tag:blogger.com,1999:blog-4257263459445074416.post5866443580009231759..comments2023-10-19T02:40:04.995-07:00Comments on Islamic Finance Asia: Bai Bithaman Ajil contract challenged by High CourtHABHAJAN SINGHhttp://www.blogger.com/profile/07890217612495434519noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4257263459445074416.post-2804088549544142342010-05-09T06:47:10.033-07:002010-05-09T06:47:10.033-07:00Hi there,
To me, the whole concept of Islamic Ban...Hi there,<br /><br />To me, the whole concept of Islamic Banking is as corrupt as it can ever be simply its products do not adhere to the related fundamental tenets of Islam.<br /><br />1. Islam does not encourage borrowing nor lending because Zakat is already in place.<br />2. Usury is totally prohibited.<br />3. Islamic Banking is one based on deception and coercion in that it changes the original borrowing intention to one of commerce, and since the borrower does not have any alternatives, he proceeds with the transaction.<br />4. Islam encourages creditors to relinquish the debt if the debtor is found to be unable to repay due to poverty.<br /><br />Islamic Banking as we know it today can never succeed because the usurious nature of the whole economic system [monetary and banking]. What we have in existence today is just a bunch of Muslim capitalists taking advantage of the disadvantaged Muslims by intentionally misterpreting the the Quran and Hadith. Their behaviour has been duly noted in the Quran where "they" rebutted the call to usury-less activities on the grounds of commerce. This is exactly what these capitalists are doing today. So everyone, do not be duped by them. Bankers are bankers, even with a different face.Anonymousnoreply@blogger.com