Aah keajaiban perbankan, bagaimana RM10,000 deposit tunai
membenarkan bank-bank untuk terus mencipta 24,000 wang dari atas angin dan meminjamkannya
tanpa siapa tahu keadaan sebenar sebab semuanya diselesai dengan pertukaran cek. Penipuan itu akan terserlah jika semua orang bermula untuk menuntut wang
tunai. RM25000 wang yang berpusingan tetapi hanya RM1000 yang benar benar wujud.
Inilah gambaran sebuah bank dalam krisis.
Aah the magic of banking how a RM10,000 cash deposit allows
the bank to further create and lend
another 24,000 money out of thin air which nobody knows any different because
all settle with cheques which banks sets off against each other. The fraud will
appear if everybody starts to demand cash. RM25,000 money is floating round but
only RM1000 cash is available. That describes a bank in crisis.
Confusion in relation
to Risk and Risk Management by Practitioners of Islamic Muamalat / Kekeliruan
berkaitan Risiko dan Pengurusan Risiko oleh pengamal Muamalat Islam
Assalamu ' Alaikum
Confusion in relation
to Risk and Risk Management by Practitioners of Islamic Muamalat
We often hear of the terms Risk and Risk Management being
used today especially in the Islamic banking industry. Risk management practitioners
in industry generally, and in the Islamic banking industry in particular, accepts
in toto the Risk Management Knowledge as taught by the West all this while,
without examining the background from which such Knowledge came from.
It is obvious the Risk Management Knowledge taught by the West
is underpinned by the full legitimacy of riba to them . In fact, every aspect
of Western Risk Management is designed to benefit riba owners.
THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned “central” bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation has fallen prey to this cabal of international central bankers.
The success of the central banking scheme developed into a far-reaching plan described by President Clinton’s mentor, Georgetown Professor Carroll Quigley, “to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank….sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the levels of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.”
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809)
“I believe that banking institutions are more dangerous to our liberties than standing armies.” – Thomas Jefferson
… The modern theory of the perpetuation of debt has drenched the earth with blood, and crushed its inhabitants under burdens ever accumulating. -Thomas Jefferson
History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance. -James Madison
If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations. -Andrew Jackson
The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. -Abraham Lincoln
There has been a lot of criticisms on Islamic banking but it has to be addressed correctly.
Criticisms of Islamic banking includes it being too expensive and just a mirror image of conventional banking.
To get credibility of the criticisms we must address the Shariah issues of Islamic banking whether Islamic banking in practise contradicts Shariah.
We cannot say Islamic banking is wrong because it is too expensive. It is a known principle in Shariah not to interfere in normal market pricing. If that is our line of criticism we have to prove the point with statistics and be sure we are comparing like with like. For example are we comparing fixed rate Islamic finance with floating rate conventional finance? In which case is our conclusion conclusively proven with numbers to support? We must also be cognisant that Islamic banking is not meant to operate in a dual environment and in a real Islamic economy it is haram for Muslims to frequent conventional banks. In today’s economy Muslims are allowed to also use conventional banks and conventional banks do not have to abide rules Islamic banks have to. This means Islamic banks by default have to be “like” conventional banks to survive and thrive. In this case it is not appropriate to level criticism only at Islamic banks; the bigger criticism have to be levelled at the government for allowing conventional banks to continue operating at a distinct advantage over Islamic banks. Governments have also failed in their duty to prevent the ummah from using riba institutions.
The strategy is to divide and turn societies against themselves using sectarianism, tribalism, religion, by any and every means to prevent the emergence of steadfast and organized political alternatives, with the capacity to retain the surpluses of their own societies for the development of their working people and for their society as a whole . The strategy is to enable powers external to the region to mop and seize the resources surpluses and markets , which is what we are witnessing in Iraq, in Syria, in Lebanon, in Egypt, in Palestine, in Africa among other regions, which is the ” New Colonization ” .
And we all know its not really America is it, but the pest that has infiltrated and taken over America.
Follow the Facebook pages of "If Americans Knew" and "Traitors In Government"
(Petikan dari FB Page : Towards a Just Monetary & Financial System / KeArah Sistem Monetari & Kewangan Yang Adil )
Zain : Boleh tak meminjam suatu barang yang sebenarnya sedang dipinjam kepada 25 orang lagi secara serentak, dan sekiranya 25 orang ini tuntut untuk pegang dan lihat barang yang dipinjam barang itu tidak wujud atau tidak mampu dihadirkan oleh peminjam melainkan dengan tipu helah?
Apakah hukumnya dari segi Shara'?
