Saving accounts. RIBA???

[USResident]

@psyah

Peace USResident

I think what I am alluding to or working up to is the idea of exchange media - Is money - i.e. paper of a given currency or digits on a screen up to the task?

I would say not … standardised real value - are resources - gold, oil, gas, food, water … Money bears the promise of value and we give that promise to others. However, there is far more money in circulation than the real value it promises to be able to provide.

There is something wrong with the banking system as a whole and I will need to sit down and think about it with a clear head. Do the maths and pick at the various ways of “viewing” the bank as a business … or otherwise. Surely, I do not own any shares of my bank.

Also, when people give Arabic names to financial acrobatics that are performed by the banks … it makes me want to investigate further. I’ve looked into the so called halal mortgage, and found it a worrying thing.

I’m not an advocate of stopping everything nor am I telling everyone to stop banking. I am however trying to say that banks are not halal in the purest of definitions and everything we do today is a result of the “norms” which makes rise to the condition of “those who do not partake in rib’a are covered in its dust”

I would agree that there are not enough liquid monetary assets to cover what circulates on the books, which is why Cash is but one asset of the whole accounting equation and financial statements of companies. Paper currency is no longer a vis a vis commodity based phenomena anymore. The promise of value takes into account everything which comprises a country’s GDP and more.

I absolutely agree the Islamic finance industry gymnastics are vastly masquerades and anyone with the basic understanding of finances and Islamic fundamentals can easily shoot holes through it. Its more marketing driven than founded on a principle. So far I cannot call any Islamic finance I have encountered in the US one that at least satisfies me when it comes to claiming soundness of Islamic principles.

Agree with the dust of riba. We unfortunately have evolved into a very very convoluted society but for good reasons as well.