IslamiCity Forum - Islamic Discussion Forum : Islamic Finance http://www.IslamiCity.com/forum This is an XML content feed of; IslamiCity Forum - Islamic Discussion Forum : Islamic Finance : Last 10 Posts Sat, 25 May 2013 09:52:47 +0000 Mon, 15 Apr 2013 12:29:56 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 8.04 30 www.IslamiCity.com/forum/RSS_topic_feed.asp?FID=91 IslamiCity Forum - Islamic Discussion Forum http://www.IslamiCity.com/forum/forum_images/ICForum_Logo.gif http://www.IslamiCity.com/forum Islamic Finance : I really need your views on Islamic Finance: http://www.IslamiCity.com/forum/forum_posts.asp?TID=25172&PID=175398#175398 Author: SAMILK
Subject: I really need your views on Islamic Finance:
Posted: 15 April 2013 at 12:29pm

Salam everybody.

I am currently in the final stages of my MBA thesis and have decided to research Islamic finance in the UK. I would really appreciate it if I could ask you good people to fill in the survey. There are 15 questions, none of them are complicated but I would like people to take the time and think about the answers that they provide. I would like to get 500 responses, so the more people you can reach, the more grateful I am to you.

The research is aimed at identifying the key success factors for Islamic mortgages in the UK. The participants should be Muslims and living in the UK.

All of the information collected is anonymous and participants do not need answer anything that they are not comfortable with. Saying that, the more data collected the better the results can be analysed.
I would genuinely welcome any additional comments and have provided a space for this at the bottom of the survey. If you would like to stay engaged with this project and see some of the data trends please use the comments field in the last box and let me know.

https://www.surveymonkey.com/s/KVXV869

Thanks & Salams https://www.surveymonkey.com/s/KVXV869

Edited by SAMILK - 16 April 2013 at 12:10pm]]> Mon, 15 Apr 2013 12:29:56 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=25172&PID=175398#175398 Islamic Finance : Islamic Banking and fiat money mutually exclusive? http://www.IslamiCity.com/forum/forum_posts.asp?TID=25092&PID=175158#175158 Author: Abery07
Subject: Islamic Banking and fiat money mutually exclusive?
Posted: 02 April 2013 at 7:52am

These questions are specifically for academic debate.

Greetings, I am a student of Islamic Finance, and believe that true Islamic Banking would be the most ethical banking system than any other system we currently have at present.

However I do not believe that the Islamic Banks we have at present represent the true spirit of Islamic Finance. As I am very interested in seeing a world with true Islamic Banking, I feel it is important to discuss things that can help bring about true Islamic Banking.

The issue I want to address here is to do with fiat money. I personally think that banks cannot truly be Islamic so long as they operate within a fiat money system, and my reasons are as follows:

Fiat money goes against many of the core principles of Islamic Finance:

Fiat money is not backed by anything and can be printed at will by central banks. This means that central banks can cause arbitrary inflation, i.e arbitrary growth, which as I understand it is basically Riba, which is prohibited under Islamic Finance.

Furthermore, Islam clearly supports the use of Gold and Silver as money. Another key Islamic Finance principle is that all financial transactions should be backed by real assets. However fiat money in itself is not a real asset, as it is subject to arbitrary inflation and therfore its value can change a lot over time.

A lot of people complain about Islamic Mortgages. The primary complaint is that the fact that people who buy the house on credit are subject to a higher price. Some people argue this is riba. The banks however argue that the higher price charged is not because the transaction is on credit, but that the increased charge is to reflect what the price of the property is likely to be in the future. My point of view is that the price of the property is only likely to increase in the future mainly because of inflation, which is itself riba, and so the banks charging extra is still riba.

In summary, Fiat money is un-Islamic money. Can we really have Islamic Banking using un-Islamic money?

I believe that the world needs to abandon this fiat money experiment that is ultimately going to fail, before we can have true Islamic banking.

