• Enter your email address to follow this blog and receive notifications of new posts by email.

  • Ayn Gold & UK Open Markets

  • RSS The Consultant’s View – Articles & Audio Files

    • The Big Question! Limited Company, CIC or Registered Charity?
      Over the years I have helped set up and register a number of limited companies (both by shares and guarantee) and a number of registered charities and then on top of that countless voluntary... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enterpri […]
    • Janet Braithwaite’s 10 Minute Interview with author Amal Abdalhakim-Douglas
      Janet Braithwaite’s 10 Minute Interview with Amal Abdalhakim-Douglas about his newly released book: Seven Secrets of Successful Fundraising Title: Seven Secrets of Successful Fundraising... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enterprise o […]
    • Book Review by the Guardian’s Robert Ashton
      Reviewer: Robert Ashton – social entrepreneur and business author Book Title: Seven Secrets of Successful Fundraising – Amal Abdalhakim-Douglas ISBN: 978-0-9535993-4-9 Like most authors,... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enterprise o […]
    • Banksta Rap
      My Name is Able GoldSteal The Original Banksta Rapper let me store all your gold for you (and give you back something certainly crapper) Bank charges and interest are not my greatest con’ even... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enterp […]
    • Beyond Mary Portas – An Introduction to the Open Market
      Many months have passed sine the publication of the Mary Portas Revirew on the state of Britain’s High Street. Following on from that in recent days we have heard reports of the possible demise... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enter […]
    • Calling The Twice Removed
      AVAILABLE NOW FROM THE PUBLISHERS: There is no reversal, no going back! That “second removal,” a mass migration from the Caribbean colonies of young men and women coming to help the ‘motherland’, to... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social […]
    • How to Raise £3,000 in 30 Days
      It will be obvious to many that £3,000 is not a lot of money for a big charity or major corporation. Conversely, for many very small organisations that may be  more than they raise in a whole year.... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social e […]
    • Let’s Not Leave any EU Money on the Table
       Do You Have a Mind To Access Some European Union Funding – Before It’s Too Late? If you and your organisation support young people in any way then you could be leaving accessible... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enterprise or runn […]
    • How To Train Like an Olympic Athlete for Business & Personal Success: The Talent Development Model
      I am not a obsessive sports fanatic, but I certainly love playing and watching an array of sports. From the pure sports of athletics and boxing to the more contrived sports of Formula 1... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social enterprise or […]
    • Business Psychology Lessons from Formula 1 Racing
      In a recent post I stated that Formula 1 Racing was not a pure sport because of the heavy reliance on technology in terms of driver performance. However, despite that I still find it a fascinating... Short, sharp and straight forward advice for anyone wanting to satisfy their enterprising and entrepreneurial spirit, whether through self-employment, social en […]

A Little Immodesty – by Abdussamad Clarke

re-posted courtesy of the Bookwright blog http://networkedblogs.com/n6HaT

Sometimes a man must cast modesty and humility aside and stand forth. My turn has come. In the late 80s I was calling for the abandonment of paper money and a return to gold and silver. It was published and it is there in black and white for anyone to read. Now the whole world, from William Rees-Mogg ex-editor of the Times to Max Keiser ex-stockbroker, is calling for the same. But I have no particular merit in this, for I had just returned to Ireland from attending the 1987 Norwich seminar Usury, the Root Cause of the Injustices of our Time1 at which the stupidity of paper money, the criminality of charging interest and other forms of usury, and the need to return to real transactions with things of actual worth was made blindingly clear by a number of distinguished speakers including Shaykh Abdalhaqq Bewley and Hajja Aisha Bewley, the renowned translators of the Qur’an into English. They in turn had listened attentively to Shaykh Dr. Abdalqadir as-Sufi who has been saying these things for as long as I can remember and at a time when no one else was saying them.

If we had had any of that paper money ourselves we would probably have been able to follow our own counsel and buy large amounts of gold and silver and would be doubly able to laugh at the rest of the world in its discomfiture as the economic system of usury goes down into something that would make a double-dip recession look like a picnic. But we had none and still have none.

But as we are people who have been proved so utterly and consistently right, I would like you to pay attention. I don’t think it will take so long for this to be fulfilled and it may be absolutely vital for you to know this if you have money and are considering taking this route.

But first of all, I have to make a retraction: in recent posts I have said, with some emphasis, that Islamic bankers and the scholars who gave them the fatwas that licensed their work are hypocrites. There was no call to make such a charge. For all I know they may be utterly well-meaning people who are completely sincere about their Islam.

Nevertheless, if you have a penny in ‘Islamic finance’ or ‘Islamic banking’ get it out while you have time. Not only is it not shari‘ah-compliant – notice that they invent another term rather than call it halal – but it is a bubble waiting to burst. Apparently it is now $1 trillion or so. Don’t be deceived by words such as murabaha, mudaraba, and musharaka etc., because they haven’t given a moment’s thought to the nature of the money which they are using in all those transactions, and the money which they are treating so ‘Islamically’ is not a great deal different from candy-floss, and even candy-floss is much better than the money they are using. So Islamic finance is one great $1 trillion pile of ‘Islamic’ candy-floss. It is an Islamic bubble waiting to burst Islamically and produce an Islamic disaster and quite probably an Islamic recession and, even worse, an Islamic depression as if things weren’t depressing enough as it is.

Get on the winning side and do not be suckered by fatwas from scholars who know nothing about the history of banking except what a university system that is sustained by banking allows them to know. Yes, get on the winning side and lay your hands on some of that gold and silver. Then do what the Muslims have always done: pay your zakat with it, and go out and spend some of that in the way of Allah and on good causes.

To read more from Abdussamad Clarke click here

Bookwright is the web-site of Abdassamad Clarke, Uthman Ibrahim-Morrison and Muhammad Amin Franklin. We translate classic texts of Islam and Sufism from Arabic to English and are also involved in all aspects of editing, indexing, proofreading, book and magazine production and design in Arabic and English.

2 Responses

  1. Splendid! Thank you for this. Rarely a week passes where I do not (using my accountancy charter badge to try to add credibility to my rants) try to open people’s eyes to the assemblage of nonsense talk and nonsense products that are presently called Islamic Banking. Sadly, I’m normally ignored – sometimes politely smiled-upon as a poor fellow who clearly didn’t understand the glossy brochure.
    I will (if you allow) print and keep your article as some bolster of support (of course, I already have the book referred above).

  2. please feel free, to use and link to. I’m sure little by little people will begin to get the point you are a making, and each time that happens is a cause for celebration

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: