Iran's first interest- free bank inaugurated

[darkbeaver]

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

 

[darkbeaver]

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.:lol:

 

[warrior_won]

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.:lol:

Sounds like my history with women: interest-free!

A false accusers worst nightmare! :lol::lol::lol:

 

[YoungJoonKim]

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.

 

[thomaska]

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.

Shhh.

They don't have "different preferences of sexes". Didn't you see dinnerjacket at Columbia Univeristy?

 

[darkbeaver]

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.

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.

 

[iARTthere4iam]

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?

 

[darkbeaver]

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 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.php?context=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.

 

[iARTthere4iam]

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.

 

[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.php?context=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.

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.

 

[Toro]

Sounds like Iran has elected a Social Credit government. :tongue9:

 

[gopher]

``they have a society that is biased, racist, and discriminatory against other sexes and preferences of sexes.``


That sounds more like the USA under Republican rule.;-)

 

[warrior_won]

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.

 

[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.

True, but often we are not so proud of it

 

[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 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 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.

 

[darkbeaver]

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 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.:lol:

 

[Just the Facts]

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.:lol:

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....

 

[darkbeaver]

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....

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.

 

[darkbeaver]

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.

The links good iART, check your finger.:lol: The New York Times eh, that's interesting what's Disney say about it?

 

[iARTthere4iam]

The links good iART, check your finger.:lol: The New York Times eh, that's interesting what's Disney say about it?

OK I got it. I have read other essays by this guy. I thought you were sending me something about Iran. Disney says 20% inflation, you have a better source? Post it.