Points of improvment from the financial crisis
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peace,
The most important thing is probably to minimise your debt in all forms, whether it be mortgage, credit card, loans etc. The current money system thrives on debt. If you reduce yours, you are reducing your role in the problem.
I'm coming round to the idea of investing in gold rather than shares, although I do think investing in an ethical company by way of shares is not too bad. If you can invest in a local real world business (e.g. friend setting up business) even better. May wish to consider kiva.org for investment if you dont mind no return.
If you are going to borrow money, try a co-operative bank first, a local credit union, then a building society, then things like zopa.com and as a last resort, a conventional bank.
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Salaamun all,
I was thinking to write since long on this but did not come up. Now when Roshan started this topic, I like to join in.
2 to 3 months back in the financial crisis a friend of mine get caught. He owns a software development company in Dubai. It is a well running company with 500+ customers and very well running tested software.
But unfortunately, he lost everything! and more. Yes everything and more, means, he invested his money in currency trading and he invested his full wealth + he has taken loans from many banks + personal loans from friends and at the end of the day he lost millions.
Now he don't have any other option rather than selling out his company. Literally he cries out so many times. Each and everyday he get calls from Banks to pay the installments. He is still trying to survive and striving hard to make his life normal. But it is really a big difficult task. I am also working for him, in his company.
I request all of you to help him only if you can. Persons who are living in Dubai or UAE can come and meet him personally and check with him directly. He also believes in Allah alone like us. He is our brother in Islam and now he is in very bad need of money. He said I believe in Allah and keep my trust in Him, if I am not aware of the Aayaats of Allah, I would have suicide. He got a small family of a wife and two daughters.
If anyone don't want to help him with money because of whatever reasons, atleast please try to help him get a buyer for his company. Or else, he is ready to sell out the software source codes, if you know anyone interested, please let him contact at [email protected]. He got very good customized software that covers almost everything. Just now I have started another topic to sell his company at
http//free-minds.org/forum/index.php?topic=9597294.0
http//free-minds.org/forum/index.php?topic=9597272.0
Please help him. He is not the one to cheat, thats why he is here to payback all the amount instead of running away. And it is better to make sure yourself that this is the geniun case by whatever reasons you can. Or else if you want his cell phone number, inshaAllah, I will give you when you PM me. You can directly call him, check him then take any step that you want. And atleast if he could save his company, he may able to survive.
May Allah give you all the best reward for all your help.
Regards,
mmKhan -
Peace
Everyone must be aware of the financial crisis currently ongoing in the world. In my opinion this has been created by money losing it's value through not being linked to gold leading to parasites who exist within the technicalities of this system being greedy and gambling out money which they never had.
Roshanp.s. there is a good internet documentary called money masters - watch it!
Salaam
Economy based on usury where the poor countries were supposed to have corrupt rulers and aid was in fact but a way of burdening the poor countries with an ever growing pile of interest. The corrupt leaders were expected, given the chance to rule, to transfer the main loans quietly back into banks abroad, so money that what was given in aid from one hand was received back in the other in foreign accounts. This is how they gambled with the destiny of the poor.
This attack on finincial institutions was long predicted and has been designed to create chaos and restlessness, which would create further division in the society.I was lucky in that I am relatively young, forsaw some of what had happened and was able to avert losses with shares. My bank has not gone bankrupt either and my home is being paid for.
With the major debts paid off you are in deed lucky, actually in the stage where you are able to give "what is beyond your needs"
Any ideas on the ethics of what we should be doing?
1058 Say "In the bounty of Allah. And in His Mercy,- in that let them rejoice" that is better than the (wealth) they HOARD.
peace -
Salaamun all,
I was thinking to write since long on this but did not come up. Now when Roshan started this topic, I like to join in.
2 to 3 months back in the financial crisis a friend of mine get caught. He owns a software development company in Dubai. It is a well running company with 500+ customers and very well running tested software.
But unfortunately, he lost everything! and more. Yes everything and more, means, he invested his money in currency trading and he invested his full wealth + he has taken loans from many banks + personal loans from friends and at the end of the day he lost millions.
