very gud work 4 muslims. i alwayz think that a bank must be started only for muslims in india also. the bank which is completely based on shariah, no interst allowed on any type of money.
Re: this is great news n i like to join dis bank
by mohammed nawaz on Dec 21, 2009 02:17 PM
Let me make it very clear.. An Islamic bank does not mean the bank is only for Muslims. It just works on strict Shariah priniciples on the basis of profit/loss sharing not on interest. Any one be it a muslim or non is free to have a relation with bank. U can even work for it even if U are not a muslim.. Please do not get religious about this and make it a mess even before it starts.
Re: this is great news n i like to join dis bank
by mohammed nawaz on Dec 21, 2009 02:16 PM
Let me make it very clear.. An Islamic bank does not mean the bank is only for Muslims. It just works on strict Shariah priniciples on the basis of profit/loss sharing not on interest. Any one be it a muslim or non is free to have a relation with bank. U can even work for it even if U are not a muslim.. Please do not get religious about this and make it a mess even before it starts.
It will be helpfull for ALL Indians irrespective of their caste n relegion.Think if u have been offered a loan of Rs 20 Lacks with 0% interest for u to start the buisinessn and after a yr or so u got 20% profit then u pay the bank EMI accordingly...their is many more..Which bank in India invest funds in infrastructure projects?This bank will never collapse like many American banks..Try to understand the concept then write ur commments pls....
Re: Move forward..
by OBCGUY on Sep 07, 2009 11:19 PM
So in case I deposit my 10 lacs in the Bank and Bank gives the money to a buiness man for zero interst and if he is not able to make profit and amke loss , which is possible for a business and then what happens to my deposit. Obviously that has to come down right?
SO Qestion is where the protection for my money that is deposited?
Re: Re: Move forward..
by Guest on Sep 08, 2009 03:43 PM
My dear brother, Islamic Banking is based on principles of equity and justice. Now consider this; A 100 depositors (like you and I) deposit our savings in the Islamic Bank. And say about 20 interest-free loans are given out. Of these 20, say 10 (50% of the 20 loans) fail and the remaining 10 make profits. Now these profits alone shall be shared by all the 100 depositors in a pre-determined ratio. As to those 10 loans/businesses that failed, they will not be burdened to pay any compulsory interest since they have failed. Now tell me, is this not more fair, equitable and just that a poorman whose business has failed is relieved of the interest burden? It is this burden that is responsible for hundreds of suicides in India every year. In fact a profit-sharing return will far exceed the rate of return that Interest brings in. And that's not all... Loans shall be given only for a Halaal enterprises (Halaal means permitted by Islamic Shariah Law). That is to say, loans will not be given for enterprises that indulge in prohibited (Haraam) activities such as Interest-based deals, Gambling, Pornography, Intoxicants and harmful stuff like Alcohol, Tobacco, Pornography, Pork etc., All these will help the poor and the society as a whole.
Re: Re: Re: Move forward..
by mohammed nawaz on Dec 21, 2009 02:30 PM
Explained well brother.. Jazakallah. Like the brother said it is to share profit/loss on a equitable n just manner for the betterment of the community on a whole not to make profit thru interest. In sha Allah this would bring in reforms to the banking sector and people would really start thinking about it once its operations start.
Answer to OBCGUY's question: All of your money needn't go to one businessman and when a bank gives a loan of such huge amount it ensure that it gets a collateral which could off set the loss if any. Moreover, when a your deposit is distributed in 10 loans not every business would fail hence you would still recover the amount from the profits made by other businesses. As per a normal proceedure the P/L sharing ratio depends on the capital provided which is more than the usual interest rate given to a depositor hence then chances that you would get back your deposit is more when compared to losing it.
Re: Re: Re: Re: Re: Move forward..
by Yasir Nomani on Mar 28, 2010 02:45 AM
Tell me what would happen with the conventional banking if above situations met? You won't get any intrest from A&B. i.e. all american banks are failling. No more recovery for them. They have to reform their banking system. The Bubble got broken and irrepairable.
So called communists actively working to setup an islamic bank in a state. Why do these people call themselves commies if they are no different from congress as far as using votebank politics is concerned
Re: Kerala should implement shariat law also
by Maneesh Agarwal on Sep 07, 2009 10:01 AM
Government may do that but it would create problem in other states. Soon, India would be like Afganistan/Pakistan.
Re: Re: Kerala should implement shariat law also
by meindian on Feb 04, 2010 04:00 AM
MANISH , HOW LONG ARE U WITH RSS OR SHIVA SENBA.. IN BRITAIN THERE IS MORE THAN 10 ISLAMIC BANKS AND IN AMERICA AS WELL. WHY THE COUNTRY WITH SECOND LARGEST MUSLIMS CANT HAVE THAT..
