Muslims in many countries are excused paying bank charges

HSBC Bank has established a special unit, Amanah Bank, to offer Muslim banking services, which are organised so that they do not levy interest charges, which are condemned in the Koran as usury.

http://business.timesonline.co.uk/ar...381575,00.html




Who they hell do they think they are, NAZIS ?

[Yahoshua]

Too late....

http://www.obsessionthemovie.com/HitlerAndTheMufti.mp4

[Skybird]

Actually, this is one of the extremely rare occasions were I tend to agree with Islam, at least in parts, in principle. I think the world would be better off if no one could make additional money by just lending and leasing money to others. It is neither a constructive nor a creative effort. Economical policy and the behavior of companies and the widespread economic selfishness would look different if the principle of interest earnings (Zinserträge) coming from lending/leasing money would not exist.

But I am straying off into utopias...

[lesrae]

Originally Posted by Narcosis

HSBC Bank has established a special unit, Amanah Bank, to offer Muslim banking services, which are organised so that they do not levy interest charges, which are condemned in the Koran as usury.

http://business.timesonline.co.uk/ar...381575,00.html




Who they hell do they think they are, NAZIS ?

So what?

[Konovalov]

Originally Posted by Narcosis

HSBC Bank has established a special unit, Amanah Bank, to offer Muslim banking services, which are organised so that they do not levy interest charges, which are condemned in the Koran as usury.

http://business.timesonline.co.uk/ar...381575,00.html




Who they hell do they think they are, NAZIS ?

Who the *&%! do you think you are calling me a Nazi? How the heck does it hurt or affect you in me seeking an account at a bank that does not earn me interest/money in an improper way that's against my religious beliefs. Give me a break. I'm so sick and tired of this. I'm done here.

[aaken]

Even the thread name is wrong. Muslims are not excused paying bank charges, there are special bank account types for muslims in which they do not get any interest. They do pay the bank account charges. They just don't get any interest. Posting an article without even reading it

[August]

Originally Posted by Skybird

Actually, this is one of the extremely rare occasions were I tend to agree with Islam, at least in parts, in principle. I think the world would be better off if no one could make additional money by just lending and leasing money to others. It is neither a constructive nor a creative effort. Economical policy and the behavior of companies and the widespread economic selfishness would look different if the principle of interest earnings (Zinserträge) coming from lending/leasing money would not exist.

But I am straying off into utopias...

But without interest what incentive would there be to lend a person money for a new house or car or whatever? Every time a bank makes a loan to someone they risk that person being unable to pay it back. It seems to me what you're asking is for free money.

[XabbaRus]

What's the big deal.

Maybe you should go back to your Daily Mail.

[STEED]

Originally Posted by Narcosis

HSBC Bank has established a special unit, Amanah Bank, to offer Muslim banking services, which are organised so that they do not levy interest charges, which are condemned in the Koran as usury.

http://business.timesonline.co.uk/ar...381575,00.html

This is old news I remember this from last year.

[Skybird]

Originally Posted by August

But without interest what incentive would there be to lend a person money for a new house or car or whatever? Every time a bank makes a loan to someone they risk that person being unable to pay it back. It seems to me what you're asking is for free money.

Well, if an apple costs one dollar, and you have three dollars - how many apples can you buy...?

Sure it would be a different world. But would it necessarily be worse? Polcie considers you to fulfill one criterion for identifying you as a terror suspect if you do not have a certain ammount of financial debts on your banking account. That normal we consider it to live on tick! Escpeically the USA is living on tick, too, massively, and all Western nations also do so, to lesser degrees. We are consuming financial values that even do not exist! And this is not absurd...?

[August]

Originally Posted by Skybird

Well, if an apple costs one dollar, and you have three dollars - how many apples can you buy...?

Sure it would be a different world. But would it necessarily be worse? Polcie considers you to fulfill one criterion for identifying you as a terror suspect if you do not have a certain ammount of financial debts on your banking account. That normal we consider it to live on tick! Escpeically the USA is living on tick, too, massively, and all Western nations also do so, to lesser degrees. We are consuming financial values that even do not exist! And this is not absurd...?

