Muslim Banking

[mohsie]

Business and finance and economics is so totally not my cup of tea, so I can't answer most of your questions simply because I don't know. Hopefully someone who knows this field better will be able to respond.

Did you read my flyer called The Interest Mechanism?

Sorry not yet. My Adobe Acrobat is messed up!

Lending without interest is not charity, because you get your principal back.

Well, depends on your definition of charity. If a smile can be charity, why can't lending money without interest not be charity. If the person you lend the money to can benefit from it, then that is charity. Of course you have to have the correct intention.

That is why God banned interest and profit.

God banned interest, not profit. Allah tells us in the Glorious Qur'an:
Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: "Trading is only like Riba (usury)," whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns (to Riba (usury)), such are the dwellers of the Fire - they will abide therein.



<i>( سورة البقرة , Al-Baqara, Chapter #2, Verse #275)</i>


Why would trading be permitted if not for profit? What's the sense in buying for example a bag of rice for £5.00, and then selling it again for the same price? Why even bother? Even a little child will tell you that doesn't make any sense.

We are all a partner with the Devil in some way, that is what "the struggle" (jihad) is really about. It has nothing to do with which religion one belongs to, we are all equal in that regard.

I agree there. If only more people understood that! The first Jihad compulsory upon every human being (notice I didn't say Muslims... but every human being) is the jihad against oneself, and against one's own desires and lusts, and against our biggest enemy, Satan! As Allah says in various places in the Glorious Qur'an:
O you who believe! Enter perfectly in Islam (by obeying all the rules and regulations of the Islamic religion) and follow not the footsteps of Shaitan (Satan). Verily! He is to you a plain enemy.



<i>( سورة البقرة , Al-Baqara, Chapter #2, Verse #208)</i>


And say to My slaves that they should (only) say those words that are the best. (Because) Shaitan (Satan) verily, sows disagreements among them. Surely, Shaitan (Satan) is to man a plain enemy.


<i>( سورة الإسراء , Al-Isra, Chapter #17, Verse #53)</i>


Did I not ordain for you, O Children of Adam, that you should not worship Shaitan (Satan). Verily, he is a plain enemy to you.


<i>( سورة يس , Ya Seen, Chapter #36, Verse #60)</i>


And let not Shaitan (Satan) hinder you. Verily, he (Satan) to you is a plain enemy.


<i>( سورة الزخرف , Az-Zukhruf, Chapter #43, Verse #62)</i>

This is such a huge problem. I think the only way to truely correct it is a Worldwide Jubilee.

You mean like a financial Empire? or is that some economics term that I wouldn't know about?