Hawkings former plumber
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December 14th, 2007, 09:44 PM
Tehran: 18:42 , 2007/12/14
Iran’s first interest-free bank inaugurated TEHRAN, Dec. 14 (MNA) – Mehr Interest-Free Bank, the first of its type, was inaugurated across Iran Thursday.
The main branch of the bank officially started work here in the presence of President Mahmud Ahmadinejad, Guardian Council Secretary Ayatollah Ahmad Jannati, First Vice President Parviz Davudi, Minister of Economic Affairs and Finance Davud Danesh-Ja’fari, and a number of officials of state-run and private banks.
Bank Melli Iran (BMI) is to render services of the newly inaugurated bank in 2,700 branches throughout the country.
Delivering speech in the opening ceremony, Ahmadinejad called the initiative a major stride toward the development of banking system.
The interest-free bank helps meet the public need without lucrative economic and banking activities, said the president, assuring that the new move will make a great change in the country’s banking system.
Ahmadinejad said the bank is, in fact, a safe center where people could open their accounts and get loans without any banking interest.
KK/KK
END
MNA
Tehran: 18:42 , 2007/12/14
Iran’s first interest-free bank inaugurated TEHRAN, Dec. 14 (MNA) – Mehr Interest-Free Bank, the first of its type, was inaugurated across Iran Thursday.
The main branch of the bank officially started work here in the presence of President Mahmud Ahmadinejad, Guardian Council Secretary Ayatollah Ahmad Jannati, First Vice President Parviz Davudi, Minister of Economic Affairs and Finance Davud Danesh-Ja’fari, and a number of officials of state-run and private banks.
Bank Melli Iran (BMI) is to render services of the newly inaugurated bank in 2,700 branches throughout the country.
Delivering speech in the opening ceremony, Ahmadinejad called the initiative a major stride toward the development of banking system.
The interest-free bank helps meet the public need without lucrative economic and banking activities, said the president, assuring that the new move will make a great change in the country’s banking system.
Ahmadinejad said the bank is, in fact, a safe center where people could open their accounts and get loans without any banking interest.
KK/KK
END
MNA
Hawkings former plumber
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December 14th, 2007, 09:48 PM
Those evil-doers are really at it this time. Interest free loans, interest free loans again interest free loans, A CAPITALIST WORST NIGHTMARE , our International Bankers must be beside themselves to see a headline like this.
Those evil-doers are really at it this time. Interest free loans, interest free loans again interest free loans, A CAPITALIST WORST NIGHTMARE , our International Bankers must be beside themselves to see a headline like this.
Time Out
Posts: 415 
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December 14th, 2007, 09:52 PM
A false accusers worst nightmare!
Quoting darkbeaver
Sounds like my history with women: interest-free!
Those evil-doers are really at it this time. Interest free loans, interest free loans again interest free loans, A CAPITALIST WORST NIGHTMARE , our International Bankers must be beside themselves to see a headline like this.
A false accusers worst nightmare!
Super Genius
Posts: 1,361
Location: Great Satan
Location: Great Satan
December 14th, 2007, 10:25 PM
They don't have "different preferences of sexes". Didn't you see dinnerjacket at Columbia Univeristy?
Quoting YoungJoonKim
Shhh.
Free citizens from debt, that is a true utopia.
Unfortunately beaver, they have a society that is biased, racist, and discriminatory against other sexes and preferences of sexes.
Unfortunately beaver, they have a society that is biased, racist, and discriminatory against other sexes and preferences of sexes.
They don't have "different preferences of sexes". Didn't you see dinnerjacket at Columbia Univeristy?
Hawkings former plumber
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December 14th, 2007, 10:50 PM
Quoting YoungJoonKim
What modern society dosen't? True they do go overboard sometimes but overcoming those cultural difficultys is the work of Iranians, something they have many thousands of years of practice at. If you believe that Western culture offers anything of real value to most of the planets inhabitants you are mistaken. They have a far better chance than we do of cultural developement we have bottomed Young and bottomed many years ago.We are only now becoming aware of that en masse. The rat race is over the bankers have won, for now.
Free citizens from debt, that is a true utopia.
Unfortunately beaver, they have a society that is biased, racist, and discriminatory against other sexes and preferences of sexes.
Unfortunately beaver, they have a society that is biased, racist, and discriminatory against other sexes and preferences of sexes.
Clever Clogs
Posts: 507
Location: Pointy Rocks
Location: Pointy Rocks
December 14th, 2007, 10:57 PM
How does it work? Does this replace any other banks in Iran? Is there just a set amount of money that the bank has and uses this money to give to people or is it money created by the government to cover an ever increasing amount of customers? What are the repayment conditions considering that money is always being devalued by inflation, so the money that the bank lent you would be worth less when it was payed back?
