re yet more rushdie re islamic law in qla g afp fido asd sgi com livesey solntze wpd sgi com jon livesey writes in article bu edu jaeger buphy bu edu gregg jaeger writes in article qi l jkj fido asd sgi com livesey solntze wpd sgi com jon livesey writes i hope an islamic bank is something other than bcci which ripped off so many small depositors among the muslim community in the uk and elsewhere deletions bbci was an example of an islamically owned and operated bank what will someone bet me they weren t real islamic owners and operators and yet it actually turned out to be a long running and quite ruthless operation to steal money from small and often quite naive depositors an islamic bank is something which operates in a different fashion to your modern bank as i have explained here on another thread before for example islamic banks don t pay fixed interests on deposits but a return on investments which varies according to the market and is not fixed like interest is islamic banks are a relatively new phenomenon in the islamic world there are no islamic banks in the west including the usa to my knowledge i doubt if the market for them exists there at least not while islamic banks are at a relatively early stage of their development as is the case now bcci is most certainly not an islamic bank did bcci ever pay a fixed interest rate on deposits if the answer to this question is yes then bcci was not an islamic bank as islamic banks are specifically set up to not pay or charge interest whether some muslims partially owned the bank or whatever is completely irrelevant fred rice darice yoyo cc monash edu au
