What is the solution for this problem – A Genie?
OMG!!!!!!!!!!!!! Poor Genie
Then what only could be the solution?
If you lose something, we have to find it only in the place where you have lost it.
Folks………..
Where did this economic downturn start?
In the Banking Industry.
The solution too lies there.
Here comes my recommendation............
Islam says lending money for interest is sinful.
Islamic Banking is a partnership-based Banking System.
For Example, A bank lends you money to start your business.
If you get a profit in the business, share it with the bank.
If you get a loss, the bank will give you more time to repay and if there are no traces of improvement in your business the Bank would even be generous enough to forsake the money that was lent .
Amazing right?
People with a good knowledge in Islamic Economics know that Islamic Banking is not a new Concept.
What does it has to do with the economic downfall?
Today, two major problems faced are inflation and unemployment.
In the Banking Industry.
The solution too lies there.
Here comes my recommendation............
Introduction of Islamic banking could be a recommended measure at this hour.
You think this is another controversial blog? Nah
Islamic Banking is not a religion. It is a system founded by the people of that religion.
What is Islamic Banking?
It is an interest-less banking and Value-Based Banking.
You think this is another controversial blog? Nah
Islamic Banking is not a religion. It is a system founded by the people of that religion.
What is Islamic Banking?
It is an interest-less banking and Value-Based Banking.
Islam says lending money for interest is sinful.
Islamic Banking is a partnership-based Banking System.
For Example, A bank lends you money to start your business.
If you get a profit in the business, share it with the bank.
If you get a loss, the bank will give you more time to repay and if there are no traces of improvement in your business the Bank would even be generous enough to forsake the money that was lent .
Amazing right?
People with a good knowledge in Islamic Economics know that Islamic Banking is not a new Concept.
What does it has to do with the economic downfall?
Today, two major problems faced are inflation and unemployment.
I strongly believe that Islamic Banking could mitigate both of them.
Consider a producer spends Rs.100 in manufacturing a product. The Final price of the product will be the sum of Cost price, profit and the interest (Cost Price + Profit + Interest). If there is no interest, the final price of the product will be less. Inflation is thus minimized.
The president of United States, Mr. Obama asks entrepreneurs to start new Business pursuits and he asks Banks to fund them. Today’s economy needs new employment opportunities. But, Entrepreneurs are reluctant in taking monetary risks. It is very evident that Islamic Banking is a risk mitigated system. So, entrepreneurs would welcome it with their arms wide open. Greater the job opportunities, unemployment would be lesser.
Doesn’t Islamic Banking sound like the order of the day?
This reminds me about the story, “The Duck that lays Golden Eggs”. No sensible let go the duck that lays Golden Eggs.
Consider a producer spends Rs.100 in manufacturing a product. The Final price of the product will be the sum of Cost price, profit and the interest (Cost Price + Profit + Interest). If there is no interest, the final price of the product will be less. Inflation is thus minimized.
The president of United States, Mr. Obama asks entrepreneurs to start new Business pursuits and he asks Banks to fund them. Today’s economy needs new employment opportunities. But, Entrepreneurs are reluctant in taking monetary risks. It is very evident that Islamic Banking is a risk mitigated system. So, entrepreneurs would welcome it with their arms wide open. Greater the job opportunities, unemployment would be lesser.
Doesn’t Islamic Banking sound like the order of the day?
This reminds me about the story, “The Duck that lays Golden Eggs”. No sensible let go the duck that lays Golden Eggs.
Would we?