How does it work? Does this replace any other banks in Iran? Is there just a set amount of money that the bank has and uses this money to give to people or is it money created by the government to cover an ever increasing amount of customers? What are the repayment conditions considering that money is always being devalued by inflation, so the money that the bank lent you would be worth less when it was payed back?
Hawkings former plumber
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December 14th, 2007, 11:08 PM
I read a small article explaining the Islamic banking ideas a while ago if I remember where it is I'll add it here somewhere.
Apparently they have this crazy idea that banks should help people and not banks, isn't that insane, not.
Quoting iARTthere4iam
I picked up an interesting article this evening that explains the scam involved with devaluation and inflation. http://The 2008 Presidential Election: http://www.globalresearch.ca/index.p...xt=va&aid=7613
How does it work? Does this replace any other banks in Iran? Is there just a set amount of money that the bank has and uses this money to give to people or is it money created by the government to cover an ever increasing amount of customers? What are the repayment conditions considering that money is always being devalued by inflation, so the money that the bank lent you would be worth less when it was payed back?
I read a small article explaining the Islamic banking ideas a while ago if I remember where it is I'll add it here somewhere.
Apparently they have this crazy idea that banks should help people and not banks, isn't that insane, not.
Clever Clogs
Posts: 507
Location: Pointy Rocks
Location: Pointy Rocks
December 15th, 2007, 12:37 AM
Beaver,
I can't find the article, the link didn't work, C&P didn't work. I went to the global research (paranoid bunch, eh?) but couldn't find anything about Iran's banking. Where about in global research is it? I will look some more later. I did find on the NY Times that Iran managed to hold down inflation to 20%! OMG.20% that is crazy.
Beaver,
I can't find the article, the link didn't work, C&P didn't work. I went to the global research (paranoid bunch, eh?) but couldn't find anything about Iran's banking. Where about in global research is it? I will look some more later. I did find on the NY Times that Iran managed to hold down inflation to 20%! OMG.20% that is crazy.
Clever Clogs
Posts: 507
Location: Pointy Rocks
Location: Pointy Rocks
December 15th, 2007, 12:46 AM
I have this crazy friend who has a crazy notion that he will work and work and only when he has enough money will he buy a house outright. He still is saving even though he has tens of thousands of dollars. Everytime we talk about it I tell him he could be saving buckets of cash by living in his house while paying for it, you see he does not understand that every year he waits his money looses value and it takes just that much longer for his money to finally deliver that dream home he sooooo wants. I feel sorry for him, but he is sure that it is better his way, and his way the banks aren't making any money off him. So sad the ways of capitalism are so misunderstood.
Quoting darkbeaver
Hey guess what. Don't tell anyone but banks help me and by doing so help themselves. How can this be so, iARTthere4iam? Well let me tell you. Without a bank I wouldn't be able to own my house, and without borrowers banks wouldn't make any money through interest.
I picked up an interesting article this evening that explains the scam involved with devaluation and inflation. http://The 2008 Presidential Election: http://www.globalresearch.ca/index.p...xt=va&aid=7613
I read a small article explaining the Islamic banking ideas a while ago if I remember where it is I'll add it here somewhere.
Apparently they have this crazy idea that banks should help people and not banks, isn't that insane, not.
I read a small article explaining the Islamic banking ideas a while ago if I remember where it is I'll add it here somewhere.
Apparently they have this crazy idea that banks should help people and not banks, isn't that insane, not.
I have this crazy friend who has a crazy notion that he will work and work and only when he has enough money will he buy a house outright. He still is saving even though he has tens of thousands of dollars. Everytime we talk about it I tell him he could be saving buckets of cash by living in his house while paying for it, you see he does not understand that every year he waits his money looses value and it takes just that much longer for his money to finally deliver that dream home he sooooo wants. I feel sorry for him, but he is sure that it is better his way, and his way the banks aren't making any money off him. So sad the ways of capitalism are so misunderstood.
Time Out
Posts: 415
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Videos: 3
December 15th, 2007, 09:15 AM
I actually think it's a clever idea. Especially if the money comes from government coffers and doesn't preclude "with interest" banks from simultaneously conducting business. It's sort of like the government putting money into their economy in the most efficient means. It puts money in the hands of consumers and helps bolster the economy. Much better than "make work" programs or simply giving government away.
I actually think it's a clever idea. Especially if the money comes from government coffers and doesn't preclude "with interest" banks from simultaneously conducting business. It's sort of like the government putting money into their economy in the most efficient means. It puts money in the hands of consumers and helps bolster the economy. Much better than "make work" programs or simply giving government away.
