10-09-2003, 09:19 AM
Asalamo Alaikum All,
There has certainly been a lot of "debate". The question I guess is whether we have really learnt much by the discussion so far.
For those who are interested, I found a sites which go into "Islamic Finance" a bit more-
www.islamic-finance.com - run by an ex-Merchant Banker in the UK and writer on Islamic Finance.
I recall that when the currency crisis hit the Far East Nations a few years back, Dr.Mahatir of Malaysia took the bold step of ignoring the IMF and similar organisations and fixed the exchange rate of the Ringgit thereby protecting the country from currency speculators.
Malaysia seems to have benefited greatly by ignoring these institutions which frankly have no interest (No pun intended) in promoting an interest free society.
Just to reiterate, that RIBA is a sin for the RECEIVER (See Surah Baqarah - the second Surah - Ayah (verse) 275 as well as the PAYER - see Surah Baqarah - the second Surah - Ayah (verse) 278 - 281.
Ultimately though, you cannot have an Islamic Economic System within an international framework that is Non-Islamic or if Shariah does not exist. In other words a global Islamic system needs to be established before we can have a truly Halal financial system without feelings of doubt.
There has certainly been a lot of "debate". The question I guess is whether we have really learnt much by the discussion so far.
For those who are interested, I found a sites which go into "Islamic Finance" a bit more-
www.islamic-finance.com - run by an ex-Merchant Banker in the UK and writer on Islamic Finance.
I recall that when the currency crisis hit the Far East Nations a few years back, Dr.Mahatir of Malaysia took the bold step of ignoring the IMF and similar organisations and fixed the exchange rate of the Ringgit thereby protecting the country from currency speculators.
Malaysia seems to have benefited greatly by ignoring these institutions which frankly have no interest (No pun intended) in promoting an interest free society.
Just to reiterate, that RIBA is a sin for the RECEIVER (See Surah Baqarah - the second Surah - Ayah (verse) 275 as well as the PAYER - see Surah Baqarah - the second Surah - Ayah (verse) 278 - 281.
Ultimately though, you cannot have an Islamic Economic System within an international framework that is Non-Islamic or if Shariah does not exist. In other words a global Islamic system needs to be established before we can have a truly Halal financial system without feelings of doubt.