Yes.

thank you for your purchase.

was it you who purchased 3 btc worth of shares?

I think once the investors in this project, buy their amount of shares, then we will issue officially.

Thanks again !

Shares issued

please buy your shares now.

@alchemist , @ trentzb ,  @bitconTrader

please pm me your userid for glbse so i can transfer the agreed shares to you.

salam,

thank you for joining us. hope you can help us with moving this project forward !

"How will the decisions on who to invest in, how much to invest and what equity stake to require, be made ? Will all such decisions be made through the motions system on GLBSE?"

It will be decided by major shareholders and/or project manager(s) or CEO. It could also be put in motion yes. We'll look at projects and see who needs funding , then its put up on GLBSE, 50/50 shares or 60/40 for example.

If project successful, then we share profit! if not we share the loss!(musharakah)---------- (unless its Mudarabah, in which case the bank only takes the losses)

"Who are these loans intended for ?"

Anyone*  (forum member, in future this requirement may be lifted)

"Could a "consumer" obtain a loan (e.g. I want a loan of 5 BTC to buy an iPod) ?"

yes, you could buy whatever you want , with your loan. Initially we are offering 2 BTC to each customer (max 10 btc- 5 customers in total)
amount may be increased hopefully in the future. e.g:- choice of 2 , 5, or 10 btc loan. When a customer pays back, 2 BTC would then be available again to customers to take as a loan.

"What would the expected / average 'gratuity' be on such a loan ?"

we do not 'expect' anything, except that you pay back the loan in full amount on time. (in 1 or 2 weeks{may increase in future}). There is no 'average' gratuity, you have a choice  whether to  'donate' or not to.


"If the 250 apples sold for a total of 6 BTC (20% profit) at the market, what would the expected / average 'gratuity' be ?"

no expected amount, pay whatever amount you like. (or choose not give)

"If the 1000 apples sold for a total of 5 BTC (0% profit/loss) at the market, what would the expected / average 'gratuity' be ?"

no expected amount, pay whatever amount you like. (or choose not to give)


"If the 250 apples sold for a total of 4 BTC (20% loss) at the market, what would the expected / average 'gratuity' be ?"

in this case 0% interest fee loan was good, so you only have to pay back the same amount (no interest) and obviously you wouldn't pay any donation/gratuity due to your loss.

*For the apple business, you might want to consider applying for our Joint Venture service (Musharakah):-Musharakah (joint venture) is an agreement between two or more partners, whereby each partner provides funds to be used in a venture. Profits made are shared between the partners according to the invested capital. In case of loss, each partner loses capital in the same ratio. If the Bank provides capital, the same conditions apply.

"Could a "speculator" obtain a loan (e.g. I want a loan of 5 BTC to buy a set of classic vinyl Cliff Richard album which I expect to be able to sell for 6 BTC at the record fair I am going to tomorrow)"

Yes.

If the set of records sold for 6 BTC (20% profit) at the record fair, what would the expected / average 'gratuity' be ?
If the set of records sold for 5 BTC (0% profit/loss) at the record fair, what would the expected / average 'gratuity' be ?
If the set of records sold for 4 BTC (20% loss)at the record fair, what would the expected / average 'gratuity' be ?

answered above


"LOL in non-islamic banking we call this 'gratuity' interest"



If you have anymore questions please do ask, if you have any feedback/suggestions to give us go ahead.

Thank you

thank you

shares will be available soon within the next few days.

UPDATE


1. Contract and Asset listed on GLBSE (nothing issued yet), read the contract.

https://glbse.com/assets/

Ticker :- IBB

"Hi,

I support your project.
I'll hop in with a pledge of 4 BTC's."


Thank you very much for your support/pledge.

If you have any ideas or suggestions dont hesitate please do share

@speeder

Thank you  very much, might take long to sell, i hope mine sells quickly so I can invest in this more.

