RA EFDARGON: ISLAMIC BANKING RECONSTRUCTED    
 ISLAMIC BANKING RECONSTRUCTED2 comments
22 Jun 2010 @ 02:05, by Erle Frayne Argonza

Islamic banking is part of the totality of ‘best practices’ that originated from Asia. Being among the strong proponents of the ‘Asian way’ as the way out of our capitalist economic malaise and crises of our times, I’d share my own notes of hallelujah to Islamic banking.


ISLAMIC BANKING RECONSTRUCTED

Erle Frayne D. Argonza


Islamic banking is part of the totality of ‘best practices’ that originated from Asia. Being among the strong proponents of the ‘Asian way’ as the way out of our capitalist economic malaise and crises of our times, I’d share my own notes of hallelujah to Islamic banking.

I am among those development practitioners and social scientists who propose that let’s all undertake a review of Islamic banking. This banking practice is based on zero-interest banking. The challenge is for us to reconstruct the practice to suit the current context of information society.

Usury is among the proscriptions of spiritual masters and sages of the East. It is within the context of a non-usurious finance, embedded in spiritually-guided livelihood practices, that Islamic banking emerged in Western Asia.

Zero-interest financing contributed immensely to accumulating wealth for the Asiatic polities that engaged in them in antiquity. The same wealth was utilized for social services, ambitious projects, building cities, and advancing the arts, sciences, and philosophy.

Usury is alien to Asia, even as its massive introduction to the continent brought untold miseries to the marginal folks. It had also tied up Asian economies in debt peonage to the financial cartels of the West and their local banking/financial partners.

Before the Asian economies, notably the emerging markets, will go down the drain and lose their growth gains due to usury and predatory finance, their own stakeholders should rethink their borrowed paradigms. They better review those golden Asiatic economic principles taught by spiritual masters, and make ways to re-carve their financial systems following such principles.

Asia is indubitably the driver of the global economy today. It is time for Asia to set the trends by beginning with new financial paradigm such as the one offered by Islamic banking.

[Philippines, 07 June 2010]

[See: IKONOKLAST: [link],
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BRIGHTWORLD: [link], ARTBLOG: [link],
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2 comments

23 Jun 2010 @ 08:15 by Bhima @122.104.159.116 : Islamic banking
I am interested to help establish a no interest banking system in Australia but only under certain conditions and only after certain prerequisites and targets have been established. My interest is in the existing blueprint to build a new society including a new economic system. Since this blueprint covers an A to Z of translating everything into its corresponding new wave or second tier equivalent, it is just a matter of which project gets up and running first. It's tricky dealing with the sequence. If economics, banking and finance gets established first, there will be no interest finance available but no control over people that abuse the system. With an Islamic bank, there is more ability to control abuse of the system. But for a non-Islamic bank to attempt to establish no-interest lending, it would have to build a system that serves to protect itself from abuse. Well that's where I am at. I'm building the infrastructure that will serve as a prerequisite to a no-interest bank. What I've done is I've taken the abovementioned A to Z and selected a project that will serve as an essential foundation to a new world economy. After all. If you are not going to solve anything by distributing money among monkeys. Similarly, you are not going to achieve anything by distributing money among humans. You will only help people to get better at making more of a mess of the world. But there is a leading edge to the unfoldment of every blueprint and this is where we need to focus our attention. This leading edge has a specific sequence of unfoldment. Foe example, there is a specific sequence by which you and I might be of use to each other. My suggestion is that in this A to Z unfoldment, we focus on one project at a time and thereby build from strength to strength rather than attempting the entire A to Z simultaneously. The blueprint unfolds at its own pace but you and I can be at the leading edge and we can be that unfoldment by serving as pioneers and by building prototypes. The blueprint unfolds at a snail's pace if we do nothing but part and parcel of that blueprint is that it is always available to unfold at the speed of the collective imagination. Not the collective imagination of the entire planet but just a very small group. That is enough to create a spark and from that spark a chain reaction.  

29 Jun 2010 @ 02:37 by erlefrayne : Nice thoughts
Hi Bhima! Nice thoughts you shared about alternative banking & finance, and your noble efforts at instituting some exemplars. Keep up with your innovative works on the matter.  

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