High Interest Islamic Development Bank Loan for BD

[LaBong]

translation:I seek refuge in Allah from the accursed Satan

Thanks Bomben for translation. Others, please do provide the translation for those who don't know the language next time, with all gentleness.

 

[LaBong]

Lets face it IDB or any so callled ISlamic bank is pure play of words...they cannot transfer a penny from point A to B between continents without suscribing to intrest based channels or be assured to go out of business.

There is already an Islamic bank about to start in Kerala.

India's first Islamic bank to start in Kerala - Rediff.com Business

The first Islamic bank in the country with active involvement of the Kerala [ Images ] government is likely to start operations in Kochi by next year as the bank's registration formalities are currently being fulfilled on a war footing.

The Kerala industries department is actively involved in the new initiative and a high level meeting held at Kozhikode on August 12 had approved a project report prepared by Ernst & Young.

Kerala State Industrial Development Corporation, which is the designated agency for the formation of the bank, will have 11 per cent stake in the proposed banking company.

According to government officials in the know, it will be registered as a non-banking finance company in the beginning and later get transformed into a full-fledged Shari'ah-compliant bank. It is likely that the registration formalities will be completed in the current year itself and the NBFC will become operational in 2010.

The project proposes to raise an initial capital of Rs 500 crore (Rs 5 billion) from leading non-resident Indians and Indian business houses. According to sources close to the development, leading NRI businessmen such as Mohammed Ali, MA Yusuf Ali, CK Menon and other Kerala-based industrialists such as Azad Mooppan have shown keen interest in the venture.

Though an RBI study group had eariler rejected the concept of Islamic banking, it got the backing of the Raghuram Rajan Committee on banking reforms. Purely based on Shari'ah principles, the bank will avoid interest-based business activities.

The proposed Kerala-based bank plans to invest funds in infrastructure projects, and two areas, Bai al Salam and Instinsa, under Shari'ah have been identified for such investments.

The bank will invest all its funds in wealth generating investment avenues and will distribute profit to its shareholders. The proposed Islamic bank will also set apart a social fund, compulsory under Shri'ah principles and the Islamic banking concept, and will provide interest-free loans to the Gulf returnees to set up business or small scale ventures.

The concept is getting widespread support among the Muslim community of the state as a large number of rich Muslims are strictly practicing Shari'ah principles in business.

A major chunk of such persons do not have a bank account. A lot of discussion is also going on whether investment in capital market is against Shari'ah principles. A section of the community believes that share trading is against the fundamentals of Islam. So the formation of an Islamic bank will be a relief to them.

This concept is very popular in West Asia and in predominantly Muslim nations such as Malaysia and Indonesia. Leading international banks such as HSBC and Standard & Charted have exclusive Islamic banking windows.

According to sources, the biggest challenge before the Kerala-based bank will be the formation of a Shai'ah Supervisory Board in order to monitor the activities of the bank. The board should include independent scholars on Shari'ah and banking business.

 

[mjnaushad]

Thanks Bomben for translation. Others, please do provide the translation for those who don't know the language next time, with all gentleness.

And those who dont know the language should avoid translating themselve on assumptions and should not make funny comments as you are translating verse from someone's religious book.

 

[eastwatch]

Sir I am sorry to interrupt you again but Bangladesh government own bank run based on interest as well.

USURY has been prohibited by our religion. Yet, the Arabs will charge us $64 million dollar for just over a $100 million. We are discussing this Bank named Islamic Development Bank. You seem to be very happy with these Arab disciples of Jewish teachers.

 

[LaBong]

And those who dont know the language should avoid translating themselve on assumptions and should not make funny comments as you are translating verse from someone's religious book.

Look, the guy quoted the sentence with respect to a discussion in which I was a participant. As I don't know the language and neither did he provide a translation so it's natural I'll comment on assumption. Once again it was not possible for me to know if he is quoting a religious text, even then I have full right to make fun of religious text be it Hindu/Islam/Christian or Satanic for that matter which I chose not to exercise(as I deleted my comment after knowing the meaning), but still remains my prerogative . I don't thing people will prefer if answer them quoting Bengali poems which I religiously follow.

 

[TopCat]

There is already an Islamic bank about to start in Kerala.

India's first Islamic bank to start in Kerala - Rediff.com Business

The first Islamic bank in the country with active involvement of the Kerala [ Images ] government is likely to start operations in Kochi by next year as the bank's registration formalities are currently being fulfilled on a war footing.
.

Islamic banking is very lucrative compared to traditional banking. So a lot of people are trying this concept including in UK.
They dont charge or offer interest but participate as a stake holder in every venture they offer loan to. The same thing applies to depositor where depositors were offered the profit not the interest.

