ISLAMIC BANKING

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ISLAMIC BANKING

Postby Florence » 14th September 2010, 13:00

Dear Zambia,

When is Islamic Banking coming to Zambia? may be things will be ok because those guys are serious in whatever they do....no interest and unnecessary bank charges ...i hope its true...
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Florence
 

Re: ISLAMIC BANKING

Postby MOG » 14th September 2010, 13:23

Let's not Islamic things here. Next we'll have Shari'a law here and women's dressing will be controlled.

In fact this is also called Shari'a banking. It's the beginning of accepting that violent religion.
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MOG
 

Re: ISLAMIC BANKING

Postby Rogue Trader » 14th September 2010, 14:19

Not all is as it seems with Islamic Finance. Whilst interest per se is prohibited, financiers have found ways of getting around this.

For instance, when we arrange for a Sharia compliant mortgage, the transaction is structured in such a way that the bank and borrower enter into a contract where the bank in effect buys the
property to be used as collateral and resales it at a
profit. The payment term is equivalent to what would have been the loan term.
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Rogue Trader
 

Re: ISLAMIC BANKING

Postby Palarreroglam » 14th September 2010, 20:22

MOG wrote :
> Let's not Islamic things here. Next we'll have Shari'a law here and women's
> dressing will be controlled.
>
> In fact this is also called Shari'a banking. It's the beginning of
> accepting that violent religion.

Oh c'mon MOG, are you a yank or a Zambian who's been yankeenised?

Google is your friend. Use it before you start making foolish comments.
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Palarreroglam
 

Re: ISLAMIC BANKING

Postby Ring leader » 14th September 2010, 21:54

Yo Mog,
I have posted below an excerpt from google as suggested by Prof. Palarreroglam. You can read the full article there. At google, I mean.

I just want to point out two key components of this Islamic banking ka thing.
1. interest is neither charged nor paid.
2. A bank will only practice Islamic banking within a Muslim community.

Are you willing to denounce Jesus Christ in order to have Islamic Banking? That's a rhetorical question. I don't even know who Jesus Christ is. I have only heard that he is one bad man. Maybe he is good, I forgot. One or the other. Whoever Jesus Christ is, the point is he is irrelevant to this discussion.


COURTESY OF GOOGLE:
"Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment or acceptance of interest fees for the lending and accepting of money respectively, (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community."
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Ring leader
 

Re: ISLAMIC BANKING

Postby Rogue Trader » 14th September 2010, 23:06

Ring Leader

That's some useful information you've posted. You quite rightly mention that this type of finance is provided in an Islamic setting. Dare I say, we need not be an Islamic state for our banks to offer these products. Zambia has a considerable Muslim population with significant business interests. The first bank to introduce Sharia compliant financing will reap huge rewards (from a monetary point of view).

As I earlier said, the banks have already devised ways of mitigating the fact that no interest is paid or received. Every investor wants a return on their investment but the idea is that these gains should not be construed as interest. The same applies to mortgages and loans.

At the end of the day, Sharia loans will still cost money in much the same way that other loans would (I think that answers a question posed by the originator of this thread).
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Rogue Trader
 

Re: ISLAMIC BANKING

Postby MOG » 15th September 2010, 08:05

To the guy with the long name above. I don't have to be a Yankee before I know how dangerous some religions are when some emotionally unstable join them. We lost some brothers and sisters at Kenya and Uganda embassies not very long ago to some excited believers in Shari'a. I say we don't give them a single symbol of acknowledgement by calling anything by their name.

This has nothing to do with Christianity, just security.
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MOG
 

Re: ISLAMIC BANKING

Postby Chimbambachatole » 15th September 2010, 08:51

By the guy with a long name i suppose you mean me. I also hope that you know that religion is the sin. Not Christianity alone. Not Islam or Hinduism or whatnot. All religion is a sin.

For more than 30 years in Ireland, Catholics and Protestants, butchered each other in a bloody civil war. All in the name of God. The one God. The same God.

In the 1990s in the Bulkans, Chirstians slaughtered their neighbours of amny many years. Because those hieghbours were Muslim.