Clever Clogs
Posts: 575
December 15th, 2007, 09:18 AM
Quote:
True, but often we are not so proud of it
What modern society dosen't? True they do go overboard sometimes but overcoming those cultural difficultys is the work of Iranians, something they have many thousands of years of practice at. If you believe that Western culture offers anything of real value to most of the planets inhabitants you are mistaken. They have a far better chance than we do of cultural developement we have bottomed Young and bottomed many years ago.We are only now becoming aware of that en masse. The rat race is over the bankers have won, for now.
Hawkings former plumber
Posts: 8,422
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Location: RR1 Distopia 666 Discordia Drive Apt 911
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December 15th, 2007, 12:06 PM
Quoting iARTthere4iam
I built a house and retired before I was thirty-five iART, somebody showed me how to use a shovel and a hammer. There's no sweeter currency than "sweat equity" iART why do you think the banks employ you to sweat for them? Your giving your buddy good advice. If you realy want to help him buy him a shovel and a "how to book", make some real cash iART.
Hey guess what. Don't tell anyone but banks help me and by doing so help themselves. How can this be so, iARTthere4iam? Well let me tell you. Without a bank I wouldn't be able to own my house, and without borrowers banks wouldn't make any money through interest.
I have this crazy friend who has a crazy notion that he will work and work and only when he has enough money will he buy a house outright. He still is saving even though he has tens of thousands of dollars. Everytime we talk about it I tell him he could be saving buckets of cash by living in his house while paying for it, you see he does not understand that every year he waits his money looses value and it takes just that much longer for his money to finally deliver that dream home he sooooo wants. I feel sorry for him, but he is sure that it is better his way, and his way the banks aren't making any money off him. So sad the ways of capitalism are so misunderstood.
I have this crazy friend who has a crazy notion that he will work and work and only when he has enough money will he buy a house outright. He still is saving even though he has tens of thousands of dollars. Everytime we talk about it I tell him he could be saving buckets of cash by living in his house while paying for it, you see he does not understand that every year he waits his money looses value and it takes just that much longer for his money to finally deliver that dream home he sooooo wants. I feel sorry for him, but he is sure that it is better his way, and his way the banks aren't making any money off him. So sad the ways of capitalism are so misunderstood.
Hawkings former plumber
Posts: 8,422
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Location: RR1 Distopia 666 Discordia Drive Apt 911
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December 15th, 2007, 12:12 PM
Quoting warrior_won
I think you're right warrior and that's why it ain't popular in our system, the money goes into the economy does it's thing and avoids getting vaccumed up by the fat bankers. I think that realy burns thier butts. It is good for the economy without being gooder for the international bankers.
I actually think it's a clever idea. Especially if the money comes from government coffers and doesn't preclude "with interest" banks from simultaneously conducting business. It's sort of like the government putting money into their economy in the most efficient means. It puts money in the hands of consumers and helps bolster the economy. Much better than "make work" programs or simply giving government away.
Knows Too Much
Posts: 2,313
December 15th, 2007, 01:43 PM
It's just semantics. The banks still collect a fee from the borrower. If I understand it correctly it's usually a part ownership of whatever property you use the money for. Then in the end you buy back the bank's share. Not really very different from a mortgage.
A rose by any other name....
Quoting darkbeaver
Interest Free /= Free
Those evil-doers are really at it this time. Interest free loans, interest free loans again interest free loans, A CAPITALIST WORST NIGHTMARE , our International Bankers must be beside themselves to see a headline like this.
It's just semantics. The banks still collect a fee from the borrower. If I understand it correctly it's usually a part ownership of whatever property you use the money for. Then in the end you buy back the bank's share. Not really very different from a mortgage.
A rose by any other name....
Hawkings former plumber
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December 15th, 2007, 01:57 PM
Quoting Just the Facts
Compound interest is not permitted, and that's the mechanism that hurts so much. The fee is not the same **** in the blanket as compound interest. I'v studied the destruction of similar mechanisms, any time something like this pops up the machine bombs and hacks it to pieces every time man without fail, this is the face of the" real enemy" not some stinking tiny little nukiliar bomb.
Interest Free /= Free
It's just semantics. The banks still collect a fee from the borrower. If I understand it correctly it's usually a part ownership of whatever property you use the money for. Then in the end you buy back the bank's share. Not really very different from a mortgage.
A rose by any other name....
It's just semantics. The banks still collect a fee from the borrower. If I understand it correctly it's usually a part ownership of whatever property you use the money for. Then in the end you buy back the bank's share. Not really very different from a mortgage.
A rose by any other name....
