Islamic Finance - Modern Islamic Banking

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Modern Islamic Banking

Printed From: IslamiCity.org
Category: Religion - Islam
Forum Name: Islamic Finance
Forum Description: Islamic Finance
URL: https://www.islamicity.org/forum/forum_posts.asp?TID=22644
Printed Date: 26 April 2024 at 4:28pm
Software Version: Web Wiz Forums 12.03 - http://www.webwizforums.com

Topic: Modern Islamic Banking

Posted By: Ohmarski
Subject: Modern Islamic Banking
Date Posted: 09 February 2012 at 1:11am

Islamic Banking to succeed should be a combination of the operation of Islam's Baytul Mal and the Western Banking System, i.e., The Islamic Bank should be financed or funded by Zakat, Sadaqa, and depositors (those who keep their money in the Islamic Bank to be withdrawn sooner or later without interest); then the Islamic Bank should then help the people through lending/loans (without interest). This Islamic Bank should be operated or run by the Government so that all the money of the Islamic Bank is owned by the Government, and the Government is responsible to the Islamic Bank. The projects of the Government would be financed by the Islamic Central Bank. This way, the government is watched by the people closely, and corruption is removed from the government. This is the Islamic Government.