Investment banker replied on Wednesday, December 3, 2008 11:13 AM
AoA All, The system without interest is already proposed and is working quite effectively around the world; US, Canada, UK, as well as around the Muslim world. You can get more details on the system without interest at: http://www.meezanbank.com/pages.aspx?iPageID=177 I'm an investment banker from US. I'm telling you from my experience, and after reading several lengthy documents and agreements, that Islamic banks do not work on interest. Rather than extending the argument, I would like to invite all of you to go to the above link and read yourself how Islamic financing works. Also, in the current financial crisis, when all the banks in the world have gone south Islamic banks are mostly unhurt. This is mainly because these banks do not deal with interest; including mortgage back securities that brought our whole system (and the rest of the world) down. This is a good forum, let us please try to understand each other. This can possibly be done by gaining and sharing knowledge... |