Busted: Bankers and The Global Economy

August 31, 2008

Muslims Prepare for Global Banking Power

Dubai Bank plans to become a major global Islamic lender over the next five years through acquisitions and has set up a $5 billion financing program to assist in the expansion of its authority. This is similar Noor Islamic Bank, which seeks to be the largest Islamic bank within 5 years.

The ruler of Dubai currently holds 40 percent shareholder interest in Dubai Bank. There are negotiations for joint ventures with certain countries targeting the business world to ensure Middle East control of business resources.

Demand for investments and financial services that comply with Islamic law are all the rage among Muslim authorities. Islamic banking includes a ban on the receipt of interest, a concept that is growing among the world’s 1.3 billion Muslims as they seek more ethical ways to invest personal resources.

With the continued influx of global cash, American greenbacks and business savvy, Muslims are prepared to launch a new era of banking and business success with the intent to spread that influence around the globe. The ambitions of family-ruled Dubai have soared during the last few years, benefiting from the profits of oil revenue. Dubai plans to build two of the world’s 10 largest financial institutions by 2015, Dubai official Omar bin Sulaiman told Reuters last year.

The role of central bankers in the scenario, if any, is currently not spelled out in clear writing. Islamic banking could be a rival to central bankers in the near future, since Islamic banking does not agree with the premise of the International Society of Bankers. Any compromises and affiliations could prove to be very interesting as the digital economy of power continues to build. Will the coalition that results clip the wings of liberty as implicated by the image in this article? That reality is likely.~ E. Manning

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