The Brilliance of Islamic Banking !!!!!
by Nisaar Y. Nadiadwala on Wednesday, January 4, 2012 at 9:47pm
Dr Hassan Hussain is known as the father of Islamic Banking. I saw his interview where he said : In past few years Islamic banks have grown at the rate of twenty five percent. This is amazing. In times when we have banks declaring bankruptsy we have a new type of banking system where the investors are part of business and not merely interest getters. The conventional banks are the only among the few business that begins with a huge debt. From day one they are in debt. The money that is deposited in the banks are not an asset of bank but a loan given by the depositers who take interest in return. So the whole game begins with a huge deficit.
In a conventional bank a borrower takes a huge amount of money but gives a share of few fixed percentage and keeps the rest of the money in his pocket. Only one section , the borrower, benefits. So the Realators and the entreprueners benefit . Islamic Banks have a risk sharing, equal partnership and minus ribaa' ( interest). In Islamic banks, the bond holders and the investors will get a share in the profit from the money borrowed from the bank by business. In fact the Islamic bank is just the manager of the depositer's wealth the real wealth belongs to the investors.
Islamic banks are a blessing to conventional economic system that is why even in Non Muslim country there are a lot of banks coming up and even non Muslims investing in and benefitting it and their money is safe unlike other banks. According to Dr Hassan.. he and his team were invited by the Nigerian Government to study Islamic banking system. The poor African nations are fed up trembling under the quaking western Euro economy which is tumbling down to its depth. They are looking for an option which is honest in dealings . Islam is the best rescue.
When British banking giant HSBC Group (HBC ) began offering mortgages carefully formulated to meet Islamic banking practices last year in Malaysia, it was surprised that more than half of its customers were non-Muslim. From Jakarta to Jeddah, 265 Islamic banks and other financial institutions are now operating in some 40 countries, with total assets that top $262 billion. Islamic Banking is reaching its zenith and as Islam is the religion of the entire universe, as the Qur'an says Rahmatulil Almeen a Mercy of entire mankind. as the title of Rasulullah peace be upon him...
http://www.businessweek.com/magazine/content/05_32/b3946141_mz035.htm
http://www.usnews.com/news/world/articles/2008/12/10/the-rise-of-islamic-banking-in-a-time-of-economic-crisis.
Author: Nisaar Nadiadwala speaks and writes on Islama nd Muslims... He can be reached at nisaar_yusuf@yahoo.com
Taken From
by Nisaar Y. Nadiadwala on Wednesday, January 4, 2012 at 9:47pm
Dr Hassan Hussain is known as the father of Islamic Banking. I saw his interview where he said : In past few years Islamic banks have grown at the rate of twenty five percent. This is amazing. In times when we have banks declaring bankruptsy we have a new type of banking system where the investors are part of business and not merely interest getters. The conventional banks are the only among the few business that begins with a huge debt. From day one they are in debt. The money that is deposited in the banks are not an asset of bank but a loan given by the depositers who take interest in return. So the whole game begins with a huge deficit.
In a conventional bank a borrower takes a huge amount of money but gives a share of few fixed percentage and keeps the rest of the money in his pocket. Only one section , the borrower, benefits. So the Realators and the entreprueners benefit . Islamic Banks have a risk sharing, equal partnership and minus ribaa' ( interest). In Islamic banks, the bond holders and the investors will get a share in the profit from the money borrowed from the bank by business. In fact the Islamic bank is just the manager of the depositer's wealth the real wealth belongs to the investors.
Islamic banks are a blessing to conventional economic system that is why even in Non Muslim country there are a lot of banks coming up and even non Muslims investing in and benefitting it and their money is safe unlike other banks. According to Dr Hassan.. he and his team were invited by the Nigerian Government to study Islamic banking system. The poor African nations are fed up trembling under the quaking western Euro economy which is tumbling down to its depth. They are looking for an option which is honest in dealings . Islam is the best rescue.
When British banking giant HSBC Group (HBC ) began offering mortgages carefully formulated to meet Islamic banking practices last year in Malaysia, it was surprised that more than half of its customers were non-Muslim. From Jakarta to Jeddah, 265 Islamic banks and other financial institutions are now operating in some 40 countries, with total assets that top $262 billion. Islamic Banking is reaching its zenith and as Islam is the religion of the entire universe, as the Qur'an says Rahmatulil Almeen a Mercy of entire mankind. as the title of Rasulullah peace be upon him...
http://www.businessweek.com/magazine/content/05_32/b3946141_mz035.htm
http://www.usnews.com/news/world/articles/2008/12/10/the-rise-of-islamic-banking-in-a-time-of-economic-crisis.
Author: Nisaar Nadiadwala speaks and writes on Islama nd Muslims... He can be reached at nisaar_yusuf@yahoo.com
Taken From
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