Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي

[shaza4061]

Hi,
Just wondering, when will you finish constructing your website

Hi,

I've already constructed what will be an interim website until we secure enough bitcoin for a solution that would incorporate all services.
Right now I'm creating the content, I believe I should have finished with it within a day or two and then make it public.

Thank you,

Danijel Habek
Islamic Bank of Bitcoin

Hi,

When you said that you will need to secure enough bitcoin, does it means that you need more funding? How about a private placement of shares to raise the funding? I will be interested to invest. Thanks

[memvola]

When you said that you will need to secure enough bitcoin, does it means that you need more funding? How about a private placement of shares to raise the funding? I will be interested to invest. Thanks

I'm also interested in investing more for some time now, but been waiting for more information and activity to do that.

Regarding funding, the shares issued at 0.6 don't seem to be selling. It raises the question of how to raise funds without hurting current investors while ensuring that new issues are sold.

A rights issue can be used to remedy such cases, and AFAIK it's never used nor implemented in the Bitcoin world.

I'm not a finance person, but as far as I know, this is how it works: Each shareholder of N shares will be given the right to buy k*N more shares at f*M where M is the market price (common sense says both k and f are lower than 1). Shareholders have the choice to exercise this right and even sell it.

This way, shares can be sold for a fraction of the market price to make it certain that required funding is raised, without upsetting shareholders.

[shaza4061]

When you said that you will need to secure enough bitcoin, does it means that you need more funding? How about a private placement of shares to raise the funding? I will be interested to invest. Thanks

I'm also interested in investing more for some time now, but been waiting for more information and activity to do that.

Regarding funding, the shares issued at 0.6 don't seem to be selling. It raises the question of how to raise funds without hurting current investors while ensuring that new issues are sold.

A rights issue can be used to remedy such cases, and AFAIK it's never used nor implemented in the Bitcoin world.

I'm not a finance person, but as far as I know, this is how it works: Each shareholder of N shares will be given the right to buy k*N more shares at f*M where M is the market price (common sense says both k and f are lower than 1). Shareholders have the choice to exercise this right and even sell it.

This way, shares can be sold for a fraction of the market price to make it certain that required funding is raised, without upsetting shareholders.

memvola, that's is another way to do it.IBB can also issue a private placement for unsold share to investor in large quantity. If there's no shares to sell, then IBB can do a right issuance to existing shareholder. However, this will need existing shareholder approavl since this will dilute the dividend per share

[nlovric]

I've designed some large databases, including the ~50-table, multimillion-record database – accessed through stored procedures, only – for the Web site of Diners Club Adriatic d.d. before it was taken over by Erste Group Bank AG. Since I'll be developing Bit the Coin (BtC; bitthecoin.{biz,com,info,net,org}), I can make a mutual MySQL database for us – in fact, I'd like to add your Islamic banking products to Bit the Coin (BtC), but I wouldn't like to manage them – I'm into technology, not finance.

Additionally, I can set up a highly-secure (National Security Agency (NSA) Security-Enhanced Linux (SELinux), Transport Layer Security (TLS) 1.1+ utilizing 571-bit Elliptic Curve Diffie-Hellman (ECDH) and 256-bit Camellia in Cipher-Block Chaining (CBC) mode; accessible only via Secure Shell (SSH) using – preferably – 16384-bit Rivest-Shamir-Adleman (RSA) host keys (the key generation would take up to a few weeks) and – preferably – 4096-bit Rivest-Shamir-Adleman (RSA) session keys) Linux Root Server or Virtual Private Server (VPS) with highly-encrypted storage (256-bit Camellia in XEX-based tweaked-codebook mode with ciphertext stealing (XTS) using Encrypted Salt/Sector Initialization Vector (ESSIV) and 512-bit Whirlpool) respective of the European Network of Excellence for Cryptography II (ECRYPT II) of the Information & Communication Technologies (ICT) Programme of the European Commissions' Seventh Framework Programme (FP7) Yearly Report on Algorithms and Key Lengths for this joint venture in the Swiss Confederation (declared neutrality in 1812) or the Republic of Austria (declared neutrality in 1955), if you fund the server rental. Root servers are much more secure than Virtual Private Servers (VPSes). VPSes are susceptible to software-based side-channel attacks on their encrypted communications (i.e. one might be able to decrypt Secure Sockets Layer (SSL) / Transport Layer Security (TLS) communications if he has another VPS on the same physical system). Servers in the Swiss Confederation are more expensive, but the Swiss Confederation is the best place for such a venture. Additionally, I would make it accessible via the Tor anonymity network and my Bouncer network – once it goes publicly-operational. I was the one who set up the first – Slackware Linux – Web server of Diners Club Adriatic d.d. in 2000 UTC and was in charge of its' security over a period of 2 years, with ~10 penetration attempts per day resulting in 0 successful penetrations while I was in charge of its' security. However, right now I cannot ensure that I would be able to maintain it after setup and/or follow Computer Emergency Readiness Team (CERT) alerts and underground "channels", but could deploy my Trickwire Host Intrusion Detection System (HIDS) – developed at some point in time between 1998 and 2000 UTC; one of the first such systems; you won't find it anywhere as it was never leaked – on it after I recreate it – unfortunately, my disk has also been stolen.

