BEFORE Collective Rights

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." -- Thomas Jefferson


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OfflineRedstorm
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Re: islamic banks [Re: Innvertigo]
    #2991395 - 08/11/04 04:05 PM (12 years, 3 months ago)

Nope, just a clarification.


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InvisibleDieCommie
El Guapo
Registered: 12/11/03
Posts: 27,904
Re: islamic banks [Re: downforpot]
    #2991707 - 08/11/04 05:08 PM (12 years, 3 months ago)

I think its kinda silly.  The banks still do charge fees and make a profit...they just disguise it so its not "interest".  I suppose if your a "legalist" Muslim who obeys the letter rather than the spirit of the law then this would work fine.  But the spirit of the law is to keep poor people from being victimized by the rich, which makes sense in a no-middle class society.

It kind of reminds me of a religious law in Judaism.  They cant eat catfish because of the dietary laws.  Some believe in the letter of the law and never eat catfish.  However now that catfish is farmed some Jews who believe the spirit of the law was only to prevent humans from eating bottom feeders, now do eat farmed catfish.

Also in the Christian's bible it says "neither a borrower nor a lender be", but most Christians, thankfully, just flat out ignore this  :lol:


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OfflineBleaK
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Registered: 06/24/02
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Last seen: 2 years, 11 months
Re: islamic banks [Re: DieCommie]
    #2991743 - 08/11/04 05:12 PM (12 years, 3 months ago)

Quote:

DieCommie said:
Also in the Christian's bible it says "neither a borrower nor a lender be", but most Christians, thankfully, just flat out ignore this  :lol:





i wouldnt colorize it with "thankfully"


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"You cannot trust in law, unless you can trust in people. If you can trust in people, you don't need law." -J. Mumma


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InvisibleDieCommie
El Guapo
Registered: 12/11/03
Posts: 27,904
Re: islamic banks [Re: BleaK]
    #2991784 - 08/11/04 05:20 PM (12 years, 3 months ago)

I would. Without lending and borrowing we would be screwed as a society. Sure people who borrow for items that depreciate and people who use credit cards are foolish... But borrowing on items that appreciate like for a house or an education or to expand a business is great.


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OfflineMAGnum
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Registered: 07/08/04
Posts: 2,421
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Re: islamic banks [Re: downforpot]
    #2991789 - 08/11/04 05:21 PM (12 years, 3 months ago)

Quote:

downforpot said:
Ok Zahid, I don't care, I hope you all die. How's that?




No wonder why your rating stink.


Edited by MAGnum (08/11/04 05:24 PM)


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OfflineBleaK
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Registered: 06/24/02
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Re: islamic banks [Re: DieCommie]
    #2991827 - 08/11/04 05:28 PM (12 years, 3 months ago)

Quote:

DieCommie said:
I would. Without lending and borrowing we would be screwed as a society. Sure people who borrow for items that depreciate and people who use credit cards are foolish... But borrowing on items that appreciate like for a house or an education or to expand a business is great.




i think indefinate expansion of buissiness eventually squeezes out all room for humanity.


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"You cannot trust in law, unless you can trust in people. If you can trust in people, you don't need law." -J. Mumma


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InvisibleDieCommie
El Guapo
Registered: 12/11/03
Posts: 27,904
Re: islamic banks [Re: BleaK]
    #2991837 - 08/11/04 05:30 PM (12 years, 3 months ago)

Your wrong. Plus im not referring to "indefinite expansion of buissiness..squeezes out all room for humanity". Why do you think this? I was simply referring to a business man opening another restaurant or shop....how does that "squeezes out all room for humanity" and what do you mean by humanity?


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OfflineBleaK
paradox
Registered: 06/24/02
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Re: islamic banks [Re: DieCommie]
    #2991886 - 08/11/04 05:48 PM (12 years, 3 months ago)

as global economys expand, populations grow, demand for energy goes up.

countries begin to compete for what energy we have remaining.

slowly we direct ourselves more an more towards robot efficiency in gathering and holding the energy we rely on.

as human density goes up. efficiency must go up, as there is not any infinite source of energy im aware of.

more and more people slowly get less and less.

a buisiness' entire lifecycle is about growing and holding what it owns.

dare i say conquering.

today govts talk about "growing" the economy.
what for i wonder?

so we can maintain our power and controll over the last of the remaining energy?

so we can compete on a global market?

so we remain a strong industrial power?

why?

are we really frightend enough of the rest of the world that we neeeed our industrial weaponry?

that would be tragic...

from what i understand.
the goal of any buissiness is to profit.

the goal of any human is to be happy.

as buisiness saturates every nook of existence.
eventually human dignity and happiness will be related closely to profits.

people are sold life, sold land, sold food.

all for profit.

and it interferes with my happiness.

because what i pay, goes to opressing other countries, and directing the people of this country into more and more narrow ways of life.
ie;
going to school, paying taxes, working for corperations.

because thats what buissiness does.

our govt(buissiness) forces us to work for it, so it can compete with other global buissiness.

why?
i dont know. its insane to me.

i wanna type more but im loosing steam....


--------------------
"You cannot trust in law, unless you can trust in people. If you can trust in people, you don't need law." -J. Mumma


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