Jamil : Dah sah tidak boleh dari segi logiknya pun.Tu memberi pinjam secara Yahudi. Saya rasa Perbankan Patuh Syariah kita pun ikut cara itu kut?
Zain : Bro boleh tak saya sewa basikal saya kepada 25 orang secara serentak dan beri mereka resit mengatakan mereka boleh datang bila-bila masa untuk ambil basikal itu dari kedai saya?
Kekeliruan
berkaitan Risiko dan Pengurusan Risiko oleh pengamal muamalat Islam
Kita sering mendengar istilah Risiko and Pengurusan Risiko
yang diguna pakai hari ini khususnya dalam industri perbankan Islam. Pengamal
Pengurusan Risiko didalam industri amnya dan industri perbankan Islam khususnya
menerima bulat-bulat ilmu Pengurusan Risiko yang telah diajar oleh Barat selama
ini tanpa mengkaji latar belakang hasilnya ilmu tersebut.
Jelas sekali Ilmu Pengurusan Risiko yang diajar barat
berpaksi kepada kehalalan riba kepada mereka. Malah setiap ajaran dalam Ilmu
Pengurusan Risiko Barat berobjektif menguntungkan pengamal riba.
Hubungan diantara peminjam dengan yang meminjam bersandar
kepada hubungan pinjaman wang atau “money lending.” Oleh yang demikian ini
bukanlah merupakan suatu amalan muamalat didalam Islam. Hubungan muamalat dalam
Islam contohnya ialah diantara penjual dan pembeli, dan penyewa dan yang menyewa.
Oleh yang demikian Pengurusan Risiko yang diamal oleh ‘money lenders’ tidak boleh digunapakai oleh pengamal muamalat
Islam.
Bank of
International Settlements (BIS) in Basel, Switzerland is where all central
bankers in the world go to school. This is where they produce the banking
regulations called Basel I, Basel II and Basel III etc. It basically tells the
central banks throughout the world to go back and tell the banks under their
jurisdictions in their respective countries how much capital to have in order
to lent a multiple of that amount to the borrowers. That's the official lingo.
In everyday language it means how much cash to maintain in the vaults to
cover the actual cash requirements of their borrowers when the banks lent more money than they actually have. If they have RM1
billion in deposit, and reserves to be placed with central bank is 2% of deposits, they will actually lent out a total RM25 billion to their borrowers.
The RM24 billion is money they don't have, which the banks created out of thin air not backed by
anything, when they lent and relent and relent the original RM 1 billion
deposit placed with them. They can do this because people settle with
cheque books not cash and dont all go and withdraw cash at the same time! They even charge interest for this fictitious money but that's episode II.
Nation A is a small but wealthy nation. The benevolent government
worries about unemployment amongst the nation’s youth. The government realises
SME’s are the key to creating employment as in all other nations they are the greater
creator of jobs and the greater contributor to GDP than the large corporations.
The government have a whole array of SME friendly policies to boost its SME
sector. The results are not encouraging as only a small number of SME’s seems
to be benefitting from these SME boosting policies. Those in the know, knows
this is because of the reluctance of everyone to move from the platform of debt
to the platform of equity in helping the SME’s. The debt banking grip on
everyone’s mind is so strong from 300 years of riba brainwashing that nobody
considers the possibility of equity investing in SME’s as a solution. The
bank’s excuse of not having enough staff to monitor investments in SME’s is
taken as gospel and never challenged again whether it cannot really be done
with little additional human resource cost to everyone. However that is
not what this article is all about and I will not explain or preach to those
who refuse to open their minds.
Actually the proposed new name for this blessed nation is
Brunei Darul Dzikr in line with the aspirations of a truly inspired King.
Consummate obedience to Allah the Almighty is the only way to describe the
outstanding bold decision of the Sultan of Brunei to insist his nation be
govern by the laws of Allah swt true to the demands of the Quran.
Surah AlMaidah Ayah 48 translates :
“And We have
revealed to you, [O Muhammad], the Book in truth, confirming that which
preceded it of the Scripture and as a criterion over it. So judge between them
by what Allah has revealed and do not follow their inclinations away from what
has come to you of the truth. To each of you We prescribed a law and a method.
Had Allah willed, He would have made you one nation [united in religion], but
[He intended] to test you in what He has given you; so race to [all that is]
good. To Allah is your return all together, and He will [then] inform you
concerning that over which you used to differ.”
Coming back from the World Islamic Economic Forum in London,
and hearing the impassioned speech by UK Prime Minister David Cameron on the
virtues of Islamic Finance and the intention of his Government to pursue
Islamic Finance with vigour so much so as to turn London into a Centre of
Islamic Finance on par with Kuala Lumpur and Dubai, I was equally bowled over
by the import and thrust of your article below. With over 22 years involvement in
Islamic Finance I do have a little vested interest in seeing it expand.
