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Written by Abdun Nur   

Islamic Banking

 “Gold is the money of kings

Silver is the money of gentlemen

Barter is the money of peasants

Debt is the money of slaves”

"Money is a matter of functions four, a medium, a measure, a standard, a store."

Money is any object or record that is generally accepted as a medium of exchange, a unit of account, a standard of deferred payment (a debt), and a store of value; all used practically as a store of labour for exchange or future exchange.

Money begins as the barter of labour or goods, this leads to universally recognised commodity exchange, such as gold and silver coins, although many other materials have been used as a medium of exchange.

The bulkiness of coinage leads to a local storage bank for safe deposit of coins, the bank issues a representative note or receipt for the coins, and quickly these receipts become tender, people exchange notes instead of coins. The bankers then realise that only 5% of the coins ever leave the store, so they create loans upon a fractional reserve, using the coins they are supposed to only store in safe keeping, they issue interest bearing loans as representative notes, upon coins that do not in fact exist, this fraud is always in danger of being exposed, and many bankers committing this fraud were killed for their crime.

Through the wealth and so power this creates the bankers bribe and orchestrate a charter monopoly, granted through the authority of the landlord, through their ‘mind control’ (government) over the slaves upon their land, making the representative notes into fiat notes; fiat notes are printed notes whose only value is a grant from authority.

Through the problem of interest within a fiat based economy, the bankers must endlessly increase the volume of debt, as all fiat notes are created only when they are borrowed into existence by a government, corporation, company or individual, therefore the interest only exists as the principle of another debt. This means that to service the previous debts, on average, every 10 years debt must double; therefore interest is the sole driver of inflation of all fiat currency.

Eventually the volume of debt reaches a point that it becomes impossible to lend the amounts required to maintain the fraud, this leads to virtual exchange, through a digital system with no physical exchange at all, simply a computerized system controlled by the bankers upon the economic slaves. Of course no one who is sane would accept such a system, as the power over the individual is so great, to impose this system the bankers must create a situation where the population has no choice, and the simplest method would be a global war.

Fiat Money is localised for each corporate landlord to allow exchange fees

You tender (to offer; to hold outward) money, if it is fiat it is only ‘legal’ tender so bound by location, valid only within the authorising landlords area of control; while commodity tender, such as silver, is universal in its exchange, having true intrinsic value, which requires no authority to give value to it.

Money is currency meaning something in the ‘condition of flowing’; this idea is the circulation within the community of the medium of exchange to allow and aid trade. An interest bearing debt system functions to drain the wealth from a community to the lender.

Problems with hoarding wealth

With concentrated wealth such as gold and silver, as you amass large amounts no place can be safe to store that perceived value, the value of a circulating medium could only be as sound as the forces that defended that store. This leads those who have accumulated large amounts of wealth to control a force or create the force that protects it, and seeks to control, through imposition and regulation, those who might take it from them.

The problem with representative bank notes, that can be surrendered for physical silver or gold, is the banks use fractional reserves, typically 20 to 1, this was the reason the bankers suffered bank runs when their customers demanded their silver or gold, they could not honour their promise, it was a fiction and fraud of the bankers.

The problem with fiat paper debt notes, issued by a private central bank as a national currency, is paper notes in any form are commonly counterfeited. In addition they only hold a perceived value, so as the volume of notes increases, through the central bank printing more debt, the value of hoarded debt notes is devalued, as the new notes dilute the value of the existing notes, creating inflation; for example the British pound represented one pound in weight of silver, hence the name a ‘pound’, once the bankers had taken control of the medium of exchange, as a granted monopoly through corporate charter, which required the creation of the English civil war to achieve, that pound devalued endlessly, today around 400 times less valuable.

The problem with barter of goods is you must find a willing exchange of equal value for the goods you hold, in exchange for the goods you need, so it makes trade difficult, hence the need for a medium of exchange.

Riba

Riba means one word in Lanes Lexicon of Arabic, ‘Usury’, and usury has only one lawful definition detailed in Black’s law dictionary: Usury is a certain benefit which is received for the use of the thing lent beyond the return in full of the thing lent, and is not lawful.

So the simple reality of riba is corrupted and confused, to allow those who wish to steal, to hide their thefts from their victims.

