caitlinlong (npub1uyz…8632) is trying to set up a ‘real Islamic bank’ with 100% reserves (at least Islamic from that aspect) & has been strongly resisted! So if she’s been resisted from doing that, what are “Islamic banks” actually doing?
She also touches upon why #BTC essentially cannot ever exist on a ‘fractional’ system. It moves too fast to resist ‘bank runs’ &therefore it’s very nature is “anti-usury”. It’s volatility also smacks Ribaa in the fact again via liquidations, especially if used as collateral.
There are properties of Bitcoin that make it one of the most powerful tools any Muslim can think of using to fight the ribaa system, so why do so many Muslims choose to fight it? Alhamdulillah, I feel that most don’t but a loud minority do.
I think Muslims should support efforts like this to do ‘banking’ differently, that are actually in line with Islamic values. It doesn’t need to have the name “Islamic bank” to be Islamic, nor does it even have to be run by Muslims. Just as long as it’s in line with Islamic ethics and values, that’s all that matters.
https://youtu.be/xqX_NkBUQzg
BTCDividedByZero / BTC/Zero
npub1h3…wr4h0
2023-03-17 17:54:13
Author Public Key
npub1h34n29f3wqvcht0jyhnd36jxcdmljyqjv4vdjfrd69nhxhrdvvnsgwr4h0Published at
2023-03-17 17:54:13Event JSON
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"pubkey": "bc6b35153170198badf225e6d8ea46c377f910126558d9246dd167735c6d6327",
"created_at": 1679075653,
"kind": 1,
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"content": "#[0] is trying to set up a ‘real Islamic bank’ with 100% reserves (at least Islamic from that aspect) \u0026 has been strongly resisted! So if she’s been resisted from doing that, what are “Islamic banks” actually doing?\n\nShe also touches upon why #BTC essentially cannot ever exist on a ‘fractional’ system. It moves too fast to resist ‘bank runs’ \u0026therefore it’s very nature is “anti-usury”. It’s volatility also smacks Ribaa in the fact again via liquidations, especially if used as collateral.\n\nThere are properties of Bitcoin that make it one of the most powerful tools any Muslim can think of using to fight the ribaa system, so why do so many Muslims choose to fight it? Alhamdulillah, I feel that most don’t but a loud minority do.\n\nI think Muslims should support efforts like this to do ‘banking’ differently, that are actually in line with Islamic values. It doesn’t need to have the name “Islamic bank” to be Islamic, nor does it even have to be run by Muslims. Just as long as it’s in line with Islamic ethics and values, that’s all that matters.\n\nhttps://youtu.be/xqX_NkBUQzg",
"sig": "57d5922c16f1095c6ba7236e62373ba4f7f6e81566afd30f9f6c6f637070d894b9ca894ce998e41207d076ab835e4d8a3e08da36797f178c623bbbea50a7c5c7"
}