This is just fooling. The whole religion is fooling the fools. They call it profit sharing-interest by another name. The only difference is that they take no risk and that they share the loss as well- due to their incompetence. Call it service charge, profit sharing, comission, interest, its all the same.
Reminds me of randihouses in iran, where u 'check-in' by signing a marriage contract and checkout by signing the divorce paper after the 'act'! It all becomes H A L A L. Fooling the profet, nothing else.
Re: They just call interest by another name.
by Sachin Purohit on Feb 04, 2011 03:34 PM
No, except for the fact it is an islamic bank, it is actually a good idea. Profit sharing means like owner's equity. It does not have a risk of default. But the example given by you is interesting!
Re: They just call interest by another name.
by Oye Kake on Feb 04, 2011 04:08 PM
Thats why it might be only in Iran contract marriage actually existed in pre-islamic-Arab world and then continued in first phase of Islamic reign but then abolished; Similar was with Alcohol too and many other ill custom; You cannot come right up and say that you are not allowed to do this that;; first you need to strengthen faith in the believers; Islam was delivered byProphetFor 23 years;
Now if some country wants to exploit some thing then the whole responsibility goes to them; After all_muslims_beleive that whatever they do they have only one life and have to be accountable on the judgment day; so there is no escape..
Anything with reference to religion is dangerous as the world is experiencing. Religion Money Politics = Deadly cocktail for mass destruction. Its a common knowledge that though some religions and communities are against consumption of liquor or drugs but the same is being cultivated in their back yards and sold to others. This rational needs to be understood by our govt. and tighter rules and regulations needs to be formulated for upliftment of the real poor.
Re: IB
by mohammed arif on Feb 04, 2011 03:27 PM
agreed but wats the danger posed by a suck bank which does not promote alcohol and other bad things of society.
Re: IB
by Manish Goplani on Feb 04, 2011 03:31 PM
Dawood Ibrahim biggest supplier of opium from Afghan to rest of the world. Invested in Pak & UAE stock exchange. Benami funds in many banks. Nobody asks him where the funds came from!!
first step towards converting INDIA into islamic republic....:)a request to foreign nationals never support DEMOCRACY WHEN MUSLIMS ARE LIVING IN YOUR COUNTRY....:)
Re: Re: Re: Re: ahaha
by knightriders on Feb 04, 2011 05:14 PM
Khan is family name. Dont dishonour your mother name.. Please why she done wrong other than delivered you.
Re: ahaha
by mohammed arif on Feb 04, 2011 03:26 PM
u r a fake flagist.try get some facts it is already adhering to banking laws, just that it wont invest in alcohol and other things and dont pay interest on deposits. It would have safe deposits for ppl jewellery and other things given free and not charge it
Sarkari bank, sahkari bank, private bank, credit card, paypal, equity market, insurance, ULIP, Mutual funds, Chit Funds ... All these deals with money and provide profit , loss, interest etc ....
If one more financial institute Islamic Bank is there i do not see anything wrong in it or i'm missing something ???
Re: I don't see a strong reason to cry foul in this
by mohammed arif on Feb 04, 2011 03:21 PM
yes. It is already adhering to banking laws, just that it wont invest in alcohol and other things and dont pay interest on deposits. It would have safe deposits for ppl jewellery and other things given free and not charge it
Re: Re: I don't see a strong reason to cry foul in this
by Vishal Malkan on Feb 04, 2011 03:25 PM
can we take interest FREE loans FROM these types banks if yes than its good....:)
Re: Re: Re: I don't see a strong reason to cry foul in this
by mohammed arif on Feb 04, 2011 03:34 PM
In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values)
Re: Re: Re: I don't see a strong reason to cry foul in this
by mohammed arif on Feb 04, 2011 03:32 PM
The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of riba (usury, interest)
...and help the ISI more than our own citizens. Who will check money laundering that will come in from front organizations of terrorists to underground radicals holding accounts?
Re: Looks like this bank will help terrorist finacers from Dubai.
by mohammed arif on Feb 04, 2011 03:16 PM
u moron, it doesnt pay interest or give loans on interest. It does business and provides more facilities for its customers. It doesnt invest in alcohol, porn and stupid things. get knowledge of facts before U talk like typical gujarati
Re: Re: Looks like this bank will help terrorist finacers from Du
by suman khan on Feb 04, 2011 03:24 PM
surely this bank will patronize terrorist activities in India.
Re: Re: Re: Looks like this bank will help terrorist finacers fro
by mohammed arif on Feb 04, 2011 03:23 PM
what evidence do U have of the past to say such things
Re: Re: Looks like this bank will help terrorist finacers from Du
by Manish Goplani on Feb 04, 2011 03:27 PM
Is there a Hindu Bank in Pakistan doing business the Hindu style?? You have to appreciate that India is the best place for minorities, be it Muslim or anyone. In other countries Minorities simply have to obey majority. In Pak, Hindu students have to read Kuran in schools. In Gulf, non muslims cannot have food in open before roza breaks. France has banned Burkha. List is endless. India is the best bet for all religions bcoz of its tolerant people.
Re: Re: Re: Looks like this bank will help terrorist finacers fro
by Oye Kake on Feb 04, 2011 04:12 PM
India is not a Hindu state where as Pak and Gulf are Muslim state; Get your fact right...
Re: Looks like this bank will help terrorist finacers from Dubai.
by Oye Kake on Feb 04, 2011 02:58 PM
- The bank is not going to be managed or controlled by Muslims - It will have a bench of Muslim Scholars which will check that the transaction are in accordance with Islamic principle
done by kerala HC...Islamic Banking will pave way for non-interest dealing which is destroying indian Economy and many Families...this will be fantastic thing to be applied in india.
Re: Fabulous Job done
by mohammed arif on Feb 04, 2011 03:19 PM
obviously, it not only adheres to laws of indian banking but also on islamic prohibition of investment on alcohol, cigerretes etc, which is best of both
