This is the hold real hold up

[randalln]

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment or acceptance of interest fees for the lending and accepting of money respectively, (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.<br style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "><br style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">

Everybody else Banking

Banking Explained:

• A bank is a financial intermediary that acts a fundamental institution within the world of finance. A bank accepts deposits (from business entities and individuals) and subsequently channels these deposits into various lending activities, either directly through the delivery of personal or business loans or through the capital markets. In essence, a bank connects customers with capital deficits to other participating customers with capital surpluses.

• Banking is a highly regulated industry; the coordinating government authorities impose varying restrictions on the financial activities instituted by banks.

• The definition of banking will vary based on location; countries impose differentiating legislation and restrictions on banks which will impede or encourage the bank’s fundamental objectives and lending strategies. Based on English common law, a ‘banker’ is defined as an individual who carries on the business of banking, which is a process that includes the delivery of the following functions: conducting current accounts for his or her customers, paying checks drawn on the individual’s account, and collecting checks distributed by his or her customers.

The Bills of Exchange Act:

• In most common law jurisdictions, the banking industry is regulated by the Bills of Exchange Act. This piece of legislation universally codifies the law in relation to negotiable instruments, including the delivery and acceptance of checks; the Bills of Exchange Act contains a statutory definition of what a ‘banker’s’ role includes. The varying definitions can evaluate a ‘banker’ as a body of individuals, whether incorporated or not, who will carry on the business of banking. This definition may seem circular; however, it is actually viewed as a functional body, because it ensures the legal basis for bank transactions such as checks is not dependent on how the bank is regulated or organized.

The Business of Banking:

• The business of banking, in the majority of English common law countries, is not specifically defined by statute, but instead by common law. That being said, statutory definition of the business of banking is delivered in other English common law jurisdictions. When evaluating these definitions it is crucial to keep in mind that they are elucidating upon the business of banking as it pertains to legislation as oppose to a general sense. In a more specific sense, the majority of definitions are derived from government policy to regulate and supervise banks rather than regulating the actual business of banking.

• The following examples are statutory definitions of the business of banking:

o The business of banking describes the business of receiving money on a current or deposit account, as well as paying and collecting checks drawn by or paid in by customers of the bank. Additionally, the business of banking includes making advances to customers and receiving money from the general public through deposit or savings accounts, which are repayable on demand.

Standard Activities of a Bank

• A banking system will act as payment agents through the conduction of checking or current accounts for customers, paying checks drawn by customers on the bank, and collecting checks which are deposited to customer checking accounts. The banking industry also enables customer payments via other payment methods, such as telegraphic transfers, EFTPOS and ATM’s.

• Banks will borrow money by accepting funds that are deposited on current accounts by accepting term deposits and by issuing debt securities such as bonds and banknotes.

They are trying to use both. But only for who they chose .And some of the banks said no way will they do this.TBI is a good example ! Being a American backed bank (JPMorgan/Chase)they are refusing to lend money to CBI or any other entity at no-return .

Iraq is building their wealth prospectus on futures,and in turn they have no liquidity to back it up.So they're asking the banks to front the exchange at no(0 %) and hold for return thats not the way we do business in America.

In return the banks here are trying to get a extremely high exchange rate percentage .As you know Iraq would pay the % in the transaction .

Because of the very high exchange rate. Banks think their dealing in bonds or something .Its not a normal thing to have so many people holding so much of a countries currency .

Or for a bank to cash in liquid wealth (over 1,000,000) over night .Except in central America .

Now in America a bank has to back up what they sell .So instead of exposing their self to a lot of law suits the banks stopped selling on their own. And some might have been told too.

So in the end all sides are hammering out who,what,where,when and how. And at the end of the day we will still get to cash out .

But not before some laws are changed . And the banks cant stop it now even by sitting in the corner and pouting !

[DinarDana]

Great information. Thanks for posting.

Pouting in the corner never works, I still try on occasion.

[LS1Hawk]

Yeah, I'm still trying to hammer out how the IMF is going to change their banking rules. Because we all know how fractional banking has destroyed countries by creating debt that that country doesn't owe, created by the croney bankers. This should be ineresting.

[quadraph0nic]

YAH and An RV cannot occur with the current monetary policy of the central bank of iraq which is islamic banking or also known as full reserve banking..

They back their currency 100% with assets (foreign reserves ie other currencies metals...)

Iraqs money supply is like uhhm... a 1000% away from their reserves...billions backing trillions....oh and its like 1168 dinars to 1 dollar wow that makes so much sense! /end sarcasm....

