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Okay, so how is this different then from traditional Islamic financing?
by santiago on Sat Feb 21st, 2009 at 10:56:30 PM EST
[ Parent ]
santiago:
Okay, so how is this different then from traditional Islamic financing?

No difference at all. It's just a new way of doing it.

The Peer to Peer investment I advocate Muslims know as Musharakah. The Peer to Peer Credit / Guarantee Society I advocate is to all intents and purposes what they know as Takaful.

It was only when I started to present partnership financing in public about three or four years ago that someone in the audience pointed out that Sharia'h compliance is inherent in it.

As I understand it, the sharing of risk and reward of partnership-based finance, and the stewardship of Commons in the model, is in accordance with the values underpinning all religions.  

It's just that it's only Islam that still - nominally - makes an issue of it. Most "Islamic Finance" in fact consists of putting Islamic lipstick on a distinctly unIslamic deficit-based pig. A select few scholars make extremely good money finding ways in which this may be done, which is IMHO virtually indistinguishable from the purchase of indulgences by Catholics that got Martin Luther so worked up.

Some would say an Islamic reformation is long overdue, but that would be a Diary in itself, and not one I am qualified to write....

I believe that partnership-based enterprise models may welkl be optimal, which is why they are emerging. The fact that they are also ethical is an interesting attribute.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sun Feb 22nd, 2009 at 05:55:11 AM EST
[ Parent ]
Some would say an Islamic reformation is long overdue...
Careful what you ask for. It depends of how it comes down.  How many reformations have been followed by fundamentalist upsurges in the great mass of believers?  I doubt it is unique to Protestant Christianity.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Feb 22nd, 2009 at 02:49:23 PM EST
[ Parent ]
I didn't actually say I was asking for this, but I think that few believe that seventh century desert Islam can adequately address 21st century problems.

And if a fundamentalist upsurge has not been going on this last fifty years (if not longer) then I don't know what has!

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sun Feb 22nd, 2009 at 03:02:54 PM EST
[ Parent ]
Well there theres enough that believe that 7th century BCE  Talmudic social rules can adequately adress 21st century problems, so it may be that there are more than would be liked who might think thatdesert islam is the best way.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Feb 22nd, 2009 at 03:25:16 PM EST
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I agree that it would be good to reconcile Islamic values with 21st century understandings, such as they are, of tolerance for diverse cultures and beliefs.  But it always seems that movements that emphasize tolerance and compassion and that originate among elites of a given society and religion have a nasty way of being followed by fundamentalist backlashes among the not-so-elite. Wish it weren't so....

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Feb 22nd, 2009 at 04:45:03 PM EST
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