Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي - page 8. (Read 112806 times)

any update?

I am a forgotten investor of this bank.

Too bad I was so long disconnected from BitCoin.

How is it working?

there's no dividend or news from the company since January 15th, 2013. Is everything alright with the business, or are we in trouble? can you please provide an update of the current state of the bank and when will the website be launch?

I think the last post revealed too much information. This kind of information should be told to a security expert to assess the security practices done by IBB.

I am very interested of the business model of a true Islamic bank. So whenever you feel like elaborating on that aspect. Please do so.

One of the most important aspect of a bank which still complies with Islam is payment processing. You should start something like bitpay. Also in my opinion IBB should prioritize initiatives to current technologies like being a gateway on ripple for Bitcoin

I congratulate you for the good work and if I had a chance to help. I would certainly not hesitate. I also would like to remind you to not to expect much of a banking business complying with Islam. Monetary freedom is stone-etched in Islam despite the false Islam-labeled banking these days. So banking products are restricted to managing investments and processing.

I've designed some large databases, including the ~50-table, multimillion-record database – accessed through stored procedures, only – for the Web site of Diners Club Adriatic d.d. before it was taken over by Erste Group Bank AG. Since I'll be developing Bit the Coin (BtC; bitthecoin.{biz,com,info,net,org}), I can make a mutual MySQL database for us – in fact, I'd like to add your Islamic banking products to Bit the Coin (BtC), but I wouldn't like to manage them – I'm into technology, not finance.

Additionally, I can set up a highly-secure (National Security Agency (NSA) Security-Enhanced Linux (SELinux), Transport Layer Security (TLS) 1.1+ utilizing 571-bit Elliptic Curve Diffie-Hellman (ECDH) and 256-bit Camellia in Cipher-Block Chaining (CBC) mode; accessible only via Secure Shell (SSH) using – preferably – 16384-bit Rivest-Shamir-Adleman (RSA) host keys (the key generation would take up to a few weeks) and – preferably – 4096-bit Rivest-Shamir-Adleman (RSA) session keys) Linux Root Server or Virtual Private Server (VPS) with highly-encrypted storage (256-bit Camellia in XEX-based tweaked-codebook mode with ciphertext stealing (XTS) using Encrypted Salt/Sector Initialization Vector (ESSIV) and 512-bit Whirlpool) respective of the European Network of Excellence for Cryptography II (ECRYPT II) of the Information & Communication Technologies (ICT) Programme of the European Commissions' Seventh Framework Programme (FP7) Yearly Report on Algorithms and Key Lengths for this joint venture in the Swiss Confederation (declared neutrality in 1812) or the Republic of Austria (declared neutrality in 1955), if you fund the server rental. Root servers are much more secure than Virtual Private Servers (VPSes). VPSes are susceptible to software-based side-channel attacks on their encrypted communications (i.e. one might be able to decrypt Secure Sockets Layer (SSL) / Transport Layer Security (TLS) communications if he has another VPS on the same physical system). Servers in the Swiss Confederation are more expensive, but the Swiss Confederation is the best place for such a venture. Additionally, I would make it accessible via the Tor anonymity network and my Bouncer network – once it goes publicly-operational. I was the one who set up the first – Slackware Linux – Web server of Diners Club Adriatic d.d. in 2000 UTC and was in charge of its' security over a period of 2 years, with ~10 penetration attempts per day resulting in 0 successful penetrations while I was in charge of its' security. However, right now I cannot ensure that I would be able to maintain it after setup and/or follow Computer Emergency Readiness Team (CERT) alerts and underground "channels", but could deploy my Trickwire Host Intrusion Detection System (HIDS) – developed at some point in time between 1998 and 2000 UTC; one of the first such systems; you won't find it anywhere as it was never leaked – on it after I recreate it – unfortunately, my disk has also been stolen.

