Islamic Banking Thoughts – Finland

Left Alliance chairman Paavo Arhinmäki wants “people’s bank”, which does not necessarily take the interest rate. Islamic banking is one that seems the closest equivalent to Arhinmäen thinking, even if the state owned Post Office Savings Bank in due course, for example a sample of the mentioned. Was the Postal Savings Bank a “people’s bank” that I do not think the state monopoly on the transmission of money it was yes. “Public Bank” in Finland is likely to be a bank for politicians.

Islamic banking in Finland, over time, will be set up, grow Muslims needs. Such Islamic banking is much more likely than the state “people’s bank”, perhaps the left-wing union directly to support the creation of a supporter.

Islam prohibit the taking of interest. Bank and buy you a house you buy is owned by the bank for its hire. Hard guarantees to these Islamic banks belong to the applicant, so any charity lending is not an issue. Poor should therefore be a good time behind the back, if the loan you want.

Islamic banking should not speculate, and not to finance projects to be considered immoral. Morality, religious experts to monitor the Council, the Governing Board, therefore, a sort of.

Instead, a charity practiced by 2 per cent of the total number amounts to a good cause for Islamic charities.

Perhaps also become popular in the Islamic banking business under a credit transfer system, which tracks credit transfers are destroyed immediately. The commission is only one percent.

The Islamic bank does not choose its customers on the basis of religion, so religion is of course welcome to customers. In Sweden, such bank is acting in the world and these are several. Islamic Bank for the establishment of the taxpayers’ money is not needed.

 source : JAGA

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About Editor

Dr. Jamaldeen Mohamed Faleel Assistant Professor in Finance and Accounting

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