"It marks the beginning of the launch of fully regulated Sharia-compliant products for the Muslim community." From AFP, with thanks to LGF:
LONDON (AFP) - Britain's financial services watchdog gave the go-ahead for the first Islamic bank in Britain to open its doors.The Financial Services Authority's (FSA) decision means that the Islamic Bank of Britain will be able to open its first branch in London next month, offering its clients financial products respecting Islamic Sharia law....
The Islamic Bank of Britain (IBB) will allow 1.8 million British Muslims access to banking strictly in line with Islamic law. The Sharia bans the payment of interest on loans and investment in sectors such as alcohol and tobacco....
Iqbal Asaria, president of the Muslim Council of Great Britain's economic committee, hailed the news as "a watershed event in the history of Islamic finance in the UK".
"It marks the beginning of the launch of fully regulated Sharia-compliant products for the Muslim community," he added.
Hmmm. They can't collect interest on loan. How do they pay their expenses? Their check-cashing fees must be enormous! The jizya paid by the British public in the form of the dole is probably a factor...
How can anybody object to the introduction of Sharia-compliant banking? Perhaps it will serve to demonstrate to the British people that they have nothing to fear from the Muslims in their midst and lead to better relations between the Muslims and the unbelievers. What is so wrong about that?
As Sharia is implemented in the Muslim portions of Britain, and as those Muslim enclaves continue to expand, the unbelievers will become more tolerant and cease to resist the implementation of Allah's (swt) divine law throughout the country.
Here is a short article from one of the most influential Islamic organizations in Great Britain. It shows how Britain will peacefully become an Islamic state and provides a short description of how that state will differ from the present British society. As you can plainly see, there is nothing to fear. Indeed, the new societal order will be welcomed by all people of good will.
Your grandchildren will be Muslim.
Allahu akbar
This is good. Now British Intelligence will be able to monitor where the Muslim funds are being sent. Most likely this will lead them to more terrorist arrests. Dummy phony Muslims like Raisin think this is truly a step in the right direction, when in reality, it's yet another step toward better intelligence of the criminal ways Islam represents.
Raisin, your grandchildren will be drunks.
This is the part I like best, from the site Reza posted the link to:
Judicially: The Islamic judicial system would be implemented where adulterers would be stoned to death and thieves would have their hands cut. There would be no jury service or solicitors or barristers – rather Judges qualified in Islamic Law would preside over all cases and Judge according to God’s law. If there is any doubt on the guilt of the accused, even it is unreasonable or unlikely, any punishment would be left out. Maximum jail sentences will be one year and concentration would be on reform as opposed to locking the problem away. The State will ensure that only the most qualified and trustworthy Muslims will preside as Judges and justice will be available to all free of charge – as opposed to only those able to afford expensive barristers and solicitors.
Sorry, I'll take Judge Dredd before I take Judge Sharia.
Taqqiya....kitman..Isnot only practiced by the Islamic world.
All sides are actively engaged in this endeavor to mis-direct the opposition.
Be aware that what is SEEN to be happening and what is happening, are vastly more inter-related and more convoluted than any person can currently comprehend.
Although, there exist, most likely.... (by our informed estimations)... computer simulations.. (secret).. that infer MUCH that is hidden when the correct data are input .
Guess which side has this software....
Remember Sodom & Gomorrah,...When the moderate size iron/nickel chunks begin to fall, "most" of them willnot be impacting the civilized, (western) portions of the planet.
What happens if you can't pay your overdraft?Is a limb lopped off or do you get a traditional Stoning??
Islamic banking - what an oxymoron. This issue came up years ago in Atlantic Magazine, of all places. The hypocrisy is astounding, since the lender ends up paying more for what he 'borrows' than he asked for in the first place.
They call it something else, let's say it we use the word aardvark. So, I borrow $1,000.00 and pay back the original $1,000.00 plus 100 aardvarks. Hence they do not charge interest, but aardvarks, and Allah is happy.
Also, to Reza:
Instead of your passive-aggressive threatening, why don't you expend some of your prodigious brain power explaining why we Infidels should even consider Islam for any reason other than to not be killed by Muslims? It seems to me that merely resisting Islam's exhortations and not allowing Muslims living in dar al Harb to live like they would in dar al Islam constitutes oppression in your eyes and then allows you to declare 'defensive' Jihad on us.
I just want a rational explanation from you, something besides 'Allahu akbar' and 'Your grandchildren ....'
Ethelred
Brilliant. I agree that this "bank" will be a perfect honeypot for the authorities. With an "islamic" bank in the UK, there can be no excuse for the faithful to funnel their money through any other financial institution in the Kingdom. To do business with Infidel banks would be tantamount to apostacy, n'est-pas?
These primative "interest-free" monetary systems are a hilarious joke. The Saudi riyal is pegged to the US dollar, which of course is managed by the Federal Reserve System with interest rates, so that makes the entire Saudi monetary system harram.
The bank might not be a bad idea. The British government should encourage investment, give tax breaks, bring billions of pounds into accounts from all over the Middle East.
Then do a sting operation. Prove the bank is used to finance terrorism, freeze all the accounts, close the bank, and seize as much cash as you can to help pay for skyrocketing security costs: make Muslims pay for the bomb detecting machines and dogs at Heathrow. But, no one in Britain seems that imaginative these days...
While there is much to object to in Islam, Islamic banking is not worth getting worked up about. These 'interest-free-my-arse' loans are just a joke - it makes Muslims feel better, but does not change the essence of the transaction. A bit like vegetarians eating fish, or Jews getting a 'Shabbat-goy'(?) to turn the lights on on Friday nights.
An easy way for UK bankers to make money out of Arabs with more money than sense. Can't be bad.
At the risk of becoming boring - I'm a Chartered Accountant so that's always a risk - UK accounting standards would classify the 'transaction fee' as 'rolled-up interest' and spread it over the period of the loan as if it were interest. UK accounting standards require the substance of a transaction to take priority over the legal form. (US rules might have benefited from such a requirement in the case of Enron, but that's another story.)
As for not investing in alcohol or tobacco - that is pretty small beer, as it were, compared to flying planes into buildings.
Reza babbled
Here is a short article from one of the most influential Islamic organizations in Great Britain.
What a joke. They supposedly only have 800 members, if they are the most influential organization that says a lot about their ideas. Reza, only sick fanatics like you would view this as a great lifestyle.
Your grandchildren will be in jail after they are convicted of being terrorists.