Friday, January 04, 2008

Global Banks Adopting Islam

“… the love of money is the root of all sorts of evil” (1 Ti. 6:10) So, just when you think you have just about seen it all, something even more shocking turns up. Like this…

Either global bankers are seducing Islamic dictators, or vice versa. Even if they are seducing each other at the same time, the result will be the same: Islamic/Shari’a banking is coming to the United States and other western nations, thanks to global banks such as Citigroup, HSBC, Deutsche Bank, Morgan Stanley and Goldman Sachs.

With Great Britain now pledging to become the Islamic banking center of the world, the stampede by all global banks to enter the world of Islamic banking is well underway.

What is Islamic banking?

Simply put, "Islamic banking and finance" creates, sells and services products that are in strict accordance with Shari'a. In the Islamic culture, it is referred to as "Shari'a finance" and covers the practices of banking, investment, bonds, loans, brokerage, etc.

To insure Shari'a compliance, banks must hire Shari'a scholars to review and approve each product and practice as "halal," the Muslim equivalent of kosher in Judaism. Because there is a shortage of such scholars, there is competition between banks to find the best expert to sit on their boards of directors. This provides the highest legitimacy to each ruling because it is made at the director rather management level.

It should be noted that most of these scholars are from the school of radical Wahhabi/Salafi Shari'a in Saudi Arabia and elsewhere, holding views diametrically opposed to the basic values of Western civilization.

Patrick Woods of NewsWithViews.com has the rest.

2 Comments:

At 10:53 AM, Blogger WomanHonorThyself said...

ugh..I hate anything comparing Judaism to issssssslam...eeeeeeek!..what a mess the UK is my friend!!

 
At 2:27 PM, Blogger Joe Gringo said...

I hear ya Angel, no comparison!

 

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