Sharia Law and Gold

[Scuzzle]

This is interesting, there are a few stories on the internet over the last few days about Muslims following Sharia Law who were previously not allowed to purchase gold now looking at a change in the law which will allow it.

http://www.energyandcapital.com/articles/sharia-law-change-could-add-16-billion-gold-investors/5536

[Kamikaze]

1.6 billion Muslims following Sharia Law according to this article. 

 

Damn that's a lot. 

[SilverPirate]

I thought a muslim bank account should not receive interest on the deposits, is gold or any PM a form of saving wealth and liable to gains.

[Kamikaze]

You can gain money through assets (like property increasing) so I am sure profit on gold will be fine too.

It's interest making that's the problem. Although they do get an end of year profit share from the bank I'm sure.....

When I looked at it before I found it pretty contradictory, actually I just looked again, heres a link.

http://www.islamicmortgages.co.uk/index.php?id=72

[Silvercoinstacker]

You should not forget, that out of those 1.6 billion people, there are many childeren, old people, people that don't have any money to invest and that don't have any interest in pm at all. So that number would be reduced signifacantly.

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[Silvercoinstacker]

You can gain money through assets (like property increasing) so I am sure profit on gold will be fine too.

It's interest making that's the problem. Although they do get an end of year profit share from the bank I'm sure.....

When I looked at it before I found it pretty contradictory, actually I just looked again, heres a link.

http://www.islamicmortgages.co.uk/index.php?id=72

Muslims are not allowed to get interest. Muslims have to give each year a percentage of their wealth to charity. You can call it a "tax"

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[Murph]

39 minutes ago, Silvercoinstacker said:

Muslims are not allowed to get interest. Muslims have to give each year a percentage of their wealth to charity. You can call it a "tax"

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A number of people would say Christians also shouldn't take part in charging interest or ursury and  I think some churches still believe in tithes, which at 10% are more than islamic zakat at 1/40th.

a number of other religions and ancient societies also had laws about charging interest.

[Silvercoinstacker]

Muslims are not allowed to get interest. Muslims have to give each year a percentage of their wealth to charity. You can call it a "tax"

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A number of people would say Christians also shouldn't take part in charging interest or ursury and  I think some churches still believe in tithes, which at 10% are more than islamic zakat at 1/40th.

a number of other religions and ancient societies also had laws about charging interest.

It's not a compation my friend. I agree that christians should not take part in charging interest, but that wasn't the topic.

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[SilverPirate]

I am in the dog house then i bought a 1 gram gold bar with the interest from an account.But if i give it to my kids/grandchildren ,will i be forgiven.

[Roy]

Depends if it was your account or someone else's? 

[Roy]

As for charging interest, I have no qualms about it.

I've been charged interest all of my adult life. That's life.

I receive up to 27.5% interest on my loans with Zopa. 

I am charitable, there are a few close to my heart, but really charity begins and ends at home.

I look after my own 

[SpacedMarine]

The economy cant really function without interest as there is a risk to the lender even in the story of the talents jesus told.The master beat the slave for burying his money when he should have given it to the money lenders where he would have got his money plus USUARY!So interest was sanctioned by jesus himself.

[HighlandTiger]

It's a good job that god doesn't exist, otherwise i suggest we should also be hoarding flame proof suits. 

 

[Cointreau]

Keep stacking.

[SpacedMarine]

How does this work with saudi arabia buying us treasury bonds with the dollars they get for selling oil?

[BaldyBob]

6 hours ago, SpacedMarine said:

How does this work with saudi arabia buying us treasury bonds with the dollars they get for selling oil?

It is probably allowed if you doing it to non believers. 

Ain't religion beautiful.

[SpacedMarine]

11 hours ago, BaldyBob said:

It is probably allowed if you doing it to non believers. 

Ain't religion beautiful.

Although with interest rates practicaly zero at the minute the capital gains on the bonds via fed qe probably means its compatible!Could be the reason they're doing it to be fair.

[wonderhandz]

On 8/23/2016 at 01:38, SpacedMarine said:

The economy cant really function without interest as there is a risk to the lender even in the story of the talents jesus told.The master beat the slave for burying his money when he should have given it to the money lenders where he would have got his money plus USUARY!So interest was sanctioned by jesus himself.

But then Jesus was a Jew and money lending and interest is allowed in Judaism, which is why the Jews own all the major wealth in the world.. allegedly.. lol

18 hours ago, BaldyBob said:

It is probably allowed if you doing it to non believers. 

Ain't religion beautiful.

i have been told that it is ok to lie and cheat and steal from and rape non muslims..gotta love it, and be careful who you trust! 

 

[SpacedMarine]

2 hours ago, wonderhandz said:

But then Jesus was a Jew and money lending and interest is allowed in Judaism, which is why the Jews own all the major wealth in the world.. allegedly.. lol

i have been told that it is ok to lie and cheat and steal from and rape non muslims..gotta love it, and be careful who you trust! 

 

Allegedly! however the Jews and Romans ended up killing him and he did kick the money lenders out of the temple for taking the piss!Selling a half ounce of silver for a ridiculous price because it didnt have a "pagan" emperors image on it.I seem to recall some famous lady mp saying noone would remember the good samaritan unless he was rich and able to pay for the guy to be looked after!Meaning (my interperitation) interest is ok (as long as you dont take the piss!) And being rich is good as you can use it to take care of others ??? Not to well up on the Koran but I have heard of the old "taquya" thing.Historical context being that the meccans were at war with old Mo and would have probably killed anyone who were his followers but like anything can be spun how you like!If it means you can take over the neighbouring continent I guess its justified to be a bald face liar ???

[HighlandTiger]

57 minutes ago, SpacedMarine said:

Selling a half ounce of silver for a ridiculous price because it didnt have a "pagan" emperors image on it.

nothing has changed in 2000 years then, apart from swapping an emperors head for the head of a oriental bear or an antipodean animal.

people are still swapping local currency for over priced silver "coins"

 

[SpacedMarine]

3 minutes ago, HighlandTiger said:

nothing has changed in 2000 years then, apart from swapping an emperors head for the head of a oriental bear or an antipodean animal.

people are still swapping local currency for over priced silver "coins"

 

"Limited" edition and "proof" springs to mind ???

[PureGold]

Islamic gold standard to debut in December; price jump expected

http://m.gulf-times.com/story/522050

[Danny-boy]

Islamic gold standard to debut in December; price jump expected

http://m.gulf-times.com/story/522050

I have been reading about this a lot lately.

What's the general consensus? Will it push gold much higher in the short term?

This may be a rare example of gold shifting and silver not following, hence my thoughts of swapping some silver over to gold.

Thoughts?

[sovereignsteve]

Basically, anything could happen, nobody has a clue. Look what happened after the Trump election.

[Heisenberg]

Muslims are not supposed to do a lot of things, but they do.

 

What do you think all the billionaires are doing during Ramadan?

 

snorting Charlie from the thighs of high class east eoropean hooers.

.

 

lucky bastards.

3 hours ago, sovereignsteve said:

Basically, anything could happen, nobody has a clue. Look what happened after the Trump election.

yeah, my stack value went down considerably.....