However, I'm afraid I'm very-rusty and completely-outdated with Web front-end development as I was without Internet access since February 1, 2007 UTC and later unlawfully detained by the state over a period of 3.5 years following an unlawful arrest and a violent police raid on my house – see http://www.catoutofthebag.info/.

memvola, that's is another way to do it.IBB can also issue a private placement for unsold share to investor in large quantity. If there's no shares to sell, then IBB can do a right issuance to existing shareholder. However, this will need existing shareholder approavl since this will dilute the dividend per share

I'm also interested in investing more for some time now, but been waiting for more information and activity to do that.

Regarding funding, the shares issued at 0.6 don't seem to be selling. It raises the question of how to raise funds without hurting current investors while ensuring that new issues are sold.

A rights issue can be used to remedy such cases, and AFAIK it's never used nor implemented in the Bitcoin world.

I'm not a finance person, but as far as I know, this is how it works: Each shareholder of N shares will be given the right to buy k*N more shares at f*M where M is the market price (common sense says both k and f are lower than 1). Shareholders have the choice to exercise this right and even sell it.

This way, shares can be sold for a fraction of the market price to make it certain that required funding is raised, without upsetting shareholders.

Hi,

When you said that you will need to secure enough bitcoin, does it means that you need more funding? How about a private placement of shares to raise the funding? I will be interested to invest. Thanks

Hi,

I've already constructed what will be an interim website until we secure enough bitcoin for a solution that would incorporate all services.
Right now I'm creating the content, I believe I should have finished with it within a day or two and then make it public.

Thank you,

Danijel Habek
Islamic Bank of Bitcoin

Hi,
Just wondering, when will you finish constructing your website

Quick Update

Following the great news about first successfully funded project at bitstarter.com, comes some good news for the investors of the IBB, as the next dividends will share an income of 8 BTC 6 BTC , incoming soon from dividends of our first successful project with our friends at BST.

Things with accounts information from GLBSE are step closer to an end as we have received what seems to be a final list containing all of the 1500 outstanding IBB shares. However there are still 138 shares not being claimed for by their owners.

There is a deadline on March 13th, 2013 for those who didn't claimed their shares to do so. After that mentioned period the unclaimed shares would be deleted/taken back by issuer.
If you still haven't received your accounts and equity information please use the GLBSE login form, and enter your correct details to claim your shares.

From the closing of another mining operation, IBB received 10.304 BTC for 322 mergedmining shares. This funds will be spent to purchase a small share in another mining operations.

5.161 BTC spent to buy some more NASTYMINING seats.

There are another 0.21 0.2799972 of those shiny bitcoin waiting in line for next dividend payout, received from few seats at the NastyFan club.

There's an offline loan of 5 BTC to Mr.G in Croatia due to February 8th 2013.


Good luck,

Danijel Habek
Islamic Bank of Bitcoin

I'm assuming this is a joke.

First successfully funded project on BitcoinStarter

Tomasz Kaye, the creator of George Ought to Help, is a Bitcoin enthusiast. With our help he wants to make a Bitcoin video to bring this exciting technology to the attention of an even broader public

Goal 185 BTC

Pledged 201.37 BTC

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Bitcoinstarter : kickstart your project with Bitcoins ! , a joint venture (musharakah) with Islamic Bank of Bitcoin

Shareholder update

I have received a notice that there is a number of shareholders who were sent an email with their login information to Cryptostocks, so they can claim their IBB shares.

Everyone who is missing their IBB assets, please check your email or spam folders for possible Cryptostocks login information, and if you received it, head to the Cryptostocks market and claim your IBB shares.

Thank you,

Islamic Bank of Bitcoin
Danijel Habek

I'm sorry for inconvenience, I'm aware of it.
I'm waiting for hosting support ticket resolution as in the process of changing nameservers, things went wrong and I cannot point the DNS records to the right account. Hopefully this will be resolved today.
However, there is nothing on the site as of yet, as I'm in the process of building a temporary information site, that will be further developed and expanded with planned services throughout the year.
I will post update once there will be more content available on the website.

