Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 26. (Read 112785 times)

Nice idea bro.
I would/will support your idea, but iam on travel now,and on my way to Italy and dont have access to my client.

Iam working on plans to apply for bank license here in Norway called sparebank (more or less savingbank) and bring with it islamic elements. interest free etc.
the recuiments are not that hard compared to commercial bank  (fractional reserve banking
must be abolished)

i havent looked for investors becouse I trying to get some formalities
in place first (and sorry investors must be Norway bases and is subjected to checks and regulations)

I was actualy thinking of since (if this idea becomes reality, i have set 12-14 months time line) we can issue accounts to have deposit of BTC and customers could have option to convert their funds back and forward from NOK/euro to BTC or back from BTC to NOK/euro.

 

Slogan: "IBB puts the fund in fundamentalism"?

Yes will do all that later, right now, still sorting out other stuff, some amount of shares were for those who invested and wanted to be part of IBB. (around 5 major shareholders)

the rest for public.

Many are interested and buying shares which is good, even though website not up yet and no business plan (other than the basic one previously shown/posted)

Yes.

I'm an atheist. Can I buy shares?

No I have purchased 1 BTC worth for now.

Unfortunately, I was a little late to the Bitcoin game ;O)

thank you for your purchase.

was it you who purchased 3 btc worth of shares?

I think once the investors in this project, buy their amount of shares, then we will issue officially.

Thanks again !

I have made a modest purchase of IBB shares.

I am looking forward to making further investments as I see the organisation develop.

From a sociology perspective, it will be interesting to see what donations are made by those receiving the 0% loans.

I hope we can help those in need.

I hope we can help build many new Bitcoin businesses and innovations.

To our future success !

Shares issued

please buy your shares now.

@alchemist , @ trentzb ,  @bitconTrader

please pm me your userid for glbse so i can transfer the agreed shares to you.

salam,

thank you for joining us. hope you can help us with moving this project forward !

Salam!

I am very happy to see other people supporting the Islamic Principles of Banking!
 

"How will the decisions on who to invest in, how much to invest and what equity stake to require, be made ? Will all such decisions be made through the motions system on GLBSE?"

It will be decided by major shareholders and/or project manager(s) or CEO. It could also be put in motion yes. We'll look at projects and see who needs funding , then its put up on GLBSE, 50/50 shares or 60/40 for example.

If project successful, then we share profit! if not we share the loss!(musharakah)---------- (unless its Mudarabah, in which case the bank only takes the losses)

How will the decisions on who to invest in, how much to invest and what equity stake to require, be made ? Will all such decisions be made through the motions system on GLBSE ?

No it doesn't, so far btc is worse than fiat on such grounds, not by inflation but deflation, because it's not a mercantile/resource based currency, most of its business goes around speculation; buy and sell btc.
Maybe within time and stabilization btc can become suitable, so far, ain't - dollars and euros are yet way more stable than btc.

0 interest banks requires that currency has 0 or nearly 0 value floats (be it for inflation or deflation).

The more who adopt and utilise Bitcoin the less the problem of inflation represents - algorithmically produced inflation and deflation through attrition seems far better than inflation derived from a few central bank heads with control of the international money supply.

From the description in the first post, Musharakah and Mudarabah seem suitable for our current predominately capitalist world.

Thank you for your answers.

If two people (A and B) asked for a loan of 5 BTC, identical in every way except that A had previously taken a loan of 5 BTC and paid back 5 BTC while B had previously taken a loan of 5 BTC and paid back 5.25 BTC - who would get the loan ?

Do not try to apply Sharia-based laws to non-Islamic people.
Also those laws made some sense at Muhammad's time, not today. Inflation wasn't a problem at his time, that Sharia-banking is designed for ancient ages mercantilism not capitalism.
They're pretty much common sense laws, Muhammad wasn't literate, for an inflation/deflation-less World, and they do work - as mostly of simple things (Analogics FTW) - the issue is they just work in a World that is no more.

