Banking scholar?
hahhahah.
He has no banking experience,
When Citigroup and HSBC, two of the biggest banks in the world, employed Taqi Usmani on their Shariah Boards, on what basis can you argue that he has no banking experience?
Have you ever worked for two if the of the world's 5 biggest banks?
....... Recently i have bought a book comprised of his judgment that he has given as member of federal shariah court. in his judgement he has discussed the pre emptive right, sale of good act, rent laws, Qasas and Diyyat , right of ownership of the property, rajam, pension and benovolent fund ....
And your point is?
rent laws, property ownership laws etc. are opposite from the existing international laws? and if so how?
p.s. original comment was directed towards lumping Mufti sahib's good name with global derivatives etc.
So discuss if he is suggesting something unique, instead of recycling the old tricycle proposed by so many "Islamic financiers" to be driven on a modern moterway of global trade.
yup they called him and barclays too.. to how to cater the Muslim population for more profits.. nothing special their… as HSBC logo says.. the world’s local bank.. the multinationals are only successful when they take care of local traditions & value.
..
Yaar please make some sense, will ya. Off course every corporation hires every individual for one purpose only; how the corporation can make more profit. You think your company hired you so they can help community save money? There is never anything special in hiring except that they wont hire any to, dick or harry. They will hire the best person they can find for the money they are willing to pay.
Re: Mufti Taqi Usmani: Key Islamic Principles for Reforming the Global Financial Syst
^ Tariq Bahi,
they hire the people who is respected by the masses, when their is a approval stamp by some authority that will sell fast, it's a simple rule. For general banking like checking/savings accounts or Islamic mortgages .. it's all oki ...
but what about inter-bank lending, Federal Fund rate, Libor .. global tradings, inter-country lending... ..and all the shyt..
the foundation of basic banking checking/savings/mortage accounts is built on libor,inter-bank lendings ..and etc.. and it's all un-Islamic.. then how can a freaking checking account which is on top of this crap can be called Islamic - some one put this sense into me.. i will buy it.
I didn't read the paper but the excerpts that were posted in the opening post make sense. but don't see what this has to do with Islamic banking, etc. it's just common sense. if you read Buffett or Bogle, they will tell you the exact same thing. especially Bogle made all the same points that are in the opening post. I think I might have even posted his interview in another thread.
as far as Islamic banking/financing is concerned, from whatever little I've read/seen I don't see any differences. for example, halal mortgages are the exact same thing as regular mortgages. in a regular mortgage you pay interest which means that you end up paying more than the actual price of the house. similarly, in a halal mortgage, you ask the Islamic bank to finance you... the bank buys the house for you and you pay the bank... but you pay the bank more than the bank paid for the house anyway which the bank calls profit... net effect is you pay more than what the house's advertised price as you would in a regular mortgage. so, what is the difference apart from labels, etc?
and as far as interest is concerned which seems to be the main sticking point, the concept of interest cannot be done away in a world with inflation. and regardless of inflation, you pay for using anything. why should capital be any different?
Re: Mufti Taqi Usmani: Key Islamic Principles for Reforming the Global Financial Syst
firenze and Samb. Good points.
The core of modern day banking is very complex, and it is ever changing. Funny that some Mufti sahib would claim to be "know-it-all".
However the fault is not of Mufti sahib, it in fact lies with the educated Islamist elite. They think that it is important to buy a halal chicken from a Mufti Sahib, who in turn buys the same chicken from the same slaughter house, processed and plucked under the same rules as the super market bought chicken!
BUT
Nufti sahib says Kalima.
And that my friends is the same with banking.
The Islamic banking is nothing but making a chicken halal after buying it from the regular super market and having a Mufti sahib say Kalima on it.
As you explained that Islamic banking operates on the same core principles of cash flow and dips into the same sources for all the transactions.
If a banker can pay few pennies to Mufti sahib (by offering directorships) in order to make turn his interest into a "processing fee", so be it. the banker still makes money. And Mufti sahib too is happy to get his halwa daig.
Ignorance they say is a bliss for many, but utter destructive for most.
Ignorance they say is a bliss for many, but utter destructive for most.
Very true in your case.
Very true in your case.
Yeap. That's why Maulanas and their luny followers are becoming "Shuhaaahda" via inter-mosque gangsta killing and suicide bombings.
What a waste!
Re: Mufti Taqi Usmani: Key Islamic Principles for Reforming the Global Financial Syst
If you guys have nothing to discuss about the CONTENTS of the article posted by the OP, better keep quiet.
When will we learn to talk about WHAT is being said rather than WHO said it.
If you guys have nothing to discuss about the CONTENTS of the article posted by the OP, better keep quiet.
When will we learn to talk about WHAT is being said rather than WHO said it.
answer the questions, instead of ramble around ..with op and blah blah !
Re: Mufti Taqi Usmani: Key Islamic Principles for Reforming the Global Financial Syst
^ Say what?
^^ these one’s. .and also send this to Mufti sahab for explanation.. aaj kal har koi authority hai on Islamic matters and now on banking too !
firenze and Samb. Good points.
The core of modern day banking is very complex, and it is ever changing. Funny that some Mufti sahib would claim to be "know-it-all".
However the fault is not of Mufti sahib, it in fact lies with the educated Islamist elite. They think that it is important to buy a halal chicken from a Mufti Sahib, who in turn buys the same chicken from the same slaughter house, processed and plucked under the same rules as the super market bought chicken!
