other banks provide interest from the money they make by investments and profit. interest does not fall from sky on its own. What the so called islamic bank is going to do is instead of interest, it will call it profit sharing. this world is a fools paradise.
Re: same thing
by Sardar Manvir Singh on Jan 10, 2012 11:05 AM
Profit Sharing means your have to share the loss even. That is what the concept of Islamic banking is. If you want you can invest or else you can keep your money just for safety reasons.
BTW as you said interest is the profit that bank made with your money and pay you some amount of it. What kind of profit the bank made? It is like give loan to a needy and take some % of interest from him. Is is not a crime to use a needy person for our own so called profit i.e, interest. Interest will make poor people more poor and rich people more rich. Let me explain. In 1991 every Indian has the dept of Rs. 250/- on him which increased to Rs. 2500/- by the year of 2011 because the heavy interest rate of the world bank applicable to the loan India have taken. Interest kills people but profit will make people survival comfortable. There is a lot of information available on the internet about Islamic Banking (as a Sikh I don't want to call is Islamic Banking but rather I'd call it non-interest banking.) please refer to the information available and do your own research and you will come to know that it is good concept and that's why many countries are adopting it.
Re: What will be new thingdone by this bank?
by Ishaqk on Feb 05, 2011 05:00 AM
CPI(M) is expecting to get some Muslim votes which they badly in need to keep their account open.
NRI voting rights, a majority of them are Muslims working Middle East, and the growing number of Muslim population will make CPI(M) bankrupt in coming days.
If we can just leave our self-nourished hatred towards Islam, then we can find the solutions for the problems faced by the man-kind. ( i know the readers immediate thought will be on the killings, suicide-bombings and similar stuff, but we all should know that the world isnt black and white, i.e. there are some actions and reactions, however we dispise, happening around) Riba or usury is a filthy practice which has to be eradicated and just 'cos Islam speaks against usury we shouldnt support usury. I hope this new bank becomes model-bank,
Re: Another practical solution!
by Sumanth Singh on Feb 05, 2011 02:16 AM
mohd uddin
islamic finance results in customer paying a higher amount for an asset like a car. So if a car costs Rs. 3 lac then islamic finance arrangement would be that the bank provides the car to the customer and the customer may get the title to the car by paying say rs. 330,000 a year later. it's the same as paying principal and interest after taking a normal loan. if anything, the customer suffers more because under a normal loan arrangement, at least the title remains with the customer and only on default can the bank take possession, but here the car is not owned by the customer to start with.
Re: Re: Another practical solution!
by prabhakar on Feb 05, 2011 02:56 AM
singh r u mad,what is ur logic, i have been in a gulf and this banking system works on no interest and profit sharing basis,in uk and us this type of banks exist for decades.
Re: Re: Another practical solution!
by mohd uddin on Feb 05, 2011 03:24 AM
Dear Sumanth Singh! Obviously, a car costing 300k cant be sold to an installments paying customer at the same rate. the islamic banks include their profit in the final price of the good, and there is no add-on amount in the form of interest here. And there are no aditional penalties for late payments. This system lays a platform where the cusotmer isnt fleeced under the modern banking jargons. And if this basis as taken as a role model, then to a large extent we willnt find rich becoming super-rich and poor becoming ultra-poor. Cheers
Re: Re: Re: Another practical solution!
by Pure Industries on Feb 05, 2011 08:38 AM
I do not know how Islamic banking compensates for Time Value of Money - in which ever way it does, it is interest. If muslims find that Islamic Banking methods are more acceptable, then let them do it their way - as long as it does not clash with RBI rules..// But I do not agree with super rich - Ultra poor logic - most islamic countries - like Saudi have the highest difference between rich and poor.
Re: Re: Re: Re: Another practical solution!
by mohd uddin on Feb 05, 2011 12:21 PM
Dear Industries!
Islam prohibits pork - but is sold in some islamic nations. Islam prohibits prostitution - but it's exists in islamic nations. Similarly there are many guidelines which we muslims arent following. We have to criticise the muslims for their inability to exercise simple rules and not the guidelines itself. Cheers
Re: Re: Re: @HRM there alays can be a healthy master and servant
by HRM on Feb 05, 2011 12:30 AM
iam fully aware what he said. But why u call him "Bishop" desmond tutu? was he against the tenets preached in christianity? Though according to u he is a black slave
Re: @HRM
by HRM on Feb 05, 2011 12:17 AM
According to me cruel form of slavery is exploitation of master and servant relationship. Well, there always can be a healthy master and servant relationship.
