Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي

[myrkul]

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

Yes, your best bet is probably to PM Senbon.

[momagic]

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

Yes, your best bet is probably to PM Senbon.

Thanks

[Danijel Habek]

{Dividends} Statement Release 7/4/2013

IBB shares 0.2000 BTC 7/4/13.
Total holdings 13.81839712 BTC. [$1,964.76]
1.20099723 BTC in total has been paid out in dividends to 1011 shareholders, each share received 0.00118793 BTC.
6.01739989 BTC <> $1,026.34 (net income) [24hr 142.1844 Weighted Price]
Danijel Habek, CEO
IBB - Islamic Bank of Bitcoin
www.ib-bitcoin.com

[Danijel Habek]

IBB Update 7/4/2013

After a lengthy period of forum absence and updates due to the circumstances I've been living through, the work on the Islamic Bank of Bitcoin project has not been neglected, and I have been working on the tasks, development and progress of IBB in as much capacity I had.

I hate to use apologies for work that had to be done but I haven’t finished it yet, so there is a list of tasks that I have processed while I was in void from January 16th until today.

Quick financial information

Total cash holdings prior 6/4/13 dividend 13.81839712 BTC

IBB sold 11 shares at 0.60 BTC = 6.60 BTC (retained for website development)
13.81839712 - 6.60 = 7.21839712 BTC <> $1,026.34 (profit/income)[24hr 142.1844 Weighted Price]
6/4/13 Dividend = 1.20099723 BTC <> $170.76 BTC

Total cash holdings = 6.01739989 BTC ($855.58)

There will be a dividend of 2BTC paid on April 30th.

Share price

The sale period of remaining 489 public shares has expired.
I have put shares back on the market with a new share price since the bitcoin has gained much in value from the last asked price of 0.6BTC.

Website

As I have promised the last time that I was asked about website, I have finished with it's functionality and layout development the very next day.
What needs to be done though is more relevant and grammatically correct content with information to the general public to give the audience better answers about the Islamic Bank of Bitcoin.
Since I'm not native English speaker, I've sought for help from the users offering content creation services, who have talent and experience in copy-writing, and are native speakers.

For such content, I have contacted and paid the donation to the user psybits for his proofread services, and plan to have more content written for the website.

Since all time frames for finishing the website have been broken many times over due to various reasons the website will be launched as is, and will be updated and changed as we continue progress. There is a lack of quality content and a more appropriate information there but that's going to change.

Web application development

While away from forum, I have been actively seeking for a developer who is capable of comprehending and creating the functionality of the future project web application.

I've received a well thought quote from the developer from the forum, but for the time being, IBB hasn't got enough Bitcoin for the quoted development.

We have left open the possibility of future development, if IBB get's enough funding for his services.
I would as well like to have at least three quotes for the application prior to choosing the one which fits our needs and our budget.

The developer kindly proposed that he would consider to be compensated part in money and part in IBB equity which is a model I would like to propose to any interested future prospects that would apply for web application development.

Better financial reporting

I've sent request for quotes for an accountant to make a proper financial reports in the future.

Loans

5BTC MrG – March 18th 2013. - repaid - 0.2btc gratuity
10BTC BIGMERVE  - April 5th 2013. - repaid

Asset info

16 BASIC-MINING shares
61 Nasty fan seats

There has been a dispute over IBB stake at one Joint Venture company IBB is involved with. I'm currently seeking a model for best possible dispute resolution or arbitration.
I will let you know more when I have more details.

Thank you.

Danijel Habek
Islamic Bank of Bitcoin

[ninjaboon]

Danijel, thanks for the update.

[Danijel Habek]

Two more things I've forgot to post in update;

- Activated a collection process for a loan default occured in 2011.
- Replied to numerous today's PM's, I'm sorry if I have missed someone, I will process every request.

Danijel Habek
Islamic Bank of Bitcoin

[Danijel Habek]

{Dividends} Statement Release 1/5/2013

IBB shares 0.1799 BTC 1/5/13.
Total holdings 12.87613558 BTC. [$1746.90]
2.00000169 BTC in total has been paid out in dividends to 1017 shareholders, each share received 0.00196657 BTC.
1.31440784 BTC <> $178.32 (net income for period 7/4/13 - 1/5/13) [24hr $135.67 Weighted Price]
Danijel Habek, CEO
IBB - Islamic Bank of Bitcoin
www.ib-bitcoin.com

[pekv2]

I don't recall GLBSE ever charged for withdrawing. I've got $1.664 worth of BTC in cryptostocks and can't get it out "0.0130 BTC". This is stupid. I'm sure the coins are aged enough to be sent without a fee.

This is for cryptostocks.

BTC: Minimum withdrawal is 0.02, maximum withdrawal is 20000000.0, withdrawal fee is 0.01 BTC

[nrd525]

So the shares are valued at 0.1799 BTC (x 1000 shares = 180 BTC for the entire company) - but the company only has assets of 12 BTC?

Also - I think you are using the term "share holders" when you mean "shares". Do you really have 1000 share holders?

[shaza4061]

So the shares are valued at 0.1799 BTC (x 1000 shares = 180 BTC for the entire company) - but the company only has assets of 12 BTC?

Also - I think you are using the term "share holders" when you mean "shares". Do you really have 1000 share holders?

12 BTC is only the cash held by company. I think company also hold shares on other ventures.

[infested999]

So the shares are valued at 0.1799 BTC (x 1000 shares = 180 BTC for the entire company) - but the company only has assets of 12 BTC?

Also - I think you are using the term "share holders" when you mean "shares". Do you really have 1000 share holders?

The company is clearly a ponzi, nobody is paying back their loans, yet the company is still paying dividends on the shares. It's one of those thing where you don't ask where the money is coming from and just get money on the dividends.

[myrkul]

So the shares are valued at 0.1799 BTC (x 1000 shares = 180 BTC for the entire company) - but the company only has assets of 12 BTC?

Also - I think you are using the term "share holders" when you mean "shares". Do you really have 1000 share holders?

The company is clearly a ponzi, nobody is paying back their loans, yet the company is still paying dividends on the shares. It's one of those thing where you don't ask where the money is coming from and just get money on the dividends.

You're mistaken, my friend. Plenty of people are paying back loans. And if you think loans are the sole source of revenue, then you're even further mistaken. There are also several mutual ventures, and a couple of companies IBB has stocks in.

[StarfishPrime]

Two more things I've forgot to post in update;

- Activated a collection process for a loan default occured in 2011.
- Replied to numerous today's PM's, I'm sorry if I have missed someone, I will process every request.

Danijel Habek
Islamic Bank of Bitcoin

Operating as a bank usually requires - or would at least imply - a corporation operating under a legal framework within a specific jurisdiction. Where is this bank registered/located? Is it a legal corporation or some other structure?  

It would be quite a challenge to choose an organization name that would raise more DHS etc red flags than the "Islamic Bank of Bitcoin"... except maybe something tea-party related in the US.

[kodo]

id be weary.. they are muslims you never know may infect your computer with some virus..

[myrkul]

id be weary..

I know I'm certainly getting tired of this sort of post. 

[Hunterbunter]

Any news for this month?

[smilez]

This makes me think about sharia...

[semaforo]

     I'm interested in investing in this. Is it possible to get a board seat?

[myrkul]

     I'm interested in investing in this. Is it possible to get a board seat?

Um. With the cryptostocks debacle, I'm not certain it's possible to invest in IBB at the moment. I would PM Danijel, see if he can help.

[semaforo]

   Can you tell me more about the cryptostock debacle?