--------------------------------------------------

Update


1. Logo done , finished.

2. Website design started, will be finished within 3-4 days. Deposit 2.00 BTC paid

3. Found domain + hosting package - testing/trial, price is 3.50 BTC / year.

4. Domain  1 BTC  paid for

-------------------------------------------------------------

in wallet now 9.04 BTC {{ 6.50 BTC when hosting paid}}

Update

Sent pm to investors. Look at the logos and see which ones you like + domain.

-----------------------

Shares - GLBSE

1000 shares @  0.10 btc  or @ 0.05 btc?

--------------------------

BTC received

bitcoinTrader    2 BTC
trentzb             3 BTC
senbonzakura   2.70 BTC
Grant               2 BTC
alchemist         5.04 BTC


---------------------------

BTC used

LOGO Design               2.20 BTC

GLBSE fee                    0.50 BTC

---------------------------

Total BTC investment = 28.20 btc , Total received 14.74 btc,  in wallet now 12.04 btc

*fixed - total amount of investment/pledges

PLEDGE / INVESTMENT so far:-

1. 2.20 BTC , 2x DISHWARA shares
2. 2 BTC
3. 10 BTC (some conditions)
4. 5 BTC (5 BTC more on condition)
5  2 BTC (more soon)

Total 21.70 BTC ( 28.70 BTC if dishwara sold + conditions)

how much for dynamic banner , that i can put on my forum signature?

closed

closed

"Please let us know how long it will be before you make investments available on GLBSE. If you do list it"

will do, thanks for your support/interest in buying shares.

"how soon after that would you expect revenue to be generated?"

as you can see in the thread, we came up with some basic sources of revenue. the more services we provide (escrow / deposit account) the more revenue is generated.
basic sources would be 1. ads 2. gratuity / donations from loans 3. IBB buying shares in other companies/projects. So probably would take some time before some revenue is generated, i would donate 1 SIN share (when glbse listed), so every-week IBB should get 0.02 btc

Also it depends on what we agree on as investors, what ideas/models are on the table, and how much btc we have to implement it. I am willing to invest , we just need to find someone committed to take this forward (implement security/coding/responsible manager keeping customer btc safe etc... (if deposit account implemented)  )

So far , I am currently doing logo (paid for it), soon doing website. So there might be no revenue / might not work out (after website/logo/hosting done)

I suggested with btc invested, IBB should buy shares like SIN shares, and then use the dividends for further development of website. If it doesnt work out, then you IBB still gets profits from SIN shares and use those as dividends to shareholders, or even sell SIN shares and pay back shareholders.

"I suggested this idea in #bitcoin-otc a couple of weeks ago, IIRC. I'm glad someone is taking the initiative of creating a Sharia compliant bitcoin banking system."

I wanted to invest in bitcoin bank, or any company on GLBSE, but the profits may not be 'permissible' for me (due to shariah). There was 2 bitcoin credit union i think, but couldnt invest. So thought I put out this idea/project and see who's interested. I was thinking in small terms, create website , put ads, put info on bitcoin in arabic and just enjoy the revenue generated from ads.

More people supported/invested = more ideas and suggestions, so we'll see where this goes. @cbeast are you willing to invest or buy shares later ?

@alchemist

Thanks for your support and pledge  

@ grant

Thanks for your investment/support  



"But there is no legal way to "make sure" loans are repaid, for a potential loan "theif" it would be quiet easy to buildup points regardless of system of points to then use those points to take out a larger loan and never return."

for minimum, to get website up and running and offering 0% fee 0% interest loans, maximum amount of 10 btc at 2btc to each customer (5 customers) would be given away. once paid back, those same amount is then available to others. Who gets the loan? established forum members with say >100 post, on white list etc...

There is still risk customer wont pay back, thats why i propose the above, as a start basic loan service. If customers payback, then many other customers can get the loan, and so the btc goes around the community. Maximum 10 or 20 btc to get things started (alpha test) , which means maximum 10 or 20 is lost.

If during testing , we are confident, then we can increase the amount, if investors agree.

"Possible solution: offer only business loans, specifically projects that require specific development."

yes thats number 5 -> Joint venture service, customer wants some btc to start company in GLBSE, customer releases shares, IBB buys them.


