Sriram Natarajan

A post relating to this item from Finextra:

19 October, 2010 Somali Islamists ban mobile money A Somali Islamist group has told telcos in the country to stop offering mobile money transfer services, branding the practice "unIslamic".

Cash is my only GOD!

19 Oct, 2010 07:56

This weird 'fatwa' by Somali Islamists seems to reiterate the fact that only paper money (cash) is the God they recognize! I found this quite intriguing.

I have heard and even empathized with numerous objections to mobile / E -money - security, cost, usage issues, etc. But I haven't seen anything like this!

The 'green shoots' of Mobile money and Electronic payments can do without another naysayer - that too seemingly with religious sanction. In fact, what we need a declaration by all religions of the world endorsing electronic payments against cash.

A cashless society is not going to be a Godless society!

Comments

Added: 21 October, 2010 - 11:44 | John Dring - Amdocs Digital Services - London

Yes, this is an interesting one! I am following MMT and have some products supporting it. The market in predominantly Islamic countries is huge and a main goal of 'banking the unbanked' should help - it gives them options and some independence from the primary capitalist instrument (the Banks). I am not even close to being knowledgable in Islam/money, but e-payments make it even easier to build in the 10% 'zakat' payment they advocate (on earnings/received money).

And along the way I found this great blog than transcends any religion:

http://www.haqislam.org/daddy-can-i-have-10-dollars/

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