Guldasta (A bouquet of flowers)

… because life is about varied experiences

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Posts Tagged ‘islamic banking’

Ecological Economy

Posted by imdad on January 6, 2009

I watched this documentary yesterday (Money As Debt):

It was very enlightning. I was surprised to learn a lot many new things about how banks and (eventually) economy actually function.

In this video was mentioned: Local Exchange Trading Systems (LETS). (which i sought out for in wikipedia)

This wiki turned out to be, what can i say, quite interesting and resourceful. It showed me route to so many other articles which were very similar to the ideas i had talked about in my earlier blog, Banking through Social Network Cohesion. Some articles worth mentioning here:

This indeed is an example where wikipedia and internet in general have been of such good help. And i believe that this aspect makes it possible that internet could play a very prominent role in changing the economic patterns for the better.


Posted in economy, IT | Tagged: , , , , | Leave a Comment »

An introductory on banking through social network cohesion

Posted by imdad on January 5, 2009

This follows my earlier blog where i had a question for you, as to what you think about Islamic banking.

The idea is regarding a web portal which envelops the desired features backed by suitable organization and human resource. My initial effort pondering over the possibilities of an alternative banking system yielded the results, talked about in the following abstract:

Banking Through Social Network Cohesion (BSNC).

A person subscribes to BSNC for 1+ of the following reasons:

  1. An online bank account that deals not in usury

  2. To generate revenue (or market ideas) for a new or an extended business.

  3. To look for and invest in profitable businesses.

In details:

  1. Online bank account that deals not in usury.

    • This is a social banking system with 100% reserve ratio.

    • It functions democratically, that is for and by people.

    • Lending is synonymous to risk sharing.

    • Hard money system or barter system is in place instead of fiat money.

  2. To generate revenue (or market ideas) for a new or an extended business.

    • BSNC is a concept through the realisation of the fact that a social web portal provides a platform for discussion of an idea which could reach out to a large number of people.

    • Further more the collection of these people is not random, but it is consistent with the actual network of contacts and weak ties that is centered around a person (who might be the proprietor of an idea) in her real life.

    • This feature of a social web portal could be utilized in business promotion and venture capitalism.

    • A person who subscribes for this reason should give in the details(consisting of standard queries) of her new/extended business idea, which is shared in a standard format.

    • These details pertain to figures such as :

      • Type of service/product

      • Initial investment

      • Production per month etc

    • And statements such as :

      • Goal

      • Cultivation record etc

    • Venture of a person gains recognition proportional to number of her own contacts(immediate and not surreal) testifying to it and/or having a share in it.

    • A revenue generation call is meant to attract investors ot invest an amount towards a financially credible improvement to the business of the person.

    • Such a call has a ripple effect on the network surrounding the person in that, that the call generates more interest and regard among her closer contacts and this interest recedes through contacts of contacts, and contacts of ‘contacts of contacts’ and so on.

    • If a person invests in her venture an amount (equivalent to the weight of gold or a service acceptable to both the parties as in barter system), he is made a partner in her business activity and is entitled to receive the gains (or share losses) and take part in shareholder hearings.

    • This is a self evolving system where trust ability of a person increases with number of contacts, trustees, investments, returns, past record etc.

    • Social network fuels the growth of such a venture promotion system because of the social structure that is built around every proprietor of a venture, which creates a market for everyone.

  3. To look for and invest in profitable business ideas.

    • A person might receive info on revenue generation calls through her contacts, who will refer her to a venture and also testify to its trust ability.

    • She might further analyse the new/extended venture, and invest wisely.

    • Enough data is provided for tracking the business progress.

PS: I’ll soon PDF this and provide a link to a scribd page … thanks

Update: Hey that was quite quick .. here is the scribd link:

Posted in f1, IT | Tagged: , | 2 Comments »

Islamic banking system

Posted by imdad on December 21, 2008

im doing some research into the Islamic banking system.
I may eventually come up with a software to serve the system. Buts that in its initial stages (Requirement analysis to be precise).

Hey, a question here:
Do you think banks which have a democratic system for organisation, instead of being owned for profit, would be the key to a successful economic-tomorrow?

Posted in f1, IT | Tagged: , | 2 Comments »