The sole purpose of this survey is to find out if you actually know the mechanism behind Islamic Banking? Especially when there groups out there who also tells people that Islamic Banking is similar to conventional bankings and they generate RIBA or back door RIBA. There is a massive confusion even we at Islamicevents becomes confuse too. And thats why we too want to know if you are also lost in all this uninformed knowledge. Before that lets share a little bit of what we know. As this knowledge is rarely written down or being informed in simplistic manner, a majority of us Muslims dont really know or understand. For most when we ask them why they signed up for islamic Banking, they say its ISLAMIC so they go for it. Thats too simplistic dont you think? Do you actually know that ISLAMIC BANKS dont treat money as money? Cos ISLAM dont teach us that. To us MUSLIMs, money is just a medium of exchange not a commodity. There must be tangible things that are associated with money. In the past every single piece of paper money is backed by gold or silver - more known as the dinar and dirham. Example. If you have $1000, you actually own $1000 worth of gold and silver. Instead of carrying around the weight of the gold and silver, people save it in the bank. And move around with the contract (paper money) that shows that they own the gold and silver. To buy things people just use that paper and exchange it for goods. Today a lot of this is non existence. Just ask the banks if they can give your gold and silver back. Most of them will think you are crazy. But if you go to an ISLAMIC BANK, you will be surprise that they can give you what you agreed on. In the recent talks that we attended by Halal Universe, they invited CIMB Bank Officers. There they explained that each money you bank in with CIMB, you can actually get PALM OIL in Malaysia. And they can deliver it to you if you want however you have to bear the delivery expenses. And recently the news of HSBC collapsing (whether true or not), it is a very big indication that the Conventional banks are in the verge of trouble. So back to the survey. Do you know how Islamic Banking works?
Posted on: Fri, 31 Jan 2014 09:16:32 +0000
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