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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
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