09-07-2007, 03:35 PM
A brother is very confused how if real Islamic banking started as Shahnaz said then how it will be a disaster particularly in the Western word. The answer is very simple which I have very well understood from the original post. When an Islamic Bank, a real Islamic bank where both bank and depositor both are under Islamic laws equal partners and the active partner after earning say 40 per profit more than that which all these banks are today earning and would distribute profit equally saying 20% 20% then may it be a Hindu, may it be a Muslim in USA or may it be a christian in Room will run to such a bank since profit is in simple words worth to their savings. This is as simple as it is. It is just like if tomatoo are being sold at Rs. 50 a kilo in the market, and at Gulshan these are Rs. 25 people will run to Gulshan to buy (to off set the cost in bulk, etc). If the concerned reader has still not understood then he can understand it from one other example. There is suicide bombing, roads in every city are in shamble, every city and town has load shedding, mobile snatching is there, political instability since years is there yet foreign investment is keeping rushing towards Pakistan. Why? Is it a "safe" heaven as safe as US or Canada is safe for our looters. Certainly not. These foreign investors are keep rushing because here due to closures of eyes by State Bank, authorities, etc they can in a very short time pull back all their principals, can pickpocket the people eg on undisclosed levies on Credit cards, bank charges. They can give advertisment on TV giving a phone number for which they tell call charge is Rs. 10 but did not disclose Rs. 74/- undisclosed other charges. Since quick return backs and quich repatriation is blanket permitted hence these investors are here. Likewise when there will be a real Islamic bank (simple meaning disributing profit equally - may be out of 20% a 5% retained for futher capitalisation), then people even of West will invest in this Islamic banking pulling their accounts from normal banking and this will be a disaster to western and even aisa traditional banking. It is as simple - but it is well know more than West our own Mulsim rulers will never let such an islamic banking take place which may annoy Mr. Bush.
