[GJM] Islamic Banking, and Finance on You Tube!!

Mon Aug 13 05:11:28 MDT 2007

Dear Rodney,

     Yes, I am well aware that the so-called Islamic
banking carried out is something of a
"deception"...and a "clever" one at that. However, I
thought the videos would be of interest so to speak!
Infact, I remember giving Peter Challen in the Houses
of Parliament some intriguing publicity leaflets from
a bank which was looking for customers for their
sharia compliant banking!!!!

In the 21st century it is not necessary to have 100%
reserve banking (as in "genuine" Islamic banking).
This is stone age thinking ofcourse when we could have
advanced computer technology developed to deal with
inflation levels, and price flexibility necessary for
the present competative capitalist system. As I have
mentioned in an earlier email there have been some
very interesting developments in the money markets
(excusing ofcourse the present financial crisis!)
using algorithmic trading.

Binary Economics is fine to a point but we do need
something desparately more powerful to achieve real
social, economic, and political progress in the
shortest space of time possible (notably global
warming). Here, I am referring naturally to 
Transfinancial Economics, or TFE. It is absurd to
believe that BE is the be-all and end-all of economics
as you seem to think. It can plays a very important
part in the general scheme of things. The same is also
true of interest free monetary reform. 

The real, and the most important system of thought is
the development of TFE. Only a fool would think
otherwise. All other reforms are limited in
comparison.

TFE can lead to greater, and more sustainable
productivity with the authorized transmission of money
as grants, and interest free money. Ofcourse, grants
notably for start up businesses already exist as well
as credit with interest. Yet, with TFE this process is
increased as never before.

 Special grants ensuring sustainability would be
included to ensure that future businesses are
environmentally friendly, and the like.
Rigorous checks would be in place to prevent fraud
(ofcourse there would always be the capital to fund
such regulations)

BE would come about if people want fairer distribution
of wealth. With the TFE the whole process can be
speeded up, and it may even be possible for people to
acquire "capital ownership" more easily by means of
special grants rather than the loans (using shares as
"collateral" for the "capitaless"). More importantly,
this wealth from productive businesses would be
stabilized as financial crashes as we understand now
them would not exist. This appears to be a feature
interest free monetary reform....however, with TFE,
and advanced computer technology we have greater
assurance that it can never happen again because the
financial system is far more advanced.

Anyway, I will leave it that. Put that in your pipe
and smoke it!!

Best Wishes,

Robert Searle

--- Rodney Shakespeare
<rodney.shakespeare1 at btinternet.com> wrote:

> Dear Robert,
> 1.    There is much misunderstanding about "Islamic
> Banking".  Such banking is generally part of
> conventional finance the only difference being that
> the contracts between banks and customers appear to
> avoid the payment of riba/interest but in practice
> do not.  Riba/interest appears to be avoided because
> the contracts make use of particular legal devices
> e.g. a double sale, or a mark-up.  As a result
> "Islamic Banking" is now more profitable than
> conventional banking and it is expanding into a
> field of millions of people who previously did not
> make use of banking services (believing them
> corrupted by riba).
> 
> At the Harvard conference a year or so ago it became
> very clear that conventional banking believes that
> there is now no essential difference between itself
> and "Islamic Banking" -- it is a matter of brand
> name presentation.  For example, they both use
> fractional reserve banking (which creates money) out
> of nothing; they both add interest (although one
> uses particular legal devices to avoid the
> appearance of interest); and they are both
> essentially unconcerned about the development and
> spreading of productive (and the associated
> consuming) capacity thereby getting the Say's
> Theorem balance and forwarding social and economic
> just
> 
> Those things said, there are undoubtedly many people
> in the Islamic Banking industry who feel trapped by
> the fact that they are part of conventional banking
> and would like to find a new way forward.  The
> problem for them -- is how?  They have to keep their
> jobs etc.
> 
> Rodney Wilson is Professor at Durham.  It is fair to
> say that he is very knowledgeable about "Islamic
> Banking".
> 
> 2.    Very different. of course, is the Islamic
> Economics/Finance developing at Trisakti University.
>  It proposes a gradual move to 100% reserve banking
> (thereby curtailing the ability of the banking
> system to create money out of nothing and add
> riba/interest) and, at the same time, opens up a
> supply of interest-free loans, administered by the
> banking system, for the development and spreading of
> productive capacity.  Such economics'finance would
> never result in the sort of financial collapse we
> may be seeing starting at this moment.  The article
> on binary economics on Wikipedia gives you the
> essence of what is proposed.  Alternatively, go to
> www.binaryeconomics.net.
> 
> 
> Rodney Shakespeare
> 
> 
> 
> 
> 
> 
> ----- Original Message ----- 
> From: "robert searle" <dharao4 at yahoo.co.uk>
> To: <discussion at globaljusticemovement.net>
> Sent: Saturday, August 11, 2007 5:52 PM
> Subject: [GJM] Islamic Banking, and Finance on You
> Tube!!
> 
> 
> > 
> > Dear All,
> > 
> >       There appears to be some interesting stuff
> on
> > Islamic Finance on You Tube. There is even another
> > Rodney...in this case a Rodney Wilson who appears
> in
> > one of the You Tube entries though I did not see
> all
> > of his video...
> > 
> > R.Searle
> > 
> > --- YouTube Service <service at youtube.com> wrote:
> > 
> >> Searle8 wants to share a video with you:
> >> http://www.youtube.com/watch?v=tVhnWBilJYM
> >> 
> >> Video Description
> >> 
> >> http://islamicfinanceandbanking.blogspot.com
> >> 
> >> Need for Islamic standards?
> >> 
> >> Islamic banking is flourishing around the world,
> but
> >> currently there are no international standards,
> with
> >> each institution having its own advisory board.
> >> Hussain Al Qemzi, CEO, Sharjah Islamic Bank looks
> at
> >> the future, and whether standardisation is
> needed.
> >> 
> >> Personal Message
> >> 
> >> This is awesome!
> >> 
> >> To accept my friend request, click here:
> >>
> >
>
http://www.youtube.com/signup_login?u=dXxouEwAvMs&ci=C60759C03279362B
> >> 
> >> To respond to Searle8, click on the following
> link:
> >> http://www.youtube.com/outbox?to_user=Searle8
> >> 
> >> Thanks,
> >> Searle8
> >> 
> > 
> > 
> > 
> >     
>
___________________________________________________________
> > Yahoo! Answers - Got a question? Someone out there
> knows the answer. Try it
> > now.
> > http://uk.answers.yahoo.com/ 
> > 
> > _______________________________________________
> > Discussion mailing list
> > Discussion at globaljusticemovement.net
> >
http://globaljusticemovement.net/mailman/listinfo/discussion_globaljusticemovement.net>
_______________________________________________
> Discussion mailing list
> Discussion at globaljusticemovement.net
>
http://globaljusticemovement.net/mailman/listinfo/discussion_globaljusticemovement.net
> 

      ___________________________________________________________
Yahoo! Answers - Got a question? Someone out there knows the answer. Try it
now.
http://uk.answers.yahoo.com/ 