11-11-2003, 05:43 PM
Asalam o alaikum
CBPian it would be easier if you could unfold your grudge against ICAP somewhere else cause you could realy get a handful of readers there.
yar SARfaraz, agar smraza jawab deta bhee hay to kia faida, gol mol jawab hee deta hay (jk) keep up the good work , raza
I've come across some modarabas and also a friend was doing some research on ijara and consequently he studied meezan bank too (he shared some of his opinions with me too) but I dont remember the details of ijara and all, but I would say one thing and that is all this modaraba leasing and ijara is just another way of doing the same interest business (its just that we take a different route to the same objective)
Musharika, I think is much closer as far as the process is concerned but like others, the purpose is the same (provide a risk-less, fixed return except for a very minimum return for a certain , usually very tough, level of profitability and loss is minimised through the takaful reserve concept) so it all narrows down to doing the same thing as was done in an interest based economy and labeling it as Islamic by changing the processes.
Some experts even argue about that interest is not just on money, which is a monetary asset, it is also on other assets (like machinery) which are non monetary by charging over and above the regular price (which is what we do in lease)
and I feel skeptic about Moulana Taqi Usamani too. but later on that.
Me rulz
CBPian it would be easier if you could unfold your grudge against ICAP somewhere else cause you could realy get a handful of readers there.
yar SARfaraz, agar smraza jawab deta bhee hay to kia faida, gol mol jawab hee deta hay (jk) keep up the good work , raza
I've come across some modarabas and also a friend was doing some research on ijara and consequently he studied meezan bank too (he shared some of his opinions with me too) but I dont remember the details of ijara and all, but I would say one thing and that is all this modaraba leasing and ijara is just another way of doing the same interest business (its just that we take a different route to the same objective)
Musharika, I think is much closer as far as the process is concerned but like others, the purpose is the same (provide a risk-less, fixed return except for a very minimum return for a certain , usually very tough, level of profitability and loss is minimised through the takaful reserve concept) so it all narrows down to doing the same thing as was done in an interest based economy and labeling it as Islamic by changing the processes.
Some experts even argue about that interest is not just on money, which is a monetary asset, it is also on other assets (like machinery) which are non monetary by charging over and above the regular price (which is what we do in lease)
and I feel skeptic about Moulana Taqi Usamani too. but later on that.
Me rulz
