|
Title: The Bitcoin Startup that Helps Muslims Get Loans Without Breaking Islamic Law Post by: harlenadler on July 04, 2015, 09:06:04 PM Take a look at this article here: http://motherboard.vice.com/read/the-bitcoin-startup-that-helps-muslims-get-loans-without-breaking-islamic-law
Some key excerpts from it: Quote Muslims make up nearly 25 percent of the world's population, but sharia (Islamic law) compliant assets are only 1 percent of the world assets, according to Islamic Finance, a private initiative owned by Islamic Finance and Sukuk Company, which serves the Islamic banking sector. That means there's a lot of money exchanged hand to hand between Muslims—a lot of investments based on friendship or closeness. There is also a lack of sharia-compliant assets crossing international borders, Martin says. If there is no profit, Blossom takes no fee. This allows both Blossom and the investor to benefit without violating the sharia prohibition against taking or paying interest. Martin chose Bitcoin because the digital currency allows for transparency: all transactions are recorded in a central ledger, called the blockchain, which anyone can look at. Blossom is now based in Indonesia, where there is a demand for Islamic finance. While there wasn’t enough demand for Islamic financing in the US, the opposite is true in Indonesia, where there are more than 200 million Muslims, according to Pew Research. “Eighty percent of the population is ‘unbanked,’” Martin said. “There is a huge need for investment capital.” "This investment will help 10 to 20 micro businesses within Indonesia to expand," Martin said. "The idea of helping people create their own businesses to earn a decent living holds a special place in my heart.” What do you guys think? I think it's very interesting and it is a unique way to use bitcoin - if other parts of the Islamic world catch on to this then bitcoin can become a much more popular thing. Title: Re: The Bitcoin Startup that Helps Muslims Get Loans Without Breaking Islamic Law Post by: arallmuus on July 04, 2015, 09:28:27 PM Take a look at this article here: http://motherboard.vice.com/read/the-bitcoin-startup-that-helps-muslims-get-loans-without-breaking-islamic-law Some key excerpts from it: Quote Muslims make up nearly 25 percent of the world's population, but sharia (Islamic law) compliant assets are only 1 percent of the world assets, according to Islamic Finance, a private initiative owned by Islamic Finance and Sukuk Company, which serves the Islamic banking sector. That means there's a lot of money exchanged hand to hand between Muslims—a lot of investments based on friendship or closeness. There is also a lack of sharia-compliant assets crossing international borders, Martin says. If there is no profit, Blossom takes no fee. This allows both Blossom and the investor to benefit without violating the sharia prohibition against taking or paying interest. Martin chose Bitcoin because the digital currency allows for transparency: all transactions are recorded in a central ledger, called the blockchain, which anyone can look at. Blossom is now based in Indonesia, where there is a demand for Islamic finance. While there wasn’t enough demand for Islamic financing in the US, the opposite is true in Indonesia, where there are more than 200 million Muslims, according to Pew Research. “Eighty percent of the population is ‘unbanked,’” Martin said. “There is a huge need for investment capital.” "This investment will help 10 to 20 micro businesses within Indonesia to expand," Martin said. "The idea of helping people create their own businesses to earn a decent living holds a special place in my heart .” What do you guys think? I think it's very interesting and it is a unique way to use bitcoin - if other parts of the Islamic world catch on to this then bitcoin can become a much more popular thing. For the first bolded part , I do read that he is willing to be a "hero" that create some financial provider company to help the other people to have a better life and I dont actually want to disrespect this stuff but if something is too good to be true than it is not true at all (mostly). Also that the second bolded part, he is not actually "helping" people to create their own business because in the end the loaner will need to repay their debt as well despite that their business might be unsuccessful The reason of choosing BTC to do this is actually quite odds because he needs all transaction to be recorded publicly. I dont see the difference with him using FIAT for this because every transaction will be recorded in bank as well as the name of the loanerand there is no point of him to choose BTC for that. Also I am not sure of his intention for this because a quick search on google lead me to know that there are few "sharia" bank in Indonesia already and people can ask for a loan there without breaking any islamic law as well P.S : I think this fit more in politics and society? Title: Re: The Bitcoin Startup that Helps Muslims Get Loans Without Breaking Islamic Law Post by: n2004al on October 01, 2015, 12:55:45 PM It is a very courageous initiative. I see a business (which respect the rules of Muslim religion) which has choose bitcoin as a currency to operate. This is the very important positive thing. It is to be an example to follow because of the reason that has choose bitcoin as money and that this really can help the spread of bitcoin in areas very conservative. But who knows the future of this things in this kind of countries? It is difficult to foresee how will go this business. In these areas today can be say yes for something and tomorrow may be canceled everything without giving reasons. For this I tell my first phrase in my post. Then the Muslim law impede the profits for such activities. I don't know in which way this person had overcome this obstacle. Without profit have no sense to work. At least for the mentality of the many.
Anyhow, it is to congrats with him. May its work goes well and may its business flourishes. Title: Re: The Bitcoin Startup that Helps Muslims Get Loans Without Breaking Islamic Law Post by: yayayo on October 01, 2015, 01:51:09 PM Personally I have serious problems in understanding why people choose to led their lives be determined by religious rules that oppose their well being. So from a Darwinian perspective I can only oppose supporting people in maintaining irrational thought that restrict one's livelihood instead of evolving and live freely.
As a Bitcoiner I say: Any Bitcoin business is good business. Bring it on! ;D ya.ya.yo! |