Spotlight: Islamic Banking System

[makeiteasyable]

good for Islamic people ^^

[davidshazusa]

Islam is against Private Banks or Banking system, only State / Governments allow to own Banks and Interest / Riba / Compound Interest  is not allowed in Islamic Government Banks, so no taking advantage of Loan taken by poor people

[IndianPrince04]

@davidshazusa Either way, they will fund international terrorists like Bin Laden and find ways to funnel billions of dollars to his bank account.. yeah very islamic.

[ltmikepowell]

If I'm not mistaken, Islamic financial and economy system has dictated that the wealth and value must backed by golds/silvers or any real, hard commodities, just as Quran has preached.

[4werr0n3]

How about if we look at those "successful" Muslim republics like Kosovo,Djibouti,Burkina-Faso,O­man,Pakistan,Nigeria or Jemen.Those are prime examples of Islamic banking - broken states with zero development.

Allahs economics work best with an oil-well in front of ur house or by growing opium poppy in Afghanistan.Islam is pure hypocrisy.

[1cognito]

@4werr0n3 "Islam is pure hypocrisy." Now that's a nice example of generealization. You start from countries where the economical situation is not perfect and conclude from that that Islam is pure hypocrisy??

What alternative system to the western one do you suggest than.

Would you recognize that the alternative offered by Islam is worth studying, at least?

[4werr0n3]

@1cognito

Sure m8, i'll consider islamic banking worth studying if you show me a Muslim country that doesn't live off petro dollars.So far only Malaysia or Indonesia comes to my mind and those countries success is largely driven by ethnic Chinese.Muslims don't mind the western system as long as they make profit out of it, they just can't dictate the rules anymore they way they did centuries ago.

[IC1101]

@4werr0n3 All those countries that you mentioned are not suffering because of ''Islamic banking''... ironically that might be one of few right things about their economies. Islamic banking haven't been tried yet, dont dismiss it because of your prejudice about muslims.

[adahbache]

@4werr0n3 LOL you dont really have a clue about the world do you? You have generalised almost 1/4 of the worlds population.

And buddy FYI - no "ISLAMIC" country actually practices "ISLAMIC" banking. I work for the lagest bank in saudi arabia and trust me it aint islamic. Its the western system disguised with pretty islamic words. Buddy dont be so quick to judge, learn Islam for yourself not from your good mate the TV

[adahbache]

@4werr0n3 ummm rrriighhhttttt.. you seem VERY educated. So people growing opium in afghanistan translates to islam being hypocrital... geez thats very mature and brave of you to embaress yourself like this in public.

Buddy do you actually know anything about Islam? want to talk in private and have a chat?

[4werr0n3]

@adahbache

Well if " no "ISLAMIC" country actually practices "ISLAMIC" banking" then what's the point in calling yourself a "Muslim" or living in a "Muslim" state, when 99% of your co-believers commit lipservice on a daily basis ? It seems like anyone can call himself a "Muslim" once he becomes a practicing munafiq huh ? Nothing against the holy Quran and genuine Muslims but to me that's an odd mindset well deserving the label hipocricy, hope you can follow.

[adahbache]

@4werr0n3 lol ok i think im wasting my time here. i dont think you understand much of what is being said or how the world works. If you want to chat in private then im happy to talk. Otherwise need to bid you good bye.

[ltmikepowell]

@4werr0n3 And yes, my country also got lots of banks that have Islamic banking system. Unfortunately, we are still in one piece, alive and kicking. If U.S. Dollars does collapse, my country still can grow, make or even mine things to sell to others.

Go and beg more fiat money while it's still got value. You earned it anyway.

[MWcrazyhorse]

say wasn't there such a rule in christianity as well once? That one is not allowed to charge interest rates.

[heckler171]

stupid europeans if you had a reasonable brain you could see that islam can help you. your crying about things that islam solves. you were risen from the dark ages where you sat in urine and feces because of islam which introduced you to math sicnece art and culture.

[SpaceTimeContinuums]

Support the Islamic Bank Of Britain (IBB)

Buy IBB stock on the LSE

[muinzvision]

Difference:1) Islamic banks will not give loans to indescent buisness which is harmful to human beings or to society like liquor buisness,tobacco,gambling dens,bars etc..

2) In Islam Life Insurance, Bonds, Short Sellings, Derivatives and Fixed Income is prohibited.

Trading in Futures and Options are prohibited as it is considered as gambling i.e guessing or speculation.

As per Islam we cannot sell a product which we do not own i.e short selling in share market is prohibited.

[Myaucat]

islamic banking was gaining too much momentum.. hence it had to be stopped and hence the attack on the middle east we see now. the islamic banks where the western powers took control now, have all been taken over by the rothschild central banks. can islamic banking survive..? it all depends on whether or not the US and western powers will take over the middle east with their current invasion.

[muinzvision]

Commercial Bank give loans to those who already have funds and is able to repay loans with interest.Loans are not provided to poor who do not have anything to keep as mortgage or Collateral.There is no upliftment of poor people .Rich becomes richer and poor becomes poorer.There is no equal distribution of wealth. In Islamic Banking loans are given on basis of project or type of business a person proposes without interest on p/l sharing even if he has noting to keep as collateral or mortgage

[MWcrazyhorse]

@Myaucat jada jada jada. don't blame "the west" for one cowboy and some oil-dollar business.

