Toby Birch

Articles:

Islamic Finance for All – Bahrain Conference Notes

By Toby Birch November 2008

Free Newsletter Dark Ages: custodian of science, engineering, medical & philosophical (House Wisdom)Modernity: Islamic Finance – store of knowledge – wisdom of ancestorsGovernment versus private sector – each imposing their will on the other – symbiosis, not competition, tax generation for infrastructure to flourish. But need separate financing.Guernsey Experiment – sell-by date, interest free money, money supply controlObama – reference to Abraham Lincoln - bypass banks for government spendingGold standard – depends on stewardship – metals basket Au, Pt, Ag$ peg – time to break is when it is strong greater local inflation – umbilical – drip-feedIF copy Western models (venture capital and private equity): Western copy IF.Western bankers busy packaging products but overlooking the beauty of the system itselfDock leaf and stinging nettle – problem and solution in the same place – London hubDaily Mail – fear and confusion. Beneficial force for unity, patient: animals bite the handChildren – don’t like it, never tried it, won’t taste until encouraged, they then demand itFund: western name with Islamic philosophy and international assets

Conclusion:Islamic Finance is solution for the West but can it work without a common philosophy?Need deformation before reformation – pain is part of the healing processNeed a westerner to communicate the concepts Leave hedge fund management (part of the problem) & work full time in Islamic FinanceSmoke and mirrors – defining standards – Islamic rating – proper debate - fragmentedOpponents will use discord as a way to confuse and divide opinion – Scholastic arbitrageNaïve hope: End of mortgage, debt free generation: legacies not liabilities, environmentBlessing in disguise Apocalypse and Armageddon – 1,000 years conflict, now peace
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