Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي

[lunano]

Another remarkable thing about the announced ventures are the huge equity stakes by IBB.

Just seems to me that if I'm really invested in what I'm doing, I'd think really hard before parting with even 1% of equity. Not to rain on anyone's parade, I'm just wondering aloud.

[notme]

I'd really like to invest.

Then do it.  I bought 7 shares last night on GLBSE.

[lunano]

We gave an interest free loan to a customer & hopefully we will be getting 10%interest gratuity. That 10% will be our first revenue/income/profit !

Is the borrower obligated to give that 10%? What happens if they don't? I thought the whole business about being interest-free is that the recipient of the benevolent loan (qardhul 7asanah) provides the gratuity at their absolute discretion and as a token of goodwill. How did you arrive at that 10% figure?

[Ben Walsh (beamer)]

Excellent news. I have been very impressed with the company so far.

I have doubled my investment from 10 to 20 shares. Not a massive amount but a significant vote of confidence from me, given my small BTC holdings :O)

One suggestion I would like to make ...

    Could you maintain a loan book through a Google Docs spreadsheet detailing;

    borrower ID, loan type, loan amount, (for personal loans){ loan period, expected gratuity, actual gratuity, loan reason }, (for business loan){ business type, equity stake }

If you have privacy concerns for the borrowers, then borrower ID can be just a number which is unique to that particular borrower.

If you have commercial sensitivity concerns, perhaps share the document link through a motion on GLBSE rather than publicly here.

I think this would be beneficial to investor confidence and help to stimulate further investment, as the loans are repaid and fantastic performance of the company is demonstrated.

I am sure the details in the spreadsheet could be expanded - what would other investors like to see ?

[hsf_context]

Good News 3  

1. All shares have been sold.

Last Price of IBB share 0.12 up from 0.10

if you bought 40 shares at 0.10 and you sold at last price of 0.12 then you made 0.80 btc profit !

We gave an interest free loan to a customer & hopefully we will be getting 10%interest gratuity. That 10% will be our first revenue/income/profit !

Cool 

[imanikin]

Serious respect to the IBB concept! Definitely seems like a most worthy investment!

Sorry if i overlooked it somewhere in this thread: will there be disclosure who is senbonzakura?

In the Russian sector earlier in the Bitcoin history, we had an "investment group" headed by the forum user "Nerd", who solicited Bitcoin investment capital, and then simply absconded with it...

The Shariah Law, or any other law cannot be applied to someone for whom there isn't even any clue where to search, or any idea who he is... 

What are Your thoughts on this as investors?

Peace. 

[imanikin]

There is no islamic law being applied to any investor. I gave links for some info on first page. If you got a specific question please ask, here are some links to help you:-

http://www.islamic-banking.com/islamic_banking_principle.aspx

Thanks.  I wasn't talking about investors; i was talking about the entity collecting the investment money - You.

If the investors don't know who senbonzakura is in-real-life or where to even look for you, how do they know that you will not just collect their money and leave with it the way that Nerd did? 

Would you or one of your associates be willing to present your project on the Bitcoin Show on OnlyOneTV, the way that several other Bitcoin projects have?

I am ready to risk a few coins in such worthy projects, but i and probably many others would need to know at least a tiny amount of credible information about who is behind a given endeavor. ...and that it's not Nerd again under a different username... 

[josell]

I only bought 8 shares :-(

My golden oportunity is away, because I have no 1.2 Btc to buy more.

[bitcoinTrader]

IBB is following bitcoin's growth pattern, 12x growth from IPO price!

[josell]

Can I donate some Dishwara and SIN shares? How?

[bitcoinTrader]

Good news for 

[Ben Walsh (beamer)]

How is the website coming along ?

I can see remnants of some site here through Google search - www.geoblip.pl/Default.aspx - but I am assuming that was just a development draft of some sort.

[bitcoinTrader]

IBB shares back up to 1.44


Also, 30 day volume (BTC) is the highest for IBB.

