Posted on: 27-03-10 00:09:21
Quote:
Originally posted by G13
Quote:
Originally posted by Nightmare
Very lengthy article. You have not provided your views/comments. Pertinent question - Can banking business be interest free? What does common sense tell you? My understanding from athe article - and I admit it may be wrong - is that instead of charging interest, it is disguised as profit on reslling a product - sort of derivative contract. It might be getting popularity due to its attractive packaging as ISLAMIC BANKING. However, you should understand that there are no free lunches.
If I can get a million dollar interest free, I would convert to Islam immediately. Let me know if you know of such a deal.
Completely agree. In fact you end up paying more in this "scheme".
I also agree it's lengthy, about my comment- I could not understand it as much as i would've liked so thought I might understand better after some inputs from pundits here.
Cheers!
Why did Dubai Collapse?.
Probe and you will find that there is a link between this kind of banking and the borrowings by the Amir of Dubai.
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Sunny Leone a true Canadian DESI now back in India !.
i like vande matarams views on every topic. can i get ur personal mail id?
To answer Vandematram,
Dubai has never been out of international economic system. Its commitment to Islamic Banking is just one stand-alone Dubai Islamic Bank. When we talk of Islamic Banking it would be taken to mean a whole independent Islamic Banking System, where justice and fair-play are the guiding principles in contrast with profit and greed that drives the present Western model. If you dwell deeper investments in Dubai has been overwhelmingly a traditional interest- bearing western style blow-up. Islamic Banking has either no part in it, or some individual Islamic Banking institutions might have investment in real estate and property development. The free market rise and fall was typical of western economic trade cycle boom and bust.
