Busted: Bankers and The Global Economy

January 26, 2008

Islam Seduced by Banking Interests

Filed under: banking, government, money, politics — Tags: , , , , , , , , , — digitaleconomy @ 12:00 am

islamicbanking.jpgFor years we’ve heard that Islamic law bans charging interest and dealing with the current banking system. In the eyes of Islam, interest is usury. In the U.S, Islam faithful operate without taking out loans like most citizens of the country. Bankers have had their eyes on Islam for years in an effort to get into the market with Islamic nations and Islamic nations have been eagerly seeking to justify partnerships with the banking system since 2003. Finally, after working out the kinks with Islamic religious leaders, religious leaders have come to justify working with the Society of Bankers. Bankers have managed to meet Islamic nations in the middle to meet the need and make profits from a previously untouchable area by complying with Muslim law. Unlike the banking system, Islam operates on the principle of sharing risk and reward among all those involved in a business venture. Bankers in London have been courting 15 million European Muslims, but are now focusing attention on Muslim nations. Bankers have focused on lowering rates in order to compete with any existing Muslim financial providers in order to garner and keep new business. Trust has been slow in coming to the Muslim population in general, but is being steadily gained as more Muslims buy into the idea and as Muslim nations show their keen interest. As the banks gain the confidence of Muslims, they will likely make deposits in the banking system and additional profits will be generated in the typical fashion as allowed in the industry. Banks that cater to Muslim faithful share in the bank’s profits based on the bank’s business investments. Trillions in capital are expected to be generated from the banking expansion into Islamic countries before 2010 as the influence of the worldwide banking system continues unabated. The infusion of capital and profits into the Islamic system promises new power and influence for Islam in addition to the new power recently flourishing within the United Nations and Islam’s current gains in world influence. ~ E. Manning

A Discussion of Islamic Banking

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