Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي

[senbonzakura]

@speeder

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

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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}}

[TheAlchemist]

I think 1000 shares at 0.20 BTC each sounds pretty good, although I don't have any strong feelings either way.  I don't know where everyone is located, geographically-speaking, but where do we plan?

[trentzb]

"but where do we plan on incorporating?"

on GLBSE https://glbse.com/

"I think 1000 shares at 0.20 BTC each sounds pretty good,"

I think 1000 shares at 0.05 , is good. What do others think?

I am ok with anywhere in between.

I also feel senbonzakura should get a reasonable amount of shares for the time put into this project. Once the number of shares/amount is agreed upon and allocated, the members who have contributed funds should also agree upon a share amount that senbonzakura should be awarded according to his efforts and time investment.

[Danijel Habek]

Here is the address to send the payment

13rush3j2PLKquQcTvpFs97B5277UnTHKj (btc goes to instawallet account)

Hi,

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

Edit: sent 4BTC's to the above address. Please check and confirm. Tx info
Thanks

[senbonzakura]

"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

[senbonzakura]

UPDATE


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

https://glbse.com/assets/

Ticker :- IBB

[senbonzakura]

thank you

shares will be available soon within the next few days.

[raresaturn]

... the prohibition of the collection and payment of interest. Collecting interest is not permitted under Islamic law.

Here's an example of how the Islamic banking system uses methods of profit/loss sharing to facilitate financial transactions: for some types of loans, 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.
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LOL in non-islamic banking we call this 'gratuity' interest   

[Ben Walsh (beamer)]

... the prohibition of the collection and payment of interest. Collecting interest is not permitted under Islamic law.

Here's an example of how the Islamic banking system uses methods of profit/loss sharing to facilitate financial transactions: for some types of loans, 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.
[/color][/size]

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

As a non-muslim, I am unclear on these loans and the cultural/religious expectations/traditions ...

Who are these loans intended for ?

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

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

Could an "entrepreneur" obtain a loan (e.g I want a loan of 5 BTC to bulk buy 250 apples which I will sell at a market this week)

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

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

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

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)

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 ?

[senbonzakura]

"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

[BCEmporium]

Do not try to apply Sharia-based laws to non-Islamic people.
Also those laws made some sense at Muhammad's time, not today. Inflation wasn't a problem at his time, that Sharia-banking is designed for ancient ages mercantilism not capitalism.
They're pretty much common sense laws, Muhammad wasn't literate, for an inflation/deflation-less World, and they do work - as mostly of simple things (Analogics FTW) - the issue is they just work in a World that is no more.

[Ben Walsh (beamer)]

Thank you for your answers.

If two people (A and B) asked for a loan of 5 BTC, identical in every way except that A had previously taken a loan of 5 BTC and paid back 5 BTC while B had previously taken a loan of 5 BTC and paid back 5.25 BTC - who would get the loan ?

"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 no.


"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

[Ben Walsh (beamer)]

The more who adopt and utilise Bitcoin the less the problem of inflation represents - algorithmically produced inflation and deflation through attrition seems far better than inflation derived from a few central bank heads with control of the international money supply.

From the description in the first post, Musharakah and Mudarabah seem suitable for our current predominately capitalist world.

Do not try to apply Sharia-based laws to non-Islamic people.
Also those laws made some sense at Muhammad's time, not today. Inflation wasn't a problem at his time, that Sharia-banking is designed for ancient ages mercantilism not capitalism.
They're pretty much common sense laws, Muhammad wasn't literate, for an inflation/deflation-less World, and they do work - as mostly of simple things (Analogics FTW) - the issue is they just work in a World that is no more.

[BCEmporium]

No it doesn't, so far btc is worse than fiat on such grounds, not by inflation but deflation, because it's not a mercantile/resource based currency, most of its business goes around speculation; buy and sell btc.
Maybe within time and stabilization btc can become suitable, so far, ain't - dollars and euros are yet way more stable than btc.

0 interest banks requires that currency has 0 or nearly 0 value floats (be it for inflation or deflation).

[Ben Walsh (beamer)]

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 ?

[senbonzakura]

"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)

[Hakim1986]

Salam!

I am very happy to see other people supporting the Islamic Principles of Banking!
 

[senbonzakura]

salam,

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

[senbonzakura]

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.

[Ben Walsh (beamer)]

I have made a modest purchase of IBB shares.

I am looking forward to making further investments as I see the organisation develop.

From a sociology perspective, it will be interesting to see what donations are made by those receiving the 0% loans.

I hope we can help those in need.

I hope we can help build many new Bitcoin businesses and innovations.

To our future success !