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Home arrow Business & Finance arrow The art of RF (riba-free) Islamic banking and finance

THE RF JUDEO-CHRISTIAN-ISLAMIC SYSTEM AND DUSINESS ETHICS

The RF system calls for profits and services to be maximized legally and fairly in order to realize a better life and living standards, with freedom and independence of the individual without discrimination, by using interdependence and fair interaction with other communities and nations. The RF system promotes free markets and free international trade as the natural mechanism of getting people to know each other; such interactions will promote mutual respect, peace, and prosperity through communications, trading, and mutual benefits.

49:13 О mankinds! We created you from a single [pair] of a male and a female, and made you into nations and tribes, that ye may know each other (not that ye may despise [each other]). Verily the most honored of you in the sight of God is [he who is] the most righteous of you. And God has full knowledge and is well acquainted [with all things].

RF banks' goal is to develop new and efficient ways and means to improve the quality of life and preserve the individual's most valuable asset, time. Time is life. Protection of the environment, too, is a sacred duty of every citizen who subscribes to the Judeo-Christian-Islamic values. The RF banker should have the passion to focus on a long-term view of investing in the future without speculation, to help generate long-term job opportunities for generations to come. The RF banker should be the catalyst that will provide flexibility in planning for people's futures through strategic planning and training, to prevent business cycles from having a negative impact on the community.[1]

The RF Market System

The RF banker believes that markets are designed to bring a buyer (end user) and a seller (producer) together to consummate a fair, transparent, well-defined, and well-documented transaction that is free of deception (gharar). Speculation or interference with market forces of supply and demand is not allowed. The RF banker should do his/her best to ascertain that markets are free and open to everyone, provided that the Judeo- Christian-Islamic Shari'aa law and the laws of the land are not violated. Information about products, goods, and services should be readily available, complete, and known to all parties. The RF banker believes that misrepresentations are punishable both by law in this life and according to God's judgment in the hereafter. The RF banker lives and operates believing that full disclosure and full transparency are required and that monopoly and hoarding are strictly forbidden and prohibited by the Judeo-Christian-Islamic Shari'aa law and the laws of the land. In an RF system, those in charge do their utmost to make sure that prices are set on the basis of supply and demand using the open market system, and that speculation is strictly forbidden.

  • [1] Ibid., Chapter 12, Joseph.
 
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