Islamic finance may be cure for crisis, Vatican suggests ..
As world markets suffer under the weight of the ongoing global financial crisis, the Vatican has put forward a new suggestion, arguing that the principles of Islamic finance may represent a possible cure for ailing markets.
The Vatican's official newspaper, L'Osservatore Romano, recently published an article titled "Islamic finance proposals and ideas for the West in crisis," prepared by Italian economists Loretta Napoleoni and Claudia Segre, in which it was suggested that the basic rules of Islamic finance could relieve suffering markets and particularly international financial systems. Noting that Islam prohibits "riba," Arabic for the usurious loaning of money, the article argued that "sukuk bonds," securities that comply with Islamic law, may be an alternative to interest. The article stressed that sukuk bonds are always real investments and never speculative.
The article said that in this atmosphere of crisis banks should take Muslims as an example and that the Islamic finance system may pave the way for the establishment of new rules in the Western world. The Vatican has suggested that the current capitalist system has failed. Pope Benedict XVI recently harshly criticized the capitalist system and the greediness of bank owners in the West. In the meantime, the Vatican itself has been badly affected by the crisis. It had recorded an 18 billion euro budget surplus in 2007, but this number had declined to 6 billion euros by the end of 2008 and is expected to fall further in 2009.
http://www.todayszaman.com/tz-web/detaylar...5&bolum=107
Guyz whts this about? one side they think to crush Islam and on the other they want to adopt SOME Of its principles..
Wasalam..
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Islamic Finance Suggested By Pope?!
Started by
Volcano-X
, Mar 11 2009 06:14 AM
10 replies to this topic
#1
Volcano-X
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Posted 11 March 2009 - 06:14 AM
Pakistan airforce, Pakistan army and Pakistan navy.. are Second to none for me.. israelies sucks.. as well as americans.. no matter they r better in quantity ... but they r lacking wht we have got all .. its faith in our Almighty Allah. and . our history stands proud..
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
#2
platinum786
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Posted 11 March 2009 - 07:35 AM
The more you learn about Islamic finance the more our convinced it's the right way to go. As muslims we need to invest in Islamic finance and develop it into a profitable, viable economic alternative.
However the banks have to do us a favour too, you can't rob us for wanting to get an Islamic finance. I'll get a regular mortgage if it is significantly cheaper than an islamic one. I don't plan on paying the entire term anyway. Now if they are compeititve, i will go to islamic finance.
As this stable financial market develops, non Muslim people will crave a slice of this stable pie.
However the banks have to do us a favour too, you can't rob us for wanting to get an Islamic finance. I'll get a regular mortgage if it is significantly cheaper than an islamic one. I don't plan on paying the entire term anyway. Now if they are compeititve, i will go to islamic finance.
As this stable financial market develops, non Muslim people will crave a slice of this stable pie.
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#3
Skull-Buster
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Posted 11 March 2009 - 08:45 AM
the current Islamic financial system as implemented by modern day financial institutions is much more stable than the conventional finacial system, and the recent banking crisis is a testament to that. however, there are still some issues regarding the operations of modern day financial institutions with regards to their legality from Shariah point of view.
also, can an Islamic financial system be successfuly implemented in an un-Islamic economic environment? if it is implemented, then i think we will not benefit from the fruits of the Islamic financial system completely as the economic system as a whole in which the Islamic banks operate is not Islamic. for example, most modern day Islamic banks determine their profit rates based on conventional interest based benchmarks. although technically the Islamic banks operate differently from the conventional banks, but the end result to the customer will most likely be the same.
hence i believe that we should not only seek to Islamize our banking system, but our economic system as a whole.
also, can an Islamic financial system be successfuly implemented in an un-Islamic economic environment? if it is implemented, then i think we will not benefit from the fruits of the Islamic financial system completely as the economic system as a whole in which the Islamic banks operate is not Islamic. for example, most modern day Islamic banks determine their profit rates based on conventional interest based benchmarks. although technically the Islamic banks operate differently from the conventional banks, but the end result to the customer will most likely be the same.
hence i believe that we should not only seek to Islamize our banking system, but our economic system as a whole.
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Let us go back to our holy book, the Quran. Let us revert to the Hadeeth and the the great traditions of Islam which have everything in them for our guidance if we correctly interpret them and follow our great Holy book, the Quran.
