Why Do We See Charles Darwin As An Old Man How Do Islamic Banks Make Money?

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How Do Islamic Banks Make Money?

A young man chooses his career and chooses to become a successful banker, just like his father. He wants to prepare for this role and asks his father “What should I do to become a successful banker, like you?” “My son,” says the father, “Follow these three rules, first, don’t lend money to those who don’t have it; Most importantly, don’t borrow your money. Good advice in these difficult times. It is sad that many of today’s bankers either never received this good advice, or ignored it!

In a previous article I presented the fact that Islamic banking institutions were dealing with the current economic crisis compared to how they were, or should be, protected from the disasters of the interbank market and confusion in the derivative markets. A number of readers raised the obvious question of how Islamic banks can stay in business without paying interest.

To reiterate, one of the main principles of Islamic banking is the prohibition of riba (interest). Until the 1980s riba was defined as usury but now it is accepted practice to refer to all interest. Some principles are based on simple morals and wisdom, which are not exclusive to Islam. For example, usury was also prohibited by both the Old and New Testaments. Even prolific writers such as Shakespeare fought this practice.

Islamic banking is also not a recent phenomenon. The earliest practices can be traced back to the early seventh century. Some experts say that many of the ideas and methods we know today were adopted by European banks. Its recent resurgence coincided with the rise in oil prices in the mid-1970s so that some Muslim communities would have more money. Another important factor was the ethical research in managing their financial affairs, which many western financial institutions could not provide. Since this is not working in the Islamic world, the emerging Islamic banks are widely accepted by non-Muslims who do not want to invest, or invest their money in companies that are doing things that are inappropriate and harmful to people, such as. engaging in alcohol, gambling, pornography and tobacco.

The Islamic financial system is concerned with social justice to ensure that none of the parties involved in the work are used without immediately restricting each individual. Added to the Islamic financial system, this means that the capital invested by individuals or companies shares the profits or losses that occur as a result of the business. The idea of ​​sharing the pleasures or pains of business results is a step forward. To paraphrase Charles Darwin “It is not the most economical method that survives, nor the most intelligent. It is the most adaptable to change.” Islamic banks promote good financial management, especially because speculation is not allowed by Shariah, i.e., Islamic law. The students are using the latest technology and have created products that are not only inspiring but also beneficial.

Islamic financial solutions often have Arabic names that scare off many buyers saying they are too complicated. At their core, most of these products are similar to each other. The main difference is the absence of interest and complex measures to ensure compliance with Shariah law.

For example, in Islamic housing finance the risks involved are shared between the bank and the borrower, instead of taking all the risks to the latter. The most commonly used contract is the declining contract musharaka (contract). In this case, the bank and the borrower make an agreement, with the bank providing 95 percent of the purchase price, and the borrower 5 percent.

The borrower buys a share of the bank’s ownership which makes its profit from the rent the customer pays for the share the bank owns. This happens often, 15 to 30 years.

If the borrower defaults on the loan or defaults, the bank can offer the borrower an interest-free loan so that they can continue to make payments in anticipation of making the full payment when they are able to. The good news is that during these difficult times, the tenant gets to keep his house instead of being evicted.

Having said that, Islamic banks still face credit risk, and are more careful with their lenders than conventional banks.

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