Sunday, May 28, 2006

Bankers: Islamic vs. Conventional

One major problem with the current IFIs is that the majority of its bankers and fund managers are either totally ignorant or equally indifferent to the spirit and purpose of Islamic Economic laws and ethics.

We find evidence of what can be broadly described as banking activity as early as the era of the Companions. It is recorded that Sayyiduna Zubair ibn al-Awwam (ra) would advise his depositors that it is better for them to consider what they give him for safe-keeping as loans instead of deposits in order for him to provide them with a guarantee of their funds. (al-Bukhari, Vol. 4, Pg. 52)

The modern banker, in contrast, survives on the back of avarice, exploitation, self-worship and arrogance - traits everyone likes to disassociate oneself with. Here is a rather amusing depiction of how bankers think and work (if you have 10 minutes to spare!).

So until the IFIs are not able to train their personnel in the spirit of Islamic Economics, as opposed to its principles, the world will not realize its true potential as the only viable alternative to the current economic order.


Blogger Faizal Helmi said...

its right.....

5:59 am  

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