"Who are these loans intended for ?"

Anyone*  (forum member, in future this requirement may be lifted)

"Could a "consumer" obtain a loan (e.g. I want a loan of 5 BTC to buy an iPod) ?"

yes, you could buy whatever you want , with your loan. Initially we are offering 2 BTC to each customer (max 10 btc- 5 customers in total)
amount may be increased hopefully in the future. e.g:- choice of 2 , 5, or 10 btc loan. When a customer pays back, 2 BTC would then be available again to customers to take as a loan.

"What would the expected / average 'gratuity' be on such a loan ?"

we do not 'expect' anything, except that you pay back the loan in full amount on time. (in 1 or 2 weeks{may increase in future}). There is no 'average' gratuity, you have a choice  whether to  'donate' or not to.


"If the 250 apples sold for a total of 6 BTC (20% profit) at the market, what would the expected / average 'gratuity' be ?"

no expected amount, pay whatever amount you like. (or choose not give)

"If the 1000 apples sold for a total of 5 BTC (0% profit/loss) at the market, what would the expected / average 'gratuity' be ?"

no expected amount, pay whatever amount you like. (or choose not to give)


"If the 250 apples sold for a total of 4 BTC (20% loss) at the market, what would the expected / average 'gratuity' be ?"

in this case 0% interest fee loan was good, so you only have to pay back the same amount (no interest) and obviously you wouldn't pay any donation/gratuity due to your loss.

*For the apple business, you might want to consider applying for our Joint Venture service (Musharakah):-Musharakah (joint venture) is an agreement between two or more partners, whereby each partner provides funds to be used in a venture. Profits made are shared between the partners according to the invested capital. In case of loss, each partner loses capital in the same ratio. If the Bank provides capital, the same conditions apply.

"Could a "speculator" obtain a loan (e.g. I want a loan of 5 BTC to buy a set of classic vinyl Cliff Richard album which I expect to be able to sell for 6 BTC at the record fair I am going to tomorrow)"

Yes.

If the set of records sold for 6 BTC (20% profit) at the record fair, what would the expected / average 'gratuity' be ?
If the set of records sold for 5 BTC (0% profit/loss) at the record fair, what would the expected / average 'gratuity' be ?
If the set of records sold for 4 BTC (20% loss)at the record fair, what would the expected / average 'gratuity' be ?

answered above


"LOL in non-islamic banking we call this 'gratuity' interest"



If you have anymore questions please do ask, if you have any feedback/suggestions to give us go ahead.

Thank you

As a non-muslim, I am unclear on these loans and the cultural/religious expectations/traditions ...

Who are these loans intended for ?

Could a "consumer" obtain a loan (e.g. I want a loan of 5 BTC to buy an iPod) ?

What would the expected / average 'gratuity' be on such a loan ?

Could an "entrepreneur" obtain a loan (e.g I want a loan of 5 BTC to bulk buy 250 apples which I will sell at a market this week)

If the 250 apples sold for a total of 6 BTC (20% profit) at the market, what would the expected / average 'gratuity' be ?

If the 1000 apples sold for a total of 5 BTC (0% profit/loss) at the market, what would the expected / average 'gratuity' be ?

If the 250 apples sold for a total of 4 BTC (20% loss) at the market, what would the expected / average 'gratuity' be ?

Could a "speculator" obtain a loan (e.g. I want a loan of 5 BTC to buy a set of classic vinyl Cliff Richard album which I expect to be able to sell for 6 BTC at the record fair I am going to tomorrow)

If the set of records sold for 6 BTC (20% profit) at the record fair, what would the expected / average 'gratuity' be ?

If the set of records sold for 5 BTC (0% profit/loss) at the record fair, what would the expected / average 'gratuity' be ?

If the set of records sold for 4 BTC (20% loss)at the record fair, what would the expected / average 'gratuity' be ?