Japan-islamic economy?

[mustafa]

hi guys, as you are probably aware, Japan has no interest rates these days....
was just comparing islamic economy (banking) with japan... is that an islamic economy?

(i know the question sounds stupid, just for discussion and take it easy)

Mustafa

[KinJalo]

Nope, that is declining economy.

[sanatullo]

Hey wassup, Mustafa?!! :)

I haven't seen you for a while. Are you OK with your Japanese questions?:)

Ok, cya later, buddy

[Akhee-Abdullah]

Not at all, it is not Islamic economy. 0 interest rate is not the only sign of Islamic economy. The first thing in Islamic economy is Muslim economic agents (practicing ones). 0 income tax. 0 tax on dividend income. Commercial banks serve both as the places to deposit, and invest, I mean in Islamic Economy there is no difference between investment banks and commercial banks, since in the West Commercial bank is legally forbidden from any investment activities, the only source of income is dividends from the secirities and interest payments from the loans. In Japan, there is no demand from investros that's why they have 0 interest rates, not because they have Islamic system of economy. BTW, there is not a single country which has a real Islamic economic system. There is a big interest from the Western Sholars in the potential of this economic system, the thing that people do not like in this sytem, there won't be a strong Government (And Allah knows Best).
Cheers, :)

[Economist]

Japan has Islamic economy? Do you have any idea what religion dominates in Japan? Also having 0 nominal interest rate does not necessarily sign of Islam. There can be many reasons for 0 interest rate; gov. regulations or slow down in economy; sharply decreasing demand for bank loans.
Guys, stop mixing Islam with everything that comes to your mind.

[Freestyler@]

Lucky, it is only in US that the banks are divided into investment and commercial banks. In Europe they are ususally combined...
====

A voobshe mne kajetsya topic ne zaslujivayet vnimaniya vvidu gluposti voprosa...

[qwerty]

Po-moemu bilo bi spravedlivee (i menee obidnee dlya avtora) nazvat' temu ne "glupim", a absurdnim ;)

Economist: take it easy, mustafa’s message was a joke to begin with. He might have intended to stir religious fanatics on the board and check how far this endless discussion of the religion/economy goes :)

[TUPOY]

I don't think there's would be an economy without interest rate as it is one of the most important factors of global economy.

Japanese case (again)confirms that i.r can be positive, equal to zero or negative, but this does not necessarily mean that i.r. does not exist.