What's Wrong With Somali Business People

[nanat]

When u say no environmental rule, they can create as much commercial waste? well how we going to sustain ourselves if the environment is gone

No i said no environmental concerns with the project.
Let's say you wanna build something, your project must go through environmental authority, if they say your project is a danger to the environment, you'll be denied to carry out the construction.

 

[DR OSMAN]

Only stupid people will think they can develop a country without a banking sector.
Banks are the engines of modern economy.
How can you avoid recession, inflation, market crush, los of foreign reserve without banks?
Banks in this age are a must or else the result will be staying in our current chaotic situation forever.
Even Saudi Arabia, Qatar, Bahrain have Banks.
You can't avoid Banks.
You can use the interest money or some part of it as a Sadaqah, to help poor communities.

Your very intelligent but @Inquisitive_ thinks we can get around this thru FDI or DDI or BDI(foreign, diaspora, local business ppl investment', but he doesn't see that will only create an oligarchy in the end where only a 'few' own everything and prices will be expensive as hell as their is no competition. Small-medium businesses r critical to ensure the economy isn't held hostage and eventually 'govt held hostage' and locals disempowered.

The other issue is FDI-DDI-BDI model he is preaching why doesn't he follow the trail of the 'source' of that money it's 'dollars' and that came thru ribbah in america n your already eating it.

 

[Keep it a boqol]

I agree with more banks. Whole world is using it even the Muslim nations. We are at a point and we can’t escape it. Our government gets tax from khat lmao . Might as well use riba it for the greater good for our society and peoples livelihood or were stuck in the stone age

 

[DR OSMAN]

I agree with more banks. Whole world is using it even the Muslim nations. We are at a point and we can’t escape it. Might as well use it for the greater good for our society and peoples livelihood

Exactly no point acting holy and think we can avoid it, everyone who uses the dollar or any western or even mid-east currency is tied to 'banks' in their source country that produced using ribbah principle. So I find it funny when somalis in diaspora don't take loans but they will take 'salaries' yet that money started in ribbah thru the bank and reached them down the 'chain'. I tell em 'waba cunaysa' lakin uma jeedid lol

That's why I suspect muslim countries are doing it seeing it's pointless acting like it's avoidable. I don't think their is a 'dambi' if something is unavoidable.

 

[nanat]

Your very intelligent but @Inquisitive_ thinks we can get around this thru FDI or DDI or BDI(foreign, diaspora, local business ppl investment', but he doesn't see that will only create an oligarchy in the end where only a 'few' own everything and prices will be expensive as hell as their is no competition. Small-medium businesses r critical to ensure the economy isn't held hostage and eventually 'govt held hostage' and locals disempowered.

Banks provide more than just storing people's cash in their vaults and lending to businesses & charge them interest.
That's just one part of the banking industry.
Banks organize the market/economy, create a system, they provide dozens of different financial services.
They're key to eliminating corruption.
Just the present of Banks in an economy give that economy a tool that has people who are passionate about money and driving the market 24/7.
Do you think average people will care about what industry is declining, or researching an economic issues years or months in advance, only bankers do these things.
Foreign, diaspora or local investors also need Banks.
They'll feel unsafe if they always have to do all the financial services that banks used to do for them by themselves.
Why the hell would they be attracted to invest their money in Somalia, if they've to go all these hazards, without major banks providing them a safety?

 

[nanat]

Banks are no more a choice, but a must have pillar in modern economy.
Without banks your economy is doomed.

 

[nanat]

Exactly no point acting holy and think we can avoid it, everyone who uses the dollar or any western or even mid-east currency is tied to 'banks' in their source country that produced using ribbah principle. So I find it funny when somalis in diaspora don't take loans but they will take 'salaries' yet that money started in ribbah thru the bank and reached them down the 'chain'. I tell em 'waba cunaysa' lakin uma jeedid lol

That's why I suspect muslim countries are doing it seeing it's pointless acting like it's avoidable. I don't think their is a 'dambi' if something is unavoidable.

I also don't understand if a gaal or Muslims especially those from middle East countries & Turkey start business with money they took from banks & were charged interest and i work for them. How is that avoiding interest or Xaraam?
You know he started his business with interest money and you're working for him.
So with that logic if a somali started a business with interest money, you can also work for them?

