First of all, I wish all of you a Happy & Blessed Eid. I know its a bit late this time, but as they say, its never too late :-)
Secondly, have you guys also noticed something different about Eid this time? Don't you think the element of festivity is not there this time? The night before Eid, roads appeared deserted, as if it was a mourning occasion. Is the UAE population so much dependent on bank credit to lead their lives? Well at least that is the conclusion I have drawn.
And if it is true, then I guess it is a good thing in the long term. People need to learn how to live within their means. We don't want a consumerist & materialistic society, something which unfortunately we had become.
Another thought is circling around my head. As all of us know, UAE & Dubai has become known for things tall, long, large, etc. But can they really come up with a new financial system that will be different from the current system of exploitation, and that includes the so called Islamic banking system? Can they do it? If they achieve that, I think that will be the real progress & development. What do you guys think? :-)
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9 comments:
as long as the religious scholars have given the islamic banking system the go ahead, i would like that to be completely implemented in the uae....not just the uae, the entire muslim world.
that would definitely mean real progress and development in my eyes.
sharjah islamic bank should be a great example!
DG, i tried figuring out islamic banking at university - it didnt make any sense to me.
in practical banking life, we get the so called "murabaha" / "mudaraba" transactions, and the "pricing" is LIBOR / EIBOR based (London / Emirates Inter Bank Offer Rate)
that means a) there's an element of interest involved in every transaction... b) the "profit / mark up" is fixed till repayment; meaning only the "reward" is being shared.
i wish someone would explain to me, as if i was a two year old, what islamic banking is... =P
do u really think that wud b an acheivement? that they r exploiting desperate times to use shariaa to save the economy.. if the intent was to go back to shariaa then yes it is an achievment, but i really dont think this conversion into islamic banking is sincere, last attempt to merge dubai national bank with emirates islamic bank whether it was to save the bank or gng sincerely back to shariaa coz it is the rite direction is a mystery .. sorry but i found that to be a desperately immoral merger... again u cud look at it as a win win situation, that even though the means or the reason is not sincere the end result is.
personally, i dont believe in our local islamic banks, i believe there is a shariaa complaint banking system but not existent here.. sadly i still have faith in citibank and HSBC... am still in denial lol or wishful thinking whatever u wana call it..i just hope i will have a chance to jump ship if those 2 banks start to sink :>
برد على الجزء الأول فقط وأقولك كل عام وإنت بصحة وسلامة ومن العايدين والفايزين دنيا وآخرة..
^.^
u've been tagged :)))
You are a rare type of Emirati-sorry I know I'm stereotyping the others.
If Shariah banking itself isn't Shariah compliant then what are we to do? I need to research this
Sadia: Whats so great about Sharjah Islamic Bank? Do you have any good experience with them? Share it with us please :-)
hemlock: Exactly. Check the literature of any Islamic bank & they will boast that they are different because they share both the profit & loss risks. But I have yet to see an Islamic bank sharing the loss.
justAgurl: The merger of NBD & EBI had nothing to do with sharia. The new entity has not become an islamic bank. The rumours of the merger started way back in 2003 when i was a banking student myself, and the goal was to create the biggest bank in the middle east, which I think they are now, if I am not wrong.
مسك الحياة: Thanks for your kind words & ameen for the prayer, wish the same for you too :-)
Notorious: Mission accomplished :-)
bb_aosha: Since you are a journalist, I guess writing about the topic in depth would be a great idea. Btw, few months ago I wrote a post on this topic, perhaps you should check it :-)
Are Islamic Banks Really Islamic?
Eid Mubarak to you & your loved ones(belated).
I was in Dubai during the Eid week & i thought the city was very festive & lit-up & the malls & restaurants & parks were full with families.
I dont think it was the credit crunch!! it was a long vacation, so a lot of people took it as an opportunity to spend eid either in lebanon, london, or paris....
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