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"It is my strong belief, that there is no ideology which is more democratic, enlightened and progressive than Islam."
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- Quaid-e-Azam Muhammad Ali Jinnah (11th January 1938)
Let us go back to our holy book, the Quran. Let us revert to the Hadeeth and the the great traditions of Islam which have everything in them for our guidance if we correctly interpret them and follow our great Holy book, the Quran.
- Quaid-e-Azam Muhammad Ali Jinnah (6th March 1946)
"It is my strong belief, that there is no ideology which is more democratic, enlightened and progressive than Islam."
- General Zai-ul-Haq (23rd March 1988)
#4
Hellraiser006
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Posted 11 March 2009 - 10:27 AM
Thanks for posting this brother.
The founder of twenty terrestrial empires and of one spiritual empire, that is Muhammed. As regards all standards by which human greatness may be measured, we may well ask, is there any man greater than he? " (Lamartine, Historie de la Turquie, Paris 1854, Vol. 11 pp. 276-2727)
"FOUR YEARS AFTER THE DEATH OF JUSTINIAN, A.D. 569, WAS BORN AT MAKKAH, IN ARABIA THE MAN WHO, OF ALL MEN EXERCISED THE GREATEST INFLUENCE UPON THE HUMAN RACE ... MOHAMMED ..." [John William Draper, M.D., LLD., in his "A History of the lntellectual Development of Europe",- London 1875.]
"I HAVE STUDIED HIM - THE WONDERFUL MAN - AND IN MY OPINION FAR FROM BEING AN ANTI-CHRIST, HE MUST BE CALLED THE SAVIOUR OF HUMANITY." [George Bernard Shaw, in "The Genuine Islam,- Vol. 1, No. 81936.]
Voltaire (on the Jews) :"They are, all of them, born with raging fanaticism in their hearts, just as the Bretons and the Germans are born with blond hair. I would not be in the least bit surprised if these people would not some day become deadly to the human race." (Lettres de Memmius a Ciceron, 1771)
"Our race is the Master Race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet and serve us as our slaves." - Israeli prime Minister Menachem Begin in a speech to the Knesset [Israeli Parliament] quoted by Amnon Kapeliouk, "Begin and the Beasts," New Statesman, June 25, 1982
"FOUR YEARS AFTER THE DEATH OF JUSTINIAN, A.D. 569, WAS BORN AT MAKKAH, IN ARABIA THE MAN WHO, OF ALL MEN EXERCISED THE GREATEST INFLUENCE UPON THE HUMAN RACE ... MOHAMMED ..." [John William Draper, M.D., LLD., in his "A History of the lntellectual Development of Europe",- London 1875.]
"I HAVE STUDIED HIM - THE WONDERFUL MAN - AND IN MY OPINION FAR FROM BEING AN ANTI-CHRIST, HE MUST BE CALLED THE SAVIOUR OF HUMANITY." [George Bernard Shaw, in "The Genuine Islam,- Vol. 1, No. 81936.]
Voltaire (on the Jews) :"They are, all of them, born with raging fanaticism in their hearts, just as the Bretons and the Germans are born with blond hair. I would not be in the least bit surprised if these people would not some day become deadly to the human race." (Lettres de Memmius a Ciceron, 1771)
"Our race is the Master Race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet and serve us as our slaves." - Israeli prime Minister Menachem Begin in a speech to the Knesset [Israeli Parliament] quoted by Amnon Kapeliouk, "Begin and the Beasts," New Statesman, June 25, 1982
#5
Volcano-X
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Posted 11 March 2009 - 10:31 AM
salamualikum
yea skully i agree, but it should not be limited to just Banking system but as a whole and gold back economy should be pursued .. the basic reason is that there is less chance of inflation in Gold based economy, some modern day economists also agree that Islamic economic system was best and produced results.. Our goals to achieve one of best economies should not b driven by Intrest rates rather Trade should be encouraged as its a great and stable source of revenue.. whole of world is going through recession because they consider dollar as the researve currency hence when America is failing so it would effect whole world which uses it as a reserve currency. its not the case in Gold silver plates, Gold has its value since the man came into sense, so Pakistan should gradually move towards adopting gold currency so should other Islamic countries, they should have a SINGLE currency ...this will help the poor Islamic Nations to move and grow..
