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Author Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي  (Read 105710 times)
EskimoBob
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December 26, 2013, 07:44:45 PM
 #501

It's kinda cool that only adventure in BTC land, that has remained profitable, is a Islamic bank... 
Takbīr!
Allahu Akbar!

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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shaza4061
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January 31, 2014, 03:18:43 AM
 #502

Can we have a quarterly update of the financial statement? I have been a long term investor for this company, and the CEO keep changing. However, one thing in common they all have is lack of update to the investors. As an investor, my hope is that the company will be more investosr friendly, keep the investors updated, and perhaps make a commitment to distribute the profit at an agreed percentage either monthly, quarterly, or yearly.
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February 07, 2014, 02:40:19 PM
 #503

Allahu akbar Smiley
It's kinda cool that only adventure in BTC land, that has remained profitable, is a Islamic bank... 
Takbīr!
Allahu Akbar!
usamakhalid961
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Keep smiling


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February 16, 2014, 01:02:01 PM
 #504

ISLAM AND BITCOIN

BOTH GREAT

For sell
just 0.01 btc per year
lophie
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Unlimited Free Crypto


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February 27, 2014, 03:41:48 AM
 #505

so yer saying this ship yasnt sunked yet?

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February 27, 2014, 04:33:35 AM
 #506

Could be interesting if there is no scam involved. We need the Muslim World to join Bitcoinia  Cool

Actions speak louder than words.
semaforo
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February 28, 2014, 10:34:45 PM
 #507

Can we have a quarterly update of the financial statement? I have been a long term investor for this company, and the CEO keep changing. However, one thing in common they all have is lack of update to the investors. As an investor, my hope is that the company will be more investosr friendly, keep the investors updated, and perhaps make a commitment to distribute the profit at an agreed percentage either monthly, quarterly, or yearly.

  Sorry for the delay. Right now the Bank continues to be... well, let's say still in the seed phase. I will try and get a dividend payment out in the next week, insha'Allah. Your input is very much appreciated, I will get logged on to my other account and try to work on a dividend schedule that we can stick to.
shaza4061
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March 26, 2014, 04:22:05 AM
 #508

Assalamualaikum brother,

Can you provide an update as promised?

Can we have a quarterly update of the financial statement? I have been a long term investor for this company, and the CEO keep changing. However, one thing in common they all have is lack of update to the investors. As an investor, my hope is that the company will be more investosr friendly, keep the investors updated, and perhaps make a commitment to distribute the profit at an agreed percentage either monthly, quarterly, or yearly.

  Sorry for the delay. Right now the Bank continues to be... well, let's say still in the seed phase. I will try and get a dividend payment out in the next week, insha'Allah. Your input is very much appreciated, I will get logged on to my other account and try to work on a dividend schedule that we can stick to.
Ibrahim@IBB
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April 04, 2014, 05:24:05 PM
 #509

Update

4 Jumada al Thani, 1435

4-4-14

Bismillahi Rahmani Rahim,

   Asalam Aleikum wa Rahmatullahi wa Barakatuh,


   Dear shareholders,

     Thank you for your patience in waiting for this update.

Assets

Cash - 13.12217619 BTC

6.6 retained for website development

Income from Nasty seats since last dividend- 0.0739076 BTC

Donations - 0.75 BTC

Total Dividend Payout - 0.8239076



        As for some of the projects mentioned in the last update- I was hoping to get some interest from shareholders in these projects but I didn't hear anything. These projects are also probably too ambitious considering our personnel and budget restrictions. However, our income is dwindling because I have not had much time to do lending. I lent to several people who did not repay loans, but this was with my own money, not IBB's. This was good, since I learned a lot about lending at my own expense rather than IBB's.

        As I mentioned in the last update, I think we should still be focusing on lowering barriers to entry for the Islamic world into the bitcoin ecosystem. Right now the main barrier to entry is education. That is why I think it is important that we focus on information. Writing tutorials and faqs on bitcoin is a good service, and we can also derive advertising revenue from these services.

        Another idea, which is more within the scope of our capabilities right now, is to provide a multilingual bitcoin news service. The aim is to get more people interested to learn about and use bitcoin by providing news articles in their native language. For this purpose I propose hiring translators to translate select articles to the languages most spoken by Muslims in the world- Arabic, Persian, Malay, and Urdu.

