As everybody says something on the eceomic crisis which appeared in the World recently, USA-centered and called “Global Crisis”; Pope Benedict XVI. has explained his opinions on this subject. As far as we learn from newspapers and news agency, the Pope said that the cause of this crisis was to put “God of ambition” instead of real God. The Papacy has written their opinion for the remedy of this economical illness in the newspapers like this:” Official broadcasting agency, daily newspaper “L’Osservatore Romano” recommended “islamic banking system” for salvation way from the crisis. They drew attention on the ethic rules on which islamic banking based. We, here, for this reason, want to mark a few points on islamic banking in this article.
Islam is not only a religion, worship, mention and pray, but also a canon and order. That is, İslam explains its followers all fundamentals of life, the path and method to go, life to live no matter which civilization, century, and age they are. In this field, most important guide source is, undoubtedly, the Quran. Since the guidance of the Quran into the true faith is absolute and general; it cannot be limited. Thus, it is a marshaller in every field. The Quran and sunnah guide in all subjects such as; religious and world affairs, economic and social life, in wages, hire, earning and profit, in the field of money, banking and credit. For this reason, to us; there is no difference among titles of “banking in İslam”, “concept of banking in İslam”, and “understanding of banking for muslims.
Some people have worked on islamic economy and banking, and have developed some thoughts since 1960’s and 1970’s, foremost Ebul Ala el Mevdudi, Hurşid Ahmed, Muhammed Hamidullah, M.N. Sıddıki, Afzalurrahman, Ziyaüddin Ahmed, Münevver İkbal, M. Fehim Han and Sabahaddin Zaim. Some applications like alms-boxes have been acted in some countries such as Pakistan and Egypt, with limited scales.
Mudaraba, among islamic banking processes, means a partnership in which capital from one side and work from other; by this way a work-capital partnership has been established. Murabaha means capital owner buys a goods and sells it to the customer by adding a profit, on credit. Müşareke is participating to capital of a company, that is being a partner. İcare is to let out a property or an establishment to hire. İcare and iktina can be accepted as İslamic leasing.
In islamic banking, it is unacceptable earning money with money. It is acceptable only to put money on real economy and earn with it. It cannot be seemed like this for somebody who does not know principles of islamic economy and how to work these banks.
On the other hand, money system is based on gold and silver, that is, unpaid money is not be printed and since balanced budget is acted, that is incomes and expenses are equal to each other, and inflation would not happen because of bad-ordered capitalism; the capital of the bank will not disappear in time and the money will not lose its value as it stays.
In summary; There is a concept and application of İslamic banking suitable itself. Banks have been established in districts which have economical and political personalities, gather taxes with the ratio of one fortieth, rule itself. Economic council of the bank takes decisions on economical events, and regulates working conditions of the bank and bases of giving credits, according to time and place. Capital of the bank comes from income via budget, and things left in trust and charities by residents of district. All the expenses of the bank have been compansated by foundation incomes which established for the bank. I think that banking will take place in islamic order, in future, and I wish corcerned muslims to produce ideas in this field.