That's all very interesting but it has absolutely nothing to do with asking people to lend you money for that house or car or whatever you need now without them getting some compensation for the risk they're taking.

[Skybird]

And where it is written that lending money must be considered as a common business? I told you, the world would look different without this mechanism. Look beyond it. Families would need to help their offspring to get a house for their families started. It would be build on soldi existing financial ground, therefore. Instead people ned to take risks and makeing bits on a future that is uncertain, and spend money that they actually do not have. People would have learned since their childhood that they can only pay with what they have. The idea of credit frames and living on tick would be unknown, somehow. Today, kids are learning that they could get a plastic card, and then can pay with what they will not have even one year later. Bank's power and influence would be much more minor. No speculation at stock markets. Sounds far more healthy to me. for arch-capitalists that take profit from the existing system this necessarily must sound like heresy. but it would lead to a situation where people that own more than others still would be in a siutation where they could have oinly far lesser power over others, than it is today. Instead we have an economy that makes decisions not in the interests of a comopany and it'S owner and employees, but hires and fires in a way that maximize the profits of speculating outsiders that have nothing to do with that company'S business at all, and have no interests for it other than to make as much money by letting others do the dirty work.And somehow, that complete system is absurd. especially the last 10-15 years have tought millions of employees in Western nations how absurd it is indeed. They saw totally foreign people makiong big cash by destroying the jobs where the wokrers had to work before - for the profit interests of those that now kicked the down the stairway. Globalisation is fun? The blowback from Asia has started to roll. We already feel it in strength in Europe, and in America sooner or later you will, too. It's our own recipe, turned against us. And it will hurt us immensely.

[August]

Originally Posted by Skybird

And where it is written that lending money must be considered as a common business? I told you, the world would look different without this mechanism. Look beyond it. Families would need to help their offspring to get a house for their families started. It would be build on soldi existing financial ground, therefore. Instead people ned to take risks and makeing bits on a future that is uncertain, and spend money that they actually do not have. People would have learned since their childhood that they can only pay with what they have. The idea of credit frames and living on tick would be unknown, somehow. Today, kids are learning that they could get a plastic card, and then can pay with what they will not have even one year later. Bank's power and influence would be much more minor. No speculation at stock markets. Sounds far more healthy to me. for arch-capitalists that take profit from the existing system this necessarily must sound like heresy. but it would lead to a situation where people that own more than others still would be in a siutation where they could have oinly far lesser power over others, than it is today. Instead we have an economy that makes decisions not in the interests of a comopany and it'S owner and employees, but hires and fires in a way that maximize the profits of speculating outsiders that have nothing to do with that company'S business at all, and have no interests for it other than to make as much money by letting others do the dirty work.And somehow, that complete system is absurd. especially the last 10-15 years have tought millions of employees in Western nations how absurd it is indeed. They saw totally foreign people makiong big cash by destroying the jobs where the wokrers had to work before - for the profit interests of those that now kicked the down the stairway. Globalisation is fun? The blowback from Asia has started to roll. We already feel it in strength in Europe, and in America sooner or later you will, too. It's our own recipe, turned against us. And it will hurt us immensely.

You'll get no argument from me on that, but the practice of lending money for profit is far too entrenched in society for it to be changed now.

[fredbass]

Businesses won't stay in business if they don't make money. August is correct. Lending will continue. The risk will still be there, so the interest charges will still be there for most. It's a fact of life. But remember, you don't have to borrow. That is still your option to make.

[SUBMAN1]

To remove lending from society would have been to hinder the progress of a society. Look at Muslims for evidence of this.

How would the US Gov borrowed so much to do so much if it had no ability to borrow? Freeways is an example of this. If the US Gov did not borrow to pay for Freeways way back when, it would have not taken over as the richest country the world has ever seen.

-S

PS. Do not be fooled by our National Debt either - the US Gov has already worked it out to only pay $.05 on the dollar of it. This is your first clue as a citizen that saving money is a bad idea, regardless what you were told by your parents.