 

[Inquisitive_]

@Inquisitive_ I know u don't like banking model due to ribbah but it's unavoidable as the whole world is doing it, it's like saying we will stop medicine cuz it contains alcohol. It's unavoidable.

Banking is the most critical infrastructure to a market place, if it's not there, the locals have no way to seek loans for their business ideas, plus it provides a useful service to the economy as bankers will do deep risk analysis on the loan and what your investing in and working out the 'benefit to risk ratio' which means their scanning the market to ensure your not investing into something that has low odds or high risk.

Plus the growth in 'fees' the bank will get will increase their capital wealth while others r eating to by setting up businesses. Everyone wins

Collateral is always needed so locals need to put something of value that's worth the loan given in-case they default on repayments.

I am not against banking, we already have 15 or so banks, just take a look at the Turkey donation banner, every qabiil has one and the worst part is they are not interoperable, and I understand why because a single rumour would drive them out of business.

Forget banking you can't even make phone calls between hormuud and dahabshiil, you already have the oligarchs you fear.

Watch the documentary "the men that built America" the Vanderbilt's railroads, Rockefeller oil and Carnegie steal.

They pretty much built the country before JP Morgan's banking arrived on the scene and monopolized everything which was later broken up by government policy, the bankers made the situation worse and always have throughout history.

Africa has a lot of banks, I was in Addis recently and never seen so many different banks in my entire life, every street corner has a bank, but what has it done for the people and country?

Somalia has so many it's become an obstacle when doing business and a nightmare to manage if you own a business as you will have to open so many different accounts and display them for payment causing confusion to the consumers.

Her is were you need strong government to enforce single payment gateway for all, despite all these banks show me any big project they have invested in ? In fact i sat down with 3 of them and guess we're they are investing most of the money? Land purchases and homes like the average person.

Money is not the problem in Somalia, we have enough for our needs, the problem is a lack of vision, which of course leads to corruption.

 

[DR OSMAN]

I am not against banking, we already have 15 or so banks, just take a look at the Turkey donation banner, every qabiil has one and the worst part is they are not interoperable, and I understand why because a single rumour would drive them out of business.

Forget banking you can't even make phone calls between hormuud and dahabshiil, you already have the oligarchs you fear.

Watch the documentary "the men that built America" the Vanderbilt's railroads, Rockefeller oil and Carnegie steal.

They pretty much built the country before JP Morgan's banking arrived on the scene and monopolized everything which was later broken up by government policy, the bankers made the situation worse and always have throughout history.

Africa has a lot of banks, I was in Addis recently and never seen so many different banks in my entire life, every street corner has a bank, but what has it done for the people and country?

Somalia has so many it's become an obstacle when doing business and a nightmare to manage if you own a business as you will have to open so many different accounts and display them for payment causing confusion to the consumers.

Her is were you need strong government to enforce single payment gateway for all, despite all these banks show me any big project they have invested in ? In fact i sat down with 3 of them and guess we're they are investing most of the money? Land purchases and homes like the average person.

Money is not the problem in Somalia, we have enough for our needs, the problem is a lack of vision, which of course leads to corruption.

I was in addis back in 2012, your damn right their is banks but people don't seek loans to start up business or factory. It's a curse on the continent I think. Oligarchy is dangerous if they have their hand in the 'pie' of every industry, they will just stop competing eventually and could even 'run the country' for their business interest looooooool not 'public interest'.

Big business n poor govt is a bad mix as u know.

I went to addis becuz I googled safest city in africa and it was up as no 1 in 2012, I must admit i did prefer to go to kenya due to the beaches n resorts, but feared going there from the crime n corruption of police. I thought the cops will arrest u if u dont pay em so u cant live in fear.

But habashi police r damn professional and not corrupt, plus ppl will picket pocket u if they can, and begging culture is rife, sanitation of the ppl(shittin in public street side walks) shocked me both males/females do it.

But one thing u sense is their a very envious or jealous ppl, they don't like your doing well in life, if eyes could kill, habashi eyes, i would be dead 1000 times over. The locals are like surveillance for the state