Muslim Banking

[mohsie]

LOL That site is my site. And there is some truth to what you said. I am "p--- off" about the idea of profit (not trade.) The system doesn't work.

sorry didn't mean to offend there. Anyways, the system may not have worked for you but the whole world lives on profit. Yes, even those that are based on interest. For example, the bank will charge a higher interest rate on money lent than on money deposited with them. The difference is the profit.

What you described is Marx's theory of Capital, which is Adam Smith's theory of Capital. Amazingly, they both say the same things, but people think of them as opposites since Smith was on the side of the "producer" and Marx was on the side of the worker. Smith reeks of bigotry and self-righteous superiority (Indians were savages with no "civilized" system.) Marx has the same bigotry and self-righteousness, but it is directed at the Robber Barons.
Not only is their economic theory wrong, so isn't their cultural pride.

Not a single word of all that made any sense to me!! Hehe. Not your fault.

What matters is how we treat each other. The easiest way to be rich, however, is to sell fear or pride.

Don't sell your fear of God though! Otherwise you will be the poorest of the poor!!
ok, just wanted to address the topic of inflation. In Islam, the issue of inflation is totally avoided by measuring the value of everything against the value of gold or silver. These two commodities have a fixed value. i.e. a gram of gold 1400 years ago is still worth one gram of gold now, and will remain worth one gram of gold in 50,000 years inshaAllah. So, when making a long-term contract or giving a long term loan, it is best to specify the amounts as weights of gold or silver. In this way, inflation is not an issue any more, and neither party can be potentially at a disadvantage since the value of money changes by the minute, whereas the value of gold... or rather, the weight of gold stays the same.