The September 25, 2007 Adnan Yousif, chairman of the Union of Arab Banks (UAB), has signed a memorandum of understanding with the Italian Banking Association (ABI) for the opening in Italy by the end of 2008, a one-stop based on the principles of the Koran, in line with what is happening in other European countries. A year has passed, during which he discussed many issues related to the growing presence of Muslims in Italy - the opening of mosques, mixed marriages, the study of the Koran in schools, use of the veil in public places - but no one has seriously deepened the benefits that would have employers and Italian investors, if they could turn to, instead of the usual money-lenders, including banks to Islamic law. If we really want to liberalize our financial system, then we should be open to all banks, not just those inspired by the American model.
The most famous of Islamic banking is the prohibition on charging interest. The Koran (sura 2, verse 275) prohibits riba on the loan. The term refers not only to wear, that is an excessive interest rate, but to any award of interest on loans and deposits. According to sharia, Islamic law is that, only the work of man can justify the enrichment, both ethical and legal. It is not lawful to receive any interest, not least because it represents a gain related to the creditor as simple time.
Islam allows only one type of loan - called qard-el-hassan, which literally means good loan - where the lender does not charge any interest or additional amount to the amount paid. The lender offers the loan to get the blessing of Allah and expects a reward from Allah alone. The resources for this type of transaction are taken from a solidarity fund, said tenth legal (zakat), formed by the voluntary contributions that all Muslims pay for the poor and which are managed by banks on behalf of local communities or governments. The money paid as a good loan is used for consumption purposes or for the purchase of basic necessities.
The condemnation of usury comes from the fact that money is regarded as units of measurement and method of payment. Not having any intrinsic value, can not generate more money through the payment of interest. Human work, the spirit of initiative and the risk inherent in a productive activity, are more important than the money used to finance them. Muslim jurists consider money as potential capital rather than as capital in the strict sense, in the sense that it becomes capital only when it is invested in economic activity. Consequently, the money advanced form of a loan is considered a debt of the company and not a capital. As such, shall not be entitled to any profit. Its purchasing power can not be used to directly create greater purchasing power, but must pass through an intermediate stage that the sale of goods and services.
From this view of money, Islamic finance is based on the idea that provider and user of the currency should share equally in the risk business, so that the whole community, not just a category of economic operators, benefits. This applies to factories, farms, service companies or simple trade. Translated into banking terms, means that everyone involved - the depositor, the bank, the debtor - must share the risks and gains arising from the financing of an asset. It is the principle of profit-loss sharing, known but poorly implemented in the Western banking system, which instead requires the debtor to repay the loan received, along with the interest imposed, regardless of success or failure of his business.
Technically, the sharing of business risk is embodied in various forms of financing, associative or participatory. With Murabaha the bank purchases a machine for the customer and sells it to the customer at a higher price. Mudaraba with the bank invests funds on behalf of the customer and take a share of the profits from the investment. Bank deposits are generally accepted in that form. Musharaka with the bank and the customer set up a company, or purchase an equity stake, sharing profits and losses arising from it.
Islamic law also prohibits the gharar, a word that means uncertainty, risk, speculation. The contracting parties must be fully aware of the currency they are traded as a result of their transactions and can not predetermine a guaranteed profit. The so-called futures - which are promises of future purchases or sales - are considered immoral financial instruments, as well as financial transactions in foreign currencies because exchange rates are determined by interest rate differentials. Many Islamic scholars disapprove the indexation of the level of debt through inflation.
However, some transactions are regarded as exceptions to the principle of gharar, such as sales with advance payment (bai 'bithaman Ajil) and the contract of leasing (Ijara). However, there are specific legal requirements and ensure that these contracts must be concluded in order to minimize any risk. For example, Islamic leasing - which allows the bank to buy an asset for a customer and rent for a certain period, after which the customer can buy those goods - the purchase amount must be equal to the total rate, by only the remuneration of the service provided by the bank.
