The more knowledge we can learn about ‘interest’ payments, gold as money, fiat currency and the banking world…the better we are equipped for long term survival in today’s global financial climate. The world of Islamic banking seems to have changed or is now in the process of changing. Today, many knowledgeable people have even shown how Islamic Commercial banking might just be morphing into a something remotely similar to Western Commercial Banking (’usury and misrepresentation’). This is a fascinating topic of how modern Islamic banking integrates with Islamic Law.
Here at DGCmagazine, we don’t like the free and easy world of credit and high interest. We are in agreement with the use of commodity money and precious metal backed currency. We vote for a return to money as it was in America during the early 1900’s.
In order to prevent modern day bankers from creating yet another unwitting society of lifelong financial slaves, paper money should be backed by something of value. Build your house on gold and silver and it will last forever. The fantasy world of paper debt and high interest rates will eventually always fail.
Tarek El Diwany authored a great book entitled, The Problem With Interest, and operates the web site www.islamic-finance.com Below are some excerpts from a 2007 interview. Nadine Marroushi interviewed Tarek El Diwany in London during the summer of 2007.
Q. What are your reasons for thinking that “Islamic banking isn’t Islamic”?
A. “My point is a little more refined than that. I am saying that Islamic commercial banking is not Islamic, and this is because commercial banking is a combination of usury and misrepresentation. The