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Author Topic: halal-shariah compliant deposit  (Read 2477 times)
Bitcoin Oz
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June 29, 2012, 09:39:12 PM

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 a year ago if people wanted to buy with BTC, but it gets buried there quite quickly.

I thought of eventually moving into the retail side of fibre with alpacastocks in relation to selling for  bitcoin which is why I picked up  Id like to eventually buy out a store somewhere, convert it to bitcoin and sell online all over the world.

This is off topic Cheesy

Thanks to sen for creating the 7seas fund.

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June 30, 2012, 01:55:49 AM

So, under Halal-Shariah

if you loan money to Bob, and Bob also borrows from Patrick, and pays Patrick interest, is that ok?

I assume you loaning to Bob then Bob LOANING to Patrick and being paid interest is bad (plus a pretty dbag move anyway)
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June 30, 2012, 02:38:37 AM

And also to clarify, 7Seas is not aiming to take business away from IBB (that is not in my interest to do so - no pun intended it's so weak).

7Seas also has access to spare capital that Starfish might have lying around so some of the loans might be larger than Sen wishes to take on because he fulfils a very important role in the lending section.  For those, I'll be providing those funds at zero percent, much like the initial 100 coins I've put into it.
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