In Nigeria, Muslims kill Christians and Christians kill Muslims, in the name of God.

Religion is a sin.
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Chimbambachatole
 

Re: ISLAMIC BANKING

Postby Florence » 15th September 2010, 12:25

Mog,

You are not being fair here...lets not attach religions....what i wanted to know was whether its true their monies dont attract alot of interest.

Thanx to those who understood what i was trying to put across.
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Florence
 

Re: ISLAMIC BANKING

Postby Plofessor Palarreroglam » 15th September 2010, 22:30

MOG,

Suit yourself my friend. From the little that I know, it's been argued that if the world was running on an Islamic financial system, there would have been NO recessions! I'm not an economist, but if the current financial systems have caused so much havoc lately, why not try an alternative, one which is gaining ground everywhere as a viable other

And since you sincerely believe in Islam being a violent religion, I sincerely hope that you fall victim to their violence, just so you can prove me wrong and say "I told you so." I prefer you convey that message from hell.
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Plofessor Palarreroglam
 

Re: ISLAMIC BANKING

Postby florence » 16th September 2010, 13:05

Plofessor

at least i created a storm for you hahahah.....
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florence
 

Re: ISLAMIC BANKING

Postby Plofessor Palarreroglam » 16th September 2010, 18:58

Oh Florence,

Thank you. I am belligerent fellow as it is :)
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Plofessor Palarreroglam
 

Re: ISLAMIC BANKING

Postby Pangolin » 17th September 2010, 12:29

Hey Florence, Islamic banking is already here. I believe Intermarket Bank has that. I am not sure about the other banks.
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Pangolin
 

Re: ISLAMIC BANKING

Postby Mhd » 20th September 2010, 00:24

Hey u are so much in the dark islam is a very p/ful religon now wen u tok of th folowers we hav bad eggs in al races and religons ,eg mohan and 2 of hz colegues it doesnt min every1 is lyk thm ,tok of embasy bombings its muzungus doin it and blaming muslims , ThINK MAN
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Mhd
 

Re: ISLAMIC BANKING

Postby Plofessor » 20th September 2010, 07:00

Hey Mhd, how hard is it to write out your full name as Mohammed? Please refer to this link on this same website (dearzambia.com/viewtopic.php?f=21&t=702&p=2536#p2536) before ending up making a fool of yourself.

It's you who is in the dark. I mean you write like you've never been to school before.
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Plofessor
 

Re: ISLAMIC BANKING

Postby Alan » 20th September 2010, 17:10

I am a full supporter of religious tolerance and I firmly believe that Islam and Christianity are equally good or equally bad. Depending on what angle you look at it.

But I still think Mhd is a fool.
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Alan
 

Re: ISLAMIC BANKING

Postby Chama » 20th September 2010, 19:21

This is the problem with this stupid sms shorthand culture. Mhd above writes: "Islam is a p/ful religion," among other shorthand things.

What is p/ful?

Pitiful?

Powerful?

Painful?

WRITE INTELLIGENTLY. DON'T BE MENTALLY LAZY.
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Chama
 

Re: ISLAMIC BANKING

Postby Bandena » 2nd May 2011, 17:29

Is it true that a chambermaid had to be called to clean up the room where Osama bin Gotten was killed? They say Osama had soiled his pants before taking a bullet to his head. What an unceremonious ending.

By the way, how do they select which 77 virgins in heaven are going to have sex with a martyr of Osama's reputation? Does Osama get to make any special requests? Say he is doing virgin number 23, can he send a special request to virgin number 34 and demand that she wait for him in a kama sutra position? How does this virgin sex thing work exactly?
bugger.
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Bandena
 

Re: ISLAMIC BANKING

Postby Mchombo » 2nd February 2015, 22:37

[quote="Florence"]Dear Zambia,
When is Islamic Banking coming to Zambia? may be things will be ok because those guys are serious in whatever they do....no interest and unnecessary bank charges ...i hope its true...[/quote]


Is this some kind of sick joke? How can you trust your money with cuckoo banker and the next time you disagree with his religious zealotry he is willing to blow your ass up back to the stone age
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Mchombo
 


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