Archive for the ‘Uncategorized’ Category

The IIBI (Institute of Islamic Banking and Insurance) hosted a lecture by Iqbal Asaria recently, for which I received this IIBI promotional mail.

I would like to draw your attention to the doubt cast upon the basis of the entire industry highlighted below;

Islamic finance has often been promoted as inherently ethical and therefore aligned with responsible finance. However, this claim rings hollow once one examines the actual workings of Islamic financial institutions.  The ethical content in their operations is very marginal and the claims look hollow.

From an established industry insider, this opinion carries some weight and once again is evidence of the reality being far from the projected image of this sector

Iqbal adds his concern to those of a number of others who have also exposed the underlying workings of Islamic Finance

An article from the 2008 economic crises written by the two scholars above makes for worthy reading.

I see it as evidence of calling the bluff of practitioners who dabble in nothing more than conventional finance twisted to fool millions who are easily swayed by superficiality

Boom, Bust, Crunch..

Platforms are rarely provided to scholars who wish to take one step back and question some of the fundamental concepts that are being applied. Few questions are raised regarding the validity of Islamic debt financing, limited liability structures, speculative methods of market trading, or the nature of the monetary system. Such matters are given little attention in the headlong rush to copy interest-based methodologies and this has resulted in a number of embarrassing paradoxes

A remarkable personality from Muslim history left his mark on the theory of matters economic as well as philosophical and sociological.

Read a summary of his life and work in this wiki post, further research would be highly recommended;

A notable quote from this great scholar is on the effects of taxation and the state. His work underpins much of the contemporary view about low taxes maximizing incentives and government revenues, as this article draws attention to;

Inflation IS policy

Posted: October 15, 2015 in Uncategorized

“The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.”

Ludwig Von Mises, Austrian Economist


Posted: October 15, 2015 in Uncategorized

Consider the following blog site on a movement detailing an alternative system of distributing resources. A large range of articles and materials can be found for your perusal;

In relation to the above, please also find this link to the Hilaire Belloc book; The Servile State

Please consider reviewing the following article on the topic of Currency Devaluation and Resource Transfer from the South to the North by Mohameden Ould-Mey

Far be it for this blog to refrain from shedding light on the opposing camps’ views on all things monetary, paper-based and sound. As the UK Parliament have just recently debated the issue of money creation by commercial banks, here is one broadsheets view on why we should retain the status quo….

It would be nice to think that merely by reforming the way money works we could magic away our economic problems, abolish the credit cycle, tame the bankers and generally cure the world of all known diseases.

Yet there is no such thing as a free lunch. The reason we have fractional reserve banking, and a monetary system hedged around with taboos and constraints, is that warts and all, these things basically work. All alternatives are a giant leap in the dark, with likely disastrous consequences to judge by historical precedent.

I am not an utopian. I do not believe that solutions come at little cost. It is the underlying principle that to strive to make things fairer and just is worth the upheaval in order to shape a better future for all, on balance, regardless of creed, cast or colour.

I reject outright the notion that the risk and uncertainty of chaos should keep us from taking the necessary steps to alleviate our lives from the grip of those less accountable. The world is already in chaos. After all, can the lid be kept on a volcano which has been rumbling from before many can remember, how long can the current fix be maintained, trimmed to fit a new trend and then repackaged for another generation? Like it or not, change is inevitable, it is simply a question of who retains power. And those who favour the current power structure, make suggestions such as this. I highly question that the current fiat money system ‘basically works’.