Topic: Bitcoin Start Up Finance Based On Islamic Sharia (Read 3664 times)
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Matthew J. Martin is a 30-year-old who grow up in Earlville, New York as the son of a teacher and a skilled blue collar worker. He now lives in San Francisco, where he is building a business around using Bitcoin to allow Muslims around the world to participate in finance without breaking Islamic law.
Blossom is now based in Indonesia, where there is a demand for Islamic finance. While there wasn't enough demand for Islamic financing in the US, the opposite is true in Indonesia, where there are more than 200 million Muslims, according to Pew Research. "Eighty percent of the population is 'unbanked,'" Martin said. "There is a huge need for investment capital."
Blossom recently got its first investment from BMT Nusantara Condet, a financial institution that operates under Islamic principles.
"This investment will help 10 to 20 micro businesses within Indonesia to expand," Martin said. "The idea of helping people create their own businesses to earn a decent living holds a special place in my heart."
https://motherboard.vice.com/en_us/article/the-bitcoin-startup-that-helps-muslims-get-loans-without-breaking-islamic-law
Blossom is now based in Indonesia, where there is a demand for Islamic finance. While there wasn't enough demand for Islamic financing in the US, the opposite is true in Indonesia, where there are more than 200 million Muslims, according to Pew Research. "Eighty percent of the population is 'unbanked,'" Martin said. "There is a huge need for investment capital."
Blossom recently got its first investment from BMT Nusantara Condet, a financial institution that operates under Islamic principles.
"This investment will help 10 to 20 micro businesses within Indonesia to expand," Martin said. "The idea of helping people create their own businesses to earn a decent living holds a special place in my heart."
https://motherboard.vice.com/en_us/article/the-bitcoin-startup-that-helps-muslims-get-loans-without-breaking-islamic-law
i’m not read about Islamic Sharia but bitcoin is most legal and accept coin.
about loan i now Muslims can take loan if they back it with same value . it’s hard but possible
Bitcoin with the Islamic Shari'ah means Bitcoin and similar systems, enabling an adequate medium and this can be used as a financial and Islamic banking exchange rather than usury supported by Fiat currency by the Central Bank. and of course this will be used by some circles as well as among those who can not have accounts, on a small scale trade across state borders. I think this is a project or a pretty good method considering there are many Muslims from different parts of the world who might be interested in this method without having to get out of sharia law about finance according to Islamic teachings. this of course can prove that bitcoin will have a great future without any limitations.
This is wrong definition you have given here bro. Islamic sharia is called as any financial system which acting as helpful for consumers without interest and avoiding worst fees all the services. Lets see what will happen how they gonna handle it.
Islamic banking sector from the Dubai seems adopting bitcoin related projects there and gonna take the banking deposit option also will be taken part on them.
Bitcoin with the Islamic Shari'ah means Bitcoin and similar systems, enabling an adequate medium and this can be used as a financial and Islamic banking exchange rather than usury supported by Fiat currency by the Central Bank. and of course this will be used by some circles as well as among those who can not have accounts, on a small scale trade across state borders. I think this is a project or a pretty good method considering there are many Muslims from different parts of the world who might be interested in this method without having to get out of sharia law about finance according to Islamic teachings. this of course can prove that bitcoin will have a great future without any limitations.
Just in case anyone is still watching this thread- there is a project working in a similar vein. Check it out.
https://bitcointalksearch.org/topic/bringing-the-blockchain-to-islamic-finance-2137399
Ummati.io
Facebook.com/ummatiplatform
Medium.com/ummati
https://bitcointalksearch.org/topic/bringing-the-blockchain-to-islamic-finance-2137399
Ummati.io
Facebook.com/ummatiplatform
Medium.com/ummati
Matthew J. Martin is a 30-year-old who grow up in Earlville, New York as the son of a teacher and a skilled blue collar worker. He now lives in San Francisco, where he is building a business around using Bitcoin to allow Muslims around the world to participate in finance without breaking Islamic law.
Blossom is now based in Indonesia, where there is a demand for Islamic finance. While there wasn't enough demand for Islamic financing in the US, the opposite is true in Indonesia, where there are more than 200 million Muslims, according to Pew Research. "Eighty percent of the population is 'unbanked,'" Martin said. "There is a huge need for investment capital."
Blossom recently got its first investment from BMT Nusantara Condet, a financial institution that operates under Islamic principles.
