Christian Payment Systems (Chap 9)

Governance And Operation Of Christian Payment & Banking Systems - What is the Christian payment and banking system about? And what are the safeguards we need to put in place so that it will not replicate the world’s banking system? How should the Christian payment & banking system be governed and operated?

Firstly, the main purpose of the Christian payment and banking system is not so much to lend money but to operate a trustworthy payment system (for money transfer) for the Christian businesses worldwide. However, in doing so it will become a kind of banking system. There is still a need for a trustworthy institution to hold and store the value of money and possessions and maintain their liquidity and the tradability of currencies.

There is no need for Christian banks to create false money by lending money that the banks do not have, since after all it is not its primary function or business to lend. Borrowing and getting into debts will not be encouraged and much less consumerism. Even if the Christian banks should be called upon to provide some kind of financing, Christian banks will only lend money that they have and at no interest, if to Christians.

It is necessary to ensure that Christian principles are practiced. According to biblical principles, interests should not be charged for loans to believers, although interest may be charged for loans to unbelievers. While interests are not charged, certain profit sharing of returns would be fair and can be arranged for Christian businesses that seek financing. Technologies in project financing and venture capitals have much room for further exploration and innovations.

Due to the vulnerability of the poor, various governments had always found it necessary to regulate money lending and the charging of excessive interest. We should at all times be mindful of the vulnerability and the plight of the poor and help and not exploit them, however financial responsibility and discipline is necessary. Churches can help but the banks should not be involuntarily depleted by the financial dependence and irresponsibility of sectors of the population.

The Christian business communities may appoint management teams to the payment and banking systems to run and oversee their operations, as we trust that they have (or can build) the necessary expertise to do so. However, local church communities should institute audits and checks for the protection of the wealth of the congregations. Local churches in the various Christian communities will appoint independent parties with the necessary business and professional expertise for these purposes. Church leaders must have an important say if the bank has unbiblical practices in place and makes no attempts or plans to change.

It must however be kept in mind that the Christian payment and banking systems will eventually be cut off from the world banking system. When this happens, it would be necessary for Christian payment & banking systems to eventually cut off all business dealings with unbelievers. As a result, loans made to non-Christian businesses and individuals run the risk of not being repayable. Such businesses should therefore be minimized and be cut off in good time to pre-empt transition.

Preparations should be made earlier rather than later. As banks are important vehicles for the purpose of connecting other businesses, Christian banks must be the first industry to detach itself from non-Christian businesses, to help other businesses to do the same. The ownership and management of Christian businesses should also be safeguarded to help ensure the end time economic survival of communities. A register of ownership of Christian companies must be maintained so that Christian payment and banking systems know who they are dealing with.

The stocks of money of the Christian communities (actual physical resources, facilities owned at the point in time of walking out of the world economic system) will grow but growth has to be through the generation of goods and services rather than through baseless money creation by the churning of numbers. Special care and control have to be exercised over the issue of the mere creation of money through the Christian banking system out of nothing, i.e. by just increasing the numbers or digits representing ownership. We should be very careful to study the impact of this and if adverse, to prevent it from ever happening.

It can be expected that the Christian banking systems (at various localities) will eventually become illegal when they refuse the ‘666’ mark, however, before that critical moment comes, Christian banking practices should entirely be legal and acceptable.