Mufti Taqi Usmani: Key Islamic Principles for Reforming the Global Financial System

[kakaballi]

@samb

even though I’m asking for more verbal chitrol here… that is not what I said… I didn’t imply that Mufti Usmani is at the same level as Buffett/Bogle.

Buffett is a genius… the greatest investor that ever lived and probably one of the best businessmen too. an educator… someone whose ethics and principles cannot be questioned. Bogle might not be have the genius of Buffett but he has done a lot in educating the common man about stock markets as well.

and regarding the difference between halal mortgages and conventional mortgages, what is your take on it?

Buffet is many good things but not an economist or a banker. I am sure he never claimed to be one.

Most of the Islamic Banking scholars agree that the current Islamic Banking products and services offered by different banks are not 100% Islamic/Halal. Their contention is that even though they do not completely qualify for the strict Islamic interpretations, they still are a steps towards a better system they want to achieve.

I find this stance a bit hypocritical but its better than having nothing at all. Please do not challenge someone’s capabilities just because he has a beard.