I see couple of flaws in the arguments that you have made in this blog Let me try to address each one of them. Hopefully it would be beneficial for the dialogue, a) Islamic Banking is nothing but mere tweak to find a loophole in Shariah.
What needs to be understood from a layman’s perspective is that in Islam interest is prohibited in any form whatsoever. And this has been legislated so that there is no outright exploitation of the lendee in the long term. It would take a book to write about the differences with traditional financing schemes, but let me point the reader to this well documented article: http://www.usc.edu/dept/MSA/economics/islamic_banking.html b) You have drawn a smilitude between Islamic Banking and Islamic Extremism:
Islamic Banking as the name suggests has its main source from Shariah but it does not necessarily mean that it is strictly for Muslims. It can be considered as an innovative way for financing which encourages entreprenuership. Both lender as well as lendee come in together as business partners and hence equally share profit or loss from the deal. As long as profits/benefits are made by both the parties and the system proposed is benefitial, I don’t see why only muslims would stick with the said system. Let’s not fall into the trap of labelling. c) Islamic Banking as a something that is against secularism or that they cannot coexist:
See the explaination for (b). As a developing country, we should research and explore on all those avenues where we can create a healthy ecnonomy. I have seen that these days we try to debate each and every argument in terms of religion and loose mututal benefit that we would gain if we were to collaborate with each other. We can’t be more secular if we are not open to all those ideas which benefit us. Comment by Naheed — September 6, 2007 @ 1:57 am
What needs to be understood from a layman’s perspective is that in Islam interest is prohibited in any form whatsoever. And this has been legislated so that there is no outright exploitation of the lendee in the long term. It would take a book to write about the differences with traditional financing schemes, but let me point the reader to this well documented article: http://www.usc.edu/dept/MSA/economics/islamic_banking.html b) You have drawn a smilitude between Islamic Banking and Islamic Extremism:
Islamic Banking as the name suggests has its main source from Shariah but it does not necessarily mean that it is strictly for Muslims. It can be considered as an innovative way for financing which encourages entreprenuership. Both lender as well as lendee come in together as business partners and hence equally share profit or loss from the deal. As long as profits/benefits are made by both the parties and the system proposed is benefitial, I don’t see why only muslims would stick with the said system. Let’s not fall into the trap of labelling. c) Islamic Banking as a something that is against secularism or that they cannot coexist:
See the explaination for (b). As a developing country, we should research and explore on all those avenues where we can create a healthy ecnonomy. I have seen that these days we try to debate each and every argument in terms of religion and loose mututal benefit that we would gain if we were to collaborate with each other. We can’t be more secular if we are not open to all those ideas which benefit us. Comment by Naheed — September 6, 2007 @ 1:57 am
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