Adventures In Atheism: Islamic banking

Islamic banking is a way to allow Muslims to get mortgages and bank accounts without breaking Islamic law. Or, to put it another way, a scam to get round them.

Category:

News & Politics

Tags:

• atheism
• atheist
• Islam
• banking
• Muslims

[xmeltrut]

Hi KhawarShan. You seem to have misunderstood my video. I am aware how it technically works but the end result is inded the same, that you pay interest on the money you borrow.

[Triarch1000]

xmeltrut you're either trying to misinform people, are slighlty retarded or just like talking about a subject you are completely ignorant about. They can lend money. They just can't profit using usury. It doesn't say 'don't lend money'LOL. Typical ignorant self deluded atheist.

[xmeltrut]

I look forward to the day when we can discuss these issues without resorting to pathetic insult slinging. Until then however, I will never the less address the issues you have raised. All banks profit from usury. If you lend money and end up getting back what you lent plus a percentage extra, that is interest. It is a fee paid for borrowing the money.

[xmeltrut]

Surely that is my point. You cannot look at what is written in the Qur'an and avoid it as a technicality, you need to understand the reason behind it.

[xmeltrut]

It doesn't, it's more concerned with the apparently irrelevancy of the truth to the follows of the belief.

[xmeltrut]

Ah, the reasoned debate of a Muslim scholar.

[muhalla2009]

Greetings,

It all boils down to your intentions ( niat ) that is

manifested though contracts.If it is a trade contract ( exchange contract ) it is permissible.

If it is a lending contract with profits it is prohibited.Because money is a medium of exchange and not a tradeable commodity.The rationale--money lending is nonproductive activity and brings about terrible consequence

to society.

[mukhtar66]

In islam, You are allowed to lend money, But Usuary is a major sin and is prohibited. Islamic mortgages operate by buyieng the property and selling it to a profit. The property is then paid back in installments. That is purely buyieng and selling and there is nothing wrong with this in islamic law.

[RevConVids]

There is nothing 'cool' about a camera which does a good job of showcasing that face. The Qu'ran doesn't prohibit moneylending. It prohibits the charging and/or paying of interest (or 'riba') which is decried as usury.

[IQ233]

Watch my last video, it talks about the fraud of Islamic banking.

[fatimanazeer]

really? or are you being sarcastic? if that's true does that mean Best Kosher and Hebrew National hot dogs are not really kosher?

[josg11]

In absolute terms the gap is increasing. the rate of the income increase amongst the poor is not very significant when you take into account how much prices have risen and how much more expensive goods and services are now. Poor people are over realiant on credit. It is money that isnt theirs. As for Africa they are suffering even more capitalism favours the rich countries and the rich within those countries.

[josg11]

Markets cannot crash very easily? What about this current credit crunch? Would you not say it is caused by excessive credit and the over reliance on interest? There are more creative ways in finance to make money. The problem with the current system is that it makes money out of money, you simply cannot do that.

[josg11]

look up the ansar finance group based in Manchester UK. They have got the best form of islamic finance, it is true to an extent that hsbc and various other mainstream banks are just changing the words but its still interest.

[KhawarShan]

And no islamic bank gives u a "gift". my friend its really ignorance. if u check any dictionary or economics book u'll know that interest is a rent paid on money borrowed, and wat islamic bank does that rent is not on the money borrowed, it is on the house purchased so how much the mortgage would be depends on the market lease rate of that house :). its not same. Islam prohibits "usury" not lending a house while u r paying back the money. u need to do proper reaserch to understand this concept