Thanks,

Islamic Bank of Bitcoin
Danijel Habek

To friends and all supporters of this project,

Thank you for your continued support from it's beginning!

I'm glad to announce that I will do my best to continue honorable practice run by my predecessor in running daily operations in this project. I hope that by taking the responsibility to serve as an executive officer in this project and in process take it to the next level, I will earn your trust and respect as an honest man and diligent executive of the Islamic Bank of Bitcoin.

I will dedicate a portion of my time to provide you with project status and financial reports as accurate as I can.

If you have any ideas that you find could be interesting for the project well being, or have an objection or advice how to do something better, I'm open minded and ready to listen and discuss.

I will announce the important decisions, movements and development status as they roll out, and for the important decisions I will ask for your vote.

Whenever I'm communicating to you or general public any information relevant to the Islamic Bank of Bitcoin, I will sign it with official IBB signature and keep my opinions everywhere else separated from the official project signature.

Thank you.

You can read a bit more about me and my current mission plan briefly explained in the media release:

Danijel Habek named as new CEO of Islamic Bank of Bitcoin

The Islamic Bank of Bitcoin, a Bitcoin banking company operating on Islamic Sharia financial principles, today announced the appointment of their new CEO Danijel Habek. Mr. Habek will immediately assume responsibility for all Islamic Bank of Bitcoin operations and strategy. Mr. Habek brings a lifetime of business experience to his new role. He replaces a shareholder who previously had interim CEO responsibilities.

“I look forward to bringing my experience and leadership to the Islamic Bank of Bitcoin” said Mr. Habek. “In my new role as Chief Executive, I will be responsible for establishing a permanent and useful web presence for the IBB, investing in new joint ventures, and continuing our program of interest free loans.”

“The IBB is at the forefront of Bitcoin finance” continued Mr. Habek. “We believe that finance based on Islamic principles is an incredibly beneficial thing for Bitcoin. Having a strong Islamic bank that is prepared to share profit and risks in joint ventures could significantly boost the Bitcoin economy.”

Mr. Habek has been a supporter of the IBB almost since day one, buying a significant amount of shares. All of his share dividends have been ploughed straight back into the bank. “Right away I saw the potential” said Mr. Habek. “I saw how the IBB could benefit the community by helping enterprising people get their Bitcoin business ideas off the ground. That, in turn, benefits all of us.  The religious aspect aside, Sharia banking principles fit perfectly with our early stage economy. They are tailor made for getting things off the ground.”

Mr. Habek’s first task will be to refine the IBB business plan and continue to sell IBB’s new issue of shares on Cryptostocks.com. The resulting capital raised will be spent on a secure and functional new IBB website, investments in new joint ventures, continuing interest free loans, infrastructure lease, and other expenses. He will also be tasked with reassuring IBB customers and shareholders after the migration to Cryptostocks in the aftermath of the GLBSE collapse.

“Our function is to help people reach their goals,” said Mr. Habek. “I intend to run the bank according to that principle. Whether we’re helping people with small loans, getting involved in exciting joint ventures, or engaging in some other type of activity, I will always bear that in mind.”

Danijel Habek is a longtime IT entrepreneur with an intimate understanding of business. After a long and celebrated career as an IT professional, he set up his own IT business in 2003. Since then he has worked on a large number of successful IT projects. Mr. Habek is also known as a man with an exceptional community spirit. He often volunteers his time and expertise to IT projects surrounding his local Sporting Association.

About the Islamic Bank of Bitcoin

The Islamic Bank of Bitcoin is a Sharia compliant Bitcoin banking organization that offers interest free loans and shared profit/loss joint ventures to people of all faiths in the Bitcoin community.

Contact Information

Islamic Bank of Bitcoin
Danijel Habek
[email protected]
http://www.ib-bitcoin.com/

Perhaps you guys should tweak your system a bit so that those random passwords no one knows are considered temporary, and different from a password someone would set the normal way; and whenever someone with such a password tries to access the site they are reminded to set their own password (including a link to do so without having to manually log off and hit the forgot password thingy)?