[randalln]

So in short at the end of the day it comes down to greed!

This is also why its so important for Kuwait and Bahrain the home of Islamic banking to be on board .

Their dinar is what has to back Iraqs

Its our banks that are holding this up. So Iraq is waiting till the last possible min.(june 30)

[ArrowheadMagic]

CBI doesnt use Islamic Banking, and the 2 top banks in Iraq are changing systems. Saw this in the Iraqi news section of the forum. Plausible for it holding up any RV. There isnt a single cause.

[Jrose]

YAH and An RV cannot occur with the current monetary policy of the central bank of iraq which is islamic banking or also known as full reserve banking..

They back their currency 100% with assets (foreign reserves ie other currencies metals...)

Iraqs money supply is like uhhm... a 1000% away from their reserves...billions backing trillions....oh and its like 1168 dinars to 1 dollar wow that makes so much sense! /end sarcasm....

I don't see Sarcasm, I see the truth being said. nicely put fact..

Edited June 20, 2011 by Jrose

[randalln]

CBI doesnt use Islamic Banking, and the 2 top banks in Iraq are changing systems. Saw this in the Iraqi news section of the forum. Plausible for it holding up any RV. There isnt a single cause.

The banks can change fairly easy. but the people in the country with all the money don't sway that easy.

The banks are up against some powerful people in the region .That are not just in Iraq

We know people like Gates,Soros,Cuban just to say a few here in America

But there are people over here that can buy and sell all those people 10 times over and nobody even knows their name .Believe it

[Solarcloud]

The banks can change fairly easy. but the people in the country with all the money don't sway that easy.

The banks are up against some powerful people in the region .That are not just in Iraq

We know people like Gates,Soros,Cuban just to say a few here in America

But there are people over here that can buy and sell all those people 10 times over and nobody even knows their name .Believe it

I thought you cashed out bro? You said that you were a contractor and had a list of bank contacts that would accept "larger" sums of IQD.

[randalln]

I thought you cashed out bro? You said that you were a contractor and had a list of bank contacts that would accept "larger" sums of IQD.

yep in the process.just waiting like every body else and the banks will open foreign currency accounts.

So what are you trying to say!

[ArrowheadMagic]

The banks can change fairly easy. but the people in the country with all the money don't sway that easy.

The banks are up against some powerful people in the region .That are not just in Iraq

We know people like Gates,Soros,Cuban just to say a few here in America

But there are people over here that can buy and sell all those people 10 times over and nobody even knows their name .Believe it

Delicate balance. Come in too low of a RV, foreign investors take over. Arguably the dinar should be in the same neighborhood as the Kuwaiti. At this point, it cant be sustained. Anything under $1, IMO, invites more foreign investment than the CBI wants.

[jbbdolphins]

Iraq is a multi-cultural country and has elected to be governed by one type of government overseeing every citizen of that country regardless of their beliefs. It is not about who has the biggest "purse", it is about when the government feels they are stable enough to handle the influx of commerce that will be generated with an RV...and you can take that to the bank!!

[Dalite]

RE: Usury.....

Good thought, but the CBI charges interest. rates are published on the home page.

Your thesis assumes it is possible to be "kinda pregnant".

Sorry.....

[RRSport]

The banks can change fairly easy. but the people in the country with all the money don't sway that easy.

The banks are up against some powerful people in the region .That are not just in Iraq

We know people like Gates,Soros,Cuban just to say a few here in America

But there are people over here that can buy and sell all those people 10 times over and nobody even knows their name .Believe it

Funny, considering Gates place on the rich list that some unheard of middle eastern person is apprently richer??

[PartyTime]

"""A bank accepts deposits (from business entities and individuals) and subsequently channels these deposits into various lending activities, either directly through the delivery of personal or business loans or through the capital markets. In essence, a bank connects customers with capital deficits to other participating customers with capital surpluses."""

If banks are doing this then they are violating federal law. Banks cannot loan their own money/credit nor their depositers money/credit.

The truth be known banks do not loan money.

Henry Ford is known for stating:

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

— Henry Ford

Well he wasn't lying either! The truth be told ALL alleged loans from banks come from you upon you signing that note. It is YOU that is the true source of the funds created for the loan you "think" you borrowed.

[LaGrange]

I just wondered if you ever had the funds clear from your cash in?

[umbertino]

Funny, considering Gates place on the rich list that some unheard of middle eastern person is apprently richer??

I'd tend to think that myself......

[Solarcloud]

I just wondered if you ever had the funds clear from your cash in?

This