Now he don't have any other option rather than selling out his company. Literally he cries out so many times. Each and everyday he get calls from Banks to pay the installments. He is still trying to survive and striving hard to make his life normal. But it is really a big difficult task. I am also working for him, in his company.
Please help him. He is not the one to cheat, thats why he is here to payback all the amount instead of running away. And it is better to make sure yourself that this is the geniun case by whatever reasons you can. Or else if you want his cell phone number, inshaAllah, I will give you when you PM me. You can directly call him, check him then take any step that you want. And atleast if he could save his company, he may able to survive.May Allah give you all the best reward for all your help.
Regards,
mmKhanSalaam
314 Fair in the eyes of men is the love of things they covet Women and sons; Heaped-up HOARDs of gold and silver; horses branded (for blood and excellence); and (wealth of) cattle and well-tilled land. Such are the possessions of this world's life; but in nearness to Allah is the best of the goals (To return to).
Your friend's story is not as sad as you think; many people lose heaps of money and they get so scared that is why one who relies in God alone does not get frightened by these worldy ups and down, experiencing them means you have lived life to the fullest.I request all of you to help him only if you can. Persons who are living in Dubai or UAE can come and meet him personally and check with him directly. He also believes in Allah alone like us. He is our brother in Islam and now he is in very bad need of money. He said I believe in Allah and keep my trust in Him, if I am not aware of the Aayaats of Allah, I would have suicide. He got a small family of a wife and two daughters.
I too gained and lost almost all of my worldy goods and did get scared at times but, Alhumdulilah my family being my most precious possession, I have lived through the bad times and the good, and believe there is a logic to adversity. It will teach you a lot more than you can imagine and, remember, Satan injects fear into your mind that you start to despair.
- It is not righteousness that ye turn your faces Towards east or West; but it is righteousness- to believe in Allah and the Last Day, and the Angels, and the Book, and the Messengers; to spend of your substance, out of love for Him, for your kin, for orphans, for the needy, for the wayfarer, for those who ask, and for the ransom of slaves; to be steadfast in prayer, and practice regular charity; to fulfil the contracts which ye have made; and to be firm and patient, in pain (or suffering) and adversity, and throughout all periods of panic. Such are the people of truth, the Allah.fearing.
peace
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peace,
The most important thing is probably to minimise your debt in all forms, whether it be mortgage, credit card, loans etc. The current money system thrives on debt. If you reduce yours, you are reducing your role in the problem
Absolutely and reducing your part in strengthening Pharaoh, Haman, and Qarun.
I'm coming round to the idea of investing in gold rather than shares
4335 And also adornments of GOLD. But all this were nothing but conveniences of the present life The Hereafter, in the sight of thy Lord is for the Righteous.
If you are going to borrow money, try a co-operative bank first, a local credit union, then a building society, then things like zopa.com and as a last resort, a conventional bank.
However not many people are aware of credit unions and co-operative banks, so it will benefit all if you could list the advantages of the above as I understand they are owned by the investors but still can act as banks.
peace -
peace farida, all,
Your referencing of 4335 is not about simply having savings/gold. The Quran allows savings, this is fact http//free-minds.org/forum/index.php?topic=8735.msg29090#msg29090
The advantages of the things I mentioned are fairly easy to look up
co-operative bank
http//www.goodwithmoney.co.uk/servlet/Satellite/1200903577042,CFSweb/Page/GoodWithMoneya local credit union
http//www.abcul.org/page/about/intro.cfmthen a building society
http//www.ukmortgageinfo.com/useful/glossary.htm#b
A building society is a mutual organisation owned by its members not by shareholders. Members are the people who save with and borrow from the building society. Building societies do not pay dividends to shareholders so they can pass this saving on to members.zopa.com
http//uk.zopa.com/ZopaWeb/public/about-zopa/big-idea.html -
peace,
I'm coming round to the idea of investing in gold rather than shares
Peace Wakas
The important think, IMO, is to understand WHY you are investing. For me, ultimately it is about retirement and also in times where I need a some of money. With gold, while it is stable, various graphs show it does not seem to rise much, when money is adjusted for inflation. There are also problems of storage. And then there is the issue of exchanging it for items of value. How would this work?
