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*you're not even Islamichehe doesn't islam say to respect other religions in the Qu'ran or however you spell it?? you're obviously not even islam..
Interest is not a modern system. It has been proven (by Economists, heck even in Economic classes your own TEACHER proved that an interest based system WILL never lead us to ending the numerous wealth distribution issues, as well as reduce a family's MPC which drives the economy through the multiplier effect.)as is the case with most religious principles that directly contradict modernity
Not all of them, but yes that would be true. You are also correct in that in the current setting no muslim practicing pure full reserve banking practices. Although this does also apply to all other religious faiths (considering the major players) - http://en.wikipedia.org/wiki/Usurymoslams find creative ways to completely circumvent their religious principles, such as restrictions on usury. moslams most certainly don't ever practice full-reserve banking.
Matches up and exceeds self-proclaimed economist experts as seen on mainstream news channels. Wearing a trendy suit does not equal an Economist.year 12 economics
lol good luck in an economy where you can't earn interest. bonds, deposit accounts, managed funds, superfunds? pre-banking the only way to invest your wealth was by injecting capital into business.
^^
Therefore sharing the risk between investor and the entrepreneur.
An interest loan only results in the lender having a 100% win rate, as regardless on whether the business fails or succeeds they will claim a profit (the Interest plus Principal both have to be repaid - one way or another).
Having no interest means people will only invest in businesses they firmly have faith in that will generate a profit.
that's beside the whole point that interest is really a negligible point considering money can be invested in a variety of other instruments which essentially have the same effect.
^^then you are discriminating against those who never will or have any interest in anything apart from depositing their money into a term deposit or a savings account? the more sophisticated individuals will be happy to take advantage of these other instruments. the fact that they can earn interest by simply sticking their money in an account is actually slightly reducing the wealth inequality that exists.
That's correctIslamic finance has interest disguised as profit. Bank buys your house for 200k and sells it back to you for 500k over 20 years or something. Almost exactly the same as a mortgage.
Confirmed TrollInterest is not a modern system. It has been proven (by Economists, heck even in Economic classes your own TEACHER proved that an interest based system WILL never lead us to ending the numerous wealth distribution issues, as well as reduce a family's MPC which drives the economy through the multiplier effect.)
Not all of them, but yes that would be true. You are also correct in that in the current setting no muslim practicing pure full reserve banking practices. Although this does also apply to all other religious faiths (considering the major players) - http://en.wikipedia.org/wiki/Usury
Interest is bad. Period.