 

[LaBong]

Islamic banking is very lucrative compared to traditional banking. So a lot of people are trying this concept including in UK.
They dont charge or offer interest but participate as a stake holder in every venture they offer loan to. The same thing applies to depositor where depositors were offered the profit not the interest.

Yes, it's a new(to the general world) phenomenon. There is no hard and fast rule that the present banking system is the best we can have. Islamic Banking is included in specialization courses in Banking sector even. But problem is it will be too rigid to be universally accepted in a competitive market, but we can absorb certain aspects of it for sure, specially where banking system is monopolized thus misused.

 

[TopCat]

Yes, it's a new(to the general world) phenomenon. There is no hard and fast rule that the present banking system is the best we can have. Islamic Banking is included in specialization courses in Banking sector even. But problem is it will be too rigid to be universally accepted in a competitive market, but we can absorb certain aspects of it for sure, specially where banking system is monopolized thus misused.

Even HSBC is offering Islamic banking now a days. Its getting popular day by day once people get to know the system.

 

[nForce]

Even HSBC is offering Islamic banking now a days. Its getting popular day by day once people get to know the system.

Can you please elaborate a bit on the Islamic banking part?? Is it like providing easier loans to Muslims,something like that???

 

[TopCat]

Can you please elaborate a bit on the Islamic banking part?? Is it like providing easier loans to Muslims,something like that???

No, its nothing to do with easier loan. But its all about avoiding interest which is Haram according to Islam.

You have to first understand the definition of Interest according to Islam. If you lend money to somebody where there is no risk involved on a fixed return including the capital lended called interest in Islam which is haram. But business is legal in Islam where you invest money and take equal responsibility of loss and profit.

In Islamic banking when you deposit money, you actually invested money in that bank like mutual fund. The bank will collectively invest those money in different venture and collect profits out of it and return back to the depositor as a profit. They will never get into a agreement with the depositor for a fixed return like 8% or 9% yearly like that. Neither Bank will lend any money on a fixed rate rather will take the profit from the venture. I know few people who deposited money in Islamic bank could get more than 12% yearly return but ofcourse its variable.

 

[nForce]

No, its nothing to do with easier loan. But its all about avoiding interest which is Haram according to Islam.

You have to first understand the definition of Interest according to Islam. If you lend money to somebody where there is no risk involved on a fixed return including the capital lended called interest in Islam which is haram. But business is legal in Islam where you invest money and take equal responsibility of loss and profit.

In Islamic banking when you deposit money, you actually invested money in that bank like mutual fund. The bank will collectively invest those money in different venture and collect profits out of it and return back to the depositor as a profit. They will never get into a agreement with the depositor for a fixed return like 8% or 9% yearly like that. Neither Bank will lend any money on a fixed rate rather will take the profit from the venture. I know few people who deposited money in Islamic bank could get more than 12% yearly return but ofcourse its variable.

ohh..its very much like mutual fund..but then,this model works if someone wishes to deposit money,or invest money,for which we may or may not have better options of mutual fund available.What if someone wishes to take a loan??Any provisions for that???

 

[justanobserver]

^
Someone sure is frustrated

 

[Anonymous_Clown]

LOL. Someone needs to do the same things to this guy PAK_ZINDABAD and his family, then he will understand.

 

[Hyde]

If any Pakistani member in this forum who has joined before today will agree with you then I will quit/hate PDF. Because I have not seen such post by any Pakistani member before. Are you really Pakistani? By the way, I have never used report button but thinking to do so.

Mod please confirm us whether he is Pakistani or not with appropriate proof and screen shot of his IP.

Come on Skies,
Idiots are in all countries, but the way he wrote clearly suggests he is an Indian..........and perhaps i know this guy.........he used to spam this forum same way couple of months ago

Came up with multiple IDs and continued spamming....his only post used to be this one or similar comments just to spread hate and create distances between both brotherly nations. You can't be stupid to even think like this way

 

[LaBong]

I don't know what agenda these people have,
But do you really think any wise person would write like this?

Its a same troll that came couple of months ago and implementing his agenda and what else

Will be hanged till death, don't worry - i used India's name because it was last time that his IP address is tracing back to India

---------- Post added at 07:10 PM ---------- Previous post was at 07:10 PM ----------



Some hidden agenda............ what can I say?

Wise man? Who demands so! Most possibly some kid in his adolescence who's got beaten by all aspects in life. There are plenty of them around, as I said, just check youtube or other non-moderated forums.