Re: Re: Re: @HRM
by HRM on Feb 05, 2011 12:21 AM
JGN, martin luther was a revolutionist against exploitation. Bible never allows exploitation (cruel form of slavery) pls read about his mentor abraham lincon
Re: What a wonderful sysem!!!!
by this that on Feb 05, 2011 12:02 AM
BLAND HINDOO HEAVEN AND THEN REBIRTH TO REPAY KARMIC DEBT IS NOT TOO SMART AND COOL IS IT?
Re: What a wonderful sysem!!!!
by HRM on Feb 05, 2011 12:06 AM
don't u feel that graham staines wife forgave the murderer becoz she believed in repentence and forgiveness
Re: Re: Re: Re: What a wonderful sysem!!!!
by HRM on Feb 05, 2011 12:15 AM
competent court of law justifying the act of this criminal bestard and Later expunges its remarks.
Re: Re: Re: Re: Re: What a wonderful sysem!!!!
by HRM on Feb 05, 2011 12:24 AM
Christians believe in forgiveness about law and order. classi eg., wife of staines
Re: Re: Re: Re: Re: What a wonderful sysem!!!!
by this that on Feb 05, 2011 12:20 AM
WHY ARE YOU RAGING ON COURTS NOW. DO YOU THINK PUNISHMENT BY COURTS IS NOT VALID OVER REPENTANCE?
Re: Re: Re: Re: What a wonderful sysem!!!!
by this that on Feb 05, 2011 12:20 AM
HOW IS PREACHING YOGA WRONG IF IT DOES NOT MAKE ANY OTHER RELIGION LESSER
Re: Re: Re: Re: Re: @ HRM
by this that on Feb 04, 2011 11:52 PM
I AM SORRY FOR YOU HRM. THE WORLD IS NOT GOING TO BE A SIMPLE PLACE FOR YOU WHEN YOU LOOK DOWN ON OTHERS AND DO NOT BELIEVE IN GOOD KARMA ANYWAYS.
YOU ARE ENTITLED TO YOUR RELIGIOUS VIEWS AND I AM FINE WITH THAT. JUST DONT TROUBLE OTHERS.
Re: Re: Re: Re: Re: @ HRM
by this that on Feb 04, 2011 11:56 PM
I AM NOT SORRY TO DISAPPOINT YOU, BUT A WILD ANIMAL LIKE AN ELEPHANT THAT CAN GUIDE THE HERD TO WATER IN TIMES OF NEED HAS MORE KARMA THAN LIKES OF YOU BLABBERING AGAINST HINDUISM WHO DO NOT LOOK DOWN ON OTHERS.
Re: Re: @ HRM
by this that on Feb 04, 2011 11:43 PM
ARENT YOU ASHAMED TO UNDERSTAND THAT SLAVES WILL HAVE A REBIRTH TO MAKE MASTER PAY THEIR KARMIC DEBT IN THEIR NEW BIRTHS? ISNT IT DEPRESSING?
POINTING FINGERS AT OTHERS IS SIMPLE. TALKING ABOUT HOW EXACTLY BREAKING IDOLS IS ANY GOOD AND HOW SLAVERY AND PROSECUTION IS LEGITIMATE IS DIFFICULT.
Re: Re: Re: @ HRM
by HRM on Feb 05, 2011 12:00 AM
this that, u r alwys finding me wrong. Iam very sorry, if i had created such an impression with u. But, iam only a critic on casteism and i only attack people who praise castesim
Re: Re: Re: @ HRM
by HRM on Feb 04, 2011 11:48 PM
stop fooling with people with ur views on karma. There is only one birth. After death, it is decided by God. There is no re-birth.
Re: Re: Re: Re: Re: @ HRM
by this that on Feb 04, 2011 11:57 PM
OK, THATS A LITTLE MORE CLARITY ABOUT YOU NOT BELIEVING IN COURTS BUT WHY SIN IN THE FIRST PLACE?
Re: Re: Re: Re: Re: @ HRM
by HRM on Feb 05, 2011 12:03 AM
I believe that the first Sin is by ignorance and stupidity. eg, Eve consuming the forbidden fruit
