Kerala government gets Reserve Bank of India nod for Islamic banking

[SarthakGanguly]

Kerala, West Bengal and Assam - lost cases. Unless something radical happens Islamic system will be imposed soon enough. We will be spared. But our children? Not sure about that.

Where is Kerala heading, not long before enforcing sharia there.

 

[SamantK]

Where is Kerala heading, not long before enforcing sharia there.

Hey Dude, how have you been?

On topic, I think there is nothing wrong in this. If there is nothing which goes against the laws then it should be fine.

But, this kind of bank should be carefully monitored... Funding sources since there was a mention of the Gulf countries should be monitored very closely and Big investors should be scrutinized very carefully.

 

[SarthakGanguly]

Let me tell you why Islamic Banking stands to destroy the fabric of our country in the very very long run. Since this bank charges no interest, it will charge a transaction fee. In my opinion that will be minimal. Now this will put most other banks - private and public out of work. Because interest free banking is the dream of the poor as well as the rich. Only the middle class will suffer(people who focus on large savings). So the diverse population that works for these banks will be out of work. And instead only a single community will monopolize the banking sector. If the economy is controlled by a single community, you can very well expect the power they are going to exercise.

That indeed is the first step to dominate any country in this era. A smart move. A really smart move.

Hey Dude, how have you been?

On topic, I think there is nothing wrong in this. If there is nothing which goes against the laws then it should be fine.

But, this kind of bank should be carefully monitored... Funding sources since there was a mention of the Gulf countries should be monitored very closely and Big investors should be scrutinized very carefully.

 

[SamantK]

Let me tell you why Islamic Banking stands to destroy the fabric of our country in the very very long run. Since this bank charges no interest, it will charge a transaction fee. In my opinion that will be minimal. Now this will put most other banks - private and public out of work. Because interest free banking is the dream of the poor as well as the rich. Only the middle class will suffer(people who focus on large savings). So the diverse population that works for these banks will be out of work. And instead only a single community will monopolize the banking sector. If the economy is controlled by a single community, you can very well expect the power they are going to exercise.

That indeed is the first step to dominate any country in this era. A smart move. A really smart move.

that bank will not have so much funds to keep giving loans to every tom dick and harry... so other banks going out of business is bull crap.

Secondly, similar banking practices are already being followed.. Farmers get loans cheap, I guess 50 paise interest.. Thats like a formality of interest.

 

[474474]

Where is Kerala heading, not long before enforcing sharia there.

Where is this Burnol heading, not long before your *** stops burning :rapewall:

Let me tell you why Islamic Banking stands to destroy the fabric of our country in the very very long run. Since this bank charges no interest, it will charge a transaction fee. In my opinion that will be minimal. Now this will put most other banks - private and public out of work. Because interest free banking is the dream of the poor as well as the rich. Only the middle class will suffer(people who focus on large savings). So the diverse population that works for these banks will be out of work. And instead only a single community will monopolize the banking sector. If the economy is controlled by a single community, you can very well expect the power they are going to exercise.

That indeed is the first step to dominate any country in this era. A smart move. A really smart move.

Get an education
Many international banks are also offering Islamic options now so stfu

 

[Shabaz Sharif]

Kerala, West Bengal and Assam - lost cases. Unless something radical happens Islamic system will be imposed soon enough. We will be spared. But our children? Not sure about that.

Excelent going by Indian muslims, continue to advance at rapid pace.

 

[Menace2Society]

Indians get ready for another partition.

I can already smell the fear in some posters on this thread.

 

[SarthakGanguly]

I would appreciate if you could resist writing things like 'bull crap'. You may hate my argument but the intelligent thing to do is to provide a counter argument(which you provided in bold)

1. Your assumption is completely incorrect. The base funds of the bank is funded lavishly. The sources - you can guess. Now once the bank is up and running - it only stores 'x' amount from A, and lends 'x' to B. In return it charges both A and B. The way they function is actually similar to the banks that charge interest. If you go for accounts in Dubai etc(though in most cases you wont be allowed to open bank accounts) in Riba free banks, you will know that the 'transaction fee' is actually directly proportional to the amount in question. So the 'interest' is packaged as 'transaction' albeit reduced.

2. I am not against interest free banking. But naming them 'Islamic' is going to be disastrous. Picture the situation - Islamic Bank of Al-Karla --- (hypothetical) --- how many non-Muslims will be willing or even be encouraged to work there?

