03-10-2009, 11:09 AM
Dears
I have listened about Saudi Arab and Iran several times from many educated people. I am not pointing out any of you here. Could someone shed some light how banking system works in two countries? What is the motivational force that spur economic activities specially in financial sector? How do banks perform inter-bank transactions? How their foreign trade sector works i.e. how do they deal with foreign banks/ firms/ businesses etc.? What do they charge on over due payments? How do they regulate economic activity and money supply?There are many more questions one can think.
Yes, we should respect whatever efforts are being done in Islamic countries which are trying to develop systems/ procedures/ products based on Islamic principles and acceptable to Muslims globally. But to date these are in initial stage. What their percentage share is in worlds economy, banking, finance and trade? Can partially developed products be presented as fully developed system and be presented as alternative to ailments of existing system. Writing books is different and developing fully tested system is much more than that. How can we compare hypothetical concepts written in books with fully operating system. At-least develop a complete alternative, working, fully tested, and generally accepted system to masses and then compare the two. Otherwise, it would be like comparing a student who just have passed grade 12 with fully designated accountant with 35 years (or many more) of experience.
Though there are many demerits, but capitalism, socialism, or communism etc. are fully existent and working systems. So, first develop a fully workable system and then compare. It is just like Indians, whose fighter jet aircraft is still on papers for last 35 years or so, compare qualities/ advantages of that aircraft all the time with Pakistani/Chinese made JF17 Thunder which is fully developed, flying and operational. Is this comparison a reasonable effort? Offcourse not.
Please do not take a false impresion after reading this post.
Regards
I have listened about Saudi Arab and Iran several times from many educated people. I am not pointing out any of you here. Could someone shed some light how banking system works in two countries? What is the motivational force that spur economic activities specially in financial sector? How do banks perform inter-bank transactions? How their foreign trade sector works i.e. how do they deal with foreign banks/ firms/ businesses etc.? What do they charge on over due payments? How do they regulate economic activity and money supply?There are many more questions one can think.
Yes, we should respect whatever efforts are being done in Islamic countries which are trying to develop systems/ procedures/ products based on Islamic principles and acceptable to Muslims globally. But to date these are in initial stage. What their percentage share is in worlds economy, banking, finance and trade? Can partially developed products be presented as fully developed system and be presented as alternative to ailments of existing system. Writing books is different and developing fully tested system is much more than that. How can we compare hypothetical concepts written in books with fully operating system. At-least develop a complete alternative, working, fully tested, and generally accepted system to masses and then compare the two. Otherwise, it would be like comparing a student who just have passed grade 12 with fully designated accountant with 35 years (or many more) of experience.
Though there are many demerits, but capitalism, socialism, or communism etc. are fully existent and working systems. So, first develop a fully workable system and then compare. It is just like Indians, whose fighter jet aircraft is still on papers for last 35 years or so, compare qualities/ advantages of that aircraft all the time with Pakistani/Chinese made JF17 Thunder which is fully developed, flying and operational. Is this comparison a reasonable effort? Offcourse not.
Please do not take a false impresion after reading this post.
Regards
