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     | Tuesday, February 20, 2001 - 03:30 pm Assalama Allaikum, I am a college student taking a major of Finance. I have for long liked to work in the banking sector. But thanks to Allah for his guidance, I have, by His will, been given the light about the existing from of banking system. I would like to know, besides Riba, what is allowed and what is not. My aim is to initiate one by 2005 InshAllah. Also I am open for suggestion as where the muslims are populous in the US, tips for making profit, And any other related topic. i would appreciate if you know any web pages that have potential information to help me in this field. Assalama Allaikum Salpal samayle82@hotmail.com
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| | Thursday, February 22, 2001 - 06:21 pm salpal.... 1st let me say u have a great idea and i hope u get to fulfil it in the near future. i had once had almost the same perspective as urs tho i am not in financial field ! yeah, i think it would be a great if the Muslim ummah could have an access to such kind of banking service.... am sure they would appreciate it and The Almighty would reward u 4 ur efforts. As far as i know, the major obstacle any person with a vision as urs will face is 'interest' as u have mentioned. Do u think there is a way u could get a way from it, as most banks are some how connected and rely on each other.... in order to continue and besides that, i think that the Central bank will somehow get involved in it. Thus 4 instance if u wanted to borrow money (lets say u needed to finance ur bank).... the Central bank will let u borrow it only under their policy in which am sure they make profits thru interest ! This is only a mere speculation of the whole idea behind 'interest'.... am sure there are other obstacles whenevr it comes to MONEY! The whole idea of banking is to generate profit and this is mainly done thru interest.... i wonder how u will finance ur banking services if there wont be any interest involved? ummmm.... maybe charge ppl on their accounts??? wht do u plan to do in-order to keep ur business running? as far as what else is un/accepted Islamically..... i have no idea b'cuz the maintain profit bankers get from this business is thru interest. Moh_Luv
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