Expansion of Islamic finance means the expansion of the
ideals of fairness and justice in this world. This is where I do not know how
to begin to describe my feelings. Pride over its international recognition is
tinged with a certain guilt and fear that the current form of Islamic finance
as practised in the Muslim world today may not live up to expectations when it comes
to the crunch. Let me take the bull by the horn and come up with an explanation
of Islamic finance early in my piece so that we are all on the same page.
Islamic finance is basically broadly divided into two category, Islamic debt
financing and Islamic equity financing. What we have observed in the
development of Islamic finance in the world today is the monopoly of Islamic
debt finance to almost the total exclusion of Islamic equity finance. Many of
us believe the true alternative to Western conventional finance is Islamic
Equity Finance and not Islamic Debt Finance. Debt by whatever name is unjust
when used to finance risk projects that demand sharing of risks by all parties.
Islamic debt finance to finance projects that demands risk capital will be
equally unjust to project owners who defaults for business reasons totally out
of their control. This is where my mixed feelings earlier came from. Is Islamic
finance going to be any different if it is solely based on debt?
Another issue Gillian, is that we cannot discuss finance
ignoring the surrounding issues that determines the shape of finance. These
issues principally revolves around fraudulent money creation, fractional
reserve banking and legitimacy of fiat money as an article of faith in the
economy. When we play the board game of Monopoly, inflation is never an issue
right, the price of that Mayfair or Park Lane Property never goes up right? Why
is that? That’s because we know the bank have a fixed volume of money. Now
imagine a game of monopoly where the bank is at liberty to increase the volume
of money at its whims and fancy. We will soon find the price of properties being
on a permanent upward trend right? In the real world when the volume of money
can be increased at someone’s whim and fancy then those on low and fixed wages
will suffer will they not? The volume of good and services cannot keep pace
with voluminous and callous increase in volume of money.
Who is this someone in a nation who can increase the volume
of money at his whim and fancy? If our answer is the government then we will
get 10 marks, for on average the government through paper notes and coins
produce only 10% ofa nation’s money
supply. If we answer banks then we will get 90 marks because on average banks
create 90% of a nation’s money supply through what is called fractional reserve
banking. The USD1000 you place in a bank’s current account and is given a cheque book
to spend? Very soon the banks will lend the same USD1000, at reducing amount of
course because of the reserve at Central bank requirement, such that at the end
of the day 25 people will hold cheque books believing they hold various
reducing portions of the original USD1000 you deposited. This is David
Copperfield stuff, where banks create money out of thin air. Mathematically,
with a 2% reserve requirement, a USD1000 deposit can result in thin air money
of USD25000; and a USD1billion deposit can result in USD 25billion of money
created by banks out of thin air.
Why am I describing this obviously fraudulent money creation
system? Because an Islamic bank that operates in this system is also guilty of
creating money out of thin air. Whither fairness and justice to the world when
one is equally guilty of fraudulent money creation? Why do I call it
fraudulent? You remember that game of monopoly I described above where the bank
is now allowed to create as much money as it wishes? What if the banker choose
to lend the newly created money only to his friends and which they use to buy
up all properties, will not these select group of friends become very rich, and
society then pays for their wealth through inflation when volume of goods and
services increases do not match the volume of money increases. This process of
enriching the rich and impoverishing the poor is implicit in the debt based
banking system when monies are lent by banks only to monied people with
collateral. So Gillian, an Islamic bank caught in a fractional reserve banking
and Islamic debt banking system is also guilty of enriching the rich and
impoverishing the poor. So whither fairness and justice to the world?
The overriding Islamic legal maxim in Muamalat or Islamic economic matters is
AlGhunm bi AlGhurm i.e rewards comes only with risk. Only when Islamic banks
practise this; only when they favour equity finance in place of debt, only when
risk is not a four letter word to them, will they be the true saviour the world
awaits.
Seven long years ago, I had a chance to meet Sheikh
Muhammad Taqi Usmani, a Pakistani scholar who is also a leading expert in
Islamic finance. It was an unexpectedly memorable conversation. Back then,
during the height of the credit bubble, there were very few people who
expressed strong criticisms of how western finance worked. But Usmani was
scathing. Most notably, he bewailed the tendency of American and European banks
to create money untethered from any real assets; or, as he put it, to spin
“derivatives out of more derivatives”. Indeed, to Usmani it seemed as if
western finance was almost akin to a giant ball of candyfloss: a bubble of
sticky froth, from which a few “real” assets or economic activities had been
spun and re-spun to support numerous ephemeral financial deals, much in the way
a tiny piece of sugar can be used to concoct a giant puffball. “Western banks
create money from money,” Usmani told me, contrasting this with the world of
Islamic finance, where “money is always backed by assets” and relies on “equity
financing not debt”.
