From: zayan@bcsaic.boeing.com (Ahmed Zayan)
Newsgroups: soc.culture.arabic
Subject: Re: 'Riba' and Interest (was: Re: Civilization bandwagon)
Keywords: Riba, interest, Islam, economics
Date: 11 Dec 92 18:54:53 GMT
Organization: Boeing Computer Services, Seattle

In article <1992Dec10.033714.3346@cs.wisc.edu> ayoub@globey.cs.wisc.edu (Nabil Ayoub) writes:
>In article <1992Dec10.015642.16559@galileo.cc.rochester.edu> abde@troi.cc.rochester.edu (Tamer A. Abdelgawad) writes:
>>
>>The major disadvantage of 'business venture' as you describe it, is that it 
>>ignores one of the foundations of modern economics:  specialization.  Suppose
>>I get a job as a professor (if I ever get out of this place :-) ), and would
>>like to save money for my kids to go to college.  I put in ten hours a day of
>>(hopefully useful) teaching and research.  Why should I be forced to play the
>>stock market (that is essentially what business venture is) to protect my
>>savings?  In this system, the only other option available to me would be to
>>'entrust' someone to play the stock market with my savings, but that is the
>>same problem once removed:  If I don't pay attention to what he's doing, it
>>is possible I'll be robbed.  The 'Tawzeef ElAmwal' debacle in Egypt should
>>give anyone serious doubts about adopting a system like this as a model to 
>>follow.
>>
>
>I am glad you raised the issue of the 'Tawzeef ElAmwal' scandal. Does any
>one have the latest update to the status of El-Rayan, el-Sa3d, and other
>heroes of the greatest economic fiasco in the modern history of Egypt, that
>devoured the lifetime savings of thousands of hard working Egyptians ?
>
>Nabil
>
>          .-------------------------------------------------------------.
>         /  Nabil Ayoub                        ____/   __  /    ____/  /
>        /  Engine Research Center             /       /   /    /      /
>       /  Dept. of Mechanical Engineering    ___/    __  /    /      /
>      /  University of Wisconsin-Madison    /       /   |    /      /
>     /  Email:ayoub@erctitan.me.wisc.edu  _____/ __/   _|  _____/  /
>    '-------------------------------------------------------------'

Nabil,

I'm surprised that you did not mention El-Shareif for Twazeef ElAmwal,
if you haven't heard of them they were the hope and good example for
many people in miSry to industrialize without handout or begging.

The scandal is the egyptian government was behind the fall of those ventures,
the egyptian government have no interest, whatsoever, for the success of any
private industry or investment, needless to say Islamic.

Nabil,
Give ONE reason that the egyptian government have any interest in the
success of projects funded by Twazeef ELAmwal. ONE REASON.

The real fiasco, millions of the maSryyn had lost their employment and income
and became ........... again. If the egyptian  government have any concern
or vision about the economic and social  aspect of its people they would have
done whatever necessary  to support and guide those industriliest & businessmen,instead,
the egyptian government unleaching their puppet media to stereotyping
and spread lieas and distorts facts.

Nabil, your coptic church knows why the government was behind this scandal.

Ahmed B. Zayan

maSry not egyptian