A Quote by Sulaiman Abdul Aziz Al Rajhi
My experiment in money exchange was the temptation to set up a bank. The absence of any Islamic banking was also another factor in establishing Al-Rajhi Bank, which is now the world's biggest Islamic lender by market value.
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The lesson for Asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. Either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. But a pegged exchange rate with a central bank is a recipe for trouble.
From it genesis twelve hundred years ago to today, Islamic philosophy (al-hikmah; al-falsafah) has been one of the major intellectual traditions within the Islamic world, and it has influenced and been influenced by many other intellectual perspectives, including Scholastic theology (kalam) and doctrinal Sufism (al-ma'rifah or al-tasawwuf al-'ilmi) and theoretical gnosis ('irfan-i nazari).
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
As a matter of fact 25% of our U.S. investment banking business comes out of our commercial bank. So it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "Oh, if you need X, Y and Z in Japan or China, we can do that for you."
If bankers can push the loans and make more profits for the bank, they get paid higher bonuses. They often also get stock options. If the bank goes under, they get to keep all of these salaries and options - and the government will bail out the bank. These guys will take their money and run, which is pretty much what they're doing now.
Sheikh Rahman had a doctorate in Islamic jurisprudence from al-Azhar University in Cairo, the Harvard of Islamic thought. He also had a long history of guiding terrorist groups.
Choicelessness brings you to the whole. Choice is always of the part, necessarily so. And then one person goes from one choice to another, becomes a driftwood - from this bank to another bank, from that bank to this bank. This is how you have been moving, down the ages, for so many lives
Sufis have always been those that have tried to purify the ethics of Islam and society. And they don't have their hands cut off from the external action at all. For example, the bazaar in which the Sufis were very strong always dominated economic life in Islamic world. They could give a much more sane and Islamic form of activity when the economic life of Islam moved out of the bazaar to new parts of Islamic cities with modernized Muslims, who took it in another light and it became very, very anti Islamic, and much against many of the most profound practices of Islamic societies.
Monetary reform, if it is to be genuine and successful, must sever money and banking from politics. That's why a modern gold standard must have: no central bank; no fixed rations between gold and silver; no bail-outs; no suspension of gold payments or other bank frauds; no monetization of debt; and no inflation of the money supply, all of which have proved so disastrous in the past.
When commercial banking opened up for the private sector, I set up the retail-banking division for ICICI and grew it substantially. I then ran the international side of the ICICI Bank for a few years.
Even the National Bank of Romania doesn't have the huge resources needed to intervene in the market and keep the leu at an acceptable level, because they're drawing close to a floor below which the bank's reserves can't drop. The central bank has to wait for a moment of calm to efficiently conduct its interventions.
Part of the concept of the euro zone was to establish a common market. The banks were going to bank across all their countries like we bank across states. But that concept got killed for a whole bunch of reasons that I won't get into. That was a good concept, by the way. It may yet return, because there are huge economies of scale in banking. That's another thing people don't quite get.
Islam, the religion of peace and any terrorism that happens, is not really Islamic or Islamic inspired. This is called a willful blindness. It's also political correctness.
Contrary to what most people think, bank money is much more important than state money. In Greece, for example, bank money makes up 84.26% of the total money supply.
What's the best gamble in the world, right now? Its betting that Deutsche Bank stock is going to go down. Short sellers borrowed money from their banks to place bets that Deutsche Bank stock is going to go down. Now, it's wringing its hands and saying, "Oh the speculators are killing us." But it's Deutsche Bank and the other banks that are providing the money to the speculators to bet on credit.
The Koreans that make their money in our community: If we have a Black bank, you'll find they don't deposit anything of what they take from us into a Black bank that would serve our community. They set up a bank in their own community. The Honorable Elijah Muhammad, my Teacher, called people like this "Bloodsuckers of the poor." All they want is to make a dollar, and run.
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