Actually you have ZERO clue on issues but you just have to degrade anything coming of out of religious corners. Samb said that what Mufti Taqi Usmani is saying even Buffett/Bogle said along those lines, what do you say about that? or did you start peeking in your armpits? Where did credit go for Mufti Taqi Usmani for being of same calibre? or do you believe even Buffett and Bogle are trash?
As to what samb said on the method of Islamic banking for houses the issue is far deeper but than you guys make judgements based on faces. Read Quran for your guidance if you don't want to trust mullah Usmani.
khud kuch kar k dikhado!
agar jis chez k bary me kch pata ni hota na, acha ye h k us pe koi comment NA dau!
Actually you have ZERO clue on issues but you just have to degrade anything coming of out of religious corners. Samb said that what Mufti Taqi Usmani is saying even Buffett/Bogle said along those lines, what do you say about that? or did you start peeking in your armpits? Where did credit go for Mufti Taqi Usmani for being of same calibre? or do you believe even Buffett and Bogle are trash?
As to what samb said on the method of Islamic banking for houses the issue is far deeper but than you guys make judgements based on faces. Read Quran for your guidance if you don't want to trust mullah Usmani.
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?
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.
Well, lets see your EXACT quote here:
I didn't read the paper but the excerpts that were posted in the opening post make sense. but don't see what this has to do with Islamic banking, etc. it's just common sense. if you read Buffett or Bogle, they will tell you the exact same thing. especially Bogle made all the same points that are in the opening post. I think I might have even posted his interview in another thread.
You actually said that they will say the EXACT same thing as Mufti sahib said. Now you may regard Buffett/Bogle next to God for all I care but your comments do imply that Mufti Usmani is at similar level whether you can digest it or not or may be you want to back out of your own words. Now Mufti Usmani is saying without all the experience/economic achievements that Buffett/Bogle, may be thats bothering some people as to how a "mullah" can say all that without "proper credentials", well thats their problem.
and regarding the difference between halal mortgages and conventional mortgages, what is your take on it?
I can participate in that discussion as separate thread if you wish.
Re: Mufti Taqi Usmani: Key Islamic Principles for Reforming the Global Financial Syst
meray bhai, relax... you're a touch too sensitive about your maulanas.
what I meant to say was that Mufti sahib said something that some very wise people have said as well. i.e., they agree on one thing. it doesn't mean that Mufti sahib's understanding of economics and business is as masterful as that of a Buffett. if that is what it came out as, a thousand apologies for my poor English.
btw, what is Mufti sahibs stance on the Taliban barbarians, suicide bombings, fighting against the state of Pakistan, etc? I confess, I'm ignorant... I see a beard and my first impulse is to be disgusted.
but if Mufti sahib is against Taliban barbarians, that hellbound terrorist Abdul Ghazi and all those animals that are killing Pakistani civilians and armymen in the name of jihaad, then surely cricketplaya cannot support him... because for him the Taliban are divine warriors descended straight from heaven to kill Pakistanis. you kill a Pakistani, you get 72 you know whats in heaven. so, what will cricketeplaya do then? will he support Mufti sahib or will he turn against him? oh the possibilities... this so exciting... yet so confusing... stay tuned...
meray bhai, relax... you're a touch too sensitive about your maulanas.
what I meant to say was that Mufti sahib said something that some very wise people have said as well. i.e., they agree on one thing. it doesn't mean that Mufti sahib's understanding of economics and business is as masterful as that of a Buffett. if that is what it came out as, a thousand apologies for my poor English.
I am not sensitive about every bit of mullah, there are few scholars whom I respect (whether I agree with them or not). Apology accepted. Sometimes you need simple solutions to which scientists/engineers design complex methods (using a fan to remove empty box in an assembly line is one such example) but then Maulana Usmani has been involved in "halal" mortgage solutions for quite sometime now so he can't be shrugged off as just another 'maulana' as our burqa bhai likes to do.
btw, what is Mufti sahibs stance on the Taliban barbarians, suicide bombings, fighting against the state of Pakistan, etc? I confess, I'm ignorant... I see a beard and my first impulse is to be disgusted.
but if Mufti sahib is against Taliban barbarians, that hellbound terrorist Abdul Ghazi and all those animals that are killing Pakistani civilians and armymen in the name of jihaad, then surely cricketplaya cannot support him... because for him the Taliban are divine warriors descended straight from heaven to kill Pakistanis. you kill a Pakistani, you get 72 you know whats in heaven. so, what will cricketeplaya do then? will he support Mufti sahib or will he turn against him? oh the possibilities... this so exciting... yet so confusing... stay tuned...
I am not avid follower of Mufti Usmani and personally I don't care on what he thinks. If he has ever condemned killing of innocents/civilians two thumbs up otherwise to condemn something so simple I don't look at maulanas.
You didn’t read the article, did you? It doesn’t say anything about replacing the current financial system with an interest-free one.
Please read the article and if you find anything interesting, discuss. It talks about reforms in the CURRENT financial system and these types of reforms have been suggested by prominent economists as well. If you cannot read the whole article, just read the last paragraph. That is exactly what most of the economists (and perhaps you too) today are saying.
You might disagree with what he says but don’t just go on rambling about someone just because he has ‘maulana’ in his name.
You also need to see if YOU are qualified enough to question someone’s authority in economics or banking.