Heroes of Bangladesh ( Must read )

Society Pakistan & World Affairs
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Re: Heroes of Bangladesh ( Must read )

But there is no doubt about that interest is one of the worst..worst...worst...kind of sin in islam......presently its look nice but when its penetrates its roots in the form of World-Bank...IMF and other blood sucking money lenders...thats traps the whole nation and country into never ending series of debt and interest ......like jews......thier whole economy is based on interest...from which they just millions of 6 billions of total population...swings the whole world on thier fingers !!!!!!! thats why islam strictly prohibts the interest in which the money lender become rich and rich and money -borrowers have to buy his body parts ...houses and lugguage to remain alive....this is the worst worst worst crime against humanity...a fire of revenge starts between haves and haves not in the society and result is the bloody revolution .........

CHEATER
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Re: Heroes of Bangladesh ( Must read )

The interest mentioned in Quran is something else! The one charged by the modern banking system is something else. The one in old eras was with element of coercion.

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Re: Heroes of Bangladesh ( Must read )

There is no economic system in Islam. No monetary system. How can it be? When its calender is a primitive one which can not be implemented in our daily lives. How can there be an Islamic banking system? When there were no banks at that time?

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Re: Heroes of Bangladesh ( Must read )

i agree mostar ^^.. although from my small understanding of islamic banking, its not a bad idea to make it for the poor ppl who just give back a fixed higher price for the original loan, and not a time-based interest.. but then again.. how do you incorporate factors like inflation into the equation.. blah... i'll leave this discussion to the finance MBAs lol

dawa_i_dil i suggest you stick to your previous post and leave the discussion alone... theres no need of your biased anti-semitic comments.. don't hate brother.. there r good jews and bad jews.. good muslims and bad muslims.. don't stereotype ! you stereotyping them is the same sin as people stereotyping you as a terrorist only bcoz your muslim..

Back to the original topic of this thread, one things for sure that these students need to get a fkin reality-check and realize what they're doing is damaging to their own country..

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Re: Heroes of Bangladesh ( Must read )

Well, i have issues with that but the matter of fact is that the humans created the inflation part of it. Just assume there was no inflation, how would things be then, well they would be other ways of calculating inflaton. Though my concept is dumb but still from my perpective just remove the word inflation and how would things in the world would be.

I read an article, that universities in the west wanna incorporate Islamic banking as a course. As far as i know islamic banking deals with 100% reserve as opposed to conventional banking is which is happy with 0%. Well thats the right way or wrong, is again left to some financial nerds to answer and the amount of risk involved.

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Re: Heroes of Bangladesh ( Must read )

Prophet didnt say anything like that....whoever said it....its wrong and nonsense and doesnt even sound right...why would someone give an absurd example like this while telling about interest..... this proves that there r fake hadeeths.
i know its off topic.....but GOD its fake

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Re: Heroes of Bangladesh ( Must read )

Humans didn't create inflation, it has always been there. Inflation can never be removed, because it happens whenever demand for good and services grows faster than supply does. Typically if one country's people are becoming richer faster than that country is able to supply things for them to spend their money on, prices will go up (ie inflation occurs).

Inflation became a problem with the increase in world trade and discovery of new resources in the little middle ages. For example, Spain discovered the Americas and brought back lots of money (gold) into the Old World. All of a sudden people in the old world were richer even though they weren't making any more good and services, so demand outstripped supply and prices rose.

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Re: Heroes of Bangladesh ( Must read )

[QUOTE]
There are ways to make profits without interest. My father works for a Bahraini bank heavily involved with Islamic banking and from the multi-million dollar profits the bank is making from interest-free banking (and that's multi-million per deal... it adds up to an aweful lot over a fiscal year).... it's very profitable.

This a bit of a simplification, but the core of profitable Islamic interest based banking is the injunction from Hadith that interest is any loan from which a profit is made

Islamic interest-free banking is focused on finding ways to finance things without anyone paying back more of a loan than they borrowed. It's about achieving the same end state through a different means.
[/QUOTE]

How does an 'islamic bank' make a profit off of a loan if it expects the borrower to only pay back the amount it lent?

Also, as you yourself have defined riba as any loan from which profit is made, how is the 'islamic bank', which makes a profit off of lending money, not committing riba?

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Re: Heroes of Bangladesh ( Must read )

Islamic banks never claim back more of a loan that they lend. They never make any profit from any money that they lend. They make money through other means, such as buying at one price and selling at a higher price, which is halal.

A 2-part crude example is:

Your friend is selling a camel for $80. You and I both want the camel. We both have exactly $80 in our wallets.
You offer your friend $80.
I promise to buy it from him for $100. I tell him that I can only give $80 today, but I'll come back tomorrow and give him the other $20 to make the full $100. Once I've finished paying him, he'll give me the camel.
On the other hand, you unfortunately have to leave town tonight and will not be able to come back tomorrow to your friend with any additional money

Is it haraam for him to agree to sell to me? Is it haraam for us to sign a contract saying that he is selling me the camel for $100, $80 to be paid today and $20 to be paid tomorrow, and that once he's received all the money the camel will belong to me? Of course it is not haraam, it is a simple merchant deal.