Allah Hafiz
yea skully i agree, but it should not be limited to just Banking system but as a whole and gold back economy should be pursued .. the basic reason is that there is less chance of inflation in Gold based economy, some modern day economists also agree that Islamic economic system was best and produced results.. Our goals to achieve one of best economies should not b driven by Intrest rates rather Trade should be encouraged as its a great and stable source of revenue.. whole of world is going through recession because they consider dollar as the researve currency hence when America is failing so it would effect whole world which uses it as a reserve currency. its not the case in Gold silver plates, Gold has its value since the man came into sense, so Pakistan should gradually move towards adopting gold currency so should other Islamic countries, they should have a SINGLE currency ...this will help the poor Islamic Nations to move and grow..
Allah Hafiz
Pakistan airforce, Pakistan army and Pakistan navy.. are Second to none for me.. israelies sucks.. as well as americans.. no matter they r better in quantity ... but they r lacking wht we have got all .. its faith in our Almighty Allah. and . our history stands proud..
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
#6
Hellraiser006
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Posted 11 March 2009 - 10:38 AM
i will pin this bro. For the Vatican to endorse Islamic finance is a miracle. Now if only they can endorse our view of monotheism as well!
The founder of twenty terrestrial empires and of one spiritual empire, that is Muhammed. As regards all standards by which human greatness may be measured, we may well ask, is there any man greater than he? " (Lamartine, Historie de la Turquie, Paris 1854, Vol. 11 pp. 276-2727)
"FOUR YEARS AFTER THE DEATH OF JUSTINIAN, A.D. 569, WAS BORN AT MAKKAH, IN ARABIA THE MAN WHO, OF ALL MEN EXERCISED THE GREATEST INFLUENCE UPON THE HUMAN RACE ... MOHAMMED ..." [John William Draper, M.D., LLD., in his "A History of the lntellectual Development of Europe",- London 1875.]
"I HAVE STUDIED HIM - THE WONDERFUL MAN - AND IN MY OPINION FAR FROM BEING AN ANTI-CHRIST, HE MUST BE CALLED THE SAVIOUR OF HUMANITY." [George Bernard Shaw, in "The Genuine Islam,- Vol. 1, No. 81936.]
Voltaire (on the Jews) :"They are, all of them, born with raging fanaticism in their hearts, just as the Bretons and the Germans are born with blond hair. I would not be in the least bit surprised if these people would not some day become deadly to the human race." (Lettres de Memmius a Ciceron, 1771)
"Our race is the Master Race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet and serve us as our slaves." - Israeli prime Minister Menachem Begin in a speech to the Knesset [Israeli Parliament] quoted by Amnon Kapeliouk, "Begin and the Beasts," New Statesman, June 25, 1982
"FOUR YEARS AFTER THE DEATH OF JUSTINIAN, A.D. 569, WAS BORN AT MAKKAH, IN ARABIA THE MAN WHO, OF ALL MEN EXERCISED THE GREATEST INFLUENCE UPON THE HUMAN RACE ... MOHAMMED ..." [John William Draper, M.D., LLD., in his "A History of the lntellectual Development of Europe",- London 1875.]
"I HAVE STUDIED HIM - THE WONDERFUL MAN - AND IN MY OPINION FAR FROM BEING AN ANTI-CHRIST, HE MUST BE CALLED THE SAVIOUR OF HUMANITY." [George Bernard Shaw, in "The Genuine Islam,- Vol. 1, No. 81936.]
Voltaire (on the Jews) :"They are, all of them, born with raging fanaticism in their hearts, just as the Bretons and the Germans are born with blond hair. I would not be in the least bit surprised if these people would not some day become deadly to the human race." (Lettres de Memmius a Ciceron, 1771)
"Our race is the Master Race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet and serve us as our slaves." - Israeli prime Minister Menachem Begin in a speech to the Knesset [Israeli Parliament] quoted by Amnon Kapeliouk, "Begin and the Beasts," New Statesman, June 25, 1982
#7
Volcano-X
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Posted 11 March 2009 - 03:06 PM
salam
helly let the time come.. they will agree everything from Islam ..most of there own priests are converting by reading Holy Quran.. even the sikh leader had visited kabah showing himself as a muslim.. if you see through lines... most of there economic system was derived from Islamic principles..
apart from this i was too amazed to read ..
wasalam
helly let the time come.. they will agree everything from Islam ..most of there own priests are converting by reading Holy Quran.. even the sikh leader had visited kabah showing himself as a muslim.. if you see through lines... most of there economic system was derived from Islamic principles..
apart from this i was too amazed to read ..
wasalam
Pakistan airforce, Pakistan army and Pakistan navy.. are Second to none for me.. israelies sucks.. as well as americans.. no matter they r better in quantity ... but they r lacking wht we have got all .. its faith in our Almighty Allah. and . our history stands proud..