"3) Risky idea, propably not worth it."

only buy shares/assets in GLBSE, for instance I would be transferring SIN share and DISHWARA share to IBB in GLBSE, the dividends would be source of revenue for IBB , which will then be used to further develop the site. At least say 50 shares of SIN would give you around 1 BTC everyweek. So that 1 BTC could profit/dividend or used to further develop the site.

"there's also the risk of the CEO cease to exist (this can be anything from illness, to death, or even outright fraud)"

good to have at least 2 or 3 working on a project, all 3 project managing, if something happens, then the other 2 can take over. A ceo/project manager should invest in the project and not just offer to manage it for say some btc salary. That way, there is incentive to not mess about and be serious.

"there is no procedure to transfer assets to a new management and there is no real corporate governance"

maybe share instawallet account, have 3 major shareholders run the project sharing account/keys?(if internet down/other problems..other manager can take over)

I dont think we will have deposit accounts/savings accounts for customers, unless we can have good host/server, good responsible manager, good code security etc..

so to reiterate basic minimum bank website should do:-

1. loans maximum of 20btc given by IBB
2. buy assets in GLBSE (for profits from dividends)
3. adverts

so 3 basic sources of revenue. once above is done, we can implement further features (e.g:- deposit account, escrow)

"Okay, let's say I get a loan from IBB. Am I free to buy myself a beer?"

No , you can only buy pepsi.

 

Just joking, yes you can buy what ever you want, its your money.

closed

If you work at a place such as a convenience store which sells alcohol, then its ok, because you dont own the shop and your not selling the alcohol the shop is. Ofcourse then you could say the profits from sale of alcohol would go towards your salary, if you feel uncomfortable and you are religious then you could work somewhere else, if staying because you need the job then in my opinion its ok. If you own the shop and you sell alcohol then yes you are in violation of shariah.

Muslim follow the laws in the quran. Allah would be unhappy with us if we dont follow the laws he gave us. Even if both parties are fine and happy with the interest on loan, god would be angry/punish you for violating his laws.

""how will you compensate for loans that default ? If you don't charge anything for lending out money your net result will be negative.""

The borrower only needs to pay back the amount owed to the lender, but the borrower can choose to pay the lender a small amount of money to serve as a gratuity. Its just an idea for the islamic bank, we wouldn't give away like 20 btc or 100 btc , small amounts less than 10 say 2 btc or 5 btc. These interest free loans is there to attract customers and also give back something to the bitcoin community.

""how will you compensate for loans that default ?""

I was thinking maybe at first when the bank is new and growing, you must be a member of this forum and have at least 100 or 200 posts (or ebay feedback?) and be on the good list. So at first maybe give away a total of 20 btc -> 2 btc to each customer. They would pay back after 1, 2 or 4 weeks. Once the btc is paid back, it will be available again to other customers to use. To compensate , we could have ads on the website which would help, if customers visit the site for loans, they see/click ads, which would mean revenue. Hopefully they wont default, revenue from other services/sources will be profit direct to the share holders as dividends.

Again all this needs to be discussed further and its not concrete.

""and i do know that todays modern "Islamic Banks" (are not Islamic at all) those banks "resell properties at a premium for longerterm periodic payments" making it equal to usury (but on paper they can say "hey we're 100% Sharia we don't charge interest!")""

yes, islamic banking is recent/new, most muslim countries have conventional interest-based banks, the above 'could' be considered unislamic. Many islamic banks say they are 100% shariah but they aren't. In my case the bank would offer 0% fee 0% interest on loans. They probably are 90% shariah based, that is they dont deal in pork/alcohol etc.. but other products/services such as the above COULD be deemed unislamic.

""But it gets complicated, you plan to offer this service to anyone ? (some anonymous person can request an investment in a project, commerical or consumer) ? I think this seems like a very risky business. How will you deal with reducing fraud/abuse ?""

It was just a suggestion i put forward and needs to looked upon further. As I said earlier , be established in the forum, 300+ posts? show us the business plan / project and how much btc you willing to put in, then IBB (islamic bank of bitcoin) will decide if the project has potential and invest accordingly.