Riba is a benefit from a loan of a thing, so if I loan you a house and you return the house to me in the same condition as you borrowed it, that is fair, but if I demanded a benefit of rent that would be riba.

Likewise if I loan you silver or another medium of exchange and return that loan in full, that is fair, but if I demand interest or a profit for the loan that is riba.

 

Islamic Banking

The corrupt and greedy Sheikhs who promoted and supported the creation of the abomination of Islamic banks claimed it was ‘a necessary evil’, may their Creator give them the full fruits and rewards of their labours.

In standard banking a debt bear’s interest, so if I borrow 10,000 over 10 years, at 10% compound interest, and I made all my repayments on time, I would repay 15,858, as a simplistic example. If however I paid the loan off after 5 year I would only repay 12,748.

If I took the same loan from an Islamic bank I would have the 10 year compound interest added at the start of the loan, as a profit, so I would owe the bank 15,858, so if I repaid the bank after 5 years instead of the agreed 10, I would repay 15,858. This makes the Islamic bank far more usurious than the standard banks.

 

If I borrow money from a standard bank, and after a month I can get a loan from another bank at 2% less compound interest, I can transfer the remaining debt as the first bank is paid by the new bank, and all I have to pay is an administration cost.

If I wish to transfer a loan from an Islamic bank to a new bank after a month, the new bank must settle the loan with full interest labelled profit, and then the new bank itself would add its full interest labelled profit. So the 15,858 would become 25,148. This has the practical result of preventing transfer.

Risk sharing

Islamic banks view that the borrower must not bear all the risk/cost of a failure, the need to assess clients' acceptability is more important than it is for conventional banks as the risk of the loan must be tied to tangible resources, if default occurs, both the bank and the borrower receive a proportion of the proceeds from the sale of the property based on each party's current equity, therefore Islamic banks do not offer unsecured loans, only asset based security loans.

For example if the borrower takes a loan for a house, it is considered a partnership, the debtor buys the bank's share of the property at fixed agreed instalments until the full equity is transferred to the borrower and the partnership is ended. When defaulted the bank claims the outstanding principle loan but views the profit (interest) as no longer fixed, but taking it as a share of the equity in the property, this is only possible if inflation created by the banks fiat usury system is dominant in the community, which endlessly increases the value of assets through the devaluing of the currency they are valued in. Inflation being an effect of the doubling mechanism inherent within a usury debt based fiat currency system.

This sharing can gain far more for the bank in ‘profit’ than the originally agreed profit added to the loan, making that a percentage of the value of the asset allows them to share in the improvements made on the property also. This is in contrast to a conventional bank, which is only concerned in the full repayment of the outstanding principle loan and the amount of interest accrued to the point of repayment, although the Zionist, Vatican banks do not have any interest in the value of the property beyond that debt, which can lead to these properties being sold well under their market value.

Floating interest

Islamic banks lend their money to companies by issuing floating rate interest loans. The floating rate of interest is pegged to the company's individual rate of return on average set at 12%, the more profit the company earns, the more interest the Islamic bank steals. The bank's profit on the loan is equal to the set percentage of the company's profits, which is maintained and enforced until the full loaned principle is repaid. This usurious arrangement is done with the idea of a shared risk, but of cause the bank predominantly only lend to those demonstrating a relatively risk free return, to compound this Islamic banks without exception use a fractional reserve system, meaning the bank never lent any money to start with; further the bank would still seek to asset strip the company for failure to repay the outstanding principle debt. The result of this practically is the cost of a loan from an Islamic bank would be far, far greater than the same loan from a Zionist or Vatican bank, more usurious as the cost added as a profit to the thing lent is the definition of usury.

Interest on savings

Just as standard banks pay their savers a small amount of the profits they steal from the loans they create, the Islamic banks voluntarily pay their customers a 'gift' on savings account balances, representing a portion of the profit made by using those savings account balances in other activities, of course in a fractional reserve system the savings are used as the reserve and never actually loaned to anyone.

The Islamic banks represent the most usurious banking form; they do not even comply with the edicts of the Sheiks who authorised them of full-reserve banking, as all practice fractional reserve. The majority of financial institutions that offer Islamic banking services are majority owned by Non-Muslims.

 

 

 

 

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Hijriah Date

Jamadil Akhir
6
Thursday
1439 HIJRAH

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