You have to list your policies and pitch them to a normie. What do you say?

submitted by NeoRail from self.debatealtright

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[–]MarkimusNational Socialist 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

The Islamic banking link is now behind a paywall.

You can use this chrome (works on brave if you use that) extension to bypass paywalls

The relevant part:

How does Islamic finance work?

The overarching principle of Islamic finance is that all forms of interest are forbidden.

The Islamic financial model works on the basis of risk sharing. The customer and the bank share the risk of any investment on agreed terms, and divide any profits between them.

The main categories within Islamic finance are: Ijara, Ijara-wa-iqtina, Mudaraba, Murabaha and Musharaka.

  • Ijara is a leasing agreement whereby the bank buys an item for a customer and then leases it back over a specific period.

  • Ijara-wa-Iqtina is a similar arrangement, except that the customer is able to buy the item at the end of the contract.

  • Mudaraba offers specialist investment by a financial expert in which the bank and the customer shares any profits. Customers risks losing their money if the investment is unsuccessful, although the bank will not charge a handling fee unless it turns a profit.

  • Murabaha is a form of credit which enables customers to make a purchase without having to take out an interest bearing loan. The bank buys an item and then sells it on to the customer on a deferred basis.

  • Musharaka is a investment partnership in which profit sharing terms are agreed in advance, and losses are pegged to the amount invested.

[–]NeoRail[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

I have never seen such a model before, but all of this seems pretty intuitive and common sense. It would make banking less profitable and riskier, but a lot more pro-social, in my opinion. Investment also appears more worthwhile on the whole than credit, which is probably a good thing.

Do you know if Catholics had an equivalent system too?

[–]MarkimusNational Socialist 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

They had guidelines but not an exact prescription like Sharia banking to my knowledge, obviously the Catholic anti-usury laws meant that all the banks before the jews took over banking had to operate according to the principles but I can't find an articulated specific system. When you google it you just find a bunch of articles talking about medieval banks employing similar practices to Islamic banking to make profit but not be usurious and them describing them as if they're unethical workarounds lol. I'm sure you could apply that logic to Islamic banking practices too. Seems a bit cynical, as if lending money to a business then them giving you discounts in return is the moral equivalent of enslaving a person to compound interest debt and 'repossessing' their house or something.

[–]NeoRail[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I know that there were some powerful Italian banking dynasties like the Medici and such who were Catholic, but I have no idea how they ran their businesses. The Dutch were also prominent bankers, although that might have been an exclusively post-Reformation phenomenon.