Comments on: Islamic Banking - An Introduction

By: clyd

clyd — Mon, 18 Feb 2008 08:41:12 +0000

The Islamic Bank is a bank securing profit the same as any other bank. The suggestion it is doing the borrower a favour is the same approach as any bank.
Profit is the primary motive which is the cost of doing business. Drawing on a religious view to operate the bank is a marketing ploy only and does no credit to Islam.
Money is the motive and usury is the engine that drives it. The suggestion it works better than present bank structures is false.

By: rizwan hamid

rizwan hamid — Sat, 26 May 2007 10:47:53 +0000

Islamic banking system has opened new horizons and hopes for a muslim like me .In this way a muslim accountant has an opportunity to spent his life according to teachings of sharia without any sort of haram income. May ALLAH continue to develop these banks AMEEN Rizwan from UK

By: ozrisk

ozrisk — Mon, 06 Nov 2006 06:59:31 +0000

Colin,
So am I. pcully has been working in Bahrain over the last few months - whch is why his output has been low - and it has given him some real experience in this area.
Some of the products in Islamic banking may be attractive even to a non-Muslim as they make the bank into more of a venture capital partner - but I think a few in Perth would have not liked to have had Mudharabah mortgages over the last few years. The costs would have been astronomical as the housing price has climbed (roughly doubled over the last 3 years).
OTOH, Sydney people would have really liked it.

By: Colin

Colin — Mon, 06 Nov 2006 06:39:06 +0000

This is great primer on a topic I firmly believe Western Banks have got to get their heads around. This is no longer a Middle Eastern issue. Looking forward to the series.