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| The 300 Billion Dollar Bailout of Sharia Finance |
| 2009-03-09 |
| Posted by:tipper |
| #7 The irony here is that sharia 'lending' would have protected the banks from the credit crisis. There is no 'lending' under sharia law. A bank will buy a property on your behalf, which you will acquire after fulfilling the terms of a contract with the bank. The sharia banking practiced by Citi and others was fraudulent. |
| Posted by: phil_b 2009-03-09 18:38 |
| #6 Well I guess if Allah is stupid enough not to see his followed gorging themselves like pigs at night during ramadamadingdong he'll be too stupid to notice that its ends up all the same. |
| Posted by: CrazyFool 2009-03-09 18:23 |
| #5 Sharia financing is eyewash. The primary difference with regular loans? They call interest payments dividends. |
| Posted by: Zhang Fei 2009-03-09 18:20 |
| #4 but I suspect they also toss out random categories just to watch the dhimmis scurry and bow. A certainty, Seafarious. Sharia law forbids interest, either giving or receiving My understanding is that Sharia permits the payment of fees for banking services. My understanding also is that the fees calculate pretty closely to what the interest would have been, had interest been charged... as a baseline. I believe the toplines reach levels considered unacceptably usurious to the rest of us. |
| Posted by: trailing wife 2009-03-09 15:26 |
| #3 Sharia law forbids interest, either giving or receiving, which is how banks make their money in the first place. Sharia banking is an oxymoron. |
| Posted by: Thealing Borgia122 2009-03-09 12:00 |
| #2 Speaking of which, I am wondering if any part of the "credit crisis" is related to the growth of sharia-'compliant' financing. The problem is that sharia financing is completely fantasy-based. It is a fiction. The banks (and ministries) are required to hire 'scholars' to pass judgment on what is and is not suitably Islamic. The obvious items are there - gambling, liquor, pork, anything tainted by juice - but I suspect they also toss out random categories just to watch the dhimmis scurry and bow. We had a story here last week that a great vast deal of money has left The City (ie London) over the past year. The fact that Gordon Brown (!) decided to make Lonon(istan) the capital of Islamic Banking was not mentioned as a reason, but I suspect that it prolly plays some part. |
| Posted by: Seafarious 2009-03-09 10:22 |
| #1 A well, what did you expect? |
| Posted by: g(r)omgoru 2009-03-09 09:47 |