The Purpose of IFSB is to Establish A Standard Regulatory Framework for Islamic Banks Worldwide.Many Central Banks worldwide are represented. It is Headquartered in Kuala Lumpur, Malaysia.
The Purpose of AAOIFI is to Establish A Standardized Body of Regulations, Rules and Standards for Auditing & Accounting for Islamic Banks Worldwide. It is Headquartered in Bahrain.
Buddhists, Hindus, Sikhs, Jews, Christians and Muslims are taught not to deal in Riba. For a Detailed Study on Prohibition of Riba in All World Religions and Philosophies please Click Here
OUR MISSION:
Building Bridges Between People of Different Faiths to Prosperity and Cooperation Through Riba/Ribbit-Free Financial and Banking Services.
Riba (in Qur’aan/Islam) or Ribbit (in the Old Testament) is the act of RENTING the USE OF MONEY at a Price called Interest Rate. This concept of Renting the ‘Use of Money” is the origin of the word “Usury!” in contrast to today’s definition of “Usury” as excessive rate.
In Juaism, Christianity and Islam (and other faiths) renting the use of MONEY is prohibited.
Money is a Measuring Device. It is a Thing. So, its use cannot be rented. Exactly like an apple. One can only transfer its title of ownership but cannot rent it. So, money can be used to measure the success or failure of a venture. That is; one can rent a building, a car or a business BUT NOT MONEY. So, based on the rate of return of invested money using the RENT OF PROPERTIES AND ASSETS (and NOT the Rent of Money), prudent investors can decide if it makes economic sense to invest. In early times, if you charge interest; i.e. renting the use of money – also called at that time “usury” – and you were: Catholic: You will be Denied a Catholic Burial, or Jewish and you cannot stand as a witness in court.
Copyright © 2008 IBNI Website| All Rights Reserved
Islamic Banking Network International, IBNI, web site is an independent web site that is owned by a not-for-profit organization. Neither the organization nor the its officials necessarily guarantee nor are familiar with the intricacies of operations and/or claims and sales tools of any of the institutions advertised. The visitors and readers are STRONGLY ADVISED to investigate and exercise prudence as well as legal and accounting advise from their attorney and CPA before they deal with any of these institutions. This site is intended to present to the visitors an integrated look and a conceptual understanding of this new business and NOT an investment or banking services advices. This is NOT an offer to sell and/or promote investments &/or securities in the US or anywhere in the world.