Finally, we must consider that one of the pillars of Islam is giving (zakat), based on the idea of \u200b\u200bpurification of one's wealth through a partial redistribution, which takes the form of a religious duty. It is subject to the same banks and millions of believers, even those immigrants. These figures are huge, difficult to assess, which form an uninterrupted flow of resources used to assist the most needy, but also a form of funding for defense and spreading the faith.
The first Islamic bank was born in Egypt in 1963, but only after the oil crisis of the early seventies began the real development of Islamic finance. In 1975 it was decided to establish a public bank, the Islamic Development Bank, with the participation of 44 member countries of the Organization of Islamic Conference (OIC), established since 1969. The major shareholders are Saudi Arabia (26%), Libya (16%) and Kuwait (13%). Its mission is to promote trade between Muslim nations, finance leasing and sales in advance, create special funds for development projects.
was born the same year the Dubai Islamic Bank, the first Islamic private bank, and in 1978 established the first Islamic bank in Luxembourg, Western Europe, then known as Islamic Banking, Islamic Financial System and now House. In 1979, Pakistan decreed the Islamization of the whole banking sector.
The same thing happened in Iran and Sudan in 1983. Currently there are 166 Islamic banks, which concentrate about 80% of the collection in the Middle East and the rest in other Muslim countries, mainly Malaysia and Indonesia. The four major groups: Dallah Albaraka Group (Saudi Arabia), the Dar al Maal Islami Trust (Saudi Arabia), Alrahj Group (Saudi Arabia) The Islamic Investor (Kuwait).
In recent years, Islamic equity funds have been launched following strict criteria in selecting securities. Excluded are companies immoral areas (alcohol, tobacco, pornography, pork, weapons), those who have a debt of over 33% of capitalization, those who trade with Israel and those who practice usury, that is all Western banks and insurance law. Worldwide there are 144 well-distributed profits growing Islamic funds in the form of bonds (sukuk), which, unlike Western bonds, do not pay interest in the strict sense, but coupons are representative of a share in profits related to the activities of selected companies.
The first sukuk was issued in 1990. Ten years later came the second issue, only 3 sukuk for 336 million dollars. In 2003, increased to 37 for a total of $ 5.7 billion. In 2006, 199 sukuk were issued for more than $ 27 billion, some 206 in 2007 to almost $ 47 billion, and finally 44 in 2008 for another 2.4 billion. Islamic finance has not been affected by the recent U.S. subprime mortgage crisis. Being prohibited lending at interest and the marketing of debt, non-Muslim investors run the risk of buying complex products, such as the infamous collaterized debt obligations, which triggered the crisis.
The authoritative rating agency Moody's estimated that the assets of Islamic banks, in just one year, increased by 20% reaching € 500 billion dollars. Same time highlights the risks associated with the belief that these institutions serve to finance international terrorism. Obviously the system has no usurer Western strategy to halt the advance of the banks of Allah except fuel this belief and encourage the so-called clash of civilizations, with the ghost of Bin Laden, who appears periodically to deliver claims and threats.
For the Italians, who are not Muslims but are tired of being subjected to the power of money lender, the appeal of Islamic finance is mainly explained in relation to the dysfunction of global finance. This applies especially for the South, where the gap with the North, is also measured in terms of cost of money. But overall, it's all the Italian economy to be held hostage by a banking system that favors the profits of the money creators, ie banks, compared to the needs of the users of money, that is, firms and households. The bank
without bankers. This is the cornerstone of Islamic socialism. In Western capitalism exists, however, a structural conflict between the banking industry, producing money out of nothing and making money on time, and industrial and commercial enterprises, who are struggling to produce work that guarantees the interests and crushed by oppressive taxes dall'usurocrazia overall. It would be reductive to consider it a conflict within the capitalist class, as it represents the true class struggle: work against wear, employers and workers against bankers.
PS. LO VE YOU SEE BERSCONI paying the Zakat?
AND THEN EUROPE AND AMERICA ARE BOTH to criticize the Islamic State .. BUT who are ashamed of himself and of the Zionist regime usurer ENDORSE THAT ALWAYS TO MAKE!
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