"After Sept. 11, 2001, Middle Eastern and Asian money came under greater scrutiny, worrying investors in those regions that their money was no longer safe in Western banks, Fatemi said."
Think about that for a minute. Why did Middle Eastern and Asian money in Western banks come under greater scrutiny after 9/11? Because of suspicions, many of which have proven to be quite well-founded, that this money was being used to fund jihad activity. So is the push for Islamic banking a push to allow the funding of jihad activity to continue unimpeded?
In any case, it is just more Sharia accommodation in the West.
"DePaul buys into growth of Islamic banking," by Deborah Horan for the Chicago Tribune (thanks to Whatsittoyou):
Amir Davoodi had read about the meteoric rise of Islamic banking, but the senior finance major at DePaul University didn't realize how intrigued he would become with the idea of mixing Islam and market finance until he took a course on the subject last fall.Now Davoodi has accepted an internship with a local Islamic real estate company, Sunrise Equities, and might pursue the banking niche after graduation....
Driven by rising oil prices and an increasing desire by Middle Eastern and Asian investors to keep their cash in the region, Islamic finance has boomed into a $500 billion to $600 billion global industry, experts in the field said.
The growth prompted DePaul last fall to join a tiny vanguard of U.S. colleges offering classes or lectures on the subject. On Thursday, the university will sponsor a conference on Islamic banking methods including home financing, private equity, bonds, even derivatives and hedge funds.
"There is a significant demand clicking up for people who understand the field and can design products that are Islamic and can answer the needs of the community," said Ali Fatemi, chair of DePaul's finance department, who was instrumental in bringing the Islamic banking course to campus.
After Sept. 11, 2001, Middle Eastern and Asian money came under greater scrutiny, worrying investors in those regions that their money was no longer safe in Western banks, Fatemi said. Many of them chose to invest locally instead, adding to the demand for Islamic banking....
It's more a grammar course than economics.
Triple entry book-keeping, with the real word, "interest", disguised as "fees" and such.
So, what would happen to a well-qualified non-Muslim man or woman who was refused a loan from an Islamic loan company? Will Islamic financial institutions be excused from following anti-discriminatory laws on the basis of gender, race, religion, etc? Will government agencies test these companies for discrimination? Will poor people be given loans on the condition that they convert to Islam? Lots of questions..but, I doubt that any faculty member at dhimmi De Paul University will dare ask them.
"Islamic banking methods including home financing, private equity, bonds, even derivatives and hedge funds,"
money laundering and jihadi financing.
In transferring lots of money through western banks to Jihadists I'd be worried too.
It's just incredible.
1. September 11, 2001.
2. 6 1/2 years later we're bending over backward as to how much we can do for the Barbarians who mass-murdered thousands and thousands and thousands of our citizens.
Why? WHY?
Required for the class - three shells and a marble.
Buy one share in these islamic banks if they're listed.
If enough do this, it's an administrative nuisance for them and you can just vote against whatever the board recommends.
Ooo, tanstaffl; you tazy, that's what.
"Islamic banking methods including home financing, private equity, bonds, even derivatives and hedge funds,"
Also the obligatory 'charity' incumbent on all 'Islamic' institutions. Billions and billions MORE to fund terrorism.
I can't wait to invest in Islamic banking now that I've had such success with subprime mortgages!
Required for the class - three shells and a marble.
Posted by: tanstaafl at March 13, 2008 11:24 AM
LOL! Thanks for giving me a much-needed laugh amidst all of the depressing dhimmitude of the West.
Gee, that's funny... I thought "DePaul" was in reference to St. Paul... I must be mistaken...
Cheers
British firms are way ahead in marketing "islamic" financial services
I enjoy claiming interest deductions on my taxes and I look forward to paying off my mortgage sooner with additional payments throughout the year.
I can understand why some Western bankers would love the idea of taking money from people committed to paying a fixed price (with all kinds of "fees" rolled in) on a loan.
I'm curious how the muzzies are going to play this one with the IRS. If they don't pay interest, will they insist on claiming an interest deduction?
I think the reason so many westerners are accomodating Islamic banking is money. Islamic banking is, comparatively, a ripoff for its customers. When you figure the "fees" as interest it's much higher than what western banks charge (or lower, if they're paying it). Western finance houses see that as an opportunity for huge profits, and they don't care about the religious supremacy part of it (cf "capitalists will sell you the rope to hang themselves with").
Who needs a course?!
Don a burkha, walk up to the counter, pass the note, take the money and run.
Who needs a course?!
Don a burkha, walk up to the counter, pass the note, take the money and run.
Posted by: Shy Guy [TypeKey Profile Page] at March 14, 2008 1:08 AM
ROFLMAO....wipes tear from eye, and coffee from monitor!!!!!
Can someone explain to me how Islamic banking is different than normal banking?