      A bitcoin faucet may also be a means of boosting revenue. I suggest making this faucet a social service by motivating people to run the faucet to operate the faucet by answering trivia questions that remind the user of useful knowledge. The user would be rewarded after answering a series of questions with a small payment of something like .00001. On each page with the question, there would also be a number of ads.

        So to sum up, I am suggesting building a website that provides community service with 3 aspects- digital currency education, digital currency news, and a bitcoin faucet that dispenses bitcoin in exchange for mental exercises that increase knowledge. This is beneficial to all parties- people increase in knowledge, the IBB collects ad revenue, and the advertisers get increased exposure for their products. A project of this scale is within the scope of our current capabilities, while wallet services and exchange services are not.


        We will have to fill a number of positions.

  - Web designer for setting up the website and the faucet

  - Translators for adding language support for multiple languages to increase our traffic

  - Regional representatives to promote the IBB website in country or language specific forums and chatrooms

  - Loan officers for managing micro loans

   Loan officers will have to be volunteers who could take a percentage of gratuities. They would be provided with a small amount of funds from the IBB which they would then disperse in smaller increments to borrowers. Any donations that the IBB receives for this public service could then be split, 50% to shareholders, and 50% to the loan officer who made the loan. This entails risk, so the loan officer would have to be reputable or come recommended by a trusted shareholder or member.

   To increase publicity and get people using our news services, we will also be issuing and handing out IBB secure cheques with a small amount of bitcoin to encourage people to get bitcoin wallets and to learn about using bitcoin.
       
      After much thought, this is the best plan I could come up with for increasing our revenue. Any comments or suggestions are very welcome. If anyone is interested in any of the positions listed above, please send me a PM.

  Thank you for your patience and I apologize for the delay!
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April 05, 2014, 01:09:53 PM
 #510

Intresting. Do u pay interest on deposits

ReBoRn
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April 27, 2014, 12:51:24 PM
 #511

Intresting. Do u pay interest on deposits
I think they will pay profit not interest because as I read this is not allow in Islam interest

cbeast
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Let's talk governance, lipstick, and pigs.


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April 28, 2014, 03:02:36 AM
 #512

Are there any real Islamic banks interested in Bitcoin?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
NoDreamsWatching
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May 02, 2014, 09:25:48 AM
 #513

Why is the USD haram? I lived in the UAE and the dirham is pegged directly to the dollar (as other GCC countries do (?)). If the dollar is haram, isn't pegging to the dollar haram by association?
AtomicDoge
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May 02, 2014, 09:29:10 AM
 #514

Why is the USD haram? I lived in the UAE and the dirham is pegged directly to the dollar (as other GCC countries do (?)). If the dollar is haram, isn't pegging to the dollar haram by association?

I am wondering this aswell.

Also my understanding of 'Haram' is something that was specifically forbidden by Allah while anything else is permissable by default.
Even if theoretically somebody did issue a Fatwah claiming we are not to use USD wouldent it techincally still not be classifiable as Haram?

And isn't it also an offence to claim something as Haram while it is not?
Need to be very careful when declaring something to be Haram, it is usually much better to claim it as being to be avoided.
ReBoRn
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May 02, 2014, 09:56:19 AM
 #515

Are there any real Islamic banks interested in Bitcoin?
Currently no real and real Islamic banks interested in Bitcoin because many problems and scams going here

ReBoRn
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May 02, 2014, 09:57:34 AM
 #516

Why is the USD haram? I lived in the UAE and the dirham is pegged directly to the dollar (as other GCC countries do (?)). If the dollar is haram, isn't pegging to the dollar haram by association?

I am wondering this aswell.

Also my understanding of 'Haram' is something that was specifically forbidden by Allah while anything else is permissable by default.
Even if theoretically somebody did issue a Fatwah claiming we are not to use USD wouldent it techincally still not be classifiable as Haram?

And isn't it also an offence to claim something as Haram while it is not?
Need to be very careful when declaring something to be Haram, it is usually much better to claim it as being to be avoided.
Who is saying USD is Haram its just a Currency and its not Haram just stupid rumor nothing more

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May 02, 2014, 10:56:23 AM
 #517

Ok great to hear that there is bitcoin bank opened. Didn't really expect that exactly Islam would open a bitcoin bank, but It's great! Smiley
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June 02, 2014, 10:39:50 PM
 #518

Hello, I am looking for a loan and have collateral. Let me know if you are still in business, because I am not sure. Thank you
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June 05, 2014, 09:38:54 AM
 #519

how to make a loan here



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July 12, 2014, 07:17:37 AM
 #520

any recent updates?

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