"This investment will help 10 to 20 micro businesses within Indonesia to expand," Martin said. "The idea of helping people create their own businesses to earn a decent living holds a special place in my heart."
https://motherboard.vice.com/en_us/article/the-bitcoin-startup-that-helps-muslims-get-loans-without-breaking-islamic-law
This looks good has a purpose to help a decent life, If this plan is broadcast through the media there must be a lot of support about this goal. Blossom is now based in Indonesia, where there is a demand for Islamic finance. While there wasn't enough demand for Islamic financing in the US, the opposite is true in Indonesia, where there are more than 200 million Muslims, according to Pew Research. "Eighty percent of the population is 'unbanked,'" Martin said. "There is a huge need for investment capital."
Blossom recently got its first investment from BMT Nusantara Condet, a financial institution that operates under Islamic principles.
"This investment will help 10 to 20 micro businesses within Indonesia to expand," Martin said. "The idea of helping people create their own businesses to earn a decent living holds a special place in my heart."
https://motherboard.vice.com/en_us/article/the-bitcoin-startup-that-helps-muslims-get-loans-without-breaking-islamic-law
That's a great news for me, if this project will run properly then it would be preferable for many Muslims, but some guys have made some objection regarding terrorism which is very unfortunate. Only Muslim is not creating this type of anti human activities. So we should not blame any religion in such a way.
I am muslim, We are muslim in Indonesia. We are not terorists. Only a few percent of muslim who have the ideology of terorism. We call the ideology of terorist as Khawarij. This is a secte not all muslim. Prophet Muhammad asked the Khawarij to be killed. So we hate terorism too not only westen but also muslim wolrd. Back to the topic. Buying a house with higher price isn't exploitation. OK If you buy bitcoin with your dollar for $2500 then sell for 3000. is this explotitation? No. You buy a house for USD 20,000 then you sell USD 25,000. You give installment for 5 years. 5 years for USD 25,000 . Is that exploitation? That's is business that is transction of sell and buy.
That's a great news for me, if this project will run properly then it would be preferable for many Muslims, but some guys have made some objection regarding terrorism which is very unfortunate. Only Muslim is not creating this type of anti human activities. So we should not blame any religion in such a way.
Quote
Interest in Islamic law is when we borrow money and return the money with higher amount of value. I don't borrow money but I buy a house and the bank act as the seller. The bank doesn't lend me money. the bank sell the house because the bank has own the house from first seller party. That's sell and buy not riba. That'e legal in Islamic law.
So you are trying to tell me.. A bank buys a house.. And *poof* the value of house goes up by 50 million dollar in an instant? Nice going. Then again you are not allowed to exploit people, so how do you say this isn't exploitation?
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Banks are only here to fool people.. They have successfully made people believe in a worthless piece of paper.. Do u think it is hard for them to fool ordinary muslims? The basics are all same.. They all charge interest and give it a different name..
Without investigation, we can't say that they are charge interest and give the different names.
I think if they are doing good work for the Muslims than it is great, because they are better for me and you, because they are doing that work only for helping the poor people.
But now i have little knowledge about them, but i will study about them and read them in detail and search about it.
I have done my research mate. They use the term "Riba" which is just another word for interest. I have done quite a hefty research on Banks, So i know what i am talking about. People are not aware of it period.
What ever makes you sleep at night better.. Buying a property for 300 million and selling it for an instant 350 million is an interest.. It would have been only truly islamic if the bank bought the house for you and didn't make a instant profit of 50 million.. Just different tactics used by them nothing more..
What ever spin you put on it. It still interest and the bank gets percentage of the outstanding loan. No banks in the banking history has survived without charging any interest for their customers. And I agree with the poster above me, It could have been truly Islamic if the bank has charge 0% interest, but it didn't happened because they have to earn from it and that is how the banks around the globe works. Sad but true.
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Banks are only here to fool people.. They have successfully made people believe in a worthless piece of paper.. Do u think it is hard for them to fool ordinary muslims? The basics are all same.. They all charge interest and give it a different name..
Without investigation, we can't say that they are charge interest and give the different names.
I think if they are doing good work for the Muslims than it is great, because they are better for me and you, because they are doing that work only for helping the poor people.
But now i have little knowledge about them, but i will study about them and read them in detail and search about it.
I have done my research mate. They use the term "Riba" which is just another word for interest. I have done quite a hefty research on Banks, So i know what i am talking about. People are not aware of it period.
What ever makes you sleep at night better.. Buying a property for 300 million and selling it for an instant 350 million is an interest.. It would have been only truly islamic if the bank bought the house for you and didn't make a instant profit of 50 million.. Just different tactics used by them nothing more..
What ever spin you put on it. It still interest and the bank gets percentage of the outstanding loan. No banks in the banking history has survived without charging any interest for their customers. And I agree with the poster above me, It could have been truly Islamic if the bank has charge 0% interest, but it didn't happened because they have to earn from it and that is how the banks around the globe works. Sad but true.