However, I'm afraid I'm very-rusty and completely-outdated with Web front-end development as I was without Internet access since February 1, 2007 UTC and later unlawfully detained by the state over a period of 3.5 years following an unlawful arrest and a violent police raid on my house – see http://www.catoutofthebag.info/.

[lophie]

I think the last post revealed too much information. This kind of information should be told to a security expert to assess the security practices done by IBB.

I am very interested of the business model of a true Islamic bank. So whenever you feel like elaborating on that aspect. Please do so.

One of the most important aspect of a bank which still complies with Islam is payment processing. You should start something like bitpay. Also in my opinion IBB should prioritize initiatives to current technologies like being a gateway on ripple for Bitcoin

I congratulate you for the good work and if I had a chance to help. I would certainly not hesitate. I also would like to remind you to not to expect much of a banking business complying with Islam. Monetary freedom is stone-etched in Islam despite the false Islam-labeled banking these days. So banking products are restricted to managing investments and processing.

[shaza4061]

there's no dividend or news from the company since January 15th, 2013. Is everything alright with the business, or are we in trouble? can you please provide an update of the current state of the bank and when will the website be launch?

[josell]

I am a forgotten investor of this bank.

Too bad I was so long disconnected from BitCoin.

How is it working?

[shaza4061]

any update?

[shaza4061]

I hope the CEO Danijel Habek can provide some update of this business. There are no news from this company since its last dividend in January 2013. Shares liquidity is almost none  I am investing in this company for a long term, but I would really like to see some news on the company latest development. I can see that the website is up now with some minor bug. At least provide a quarterly update to the investors 

[arsenische]

I hope the CEO Danijel Habek can provide some update of this business. There are no news from this company since its last dividend in January 2013. Shares liquidity is almost none  I am investing in this company for a long term, but I would really like to see some news on the company latest development. I can see that the website is up now with some minor bug. At least provide a quarterly update to the investors 

He is Last Active:   March 06, 2013, 06:58:38 PM

A 20-day vacation? hm.. Have you tried to PM him?

[josell]

Sorry, he died recently.

[tigerfree]

Sorry, he died recently.

really  ?

[josell]

Sorry, he died recently.

really  ?

No, just Kidding.

[cbeast]

GLBSE was such a great idea. I hate to see this idea die. Is there a way to use Ripple instead? Maybe you can create an IBB currency on Ripple that grows in value based on profits from BTC loans. It just seems like a great fit.

[pekv2]

There was two ppl running this from my knowledge, looks like they jumped ship.

[Hunterbunter]

There was two ppl running this from my knowledge, looks like they jumped ship.

Yeah this isn't looking good.

There was a lot more transparency, and (more importantly) dividends when senbon was running things.

[RodeoX]

That's too bad. I am in the middle east right now and was very interested in this project.

[nlovric]

I ran into Danijel Habek at another site – didn't actually know it was him I was communicating with at first – and asked if he has read my previous post in this topic. He says that he read it a long time ago, but that he is dealing with a family situation and stated the following, amongst other things:

Obzirom da sam skupljao ponude programera za izradu IBBova weba, većina koje sam skupio ili su bila preskupa rješenja u odnosu na mogućnosti banke, ili su bila nedorečena. Oglasiti ću se u kratko vrijeme na forumu, kada budem u sposobnosti za to.

As I kept collecting programmers' offers for the creation of IBBs' web, most of the ones I collected were either too expensive solutions relative to the banks' abilities or were half-baked. I will speak out within a short time at the forum, when I'll be capable of doing so.

[Kazu]

Im not religious, but im totally into this. An honest bank for the true currency. Not much more needs to be said.

[momagic]

Is the bank open? I need a loan for a project.