[Thesterness]

Is there a version of this with better audio? I'm listening to this thru headphones and my eyes are literally watering.

[capiloton]

conventional bank = front door riba (usury)

Islamic bank = back door riba (usury)

this Islamic bank just delay capitalist system to collapse..

sooner or later..

lot of people will realize this Islamic bank is no different with conventional bank..

in fact, it's much worse than conventional bank, in term of usury..

they use Islamic label and terminology to convince people that this bank is HALAL and free from riba (usury)..

you hear this from muslim which practice Islamic banking system..

[themovingsand]

Islamic banks are fair...

[Kbrt111]

Canadian Banks were not effected basically by the crisis ..they were simply more conservative than US Banks were ...This is bullcrap --Islamic banking is the same thing hiding the interests in fees...the reason they are growing it is another form of the Muslim slow takeover over the West ...

[hightmz30]

the is no such thing as islamic bank.

In islam we have bait ul maal.

[f11R2]

@hightmz30

bait ul maal is arabic words and it means house of money, house of money in mecca "where Im from" means a bank.

also we call washrooms, bait ul maa which means in english house of water.

it is just slangs that we used long ago

[hightmz30]

@f11R2--- A bank follows kuffar laws and practice Riba. Bait ul maal is the islamic version. They are not exactly the same.

[jissa683]

jemal has got once a chance to realize his ideas that he had got during his training in Iran , as working in Tajikistan government . As you know when Geydar was in charge in tajikistan civil war had happened so no comment

[Liaquat4Ali]

Who put the music on this video? It is too loud.

[nafism6969]

interest i sone of mankinds worst inventions. look at how it ruins peoples financial an demotional lives in the West.

it is no wonder the Lord prohibited interest in Islam. we are so fortunate alhamdullilah.

[Dengwazhere]

Do you know why Islamic banks are so succesfull, Simply because there religion teaches people to be ethical, have empathy and integrety, its simple, they dont over spend, the dont overly use credit cards, they dont use the same intrest rate system but use another system wereby the borrower and the lender agree to fixed rate that is in the best intrest of the borrower so the rich wont to take advantage of the poor, Americas banks fell for one reason GREED, to be unselfish is to be Great.

[TheMomalek]

I agree with Sergey for the most part. I have researched Islamic Sharia-based banking and found that the final outcome does not differ much from traditional Western banking. However, the Islamic financial products act as innovative vehicles that try to hide the fact that income gained is interest-based disguised under the "fee" banner. Nonetheless, I wish Mr. Jamal was more educated on the matter so as to be better able to debate without stumbling on every attempted sentence.

[abraheem81]

"final outcome does not differ much from traditional Western banking"

HOW SO? Please let us discuss your conclusion?

[6aloool]

First Islamic bank was found 34 years ago only ...and Islamic financial system is more efficient ...its a real economy guys and its benefits are on the long term for a healthy economy...read about it, its very interesting especially at this time " financial crisis"

[cutegual]

Why the TV programmer didn't get Islamic economist he will explain it more.

Plus Islamic bank it didn't emerge 44 yars ago. Maybe you heard abut it 44 yeas go,,, But the bank is there since Islam created in our world:)

[indeeeeeeeeeeeeed]

44 years? 1400 years ago the islamic banking system was created.

[PersonOfBook]

Well, let me tell u, Islamic Banking is actually not at all Islamic. 80% of their transactions depend on Murabaha which is termed as haraam by many scholars, and those who allow it allow it as "darurah" (extreme necessity) and not a preferred method. To build an economic economy, we need to shun capitalism alltogether. No fiat money, but currrency based on Gold and Silver, No fractional reserve banking and no interest. Savings and Moneylending should only be done by government and at 0%!

[rothschilds666]

there is no such thing as an islamic bank.

[CyberReich]

Throw out the parasites.

[bfq3000]

islamic banking is sham. take a mortgage for example. instead of lending money with interest, the bank buys the property and sells to the borrower at a profit in installments. the cash flow and collateral between borrower and lender is exactly the same. it's just not called "interest". islamic banks are just capitalizing on economic nationalism amongst muslims.  it's a brand!

[Koshkesh88]

What is a sham is the federal reserves, centralbanks, interest rates and debt on money printing.

[Koshkesh88]

Perhaps we should insert the old christian bank that was similar to islamic bank. The jews ruined the whole idea of banking thanks to people like Rotschild!

[brahim121985]

@Koshkesh88 not similar but the same one

[geiuy]

@Koshkesh88 the jews?ah ah,go back to your video games kid

[squigglesy]

@Koshkesh88 No, Christian rulers used Jews as bankers to get around the Christian prohibition of interest, then they could blame the Jews when the population got annoyed. Or the Christians used an even worse system than interest, where the Christian would loan some money and then ask to be repayed that amount plus the amount of money he could have earned with the money he loaned if he had not been so charitable as to loan the money. Complicated and much worse than a mortgage.

[nilo723]

i guess we should try Islamic Banking once..

coz everybody is fed up of the Federal Reserve..