Islamic banking Quotes

“We're sorry. It's not us. It's the monster. The bank isn't a man. The bank isn't like a man.Yes, but the bank is only made of men.”

“The Grameen Bank Ordinance with amendments up to 2008 is a beautiful legal structure for the fulfillment of the ideals and objectives of the bank. Any change in this structure will be devastating for the bank.”

“Banks should actively encourage companies that are doing a good job on environmental and social fronts. Banking for community development is the banking of future.”

“In the past people used to rob banks, now the banks rob the people.”

“In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.”

“If I finance a bank and I know if the bank will get in trouble, I will be hit and I will lose money, I will put a price on that.”

“The most famous and one of the most thoroughgoing opponents of bank credit was Thomas Jefferson. Jefferson reacted to the panic of 1819 as a confirmation of his pessimistic views on banks.”

“He tried to read an elementary economics text; it bored him past endurance, it was like listening to somebody interminably recounting a long and stupid dream. He could not force himself to understand how banks functioned and so forth, because all the operations of capitalism were as meaningless to him as the rites of a primitive religion, as barbaric, as elaborate, and as unnecessary. In a human sacrifice to deity there might be at least a mistaken and terrible beauty; in the rites of the moneychangers, where greed, laziness, and envy were assumed to move all men's acts, even the terrible became banal.”

“By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System... while the banking system was partially centralized under their leadership, it was not centralized enough.”