Really interesting article

[abdalla11]

How do we run an economy without any interest, when currently the entire monetary system is based on bretton woods which is interest based?

By sharing the profit. Instead of let´s say a bank charges 20% interest, they can charge 20% of the profit

[bareento]

No sane mind will ever resort to Quran or Hadeeth to solve economic problems.
Economy is such a serious matter to be left in the hands of fanatics.


I came to conclusion that every religion is just a recipe to avoid the fire hereafter for its believers

Wake Up!!
There is no KNOWLEDGE (scientific or watever) in any religious writing!!!
No one has ever invented anything by studying Quran or the Bible

B

[LiquidHYDROGEN]

I couldn't read the article because the link's not working for me, but I agree with Amethyst and Gurey that this guy doesn't no a thing about Islamic finance/economics. It's a very interesting topic that's rarely discussed and when it is you have pseudo-orientalists equating corrupt, stagnant arab nations or post apocayptic war-zones like afghanistan/somalia etc with an islamic state guided by pious intellectuals (the time of the nabi SAWS and then the khulafa rashidun RA being the only perfect example of an islamic state). I've read this book by a british economist and although it deals with a wide range of topics, the main aim is why certain countries do better economically and are richer than others. One of the most interesting chapters was to do with religion and economic prosperity - particularly Islam. Although this author doesn't know a thing about Islamic finance or economics either he seems to have an almost identical view as the author of this article. He felt that it was the "abuse" o religion by a certain class of people that put the muslim world in their current predicament - particularly in relation to interest and heriditary law.


It's this book.

[LiquidHYDROGEN]

No sane mind will ever resort to Quran or Hadeeth to solve economic problems.
Economy is such a serious matter to be left in the hands of fanatics.

I came to conclusion that every religion is just a recipe to avoid the fire hereafter for its believers

Wake Up!!
There is no KNOWLEDGE (scientific or watever) in any religious writing!!!
No one has ever invented anything by studying Quran or the Bible

B

So apparently someone who adheres to the quran and the sunnah of the prophet SAWS is a fanatic? Keep talking like that, that's the same kind of thinking which enables the amhara and tigrey to dominate your oromo ass.

[qoraxeey]

hoorta why are there so few islamic banks in the world

[bareento]

Qora banks r made for the riches or for flourishing economies!
Muslim world is poor with no economy...so no muslim bank.
As for the sharica ruled banks, thats a joke, or result halluciniation of a fanatic
they have no economic viability.


Rationality is the way!

Scientia vincere tenebras

B.

[bareento]

No sane mind will ever resort to Quran or Hadeeth to solve economic problems.
Economy is such a serious matter to be left in the hands of fanatics.

I came to conclusion that every religion is just a recipe to avoid the fire hereafter for its believers

Wake Up!!
There is no KNOWLEDGE (scientific or watever) in any religious writing!!!
No one has ever invented anything by studying Quran or the Bible

B

So apparently someone who adheres to the quran and the sunnah of the prophet SAWS is a fanatic? Keep talking like that, that's the same kind of thinking which enables the amhara and tigrey to dominate your oromo ass.

resorting to bash a nation when u r out of argument
tell me which somali u are so that I will adjust: descendant of the flying Sheekh or the wandering Faaqir...or the more exotic Bantu/boon/tuni cluster?

B.

[LiquidHYDROGEN]

No sane mind will ever resort to Quran or Hadeeth to solve economic problems.
Economy is such a serious matter to be left in the hands of fanatics.

I came to conclusion that every religion is just a recipe to avoid the fire hereafter for its believers

Wake Up!!
There is no KNOWLEDGE (scientific or watever) in any religious writing!!!
No one has ever invented anything by studying Quran or the Bible

B

So apparently someone who adheres to the quran and the sunnah of the prophet SAWS is a fanatic? Keep talking like that, that's the same kind of thinking which enables the amhara and tigrey to dominate your oromo ass.

resorting to bash a nation when u r out of argument
tell me which somali u are so that I will adjust: descendant of the flying Sheekh or the wandering Faaqir...or the more exotic Bantu/boon/tuni cluster?

B.

So telling the truth = "bashing a nation"? I haven't lost the argument because you have none. I just feel as an oromo you have bigger things to deal with rather than engaging in empty, uncle-tom, islamophobic rhetoric.

[bareento]

I am an oromo but a muslim too: i dont like that a crazy american tell me how great my religion is or how backward it is!!!
Muslims should find out that; try it if it works or not.

As for your feeling: habartaa u sheeg

B.

[Shirib]

How do we run an economy without any interest, when currently the entire monetary system is based on bretton woods which is interest based?

By sharing the profit. Instead of let´s say a bank charges 20% interest, they can charge 20% of the profit

That works for business loans. So they get a certain percentage of the profit your company makes. But what about home loans, car loans, school loans etc. These ventures don't make any profit, so how does a bank make money off of that?

[abdalla11]

How do we run an economy without any interest, when currently the entire monetary system is based on bretton woods which is interest based?

By sharing the profit. Instead of let´s say a bank charges 20% interest, they can charge 20% of the profit

That works for business loans. So they get a certain percentage of the profit your company makes. But what about home loans, car loans, school loans etc. These ventures don't make any profit, so how does a bank make money off of that?

Yeah i was thinking about that too. But this whole economic crisis started because of the personal loans, people were receiving loans they couldn't pay back. I think we should get rid of the personal loans and engage ourselves in business loans/investments.

Personal loans are based on greed, people want something they can't afford

[BlackVelvet]

Yeah i was thinking about that too. But this whole economic crisis started because of the personal loans, people were receiving loans they couldn't pay back. I think we should get rid of the personal loans and engage ourselves in business loans/investments.

Personal loans are based on greed, people want something they can't afford

Hit the nail on the head.

The article was interesting. Perhaps for capitalism, Islam is the problem and that is part of the design.

[udun]

I can only deduce two things from this article:

1) the western media is afraid Sharia law be implemented in these uprisings in the Arab world.
2) they want to divert any blame from the corrupt and puppet leaders that have been imposed on the Muslim peoples with all of the military support and repressive security forces that have been imposed on the Muslim peoples.

[abdalla11]

This is a nice documentary about the progress of Islamic Banking in Asia and the role women play, our feminist residents would love that

http://tegenlicht.vpro.nl/afleveringen/ ... -bank.html

It's from the Dutch television, forward it to 2.00 it will be entirely in the English language

[BlackVelvet]

This is a nice documentary about the progress of Islamic Banking in Asia and the role women play, our feminist residents would love that

http://tegenlicht.vpro.nl/afleveringen/ ... -bank.html

It's from the Dutch television, from 2.00 it will be entirely in the English language

De video wordt niet geladen

Lakin the article is interesting. Malaysia is truly an advanced society, even the West don't have that. We should learn from them, clearly the women are doing a great job.