U R THE PEOPLE TO BE DEPORTED TO PAKISTAN..FOR THE BETTERMENT OF MY COUNTRY
Re: Re: Kerala should implement shariat law also
by meindian on Feb 04, 2010 04:00 AM
MANISH , HOW LONG ARE U WITH RSS OR SHIVA SENBA.. IN BRITAIN THERE IS MORE THAN 10 ISLAMIC BANKS AND IN AMERICA AS WELL. WHY THE COUNTRY WITH SECOND LARGEST MUSLIMS CANT HAVE THAT..
U R THE PEOPLE TO BE DEPORTED TO PAKISTAN..FOR THE BETTERMENT OF MY COUNTRY
Re: Re: Re: Kerala should implement shariat law also
by MuhammedAshraf Thaikkandy on Apr 12, 2010 02:18 PM
why the whol indian is belongs to your father who earned it as dawry from your mothers family?
Re: Re: Kerala should implement shariat law also
by ajmal malappuram on Sep 14, 2009 04:43 AM
Try to understand the background of the story which led to islamic banking and have reply than postig biased messages
Re: Re: Re: Kerala should implement shariat law also
by Vijay Menon on Nov 11, 2009 12:14 PM
absolutly correct, comments arising from the hands of illitrates, is not supposed to put on this kind of message board, islamic banking principles is supposed to be the best in the economic world, Vijay Menon
I do not think, an Islamic Bank has any constructive place in a Secular and Pluralistic Society. On the other hand it serves as an handle for criticising the secular policy of the State of Kerala. The proposal appears to be a political one to woo vote bank. True Secularists of the Country should condemn such move which attaempts to divide the Society on religious line.
Re: In a Secular Society an Islamic Bank seems to be a divisive m
by Muhammed Aslam on Sep 08, 2009 04:14 PM
My dear brother, Islamic Banking is based on principles of equity and justice. Now consider this; A 100 depositors (like you and I) deposit our savings in the Islamic Bank. And say about 20 interest-free loans are given out. Of these 20, say 10 (50% of the 20 loans) fail and the remaining 10 make profits. Now these profits alone shall be shared by all the 100 depositors in a pre-determined ratio. As to those 10 loans/businesses that failed, they will not be burdened to pay any compulsory interest since they have failed. Now tell me, is this not more fair, equitable and just that a poorman whose business has failed is relieved of the interest burden? It is this burden that is responsible for hundreds of suicides in India every year. In fact a profit-sharing return will far exceed the rate of return that Interest brings in. And that's not all... Loans shall be given only for a Halaal enterprises (Halaal means permitted by Islamic Shariah Law). That is to say, loans will not be given for enterprises that indulge in prohibited (Haraam) activities such as Interest-based deals, Gambling, Pornography, Intoxicants and harmful stuff like Alcohol, Tobacco, Pornography, Pork etc., All these will help the poor and the society as a whole.
Re: In a Secular Society an Islamic Bank seems to be a divisive m
by AP on Oct 24, 2009 12:07 PM
Though I am a non Muslim, I must say that we should be open in adopting any good ideas from other places. Western banking is not perfect, I am sure Islamic banking must have it's flaws.. but there is no harm in adopting good points from any religion/ideology
Re: Great India
by mohd hussain on Sep 06, 2009 09:32 PM
No, it will be helpfull for ALL Indians irrespective of their caste n relegion.Think if u have been offered a loan of Rs 20 Lacks with 0% interest for u to start the buisinessn and after a yr or so u got 20% profit then u pay the bank EMI accordingly...their is many more..Which bank in India invest funds in infrastructure projects?This bank will never collapse like many American banks..Try to understand the concept then write ur commments pls....
Re: Re: Great India
by Jagadish puttaswamy on Sep 12, 2009 12:25 PM
It will not work in any world in reality because now a days everything is suspected such as in the name of "principles of equity and justice." these words are blunder vision.
Re: Re: Great India
by Narayanan P on Sep 09, 2009 11:18 AM
The concept is good. But it is my great India. LDF government is taking initiative for this project to please the muslim community. After establishment of the bank there will be reservations for loans. 80% for musilms, 10% for SC/ST and 11% for OBC. MyIndia is great! Jai Ho
Re: Re: Re: Great India
by AP on Oct 24, 2009 12:10 PM
That sums up to be 100%. I am sure much of the money will be distributed to politicians who will then be declared too poor to pay and will be exempted to pay in name of social justice.
No concept , however good will help people if there is corruption in society.
Just look at Arab countries, the majority of them are poor and exploit their own people.
