Discuss the design, implementation and your suggestions in relation to the Equal Money System.
It does have several similarities to the Shariah Financial System wherein money has no intrinsic value and only stands as a means to distribute the resources – economically called ‘assets’ – in equal ways, which means that money stands as an administrative tool rather than a value in itself as it currently exists in the capitalist system. Though, there will be no investments or trade possible in terms of being able to generate any form of profit – hence there will be no generation of ‘wealth’ as the principle of Equality implies that Life is the only value. This stems from the realization that there can be no profit implied and deriving from giving and receiving life as a right that all human beings must be unconditionally endowed with. From the perspective of the Shariah system stemming from religion, within the Equal Money System there is one single principle that will provide the foundation for all policies and regulations within an Equality Banking System: one cannot make any form of profit from giving/ receiving life – thus there is no private property and no capitalization of goods to generate profits and eventual shares.
The goal is to use money as a means to administrate the resources available and using a mathematical system to ensure that transparency within the allocation of goods takes place through providing the necessary access to the required goods/ services to live – all of this within the consideration that wanting more than what you need is greed, and because of the Equal Money System standing first and foremost as a living-system that values only life in equality, the education of the human being is and will be part of the methods to ensure that the banking system is understood as a mere structure to ensure equal-quality living through managing the distribution of resources/ services for all in equality. This practically means that the banking system will not take any function to gain from investments through capitalizing any form of money, as money will truly only exist as a tool to give and receive in a fair and self honest manner to live in dignity, provided in the way that the goal above specifies.
Junaid wrote:There is a huge contradiction between the theory and practical implementation of sharia's definition of interest, since rent denotes a time based value for money and it is being used almost in all Islamic banks, as means of return on loans.
Another factor in Islamic banking is sukkook (a sort of treasury bond) and investment in mutual funds which is not governed by any strict policies or control to restrict investment in stock and commodity market or to discourage income through speculation. Again the twist of words to hide the concept of gambling through Credit Default Swaps and Derivatives which takes place behind the curtain or under the table.
I personally feel that if you want to judge a system, judge it by its fruits or outcome. Those Arab rulers and governments funding major components of sharia banking, are getting richer and richer while their assets are increasing day by day, at the cost of a deteriorating middle class or the lower class. If sharia would have been an effective means of banking, the economies in Islamic countries would have been able to control the income inequalities and would have been able to reduce the gap between haves and have-nots, but this never happened, rather the Islamic countries failed completely to address these issues, while the ruling class kept on piling up their wealth, declaring it as gift of God, declaring poverty and deprivation as God's will, a concept equally accepted by the poor who still believe that their poverty is a test to them from God, and not the result of greed of few who are thriving at the cost of suffering of many.
'Once the individual has accumulated some wealth, Islam guides and motivates him to invest at least part of it to achieve some altruistic intentions."
Increasing wealth for self-satisfaction only, may lead to greed and corruption whereas increasing wealth for both self and others may lead to content. “Those who spend their wealth for increase in selfpurification and have in their minds no favour from anyone for which a reward is expected in return, but only the desire to seed for the countenance of their lord most high—soon will they attain complete satisfaction” (Sura Layl 92; 18–21).
waseemameer wrote:Hi my name is waseem and I would like to add something about islamic financing, though I am not expert of banking.
People in islam are passionate about islamic finances and banking. I myself enquired about the loan ( with the intent that I might find lower interest rates/rent) but I was amazed by the fact that they charge almost double than what standard bank does and yet people are so crazy about borrowing money from islamic finances. I guess religion is the best way to keep you shut from being exploited and advocate the same craziness at every level.
There are mufti's around sydney who have given fatwa about borrowing money from the banks as they are worried about all the assets will be owned by non-muslims
I guess religion is the best way to keep you shut from being exploited and advocate the same craziness at every level.
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