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
#8
Hellraiser006
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Posted 11 March 2009 - 04:38 PM
QUOTE (Volcano-X @ Mar 11 2009, 03:06 PM) <{POST_SNAPBACK}>
salam
helly let the time come.. they will agree everything from Islam ..most of there own priests are converting by reading Holy Quran.. even the sikh leader had visited kabah showing himself as a muslim.. if you see through lines... most of there economic system was derived from Islamic principles..
apart from this i was too amazed to read ..
wasalam
helly let the time come.. they will agree everything from Islam ..most of there own priests are converting by reading Holy Quran.. even the sikh leader had visited kabah showing himself as a muslim.. if you see through lines... most of there economic system was derived from Islamic principles..
apart from this i was too amazed to read ..
wasalam
brother, I have even seen on certain 'white nationalist' websites that admit Islamic finance may be the solution to the long-term economic needs of the planet. Usury or interest based systems are inherently flawed and thats why they have been forbidden by Islam. We, as muslims must accept the truthfulness of our religion and accept that what we have in the Quran and sunnah is perfection. the problem with too many people (muslims included) is that we have been brainwashed by the liberal-zionist media and as soon as someone mentions the word Islam we get negative connotationn in our minds. In many ways we muslims do the work of the Kufar for them. How effective have we been in promoting this equitable and just method of finance and economics? and why does it take the vatican to convince us that there may be truth to it? At least we can say 'we told you so'. However, look at the Muslim world, they are busy trying to ape the very system that has tanked in the West.
Last year, the Pope mentioned that Islam had viatlity and that Christian Europe was dead. That Muslim would inherit the barren wastelnds of Europe once white christians had auto-genocided themselves through uncontrolled abortion and lack of family values.
Someone should tell Pope Ratzinger to cut the prevarication and convert to Islam!
The founder of twenty terrestrial empires and of one spiritual empire, that is Muhammed. As regards all standards by which human greatness may be measured, we may well ask, is there any man greater than he? " (Lamartine, Historie de la Turquie, Paris 1854, Vol. 11 pp. 276-2727)
"FOUR YEARS AFTER THE DEATH OF JUSTINIAN, A.D. 569, WAS BORN AT MAKKAH, IN ARABIA THE MAN WHO, OF ALL MEN EXERCISED THE GREATEST INFLUENCE UPON THE HUMAN RACE ... MOHAMMED ..." [John William Draper, M.D., LLD., in his "A History of the lntellectual Development of Europe",- London 1875.]
"I HAVE STUDIED HIM - THE WONDERFUL MAN - AND IN MY OPINION FAR FROM BEING AN ANTI-CHRIST, HE MUST BE CALLED THE SAVIOUR OF HUMANITY." [George Bernard Shaw, in "The Genuine Islam,- Vol. 1, No. 81936.]
Voltaire (on the Jews) :"They are, all of them, born with raging fanaticism in their hearts, just as the Bretons and the Germans are born with blond hair. I would not be in the least bit surprised if these people would not some day become deadly to the human race." (Lettres de Memmius a Ciceron, 1771)
"Our race is the Master Race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet and serve us as our slaves." - Israeli prime Minister Menachem Begin in a speech to the Knesset [Israeli Parliament] quoted by Amnon Kapeliouk, "Begin and the Beasts," New Statesman, June 25, 1982
"FOUR YEARS AFTER THE DEATH OF JUSTINIAN, A.D. 569, WAS BORN AT MAKKAH, IN ARABIA THE MAN WHO, OF ALL MEN EXERCISED THE GREATEST INFLUENCE UPON THE HUMAN RACE ... MOHAMMED ..." [John William Draper, M.D., LLD., in his "A History of the lntellectual Development of Europe",- London 1875.]
"I HAVE STUDIED HIM - THE WONDERFUL MAN - AND IN MY OPINION FAR FROM BEING AN ANTI-CHRIST, HE MUST BE CALLED THE SAVIOUR OF HUMANITY." [George Bernard Shaw, in "The Genuine Islam,- Vol. 1, No. 81936.]