I am not sure what the answers are.
I do however live 5 minutes walk away from a gold minting place where one can buy gold. Perhaps I should pay it a visit.....
Roshan
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The crisis was caused by speculation, and since the only way that gold makes people money is by speculation, I don't seen how 'investing' in it would make the problem go away. It's just adding speculation to speculation.
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The crisis was caused by speculation, and since the only way that gold makes people money is by speculation, I don't seen how 'investing' in it would make the problem go away. It's just adding speculation to speculation.
Peace
I understand exactly what you are saying. Gold is inanimate, it does not do anything for us (unlike food, water, shelter). It goes to the heart of exactly what one feels should have value. However, the same could be said of money but with money surely this is subject to far more speculation than gold.
Roshan
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Money today is based upon debt - banks are able to create money up to the value of loans they give. Therefore this is something useful - a debt is a promise, promises are useful - they have real use value, when youpromise to do something for someone it is really, genuinely, contributing to the benefit of society, and it is this use value that is reflected in the value of the money paid for this promise.
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Peace liquiddharma
Money today is based upon debt - banks are able to create money up to the value of loans they give. Therefore this is something useful - a debt is a promise, promises are useful - they have real use value, when youpromise to do something for someone it is really, genuinely, contributing to the benefit of society, and it is this use value that is reflected in the value of the money paid for this promise.
Don't you think money today IS debt rather than merely being based on debt? Banks actually create money based on the reserves that the central reserve bank of a particular country requires them to hold. In other words, if the central reserve require banks to have a 10% reserve, they are entitled to issue loans worth 10 times that which they hold. This is useful only for those who have. It is not useful for those who don't.
As for promises, keep in mind our promise to God as believers to fulfil that which is entrusted to us. In 9111, God has purchased the lives & wealth of the believers in exchange for Paradise. Therefore we need to distribute this wealth in accordnace with what God has promised everyone i.e. that the needs of all living creatures must be met. With this in mind, don't you think that until there are no longer people whose basic needs are not being met, investment for future should not even be considered?
Imraan
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There is also the duty to make sure that when you help others, your help is not used for bad things. If you're in a city, you can't just go around handing out cash if it is likely to be used for drugs or other vices. Likewise, if you are a government with lots of cash to spare, you can't hand it out to other governments who will use it to fight wars. Otherwise you are responsible for the evil acts they commit.
With this in mind, I think it is very important to do everything we can to help the needy - but when we reach the limit of the people who want to be helped, we also have a duty to look after ourselves.
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Peace liquiddharma
There is also the duty to make sure that when you help others, your help is not used for bad things. If you're in a city, you can't just go around handing out cash if it is likely to be used for drugs or other vices. Likewise, if you are a government with lots of cash to spare, you can't hand it out to other governments who will use it to fight wars. Otherwise you are responsible for the evil acts they commit.
With this in mind, I think it is very important to do everything we can to help the needy - but when we reach the limit of the people who want to be helped, we also have a duty to look after ourselves.
Is your opinion that we look after our basic needs & that of our family, then look after the basic needs of those whose basic needs are not being met (to whatever limit), & only then look after our future investments/
Also, I am referring to basic needs in my comments. Therefore everyhone needs food, clothing & shelter. These needs can be taken care of without fear of misuse. Even if one suspects misuse, measures can be put in place to prevent misuse.
Imraan
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Don't invest in gold, invest in organic seeds a few thousand tons, different foods, herbs, stuff (black cumin seed oil), and a food vacuum sealer.
By the end of 2009 (Codex Alimentarius), GM will be in force. No one likes seedless foods.
Or if you can, to earn some reward from the god. Sell organic food seeds to those who are getting free GM seeds. Sell it for cheap.
And by the way, gold is used in many industrial applications.
