And also to clarify, 7Seas is not aiming to take business away from IBB (that is not in my interest to do so - no pun intended it's so weak).
7Seas also has access to spare capital that Starfish might have lying around so some of the loans might be larger than Sen wishes to take on because he fulfils a very important role in the lending section. For those, I'll be providing those funds at zero percent, much like the initial 100 coins I've put into it.
Topic: halal-shariah compliant deposit (Read 2624 times)
So, under Halal-Shariah
if you loan money to Bob, and Bob also borrows from Patrick, and pays Patrick interest, is that ok?
I assume you loaning to Bob then Bob LOANING to Patrick and being paid interest is bad (plus a pretty dbag move anyway)
if you loan money to Bob, and Bob also borrows from Patrick, and pays Patrick interest, is that ok?
I assume you loaning to Bob then Bob LOANING to Patrick and being paid interest is bad (plus a pretty dbag move anyway)
Cool beans...
Im not muslim, but I think this is a nice opportunity for Sen ...
Tell us more about the weaving biz your into ? and how that came about ?
I might get banned for being off topic (quickly slips in this would qualify as shariah lending because it's zero interest and an approved/permitted activity):
A couple of years ago my wife was reading about the Stansborough business in a weekend paper and they were looking for some funding. We got in touch, funded a pile of cash, helped them sort out some of the problems they were facing. There was some "yadda yadda yadda" and the current set up was formed. There is more on their web site, and they work on some of the local productions. As an example, I saw the new Gandalf scarf a few months ago and it was huge (long and wide).
They have their own special flock of sheep, 100+ year old looms and some really great product - a little niche, but reasonable price for the quality. World-wide shipping is normal and the range is quite good.
I posted https://bitcointalksearch.org/topic/100-wool-scarvesthrowsblankets-29027 a year ago if people wanted to buy with BTC, but it gets buried there quite quickly.
I thought of eventually moving into the retail side of fibre with alpacastocks in relation to selling for bitcoin which is why I picked up http://mtsocks.com Id like to eventually buy out a store somewhere, convert it to bitcoin and sell online all over the world.
This is off topic
Thanks to sen for creating the 7seas fund.
https://bitcointalksearch.org/topic/proposal-alpacastocks-59961 would you invest in this ?
I already have my own Alpaca herd (sufficiently closely related anyway) - goes into the fibres business I have 30% of.
http://www.stansborough.co.nz/alpacas/page.aspx
What... is it possible to invest in alpacas and see a return decent? If so please contact me, I'm intrigued.
The secret is to invest in breeding them. The money isnt in the fibre.
You can even insure them against death and infertility.
Also the tax advantages are fantastic.
Thank you Sen for help with 7Seas Fund (shariah compliant)
https://bitcointalksearch.org/topic/fund-7seas-fund-shariah-compliant-90783
https://bitcointalksearch.org/topic/fund-7seas-fund-shariah-compliant-90783
Cool beans...
Im not muslim, but I think this is a nice opportunity for Sen ...
Tell us more about the weaving biz your into ? and how that came about ?
I might get banned for being off topic (quickly slips in this would qualify as shariah lending because it's zero interest and an approved/permitted activity):
A couple of years ago my wife was reading about the Stansborough business in a weekend paper and they were looking for some funding. We got in touch, funded a pile of cash, helped them sort out some of the problems they were facing. There was some "yadda yadda yadda" and the current set up was formed. There is more on their web site, and they work on some of the local productions. As an example, I saw the new Gandalf scarf a few months ago and it was huge (long and wide).
They have their own special flock of sheep, 100+ year old looms and some really great product - a little niche, but reasonable price for the quality. World-wide shipping is normal and the range is quite good.
I posted https://bitcointalksearch.org/topic/100-wool-scarvesthrowsblankets-29027 a year ago if people wanted to buy with BTC, but it gets buried there quite quickly.
I like this thread...
This alpaca stuff sounds crazy enough to work
This alpaca stuff sounds crazy enough to work
I don't own any of the alpacas, but if someone was interested I could check with the people that own/run the farm - they are the main ones behind the weaving business I got involved with a couple of years ago.
As for the on-topic thread, following a discussion with Sen earlier, the fund has a name and I need to write it up tomorrow in the securities section.
7Seas Fund (shariah compliant)
Cool beans...
