Should we still trust banks?
The funny thing is that so many people still trust banks even though we are facing a looming an impending financial crisis at the hands of a increasingly inflationary dollar and its inevitable collapse very soon - is it high time now for a Sunnah alternative?
Answer: In our opinion, one of the ‘good things’ that came out of the 2008 financial crisis is a growing perception/sentiment that banks cannot be trusted, in part due to the fact that they were at the crux of the financial crisis in 2008, caused by greed and reckless trading activities (often for their own benefit and not the benefit of their customers) and their excessive risk appetite through the use of complex ‘structured’ investment products/vehicles mixing bad with good credit.
Not only did many people lose a lot of money through such banks, but also we burdened and placed the onus on future generations to pay these bad debts off for the bank’s recklessness through the unpopular government ‘bailouts’.
As a result, many have lost their trust in banks and are increasingly willing to explore alternatives such as keeping precious metals in safety deposit boxes at home where they can touch and feel their life's savings or by investing in companies holding precious metals as physical collateral.
Ihyaa – us -Sunnah | Revival of Sunnah