Friday, May 30, 2008

Economic Jihad Spreads to Ireland; Shari’ah-Compliant Financial Services ‘Should’ Be Made Available to Muslims There as a Matter of Urgency

At this rate, capitalism will be dead in a short time. It took the West years to defeat communism. Western capitalism eventually won the day as it was seen to be superior. Indeed it was and still is superior. Islamic economics is now winning the day, though. And there has been no need of a Cold War, and no need for guns (or swords). All it has taken is intimidation of Westerners by an assertive Muslim population, a sense of subservience to the Gulf Arabs, especially the Saudis, ignorance of the true nature of Islam and its goals, a refusal to admit to the dangers of that faith, appeasement, meekness, and timidity on the part of Westerners who are afraid of confronting the ideology, a loss of belief in our own destiny, and a dogged determination on the part of our leaders and captains of industry NOT to call Islam what it actually is: A political system wrapped up in a deity.

The end of capitalism and liberty, dear readers, is nigh! - ©Mark


THE IRISH TIMES: THERE IS an “urgent need” for sharia-compliant financial services to be made available in Ireland so that Muslims living here do not contravene religious teachings, representatives from Irish financial institutions were told at a seminar on Islamic banking yesterday.

The seminar was held at the Islamic Cultural Centre of Ireland (ICCI), which is based at Ireland’s largest Sunni mosque in Clonskeagh, Dublin.

“We organised this conference because there is an urgent need for the Muslim community here to have mortgages and other financial services that do not drive them to break their Islamic teachings,” said Ali Selim, a theologian and secretary to Imam Hussein Halawa of the ICCI.

During yesterday’s seminar Imam Halawa outlined the religious tenets of Islam that forbid the payment or receipt of interest, known as riba.

Representatives from the Arab Banking Corporation’s London subsidiary and the Islamic Bank of Britain gave presentations on how the market for Islamic finance has developed in the UK in recent years.

Several high street banks in Britain now offer a variety of sharia-compliant services, including mortgages.

One of the most common types is based on the Islamic principles of “diminishing musharaka” or diminishing ownership. Under this scheme, the customer and bank jointly acquire a property, with the customer’s share usually similar to the normal deposit, but the property is bought in the bank’s name only.

The customer makes monthly payments made up of rent and contributions towards the purchase price over an agreed period of time.

The amount of rent decreases as the customer’s share in the property increases. Ownership is transferred when the customer eventually buys out the bank.

Similar partnerships are available so Muslim business people in the UK can avoid interest repayments.

Mr Selim told the seminar that as Ireland’s Muslim population increased there would be more demand for such services here. Call for Sharia-Compliant Finance Services to Be Available in Ireland >>> By Mary Fitzgerald | May 30, 2008

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

2 comments:

Anonymous said...

And just how are the Islamic principles of “diminishing musharaka” any different from paying interest? What a joke!

Pastorius said...

George,
In my opinion, Islamic banking/finance is a facade the purpose of which is to cover up the fact that the banking system is collecting money (Zakat/a tax) to be paid to an Islamic "charity".

Here's some info from an Islamic website:

Principles of Islamic banking
An Islamic bank is based on the Islamic faith and must stay within the limits of Islamic Law or the sharia in all of its actions and deeds. The original meaning of the Arabic word sharia was 'the way to the source of life' and it is now used to refer to legal system in keeping with the code of behaviour called for by the Holly Qur'an (Koran). Four rules govern investment behaviour:

a) the absence of interest-based (riba) transactions;

b) the avoidance of economic activities involving speculation (ghirar);

c) the introduction of an Islamic tax, zakat;

d) the discouragement of the production of goods and services which contradict the value pattern of Islamic (haram)

http://www.al-bab.com/arab/econ/nsbanks.htm