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     Question Forum :  Islamic Banks     Date Posted:  22 - March  -  2002




I think its time that we must have our own banking system so why don't we make this our mission, we must be financially independent of these usury banks how can they tell us what to do with our money how can they take from us, wake up Muslims everywhere, we got to start calling for our own monetary system and so we should.

After NatWest Bank notified us that they were closing our account, a decision they have since rescinded following the pressure from the Muslim community, someone else wrote to us that we should expect this kind of behaviour from a non-Muslim bank. Part of the problem, however, is that even "Muslim" banks, that is banks operated in or by Muslim countries, do so following the same rules and within the same banking system. We have been in the forefront of the campaign for demanding that this interest-based fractional reserve system be scrapped for a more meaningful alternative to stop the depletion of public resources and abuse of power by private banking institutions. The reality, of course, is that it is near impossible in the modern economy to operate without a bank. There are alternative mutual help societies in existence (like the original co-op idea), and there are alternative currencies, like LETS, which are, however, limited to small- scale, local communities. These initiatives are beneficial and praiseworthy, but only a political decision at national and international level can bring about a substantial change. A just economic and monetary system is possible, but the political will is not going to be there as long as a majority of people believe the old lie that there is no alternative to how we are doing things at the moment. Muslims should take a lead in promoting those alternatives.

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