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I think its time
that we must have our own banking system so why don't we make this
our mission, we must be financially independent of these usury banks
how can they tell us what to do with our money how can they take
from us, wake up Muslims everywhere, we got to start calling for our
own monetary system and so we should.
After NatWest Bank
notified us that they were closing our account, a decision they have
since rescinded following the pressure from the Muslim community,
someone else wrote to us that we should expect this kind of
behaviour from a non-Muslim bank. Part of the problem, however, is
that even "Muslim" banks, that is banks operated in or by
Muslim countries, do so following the same rules and within the same
banking system. We have been in the forefront of the campaign for
demanding that this interest-based fractional reserve system be
scrapped for a more meaningful alternative to stop the depletion of
public resources and abuse of power by private banking institutions.
The reality, of course, is that it is near impossible in the modern
economy to operate without a bank. There are alternative mutual help
societies in existence (like the original co-op idea), and there are
alternative currencies, like LETS, which are, however, limited to
small- scale, local communities. These initiatives are beneficial
and praiseworthy, but only a political decision at national and
international level can bring about a substantial change. A just
economic and monetary system is possible, but the political will is
not going to be there as long as a majority of people believe the
old lie that there is no alternative to how we are doing things at
the moment. Muslims should take a lead in promoting those
alternatives.
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