Im not muslim, but I think this is a nice opportunity for Sen ...
Tell us more about the weaving biz your into ? and how that came about ?
I like this thread...
This alpaca stuff sounds crazy enough to work
This alpaca stuff sounds crazy enough to work
I don't own any of the alpacas, but if someone was interested I could check with the people that own/run the farm - they are the main ones behind the weaving business I got involved with a couple of years ago.
As for the on-topic thread, following a discussion with Sen earlier, the fund has a name and I need to write it up tomorrow in the securities section.
7Seas Fund (shariah compliant)
I like this thread...
This alpaca stuff sounds crazy enough to work
This alpaca stuff sounds crazy enough to work
https://bitcointalksearch.org/topic/proposal-alpacastocks-59961 would you invest in this ?
I already have my own Alpaca herd (sufficiently closely related anyway) - goes into the fibres business I have 30% of.
http://www.stansborough.co.nz/alpacas/page.aspx
What... is it possible to invest in alpacas and see a return decent? If so please contact me, I'm intrigued.
https://bitcointalksearch.org/topic/proposal-alpacastocks-59961 would you invest in this ?
I already have my own Alpaca herd (sufficiently closely related anyway) - goes into the fibres business I have 30% of.
http://www.stansborough.co.nz/alpacas/page.aspx
https://bitcointalksearch.org/topic/proposal-alpacastocks-59961 would you invest in this ?
Why not just give different people deposits, from which they can pay you gratitude for putting them into their pirate account? I could do this, I need some funds to get to pirate highest rate.
It appears to be more active than that. That is, having knowledge that the funds are not put towards a prohibited activity. As it is not disclosed what BS&T is actually doing, it probably would not qualify.
However, offering an instrument that invests or carries out activities that are permitted is better/acceptable. Awaiting Sen's clarification.
yes, what you said above is correct.
Some more thinking and I think I can commence a halal/ethical fund - I will put some details around it at the weekend when I'm updating a few other things, but I already have a 15BTC compliant loan that I will transfer to it and 250BTC in seed capital (that can be displaced by investors) to make sure it is not starved of funds at inception.
what about nckrazze, I think he's just doing farm expansion or something... rates aren't as high though
want to invest in something that has nothing to do with mining.
Help us out with Rugatu Q&A
https://www.glbse.com/asset/view/RUGATU
The platform code is almost finished, servers are taken care of so we're currently using any investments for properly advertising Rugatu all over the Internet, raising bitcoin awareness at the same time.
Not that I'm taking deposits or anything but what does halal-shariah mean? Just curious.
halal means permissible in arabic. like kosher.
one of the reasons i started IBB was because there wasn't anything for me to invest in (that is halal) , other than 1 or 2 mining companies when glbse launched and I found out about bitcoin.
I am sure there are muslims here who want to invest in something, but cant due to it being non-halal/non-kosher
some info http://en.wikipedia.org/wiki/Islamic_banking
what about nckrazze, I think he's just doing farm expansion or something... rates aren't as high though
Then it would be a tough one...
In case of btc almost no one is knowing what other part is actually doing...
Any way, good luck Sen, your work for the community is great.
In case of btc almost no one is knowing what other part is actually doing...
Any way, good luck Sen, your work for the community is great.
Why not just give different people deposits, from which they can pay you gratitude for putting them into their pirate account? I could do this, I need some funds to get to pirate highest rate.
It appears to be more active than that. That is, having knowledge that the funds are not put towards a prohibited activity. As it is not disclosed what BS&T is actually doing, it probably would not qualify.
However, offering an instrument that invests or carries out activities that are permitted is better/acceptable. Awaiting Sen's clarification.
Why not just give different people deposits, from which they can pay you gratitude for putting them into their pirate account? I could do this, I need some funds to get to pirate highest rate.
Hi, pm sent, but I was looking at http://www.wealthcity.in/services/shariah-investments.html as a guide as it laid things out in a fairly straight forward manner.
Looks like what you are after is an Ethical Investment Fund. I'm sure other people could do that, but if you wanted, I could add one to Starfish (or does the rest of the business preclude this option?)
Looks like what you are after is an Ethical Investment Fund. I'm sure other people could do that, but if you wanted, I could add one to Starfish (or does the rest of the business preclude this option?)
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