That example doesn't involve the bank. The next one does.

What if your friend wants to sell his house, for $200,000. You want to buy his house, but you don't have $200,000 in your pocket to pay to him.

We can both agree that it would be haraam for the bank to lend you $200,000 today to pay to your friend to buy the house, and for the bank to then demand you pay back more than $200,000. The bank would have made profit on a loan, thus charged riba.

However, what if the bank buys the house for itself. It pays your friend $200,000 and becomes the owner. The bank then tell you that it understands you don't have enough money to buy the house, since you don't have $200,000 in your pocket today. But it is willing to sell you the house for $300,000, with you paying $1000 each month to the bank for 25 years. Once you've finished handing over the agreed price for the house, it's yours.

In this case, the bank never lent anyone any money at all. No money was lent at all, so no profit was made on a loan, so there was no possibility of riba. The bank bought a house for itself at one price and sold it to you for a higher price. You simply agreed that instead of paying all of the agreed price today, you'd hand over a little bit of money each month.

So without lending you any money, the bank just made $100,000.

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Re: Heroes of Bangladesh ( Must read )

Was'nt this article about Dr Yunus and some idioitic, self-righteous students protesting his appearance in Dhaka University convocation?

Dr Yunus has helped more people than any moronic Hizb-e-Terrorist organization.

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Re: Heroes of Bangladesh ( Must read )

No brother, i understand inflation always existed but I am trying to connect inflation with interest, since interest key denominator is inflation. Thats how all of this is being calculated.

Talk about the same old days when barter system existed, where commodities were being exchanged whats the word in Economics ceterus paribus leaving everything equal:D

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Re: Heroes of Bangladesh ( Must read )

Interest is linked to inflation as a control mechanism - it isn't the cause

If too many people are spending money, ie inflation is occuring, a country raises interest rates to tempt people to put money in savings accounts. High interest rates also lower inflation because loans are more expensive and so people borrow less money for spending.

If a country wants people to spend more, it lowers interest rates so that the have less incentive to have their money sitting in bank accounts and mor incentive to sell. Low interest rates also makes loans cheaper so people borrow more money for spending.

========================================

One of the current theoretical problems in Islamic macroeconomics is how government can control inflation without there being interest rates being set.

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Re: Heroes of Bangladesh ( Must read )

I havent read the replies so might be making an already made point. Afaik, Islamic loans are something like you agree to pay an overly priced fixed amount to the bank, and then act as a tenant paying it off slowly. I still dont quite get how this is much different from interest, but I guess it's not there. An example would be a house costs $500, you want to buy it so take out a loan from the Islamic bank for this amount, but you have to pay back $1000. No interest, just you have to pay back more than the house itself was worth at the time. The end result seems the same as interest to me. There's another form of it too though.

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Re: Heroes of Bangladesh ( Must read )

I've already addressed that. You never get a loan from an Islamic bank. Instead the bank buys an asset and sells it to you. Essentially you have a choice between buying at a low price today if you have all the money in your hand, or buying at a higher price but being able to pay over time. In neither case is any money ever lent by anyone, so there is no possibility of interest since it is defined in shariah (in it's most simplistic sense) as any loan which derives a benefit for the lender.

I'm so confused right now. Is he flirting with me?
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Re: Heroes of Bangladesh ( Must read )

Right, but this is really the essence of the matter, isnt it? Say I want to buy a £500 house. I say to the Islamic Bank, i'd like to buy but dont have the money right now. They say no problems, we'll buy it for you, and then you can pay us a higher price over time. Price is fixed so there's no interest as you say. But isn't the end result the same as paying interest? The middle man (in this case the Bank) is getting a benefit in this case. The whole point of outlawing Riba is so that this sort of capitalism doesnt exist in an Islamic Society isn't it? I think the message behind why things are outlawed is the crux of the matter in this case.

The gold set should be given by guy ?
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Re: Heroes of Bangladesh ( Must read )

Micro financing is a scam...it will not eradicate poverty nor would it bring about any wholesale changes and improve the collective fortunes of the poor...nor would it have any significant affect on the overall economy of a given country...

Instead of proliferating another usury based lending system to indebt the poor masses, a more prudent effort by the western ngos their their native enablers would be to bring about the setting up of factories and other industrial units that produce tangible goods, which can be sold to consumers both domestically and abroad, thereby empowering the poor third world masses to break the shackles of perpetual poverty and compete globally... the selling of chickent eggs and buffalo milk would not do anything even in the medium-term...

Good on the Islamic students for standing upto another western capitalist scam and subjugation gambits...