Islamic Banking in Canada

[WestCoastRunner]

Goddess mentioned how horrific it would be for Muslims to have their own banking system in Canada without providing evidence of how disasterous it would be or how Europe is suffering from those consequences.

When dicussing Islamic banking, it would help to provide information on how it works and why it's becoming so popular worldwide:

“Islamic finance is attractive to ethical investors or those looking to do business with Shariah-compliant businesses,” said Farmida Bi, a London-based banking lawyer and head of Islamic finance in Europe at Norton Rose Fulbright global law firm.
“These economies (in non-Muslim countries) are interested in the financing opportunities that Islamic finance can offer, both as an external investor and to respond to the demands of their indigenous Muslim populations,” she told Arab News.

“The opportunities emanating from the FinTech scene and the ethical financial space gives rise to how the UK’s Islamic finance can look at shaping and taking the lead in fulfilling the wider needs of society through technology and innovation, especially with a younger, more socially active generation wanting to join the industry,” she told Arab News.

"In a survey by Al-Rayan Bank in 2014, 57 percent of non-Muslim participants said Islamic finance was relevant to all faiths because they believed it was ethical.
“Many professionals working in Islamic finance today have a background in conventional finance and banking, and many of those are non-Muslim,” Mahmood said."

Here in Canada:

"If there is a risk that a change in government is going to change its view on that kind of investment, that spooks investors," he said. "So the government must be clear to say . . . 'We're open to Islamic finance, we welcome it,"' Islamic finance – which bans interest payments and investments in gambling, pornography, weapons, alcohol, tobacco and pork – is a fast-growing niche in the financial services industry.

Hejazi says the Islamic ban on interest doesn't mean consumers borrow money for free – it just requires loans to be structured more like partnerships between financial institutions and borrowers.

"The whole idea or the concept is to avoid people becoming buried in debt because, back in the days of the Prophet, ... when people weren't able to pay their debt they were enslaved or exploited," he said.

In the case of commercial loans, that means both the bank and the borrower must have a vested interest in the success of the underlying business.

"If the underlying business does well, they share in the profit," Hejazi says. "If it does poorly, they share in the losses. That's the fundamental difference; this idea of shared risks, and nobody can have a guaranteed return."

Sources:  http://www.arabnews.com/node/1046871/business-economy

http://www.cbc.ca/news/business/islamic-finance-banking-1.3378034

[Goddess]

25 minutes ago, WestCoastRunner said:

Goddess mentioned how horrific it would be for Muslims to have their own banking system in Canada

Just to clarify - I didn't say this.

I said I didn't agree with them setting up a seperate banking system alongside our's that favours them.  There are benefits to not paying interest, obviously, but it should be the same for everyone, not just Muslims.   I don't agree with having 2 seperate systems for 2 types of people.

https://www.dawn.com/news/845231

There is disagreement amongst Muslim scholars about whether or not paying interest is disallowed or not.

Quote

Yet, there are many Islamic scholars who feel that banking interest is not prohibited by Islam. Many modern commentators of the Quran also translate riba as usury and not as simple banking interest. From Pakistan Prof Fazlur Rehman, who had migrated to the US and taught at Chicago University for a number of years, wrote a very well-argued paper on the permissibility or otherwise of banking interest. He came to the conclusion that banking interest is not prohibited. Even those who do not agree with this view must read his article. It is very scholarly and based on original sources.

Quote

There were no banks during the time Islam appeared on the scene. People used to borrow money from private moneylenders and return double or more than the actual amount. Thus we see riba was the doubling of double (3129), which ruined the poor borrowers who often borrowed either for personal needs or small trade. This is certainly condemnable and all governments should take action against such practices.

 

[eyeball]

25 minutes ago, Goddess said:

Just to clarify - I didn't say this.

I said I didn't agree with them setting up a seperate banking system alongside our's that favours them.  There are benefits to not paying interest, obviously, but it should be the same for everyone, not just Muslims.   I don't agree with having 2 seperate systems for 2 types of people.

Wait a minute...we have credit unions for us communists and they work just fine along side the capitalist banking system with no harm.

No intrest you say? I say Allah Akbar.

[WestCoastRunner]

29 minutes ago, Goddess said:

Just to clarify - I didn't say this.

I said I didn't agree with them setting up a seperate banking system alongside our's that favours them.  There are benefits to not paying interest, obviously, but it should be the same for everyone, not just Muslims.   I don't agree with having 2 seperate systems for 2 types of people.

https://www.dawn.com/news/845231

There is disagreement amongst Muslim scholars about whether or not paying interest is disallowed or not.

 

You don't have to be a Muslim to be a customer and they could very well offer products that can't be offered by a Canadian bank. They would also have to follow federal regulations. I still don't understand the hyperbole. 

[WestCoastRunner]

54 minutes ago, eyeball said:

Wait a minute...we have credit unions for us communists and they work just fine along side the capitalist banking system with no harm.

No intrest you say? I say Allah Akbar.