All these silly things like - Islamic banks, Islamic physics, Islamic law, Islamic taxes bla bla is incompatible with Indian society. If someone falls in love with it(I. Banking) they are free to apply for an Overseas account in some bank account in the Middle East.

that bank will not have so much funds to keep giving loans to every tom dick and harry... so other banks going out of business is bull crap.

Secondly, similar banking practices are already being followed.. Farmers get loans cheap, I guess 50 paise interest.. Thats like a formality of interest.

Where is this Burnol heading, not long before your *** stops burning :rapewall:



Get an education
Many international banks are also offering Islamic options now so stfu

That makes it even more pathetic. Also request - abstain from swearing.

Excelent going by Indian muslims, continue to advance at rapid pace.

Indian muslims are not creating trouble. If you go through the latest reports of the Government regarding fake voters and all you will know who are the trouble-makers. I don't deny that there are local sympathizers.

But then your world view is just a mirror reflection of centuries old hatred - of everything and everyone who is a kafir.

 

[SamantK]

I would appreciate if you could resist writing things like 'bull crap'. You may hate my argument but the intelligent thing to do is to provide a counter argument(which you provided in bold)

1. Your assumption is completely incorrect. The base funds of the bank is funded lavishly. The sources - you can guess. Now once the bank is up and running - it only stores 'x' amount from A, and lends 'x' to B. In return it charges both A and B. The way they function is actually similar to the banks that charge interest. If you go for accounts in Dubai etc(though in most cases you wont be allowed to open bank accounts) in Riba free banks, you will know that the 'transaction fee' is actually directly proportional to the amount in question. So the 'interest' is packaged as 'transaction' albeit reduced.

2. I am not against interest free banking. But naming them 'Islamic' is going to be disastrous. Picture the situation - Islamic Bank of Al-Karla --- (hypothetical) --- how many non-Muslims will be willing or even be encouraged to work there?

All these silly things like - Islamic banks, Islamic physics, Islamic law, Islamic taxes bla bla is incompatible with Indian society. If someone falls in love with it(I. Banking) they are free to apply for an Overseas account in some bank account in the Middle East.




That makes it even more pathetic. Also request - abstain from swearing.

Apologies if your offended .. you are right, giving it a name is a bit out of place.

 

[joekrish]

Hey Dude, how have you been?

On topic, I think there is nothing wrong in this. If there is nothing which goes against the laws then it should be fine.

But, this kind of bank should be carefully monitored... Funding sources since there was a mention of the Gulf countries should be monitored very closely and Big investors should be scrutinized very carefully.

Doing good mate, how are things with you?
On topic I'm not against any banking system. I'm just worried the way Kerala s going
All the money made by the temples go in to sponsering the hajj.
The age limit of marriage being brought down and now this and all this does not end here, if you are a keralite you would understand better.

 

[SarthakGanguly]

Indians get ready for another partition.

I can already smell the fear in some posters on this thread.

Unlike your 'Land of the Pure', with all due respect, we are not going on a rampage in Kerala for example. May be you should look at Balochistan, Karachi and KP in the meantime. While you are busy with your binoculars focused at Kerala, it would be a shame to lose Quetta.

Chill mate. It's becoming of a man of great stature to own up. If I have misunderstood, accept my apologies as well.

Apologies if your offended .. you are right, giving it a name is a bit out of place.

 

[SamantK]

Doing good mate, how are things with you?
On topic I'm not against any banking system. I'm just worried the way Kerala s going
All the money made by the temples go in to sponsering the hajj.
The age limit of marriage being brought down and now this and all this does not end here, if you are a keralite you would understand better.

Yeah I keep hearing some things out of Kerala, maybe the situation is bad..

What worries me is not that they will take over or something, its the consequences when things go over the top. Blood as the price is paid to make things normal.

 

[joekrish]

Where is this Burnol heading, not long before your *** stops burning :rapewall:



Get an education
Many international banks are also offering Islamic options now so stfu

Mate if you can contribute anything do so, otherwise turn around bend your kneees and kiss yourself thrice.

 

[Icewolf]

If Indians dont want Islamic banking, then dont do it

 

[joekrish]

Yeah I keep hearing some things out of Kerala, maybe the situation is bad..

What worries me is not that they will take over or something, its the consequences when things go over the top. Blood as the price is paid to make things normal.

Nor am I worried about who is taking over but things are looking gloom even before the takeover.