Voltaire (on the Jews) :"They are, all of them, born with raging fanaticism in their hearts, just as the Bretons and the Germans are born with blond hair. I would not be in the least bit surprised if these people would not some day become deadly to the human race." (Lettres de Memmius a Ciceron, 1771)
"Our race is the Master Race. We are divine gods on this planet. We are as different from the inferior races as they are from insects. In fact, compared to our race, other races are beasts and animals, cattle at best. Other races are considered as human excrement. Our destiny is to rule over the inferior races. Our earthly kingdom will be ruled by our leader with a rod of iron. The masses will lick our feet and serve us as our slaves." - Israeli prime Minister Menachem Begin in a speech to the Knesset [Israeli Parliament] quoted by Amnon Kapeliouk, "Begin and the Beasts," New Statesman, June 25, 1982
#9
Volcano-X
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Posted 12 March 2009 - 03:42 PM
salamualikum
helly Muslims are alive ?? whr and please tell me one islamic state which doesnt use riba and western economic model buddy.. i dont see any.. Pakistan has potential ..but OMG leaders and awam dont have any sense at all brother .. west is still giving SOME benefits to its CITIZENS ..wht are muslim countries doing?
Allah Hafiz
helly Muslims are alive ?? whr and please tell me one islamic state which doesnt use riba and western economic model buddy.. i dont see any.. Pakistan has potential ..but OMG leaders and awam dont have any sense at all brother .. west is still giving SOME benefits to its CITIZENS ..wht are muslim countries doing?
Allah Hafiz
Pakistan airforce, Pakistan army and Pakistan navy.. are Second to none for me.. israelies sucks.. as well as americans.. no matter they r better in quantity ... but they r lacking wht we have got all .. its faith in our Almighty Allah. and . our history stands proud..
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
.. and inshaAllah we will be the one who will conquer this world of mushrikiens and change it to a symbolized islamic state..! INSHALLAH
...,From the martyrs at Badr 1400 years ago, the martyrs of South Asia in 1947, 1965, 1971, 1993, 1999, 2002, and the martyrs of Kashmir, Falasteen, Iraq, Afghanistan, Chechnya, Bosnia, and anywhere else in between - We will not forget. We will not fail. We will not give up. We will not let you down. We will rise and we will carry the flag of Islam for our future generations to live in peace and prosperity. InshaAllah....
#10
sobank
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Posted 12 March 2009 - 05:06 PM
QUOTE (Skull-Buster @ Mar 11 2009, 10:45 AM) <{POST_SNAPBACK}>
the current Islamic financial system as implemented by modern day financial institutions is much more stable than the conventional finacial system, and the recent banking crisis is a testament to that. however, there are still some issues regarding the operations of modern day financial institutions with regards to their legality from Shariah point of view.
also, can an Islamic financial system be successfuly implemented in an un-Islamic economic environment? if it is implemented, then i think we will not benefit from the fruits of the Islamic financial system completely as the economic system as a whole in which the Islamic banks operate is not Islamic. for example, most modern day Islamic banks determine their profit rates based on conventional interest based benchmarks. although technically the Islamic banks operate differently from the conventional banks, but the end result to the customer will most likely be the same.
hence i believe that we should not only seek to Islamize our banking system, but our economic system as a whole.
also, can an Islamic financial system be successfuly implemented in an un-Islamic economic environment? if it is implemented, then i think we will not benefit from the fruits of the Islamic financial system completely as the economic system as a whole in which the Islamic banks operate is not Islamic. for example, most modern day Islamic banks determine their profit rates based on conventional interest based benchmarks. although technically the Islamic banks operate differently from the conventional banks, but the end result to the customer will most likely be the same.
hence i believe that we should not only seek to Islamize our banking system, but our economic system as a whole.
sir g, its the banking system that derives the type of economy. when interest is not given (to the customer), interest is not charged (on the loan). and the whole thing goes down from the top to bottom level of the economy.
There are successful examples of housing corporations that are run in north america under the islamic rules and they are doing pretty well.
#11
Taha
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Posted 26 April 2012 - 02:29 AM
wow.......it seems the pope will now suggest the ISLAMIC government in all Christian world. 
I think Vatican needs a non-Muslim pope 
I think Vatican needs a non-Muslim pope
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