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Banks are only here to fool people.. They have successfully made people believe in a worthless piece of paper.. Do u think it is hard for them to fool ordinary muslims? The basics are all same.. They all charge interest and give it a different name..
Without investigation, we can't say that they are charge interest and give the different names.
I think if they are doing good work for the Muslims than it is great, because they are better for me and you, because they are doing that work only for helping the poor people.
But now i have little knowledge about them, but i will study about them and read them in detail and search about it.
I have done my research mate. They use the term "Riba" which is just another word for interest. I have done quite a hefty research on Banks, So i know what i am talking about. People are not aware of it period.
What ever makes you sleep at night better.. Buying a property for 300 million and selling it for an instant 350 million is an interest.. It would have been only truly islamic if the bank bought the house for you and didn't make a instant profit of 50 million.. Just different tactics used by them nothing more..
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Banks are only here to fool people.. They have successfully made people believe in a worthless piece of paper.. Do u think it is hard for them to fool ordinary muslims? The basics are all same.. They all charge interest and give it a different name..
Without investigation, we can't say that they are charge interest and give the different names.
I think if they are doing good work for the Muslims than it is great, because they are better for me and you, because they are doing that work only for helping the poor people.
But now i have little knowledge about them, but i will study about them and read them in detail and search about it.
I have done my research mate. They use the term "Riba" which is just another word for interest. I have done quite a hefty research on Banks, So i know what i am talking about. People are not aware of it period.
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Banks are only here to fool people.. They have successfully made people believe in a worthless piece of paper.. Do u think it is hard for them to fool ordinary muslims? The basics are all same.. They all charge interest and give it a different name..
Without investigation, we can't say that they are charge interest and give the different names.
I think if they are doing good work for the Muslims than it is great, because they are better for me and you, because they are doing that work only for helping the poor people.
But now i have little knowledge about them, but i will study about them and read them in detail and search about it.
I have done my research mate. They use the term "Riba" which is just another word for interest. I have done quite a hefty research on Banks, So i know what i am talking about. People are not aware of it period.
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Banks are only here to fool people.. They have successfully made people believe in a worthless piece of paper.. Do u think it is hard for them to fool ordinary muslims? The basics are all same.. They all charge interest and give it a different name..
Without investigation, we can't say that they are charge interest and give the different names.
I think if they are doing good work for the Muslims than it is great, because they are better for me and you, because they are doing that work only for helping the poor people.
But now i have little knowledge about them, but i will study about them and read them in detail and search about it.
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Banks are only here to fool people.. They have successfully made people believe in a worthless piece of paper.. Do u think it is hard for them to fool ordinary muslims? The basics are all same.. They all charge interest and give it a different name..
Financial institutions or services that follow the Sharia is a must, because Moslems are quite attached to the regulations provided by their religion. Recently an ICO program too is going on following the Sharia compilation backed by gold. So this helps Moslems who hesitate of law to use crypts without any violation.
onegram is having ICO now. I joined facebook and twitter bounty, I am still waiting if the ICO success or not. If the team are legit hope the coin legit too. 
Financial institutions or services that follow the Sharia is a must, because Moslems are quite attached to the regulations provided by their religion. Recently an ICO program too is going on following the Sharia compilation backed by gold. So this helps Moslems who hesitate of law to use crypts without any violation.
There are moslems that hold islamic sharia stritctly and some others are not. In indonesia most worker in conventional banks are moslems. However, in era of 90, Intelectual moslems appear to pioneer Sharia Compliant Banking Industry. In indonesia there are Muamalat Bank, BNI Syariah Bank, BRI Syariah Bank, Mega Syariah Bank, And many others, The growth of shariah banks are amazing. It means that moslems are waiting the financial institution that sharia compliant.
Well majority of Muslims are unaware of the current banking system. Interest is strictly forbidden for muslims, i have many friends, I have all asked them one simple question, "Do you know how does the banking system work?" All of them surprisingly did not have a single clue, We all know that the banking system is based on interest and when i revealed to them, they got shocked. But their response is usually that they can't do anything about it, It has become a norm to use the fiat, They can't buy stuff from local store etc. Which is kind of true, I believe if the awareness is spread among the Developing countries like Indonesia, India, Pakistan etc, Bitcoin's Price could Sky Rocket 10x or even 50x, But only if the awareness is spread. well that's my opinion.
but there are a lot of banks that are operating in Muslim countries. even some countries are claiming that they are working according to the slamic sheri law. for example, United bank LTD, Habib bank LTD, National Bank. Allied Bank, Muslim Commercial bank. Bank al islami. First women bank, Khyber Bank. Bank of Punjab and many more are operating in a Muslim state. Jump to: