perfect idea
this idea i juz got it, during khutbah when i was praying solat jumaat.
it sounds so great to implement islamic finance..
basically the idea is about money market, bonds and loans using a value of a gold..
this basically will eliminate the element of interest or we called it riba in islamic term.
first the basic principle behind riba is an addition towards debt n loans. to eliminate this i believe we can use gold as a value of loans, as example i give u 100auns of golds, (auns is it? i don’t know what the measure is) n then 3 years times the persons will give back the 100 auns. i believe hear that gold will not depreciate, it will go along inflation n diflation curve. so we don’t need to worried about facing those prob
