07-11-2005, 02:39 AM
one more thing, money is only a medium of exchange. it was invented to remove the defects of barter system.
If we remodel ur example to a barter system and the bank lends out goods ( let say worth 100,000) and wants goods worth 110,000 back in payment of the loan. then the entrepreneurs wud be able to sell goods and make profit in the form of goods and payback the bank the loan in the form of goods.
assuming the economy is expanding and there is no limit to which goods can be mined and manufactured, the problem of "liability exceeding assets" as quoted by u wud never arise.
I dont mean to humiliate u, neither do i want to prove that i am a genius. I merely want to point out that u have been reading the writing of some "pseudo-intellectual" and recommend the u maintain ur faith in Allah and dont resort to such "supporting examples".
Please dont take offence. I am doing this in good faith and i have firm faith the Riba is Haram.
Ice Blue
If we remodel ur example to a barter system and the bank lends out goods ( let say worth 100,000) and wants goods worth 110,000 back in payment of the loan. then the entrepreneurs wud be able to sell goods and make profit in the form of goods and payback the bank the loan in the form of goods.
assuming the economy is expanding and there is no limit to which goods can be mined and manufactured, the problem of "liability exceeding assets" as quoted by u wud never arise.
I dont mean to humiliate u, neither do i want to prove that i am a genius. I merely want to point out that u have been reading the writing of some "pseudo-intellectual" and recommend the u maintain ur faith in Allah and dont resort to such "supporting examples".
Please dont take offence. I am doing this in good faith and i have firm faith the Riba is Haram.
Ice Blue