Exactly. In fact, to open an account at a credit union you need to have a satisfactory credit rating while at the banks you don't. Even in Canada we are restricting memberships to Canadians within our own domestic banking system.  

[Boges]

I would imagine having a credit rating is an abomination to God too, since that means you've actually borrowed money from a financial institution. 

I wouldn't invest money with people if they didn't give me a return on my investment. That's why the system is manipulative. How can you invest money? It'd better to keep it in a mattress then. 

[taxme]

3 hours ago, WestCoastRunner said:

Goddess mentioned how horrific it would be for Muslims to have their own banking system in Canada without providing evidence of how disasterous it would be or how Europe is suffering from those consequences.

When dicussing Islamic banking, it would help to provide information on how it works and why it's becoming so popular worldwide:

“Islamic finance is attractive to ethical investors or those looking to do business with Shariah-compliant businesses,” said Farmida Bi, a London-based banking lawyer and head of Islamic finance in Europe at Norton Rose Fulbright global law firm.
“These economies (in non-Muslim countries) are interested in the financing opportunities that Islamic finance can offer, both as an external investor and to respond to the demands of their indigenous Muslim populations,” she told Arab News.

“The opportunities emanating from the FinTech scene and the ethical financial space gives rise to how the UK’s Islamic finance can look at shaping and taking the lead in fulfilling the wider needs of society through technology and innovation, especially with a younger, more socially active generation wanting to join the industry,” she told Arab News.

"In a survey by Al-Rayan Bank in 2014, 57 percent of non-Muslim participants said Islamic finance was relevant to all faiths because they believed it was ethical.
“Many professionals working in Islamic finance today have a background in conventional finance and banking, and many of those are non-Muslim,” Mahmood said."

Here in Canada:

"If there is a risk that a change in government is going to change its view on that kind of investment, that spooks investors," he said. "So the government must be clear to say . . . 'We're open to Islamic finance, we welcome it,"' Islamic finance – which bans interest payments and investments in gambling, pornography, weapons, alcohol, tobacco and pork – is a fast-growing niche in the financial services industry.

Hejazi says the Islamic ban on interest doesn't mean consumers borrow money for free – it just requires loans to be structured more like partnerships between financial institutions and borrowers.

"The whole idea or the concept is to avoid people becoming buried in debt because, back in the days of the Prophet, ... when people weren't able to pay their debt they were enslaved or exploited," he said.

In the case of commercial loans, that means both the bank and the borrower must have a vested interest in the success of the underlying business.

"If the underlying business does well, they share in the profit," Hejazi says. "If it does poorly, they share in the losses. That's the fundamental difference; this idea of shared risks, and nobody can have a guaranteed return."

Sources:  http://www.arabnews.com/node/1046871/business-economy

http://www.cbc.ca/news/business/islamic-finance-banking-1.3378034

All any government in any country needs to do is to start issuing it's own currency themselves, and not allow private banksters to do it for them. Canadians borrow from these banksters, and then have to pay them back with interest. It makes no sense. Canada owes billions to these Rothchild created banksters, and no one here appears to want to mention this well known fact. Why? Is it just plain ignorance or do they know but they would prefer to not have to inform we the people about this theft? Imagine Canada not owing billions to these banksters, and instead create the money it needs for itself to run their country without interest. Wow, what a concept, eh?  Think about it. 

[Moonlight Graham]

If you want to live by sharia law, don't live in a secular country like Canada.  There are many harmless aspects to it, there's also many horrific aspects.

If a Muslim wants to set up a bank that doesn't charge interest, go right ahead, but it has to be open to everyone me thinks.

[WestCoastRunner]

19 minutes ago, Moonlight Graham said:

If you want to live by sharia law, don't live in a secular country like Canada.  There are many harmless aspects to it, there's also many horrific aspects.

If a Muslim wants to set up a bank that doesn't charge interest, go right ahead, but it has to be open to everyone me thinks.

What are the horrific aspects of Islamic banking in Canada? 

[dialamah]

1 hour ago, WestCoastRunner said:

What are the horrific aspects of Islamic banking in Canada? 

The tellers might be wearing headscarves?

[Moonlight Graham]

2 hours ago, WestCoastRunner said:

What are the horrific aspects of Islamic banking in Canada? 

mortgage jihad!

[capricorn]

51 minutes ago, dialamah said:

The tellers might be wearing headscarves?

You mean banks still have tellers?

[dialamah]

1 hour ago, capricorn said:

You mean banks still have tellers?

The ones I go to do.  Ling line ups too.

[taxme]

4 hours ago, dialamah said:

The ones I go to do.  Ling line ups too.

There will always be tellers in a bank until the day when the cashless society comes along. Pretty much by then every last one of them will be history. Another excuse for the globalist banksters to want a cashless society. Less employees to have to pay. It is great how the system works for the banksters where if one needs a loan or mortgage it is all done digitally. The money is created out of thin air, and the digital money is charged to the borrowers digital account. No actual dollar bills handed out anymore. Sounds nice and convenient but a danger for freedom.