What do any of the readers think? I welcome all opinions, and appreciate any insight that anyone would like to share. I am highly interested in investigating all the conditions neccesary for the world to enjoy the socio-economic benefits of true Islamic Banking.]]> Tue, 02 Apr 2013 07:52:18 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=25092&PID=175158#175158 Islamic Finance : Responsible Spending http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=170068#170068 Author: alex61564
Subject: Responsible Spending
Posted: 13 November 2012 at 3:28am

I agree! Moderation is the key of life!]]> Tue, 13 Nov 2012 03:28:38 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=170068#170068 Islamic Finance : Tools and Techniques for Community-Based Banking http://www.IslamiCity.com/forum/forum_posts.asp?TID=15923&PID=169809#169809 Author: alex61564
Subject: Tools and Techniques for Community-Based Banking
Posted: 06 November 2012 at 1:46am

Very interesting book. Thank you so much!]]> Tue, 06 Nov 2012 01:46:01 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=15923&PID=169809#169809 Islamic Finance : Pompe a chaleur genève http://www.IslamiCity.com/forum/forum_posts.asp?TID=23936&PID=168126#168126 Author: bryceali55
Subject: Pompe a chaleur genève
Posted: 23 September 2012 at 9:07am

Installation of heat pump in Geneva to receive 3 quotes from professionals who specialize in the installation of heat pumps in Geneva, please complete the form below it will only take 5 minutes.]]> Sun, 23 Sep 2012 09:07:13 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=23936&PID=168126#168126 Islamic Finance : Responsible Spending http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=168056#168056 Author: Polhin
Subject: Responsible Spending
Posted: 21 September 2012 at 12:12am

I would like to add that people should pay their dues on time soi as not toi incur additional charges.]]> Fri, 21 Sep 2012 00:12:21 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=168056#168056 Islamic Finance : Modern Islamic Banking http://www.IslamiCity.com/forum/forum_posts.asp?TID=22644&PID=162014#162014 Author: Ohmarski
Subject: Modern Islamic Banking
Posted: 09 February 2012 at 1:11am

Islamic Banking to succeed should be a combination of the operation of Islam's Baytul Mal and the Western Banking System, i.e., The Islamic Bank should be financed or funded by Zakat, Sadaqa, and depositors (those who keep their money in the Islamic Bank to be withdrawn sooner or later without interest); then the Islamic Bank should then help the people through lending/loans (without interest). This Islamic Bank should be operated or run by the Government so that all the money of the Islamic Bank is owned by the Government, and the Government is responsible to the Islamic Bank. The projects of the Government would be financed by the Islamic Central Bank. This way, the government is watched by the people closely, and corruption is removed from the government. This is the Islamic Government.

Edited by Ohmarski - 09 February 2012 at 1:12am]]> Thu, 09 Feb 2012 01:11:23 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=22644&PID=162014#162014 Islamic Finance : Islamic Finance Maulana Taqi Usmani http://www.IslamiCity.com/forum/forum_posts.asp?TID=12469&PID=161867#161867 Author: m.sumair
Subject: Islamic Finance Maulana Taqi Usmani
Posted: 03 February 2012 at 11:01am

plz revive these links provided above or plz tel us the link whr we can find Mulana Taqi Usmani bayan..]]> Fri, 03 Feb 2012 11:01:08 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=12469&PID=161867#161867 Islamic Finance : Responsible Spending http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=158279#158279 Author: abuayisha
Subject: Responsible Spending
Posted: 04 September 2011 at 7:31am

Yeah, the key is moderation, and even when giving charity.
 

وَلاَ تَجْعَلْ يَدَكَ مَغْلُولَةًإِلَى عُنُقِكَ وَلاَ تَبْسُطْهَا كُلَّ الْبَسْطِ فَتَقْعُدَ مَلُومًامَّحْسُورًا

... And Do Not Make Your Hand Tied To Your Neck Like a MiserNor Stretch It Forth To Its Utmost Reach, So You Become Blameworthy, Destitute.

(Surah 17: Ayah 29)

 

]]> Sun, 04 Sep 2011 07:31:21 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=158279#158279 Islamic Finance : Responsible Spending http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=158273#158273 Author: donna82d
Subject: Responsible Spending
Posted: 04 September 2011 at 12:00am

Good advice. Thank you.]]> Sun, 04 Sep 2011 00:00:56 +0000 http://www.IslamiCity.com/forum/forum_posts.asp?TID=18205&PID=158273#158273