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29 September 2022 23:03
I believe Islamic principles they underpin Islamic finance and which should be implemented by Islamic banking are for complete justice and fairness for all parties involved.
Therefore I see no reason why non Muslims should not also benefit from it
29 September 2022 23:09
I suppose in essence a bank’s sole job is to store wealth. So I don’t see why not. However, what we need to ask is why would a person use an Islamic bank over a conventional bank?
29 September 2022 23:11
Furthermore, what kind of Islamic bank, what are the underpinnings of this bank. Is it a bank which seeks to work within a market economy? Or a bank seeking to reinvent the wheel per say. If it’s the former then Islamic banks aren’t for non-Muslims.
29 September 2022 23:46
That’s a good question actually. What are the benefits. I would imagine a big shift would need to occur in the financial system for the benefits of Islamic banks to outweigh conventional ones
29 September 2022 23:47
What do you mean by within a market economy?
Islam came for the whole of humanity, and therefore it’s principals apply to humanity in general. With that in mind, Islamic finance as a whole I would say is meant not only for Muslims
In fact a lot of non Muslims are interested in Islamic finance related services because they see the moral side of it too- I.e.not investing in gambling, etc
Even at a logical level, Islamic banks I believe performed much better than conventional ones during the GFC so they have economics on their side too
Yessss, I agree with brother
@Khalil here, Islam is for everyone, and that extends to people who don’t agree with it, it is a morale code.
It’s so funny, I have so many friends that undergo islamic services solely because they agree with its morales but aren’t muslims, Allah grant them hidaya.
30 September 2022 20:51
I believe performed much better than conventional ones
This is great to hear but could you expand on this or cite some sources? Would be good to know how they are performing better
Also what is GFC
30 September 2022 21:05
As in the current economic system and its principles.
30 September 2022 21:07
It’s more the underlying economic principles. In our current system, everything is underlined by debt. Islamic banks that work on this model essentially just legitimise normal banking practices. It makes no sense for no Muslims to use these ‘sharia compliant’ options. When the conventional options are cheaper and more profitable.
30 September 2022 21:09
How do you define preformed better?
30 September 2022 21:51
It almost feels like there’s no point
do you think we will ever be able to compete?
There are many people that adopt Islamic values even though they don’t believe in it. Some of my friends really respect the halal meat industry, he only eats halal meat due to its morality. So yh, I don’t see why not.
do we know of a bank that is solely run islamically. There are so many contentious services that claim to be islamic but all I hear is other muslims bashing it.
Sorry if this was asked, what is GFC. It is quite refreshing to see the islamic banks are doing well, whoever they are!
GFC referrs to the great financial crisis of 2007/08.