Today, such criticisms no longer look quite radical – or
unusual. On the contrary, following the collapse of the credit bubble even men
such as Alan Greenspan, the former
chairman of the Federal Reserve, are fretting about the inexorable expansion of
western finance. And, if you listen to American Tea Party activists discussing
the tottering piles of American debt and exploding money supply, their concerns
(ironically) sound rather similar to those of Usmani.
In the past few days I have had reason to ponder Usmani’s
words again. Late last month, George Osborne, the British chancellor, announced
that the UK government plans to issue its first “Islamic bond”, or a debt
instrument that complies with Islamic principles. The news has provoked
cynicism in some City quarters, since it seems something of a diplomatic ploy.
But, to my mind, this partly misses the point. For whatever Osborne’s motives,
one benefit in having a British Islamic bond in play is that it might prod more
people to glance at the principles behind Islamic finance. And those ideas are
thought-provoking, for Muslim and non-Muslim alike, since they present a vision
of money that is refreshingly different from the ideas that 21st-century
western financiers and consumers take for granted.
What are these core principles? The central issue is a
belief that usury is morally and religiously wrong (haram). In that sense,
then, Islamic scholars echo the precepts of the medieval Christian church.
Observant Muslims are not supposed to make or receive loans with any interest.
But another crucial point is that debt as a whole is discouraged: Islamic
finance prefers to finance business and government via investors who share
risks, ie with equity.
And Islamic scholars hate the idea of using money to make
more money, as a game in itself. Instead, they believe that financial flows
should be tethered to tangible productive enterprises or trade, since money
should serve the “real” economy. This is very different from the embedded ideas
of 21st-century western finance or banking in previous centuries.
In the 20th century, some Islamic financiers started to
build financial structures that complied with these ideas (say, by creating
risk-taking “banks”). And, ironically, these days western banks such as
Deutsche Bank, Citigroup and HSBC have now jumped into the fray too, borrowing
modern western financial innovations, such as securitisation, to dance around
Islamic strictures.
Some of this activity looks contradictory, if not comical:
like the church of medieval Europe, there is a whiff of hypocrisy and religious
arbitrage. But notwithstanding that, the fact remains that the core principles
– if not all the practice – are fascinating. After all, the idea of tethering
our financial system more closely to the “real” economy and tangible,
productive enterprises seems distinctly appealing these days. Likewise building
a system around equity, not debt, with a less financial candyfloss. Indeed,
perhaps the really curious issue here is not that Islamic scholars are
promoting those ideas but that other religious groups have not been trumpeting
them on moral grounds too. Yes, the new Archbishop of Canterbury has appealed
for bankers to behave in a more moral way but why didn’t the Church criticise
western finance more loudly before 2007? Why is nobody demanding Christian
bonds to support infrastructure spending, say?
It would be an intriguing question to ask when, or if,
those Islamic British bonds ever appear. Finance might just possibly be one
area where religions could learn from each other.
For what higher title do we carry than to be the Vice Regent of Allah on this earth?
" By time, verily Man is in loss except those who believe and do righteous deeds. And reminds one another with truth. And reminds one another with patience." Surah Al-'Asr.
"The person who utters a word which meets with God's favour may think it has not been heard, yet for this word, God will raise him to a higher level of Jannah. Conversely, the person who utters a word that stirs God's anger may give no thought to what he said, only to have God cast him in Hell for seventy years."
(Narrated by Malik and al-Tirmidhi, also by al-Nasa'i and Ibn Majah)
"Dear God You do not burden that I must but win, but You command that I must but try. Dear God count me amongst those who try. Verily my solah, my ibadah, my life and my death is only for You, Master of all Universe. Peace and aching salutations to the love of our life Muhammad s.a.w"
How to convert and become a Muslim with Live Help by 1-to-1 chat
www.IslamReligion.com
Thesis download : "The Negative Impact of Riba Banking on the Performance of Islamic Banking in a Dual System"
http://independent.academia.edu/ZahidAziz
The success of the central banking scheme developed into a far-reaching plan described by President Clinton’s mentor, Georgetown Professor Carroll Quigley, “to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank….sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the levels of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.”
If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks…will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809)
History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance. -James Madison
If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations. -Andrew Jackson
The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. -Abraham Lincoln
