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[Discussion] Debt CollectionViews: 144
Oct 09, 2008 5:36 am [Discussion] Debt Collection

SOEB FATEHI
Ritu . . .

I believe you mean that Islamic (adjective not suggestive of religious beliefs but descriptive of an economic school) Finance is very relevant to understand the crux of the matter?

In fact Islamic Finance principles are not distant from the rules of economic conduct prescribed by any accepted religious faith. I do not recall reading about Abraham, Moses or Jesus suggesting borrowing or lending with or without interest. Norse, Maya, Japanese, Greek, Roman and any other Mythology do not boast of deities assigned the role of administering interest bearing borrowings. I have not seen any new reports of any of the wise and learned Shankaracharyas encouraging people to borrow beyond their means and teaching people to lend in any manner to enslave or strangulate their creditors.

To help readers who may wish to understand . . .

Islamic Finance goes far beyond the prohibition of Riba (usury - loosely translated = interest) . . . .

A little understanding of the underlying principles applicable to daily life regardless of ones' belief systems is offered for the interested reader -
http://hazariba.com/index.shtml
http://www.soundvision.com/Info/life/riba.asp
http://www.soundvision.com/Info/life/20kids.asp
http://www.soundvision.com/Info/life/18.asp

Beyond but often stemming from interest are the practices of insurance as a mechanism to hedge against the unforeseen . . . Insurance as practised today is a highly lucrative business option. The question is . . . is the insurance business run ethically?

In Islamic Finance theories there are many strictures on transactions based on credit and costs attached to credit. If studied with diligence then many forms of Royalty, Lease, Hire, Mortgage and Licence would face the block. If you go on to correlate the analysis of historic economic systemic upheavals with these strictures you will find revealing but not alarming/shocking answers.




The question remains . . . Why?




Private Reply to SOEB FATEHI (new win)





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