Why Kandura (not Kandıra) Capital Will Not Be a Remedy?
Islamic banks are no different from the banks of the capitalist system, same old, same old. Of course, the sukuk system has its own rules, for example, it is forbidden to invest in matters that are forbidden according to Islam.
Temim, give me 3-5 billion dollars now, I'll give it to you later.
What are you going to do with all that money?
I'll keep it in foreign currency. The exchange rate has gone up again.
What will be my profit from this?
I don't know, what do you want?
Throw me a fiver, that should be enough...
***
I think this is how it works.
First, a certain amount of foreign currency is transferred from Arab countries, and then that foreign currency is released to the market by state banks.
The recipients of the foreign currency are again those who gave the money. In other words, the foreign currency is actually returned back to the country from which it was taken.
In the meantime, the Turkish currency is kept at the desired level.
What is the profit of the money lender from this exchange?
Whatever he wants.
Whether he wants to add money to his money, or whether he has his eyes on something else, they probably sort it out among themselves somehow.
I know what to sell!
***
The sukuk system is the way for Arab countries to add money to their money. It's like an interest-free bond system.
I have written before what kind of system this is.
In short, sukuk is a way to add interest-free money to your money with the method of hulla.
Supposedly, money is invested in something and instead of interest, a share of the profit is taken.
What if they make a loss?
I told you, sukuk cannot make a loss!
Islamic banks are no different from the banks of the capitalist system, same old, same old.
Of course, the sukuk system has its own rules, for example, it is forbidden to invest in matters that are forbidden according to Islam.
If you like.
***
In the meantime, the government is controlling the exchange rate, which is the first thing everyone watches in the economy.
The price of the dollar against the Turkish lira in the free market has exceeded 27 liras. The euro is above 30 liras.
Exporters want cheap TL! Competition is important!
We are in the summer months, Turkey should be a country where tourists can have a cheap holiday!
***
But the citizens are fed up with the hikes!
Who cares about the state of the citizen after this time, the election has passed.
Bor's market has passed.
***
Local elections are on the horizon!
Don't make me laugh, with the opposition in this state, don't worry, the local elections are ours.
Our people are already distributing coal and pasta door-to-door.
Don't worry, these people will elect us again in this state.
There is no other chance!
***
Well, if the exchange rate is kept at a level with temporary foreign currency imports, we buy so much oil and natural gas. Then we pay the world's foreign currency for imports?
Then there are so many debts, how will these debts be paid?
How do you find the money for these?
Where does the water for this mill come from?
***
Tourism is a source of income.
We sell whatever we want to whoever wants it.
Well, you know we postponed debts on natural gas.
We also confiscate the foreign currency earned by exporters through capital controls.
Even if it is a bit expensive, we somehow find money to borrow.
Of course, we also collected the foreign currency in the hands of the people with exchange rate protected accounts.
In other words, we can somehow meet the need for foreign currency for now.
***
But it's a kind of titan system, sooner or later it'll explode in your hands!
Isn't it bad?
Forget it, it's working for now, it's the captain who runs the ship!
I am an economist!
***
What about the domestic market?
So much inflation, prices are constantly rising?
*
That's another way of doing it.
The central bank keeps printing money for currency protected accounts. We transferred this to the central bank.
Okay, this is causing inflation.
We have already cut down on loans to keep the situation under control.
When we increase taxes, we somehow balance the budget with the money collected from the people.
If anyone cries too much, we increase their salaries a little bit and that's it.
We are already adjusting its rate with the Turkish Statistical Institute.
***
Don't worry about these issues, as far as it goes.
Whatever we do, the nation will have to pay for it one day.
What other choice does the nation have?
***
I told you, don't worry about such things.
Tell me about the foreign currency, do you have some in the vault to lend?
Look, I need some foreign currency to keep the exchange rate level!
*
OK, İhsan Abi, let me take a look in the safe, I'll see what I can do.
The way you're going is not the way, İhsan Abi, if people realise what you're doing, they'll tear you to pieces!
Dude, I told you not to think about these things.
I am the saviour in the eyes of the nation, the nation says that the leader has everything. They love me, even adore me.
***
The
Don't worry, man, go and check the cash register, I still have a long way to go, I have to stop by your next door neighbour.
His mırra is also very tasty, and if he offers me a date with it, I'm in for a treat.
How hot is it here, how do you live in this heat?
We wear kandura, brother, it keeps us cool, it breezes underneath.
Would you like another mırra? Have some more dates!
No, I don't want any, come on, I'm still going to your neighbour's.
OK, İhsan Abi, I'll go and check the till then.
Look how comfortable the kandura is, let's put one on you too, it'll cool you down. Would you like that, Ihsan Abi?
Love and respect to everyone from Moscow.
