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Author Topic: halal-shariah compliant deposit  (Read 2327 times)
senbonzakura
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June 27, 2012, 12:29:56 AM
 #1

I can't deposit at pirate or hashking or starfish , because not shariah compliant.

so is someone out there thinking of doing a halal version of the above ?

I want to invest in other things (other than mining)
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June 27, 2012, 03:15:48 AM
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Have you looked at http://dcao.org/? I heard they have investment opportunities for members.
EDIT:Fix url
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June 27, 2012, 03:31:04 AM
 #3

Not that I'm taking deposits or anything but what does halal-shariah mean? Just curious.

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PatrickHarnett
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June 27, 2012, 04:08:39 AM
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Hi, pm sent, but I was looking at http://www.wealthcity.in/services/shariah-investments.html as a guide as it laid things out in a fairly straight forward manner.

Looks like what you are after is an Ethical Investment Fund.  I'm sure other people could do that, but if you wanted, I could add one to Starfish (or does the rest of the business preclude this option?)
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June 27, 2012, 04:30:21 AM
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Why not just give different people deposits, from which they can pay you gratitude for putting them into their pirate account? I could do this, I need some funds to get to pirate highest rate.

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June 27, 2012, 05:56:49 AM
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Why not just give different people deposits, from which they can pay you gratitude for putting them into their pirate account? I could do this, I need some funds to get to pirate highest rate.

It appears to be more active than that.  That is, having knowledge that the funds are not put towards a prohibited activity.  As it is not disclosed what BS&T is actually doing, it probably would not qualify.

However, offering an instrument that invests or carries out activities that are permitted is better/acceptable.  Awaiting Sen's clarification.
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June 27, 2012, 06:02:35 AM
 #7

Then it would be a tough one...
In case of btc almost no one is knowing what other part is actually doing...
Any way, good luck Sen, your work for the community is great.

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June 27, 2012, 01:20:43 PM
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what about nckrazze, I think he's just doing farm expansion or something... rates aren't as high though

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senbonzakura
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June 27, 2012, 03:09:08 PM
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Not that I'm taking deposits or anything but what does halal-shariah mean? Just curious.

halal means permissible in arabic. like kosher.

one of the reasons i started IBB was because there wasn't anything for me to invest in (that is halal) , other than 1 or 2 mining companies when glbse launched and I found out about bitcoin.

I am sure there are muslims here who want to invest in something, but cant due to it being non-halal/non-kosher

some info http://en.wikipedia.org/wiki/Islamic_banking
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June 27, 2012, 03:27:28 PM
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what about nckrazze, I think he's just doing farm expansion or something... rates aren't as high though

want to invest in something that has nothing to do with mining.

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June 28, 2012, 08:46:38 PM
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Why not just give different people deposits, from which they can pay you gratitude for putting them into their pirate account? I could do this, I need some funds to get to pirate highest rate.

It appears to be more active than that.  That is, having knowledge that the funds are not put towards a prohibited activity.  As it is not disclosed what BS&T is actually doing, it probably would not qualify.

However, offering an instrument that invests or carries out activities that are permitted is better/acceptable.  Awaiting Sen's clarification.


yes, what you said above is correct.


Some more thinking and I think I can commence a halal/ethical fund - I will put some details around it at the weekend when I'm updating a few other things, but I already have a 15BTC compliant loan that I will transfer to it and 250BTC in seed capital (that can be displaced by investors) to make sure it is not starved of funds at inception.
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June 28, 2012, 09:34:15 PM
 #12

https://bitcointalk.org/index.php?topic=59961.0  would you invest in this ?

PatrickHarnett
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June 28, 2012, 09:55:36 PM
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I already have my own Alpaca herd (sufficiently closely related anyway) - goes into the fibres business  I have 30% of.

http://www.stansborough.co.nz/alpacas/page.aspx
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June 29, 2012, 03:17:47 AM
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I already have my own Alpaca herd (sufficiently closely related anyway) - goes into the fibres business  I have 30% of.

http://www.stansborough.co.nz/alpacas/page.aspx

What... is it possible to invest in alpacas and see a return decent? If so please contact me, I'm intrigued.

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June 29, 2012, 04:48:19 AM
 #15

I like this thread...


 Smiley


This alpaca stuff sounds crazy enough to work Smiley

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PatrickHarnett
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June 29, 2012, 04:55:29 AM
 #16

I like this thread...


 Smiley


This alpaca stuff sounds crazy enough to work Smiley

I don't own any of the alpacas, but if someone was interested I could check with the people that own/run the farm - they are the main ones behind the weaving business I got involved with a couple of years ago.

As for the on-topic thread, following a discussion with Sen earlier, the fund has a name and I need to write it up tomorrow in the securities section.

7Seas Fund (shariah compliant)
teflone
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June 29, 2012, 05:04:08 AM
 #17

I like this thread...


 Smiley


This alpaca stuff sounds crazy enough to work Smiley

I don't own any of the alpacas, but if someone was interested I could check with the people that own/run the farm - they are the main ones behind the weaving business I got involved with a couple of years ago.

As for the on-topic thread, following a discussion with Sen earlier, the fund has a name and I need to write it up tomorrow in the securities section.

7Seas Fund (shariah compliant)

Cool beans...

Im not muslim, but I think this is a nice opportunity for Sen ... 


Tell us more about the weaving biz your into ?  and how that came about ?

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PatrickHarnett
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June 29, 2012, 05:18:27 AM
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Cool beans...

Im not muslim, but I think this is a nice opportunity for Sen ... 


Tell us more about the weaving biz your into ?  and how that came about ?

I might get banned for being off topic (quickly slips in this would qualify as shariah lending because it's zero interest and an approved/permitted activity):

A couple of years ago my wife was reading about the Stansborough business in a weekend paper and they were looking for some funding.  We got in touch, funded a pile of cash, helped them sort out some of the problems they were facing.  There was some "yadda yadda yadda" and the current set up was formed.  There is more on their web site, and they work on some of the local productions.  As an example, I saw the new Gandalf scarf a few months ago and it was huge (long and wide).

They have their own special flock of sheep, 100+ year old looms and some really great product - a little niche, but reasonable price for the quality.  World-wide shipping is normal and the range is quite good.

I posted https://bitcointalk.org/index.php?topic=29027.0 a year ago if people wanted to buy with BTC, but it gets buried there quite quickly.
PatrickHarnett
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June 29, 2012, 09:26:10 PM
 #19

Thank you Sen for help with 7Seas Fund (shariah compliant)

https://bitcointalk.org/index.php?topic=90783.0
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June 29, 2012, 09:35:46 PM
 #20


I already have my own Alpaca herd (sufficiently closely related anyway) - goes into the fibres business  I have 30% of.

http://www.stansborough.co.nz/alpacas/page.aspx

What... is it possible to invest in alpacas and see a return decent? If so please contact me, I'm intrigued.

The secret is to invest in breeding them. The money isnt in the fibre.

You can even insure them against death and infertility.

Also the tax advantages are fantastic.

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