Islamic Bank of Bitcoin - LOANS

[Ibrahim@IBB]

1 BTC sent to spindoctaa at 15A4HDhxieBW5PzfgsBoBjZYsoDrtr7L2C from 19a4Kubu9iV6392uEma2JwWb53ji2t2AQc

[MoreBloodWine]

I got curious about the interest not wanted thing and found this to be an interesting read. There's many more articles on the subject, this is just the first I clicked.

http://qaazi.wordpress.com/2008/10/08/why-does-islam-forbid-interest/

[SmileLee]

I sent an e-mail about the BTC10 loan for my team, we've been very good on repaying loans in the past. And, we will return the 10 Bitcoins within 6 months, with the first payment arriving two weeks from receiving the loan.

Of course, a tip would also be involved; the tip would probably be signed artworks and other things we can give a service as a thank you.

We would also like to feature IBB in our Sponsor program:
http://heavensentgaming.com/sponsors

[tigerfree]

i want to apply for 3 btc loan for2 months.

thank you

[SemiMolten]

Looking to get a 0.1 loan. 2 weeks repayment max. Purpose: To buy a GPU to add to my rigs.
Address:1GgVzTCjs8W2mGrAyta8LpyLjwtj78wm6Z

[darkmule]

Jeez, people.  Do you not understand that interest is haram (forbidden) in Islam?  That is the whole point of establishing such a bank.

Offering interest to a Muslim is like offering a ham sandwich to him.

[CubeOne]

I would like to loan 2 BTC, I can pay back within 1 Month. PM me and I can provide ID and all the stuff you need.

[SmileLee]

Jeez, people.  Do you not understand that interest is haram (forbidden) in Islam?  That is the whole point of establishing such a bank.

Offering interest to a Muslim is like offering a ham sandwich to him.

Indeed, that's why no one in this thread has wanted to add an interest rate.

Though, darkmule is right. It is good for people to note, it isn't compliant with Sharia banking practices to "take money for money".

However, in my experience, it is normal to offer collateral, goods, and/or services. It's always good for the bank to feel secure in loaning to a person/company; but, it all depends on what the borrower can offer.

Also, gratuities/tips are usually allowed as well. Tipping someone for good service is never unappreciated by a service provider. But, a tip can not be used in order to obtain money.

[raspcoin]

I am requesting for a 0.03 loan .
Repayment will be done in one week on or before 12/16/2013  .
My address is: 13eAacFZittdpMWz6FuutNNsV55Hdq4c9s

Thank you very much.


I can offer 778 DGC as collateral.

Is not your collateral worth almost 0.2 BTC? I just wanted to inform you, but if you insist on trading DGC for BTC, I can offer 0.1 BTC.

[zolace]

how much Collateral would I need for a 20 bitcoin loan, I have car, LCD TV,  gold earrings.   

[PumpAndDumper]

I am requesting for a 0.03 loan .
Repayment will be done in one week on or before 12/16/2013  .
My address is: 13eAacFZittdpMWz6FuutNNsV55Hdq4c9s

Thank you very much.


I can offer 778 DGC as collateral.

Is not your collateral worth almost 0.2 BTC? I just wanted to inform you, but if you insist on trading DGC for BTC, I can offer 0.1 BTC.

How much would you be willing to trade for 2652.91944205 DGC? I can also use that as collateral for a 0.03 loan.
Thank you for your prompt response.

[SmileLee]

Oh, and I forgot, I could also offer my services to help build a website. Isabel could offer some of her talents to generate assets for your site. So that could also be done.

[darkmule]

Is there actually any kind of fatwa on Bitcoin, pro or con?  It strikes me that loaning or borrowing BTC might also run afoul of "gambling" restrictions, but I have yet to hear of any clerical opinion on the matter.  

I'm aware that interest is haram, but wonder about the fact that borrowing and then returning even the exact amount of the loan almost ensures the loaner profit.  It really isn't guaranteed, because the price gyrates so wildly that the loaner could end up taking a bath and losing a lot of money as denominated in other currencies like USD.  

That's why I wonder about the "gambling" aspect.

I suspect that to really take off in the Islamic world, BTC would need more favorable clerical opinions than unfavorable ones.  

Is anyone actually seeking such opinions?  I think some public statements from well-regarded clerics would give some real credibility among Muslims.

Edited to add:  Also sorry if this is inadvertently hijacking a thread on a specific service.  Perhaps there should actually be a thread on the subject of Islam and Bitcoin, because the nature of the currency does raise religious questions.

[robattfield]

Hi Ibrahim,

I like the sound of Islamic banking in general - it sounds a lot fairer than Western banking in general . I am wondering how would a loan work if a person isn't based in your jurisdiction (e.g. securing collateral for the loan etc)?

I'd like to get into bitcoin mining with a reasonable mining rig (which would cost around USD$3000), but sadly I don't really have anything for collateral (besides my skills as a web developer). If you want to make a donation to help get my new bitcoin faucet up and running, I can place a permanent ad spot for you (I can imagine a lot of people looking at bitcoin faucets would be interested in bitcoin lending).

[specgamer]

I need a 0.1 loan in order to buy some stuff off coingig.
I need the loan pretty fast, within 3 days, or else I'll just have to buy off localbitcoins.  I prefer to do it here and understand I may not be a trustworthy figure, but i will pay back.  It;s your call thank you for taking the time to read

[Monuta]

I would like to request a loan for 0.1 btc.
Repayment to be done in 10 days by 12/24/2013 .
Address:
1JraruTP5JiqZcpLM4hTY4DW1WwVzvTuzV
can provide you a copy of my ID and more personal information if needed.

[Ibrahim@IBB]

I need a 0.1 loan in order to buy some stuff off coingig.
I need the loan pretty fast, within 3 days, or else I'll just have to buy off localbitcoins.  I prefer to do it here and understand I may not be a trustworthy figure, but i will pay back.  It;s your call thank you for taking the time to read

   Please pm and I will give you an email you can send scans of your proof of id to.

[badgerman]

Requesting a 0.27 Btc loan to be repaid within 3 days max. (Waiting to purchase coins)
Can provide scan of ID.
Send to : 19HJa2JXtvdTJ7pPgME516oWvtJhWSo8hT

[zolace]

so can I send you ID for a loan also?

[otsaku]

Hello again,


After selling some odds and ends I'm revising my request for a loan to 1.5 Btc.

Thank you.