[senbonzakura]

Report July 2011



Income / Revenue

• Dividend 2x SIN shares = 0.01518 BTC 27/7/11

Loans

• 2 BTC loan to 'bitmole'  pay back -  25/8/2011 {paid back + 0.20 gratuity}
• 5 BTC loan to 'shakaru' pay back -  8/9/2011 http://forum.bitcoin.org/index.php?topic=32039.msg401598#msg401598
• 5 BTC loan to 'Yuusha'  pay back -  9/9/2011 http://forum.bitcoin.org/index.php?topic=32192.20
• 3 BTC loan to 'Ryuguy' pay back - 17/8/2011 http://forum.bitcoin.org/index.php?topic=33268.0
• 5 BTC loan to 'dub0matic' pay back - 5/8/11 https://bitcointalk.org/index.php?topic=33472.0 {paid back + 0.20 gratuity}
• 1 BTC loan to 'Electronic Chaos ' pay back - 8/8/11 https://bitcointalk.org/index.php?topic=33479.0 {paid back + 0.05 gratuity}
• 1 BTC loan to 'whirlpool ' pay back - 8/8/11 https://bitcointalk.org/index.php?topic=33547.0 {paid back + 0.021818 gratuity}
• 5 BTC loan to 'NoValues ' pay back - 29/8/11 https://bitcointalk.org/index.php?topic=33548.0
• 5 BTC loan to 'mc_lovin' pay back - 8/8/11 https://bitcointalk.org/index.php?topic=33558.0 {paid back}
• 5 BTC loan to 'seanpd16' pay back - 8/8/11 https://bitcointalk.org/index.php?topic=34019.0
• 5 BTC loan to 'JackRabiit' pay back - 13/8/11 https://bitcointalk.org/index.php?topic=34123.0
• 5 BTC loan to 'lolcat' pay back - 21/8/11 https://bitcointalk.org/index.php?topic=34144.0
• 5 BTC loan to 'shlft' pay back - 23/8/11 https://bitcointalk.org/index.php?topic=34656.0
• 5 BTC loan to 'DannyM' pay back - 8/8/11 https://bitcointalk.org/index.php?topic=34739.0 {paid back + 0.05 gratuity}
• 4 BTC loan to 'ladyum' pay back - 13/8/11 https://bitcointalk.org/index.php?topic=34509.0
• 5 BTC loan to 'ex0420' pay back - 10/8/11 https://bitcointalk.org/index.php?topic=35678
  
  

Donations

• 0.05 BTC
• 2 x      SIN       shares
• 1 x DISHWARA shares

Joint Ventures - Musharakah

• Bitcoin Starter - www.bitcoinstarter.com -  ticker symbol - BST 40% ownership
• BitOver           -    www.bitover.com       -  ticker symbol - BO  45% ownership (revised)

[/list]

[TiagoTiago]

Help me understand this please. A guy said you guys refused to loan him some money because he was gonna use the loan to buy computer parts; is that true? Why exactly would that be a sin? Or did you reject the loan for some reason other than what he was gonna do with the money?

[Rogue Star]

Help me understand this please. A guy said you guys refused to loan him some money because he was gonna use the loan to buy computer parts; is that true? Why exactly would that be a sin? Or did you reject the loan for some reason other than what he was gonna do with the money?

if it were parts for Yet Another Mining Project, I'd wholeheartedly agree with the decision. i want to see original business ideas receive loans/investment from IBB. also I believe they require something in the way of a business plan.

[trentzb]

Yea, as a shareholder in IBB I have been asked on occasion to give a thumbs up or thumbs down on a project. I like to see original ideas/projects but as important is a business plan that makes sense from an investment point of view. I don't think we want to throw BTC at every project that comes along. This is in reference to joint venture investments, loans are a different matter and are very short term and maximum of 5 BTC IIRC.

[TiagoTiago]

Ah, i see, thanx for the clarification

[sirky]

I just looked this thread over, and I have to say that I think this is a great idea. I am not religious in any way, but I do believe in fellowship and helping others out, and those seem to be the ideas behind this enterprise (and probably most of the major religious texts in the world, though it is easy to forget that sometimes).

Let me know if you need any assistance.

[jtimon]

I'm not religious, but I also see interest as a dab thing for society.
I believe many religious prohibitions had a practical reason that has been and are later maintained by tradition and dogma.
The prohibition of pork probably prevented the propagation of diseases related to its consumption.
The reason why many religions have prohibited interest is to prevent some effects that make them see it as inherently bad.
I don't think interest can be defeated through morals though. As long as money is both scarce and everlasting, interest is going to be there.
But I think we can free money from interest by making it abundant or perishable.