I might suggest that lending without interest may be the only thing good about the barbarism called Islam. Perhaps, however, some of our experts here possess reasons why this assertion may not be so.

In any event, the last thing we need is more money pouring into the hands of Islamic fanatics, which basically refers to all those who call themselves devout Muslims.

The Truth About Islam

Posted by: Suziq at September 27, 2007 2:18 AM

I'm developing a pork-flavored alcoholic drink (Francis Bacon Beer) but need a loan.

Willing to pay 5% interest.

Posted by: profitsbeard at September 27, 2007 2:55 AM

Suziq-

"Interest" is generally to protect the lender from devaluation of his money over time. It is not so much "gain" as "maintain".

(Although the current banking and credit card companies are into Mafia levels of pure extortion posing as reasonable "interest", and should be reined in from this outrageous profiteering, manipulation and deception.)

Islam gets around "interest" by subtle linguistic tricks and essentually ends up paying interest to the lender, but calls it by another name.

(Even Muslims aren't crazy enough to lose money by loaning it out.)

Posted by: profitsbeard at September 27, 2007 3:01 AM

problem I would be worried aboutis the corruption that seems to be part and parcel of daily life in any Islamic country and how to control it

Posted by: mowasaperv at September 27, 2007 3:56 AM

Hahaha profitsbeard, nice one.

Well i think i will take out a personal loan from this islamic bank and do a runner!! I'll take it and assume its their Jizyah to me and buy beer with it and bacon butties.

Posted by: Demvaril at September 27, 2007 4:09 AM

...are Islamic banking instituitions subject to government inspections and audits?........

....infidels should stay away from Islamic banks...

Posted by: exsgtbrown at September 27, 2007 6:39 AM

profitsbeard.........let me know when you're up and running as I'll order a couple of cases. OT, but in '05 the islamic bank of britain (IBB) went from 30p to almost 80p and now it is trading at around 9p. Best laugh is I made a decent profit in both directions.

Posted by: grobari at September 27, 2007 7:23 AM

A few days ago it was Gulf States buying controlling stocks in the NASDAQ and LSE.

I also had a link to an Irish paper concerning the Saudis and if they might play with the Euro versus the $US.(It no longer works).

I found this all rather alarming.

Foehammer has got a piece on his site re islamic banking:
http://foehammer.net/2007/09/islam-the-class-envy-appeal.html

From what I have read recently it isn't as good as they say it is.

Unfortunately it also seems to show what depths people will plunge to for
a)money, and
b)appeasement.

Posted by: Gramfan at September 27, 2007 7:54 AM

Suziq,

profitsbeard is correct. All they do is call it something else.

The Arab News, otherwise known as the "Green Truth" because the outer pages are printed on green newsprint, has a regularly running column titled "Islam in Perspective" (sort of an "Ask the Iman"). A while back, someone wrote in asking about "interest".

Stripped of all the sophistry, there seem to be two points. First, if Abdullah lends Hassan 10,000 riyals (about $2700) and charges him 10% interest, that is bad, bad, bad. But if Abdullah charges him a 1,000 riyal fee, that's OK.

Second, if Hassan gains something from the transaction (besides the money), it is, at least, acceptable. For example, if Hassan is buying a car or house, he has the use of the property before he owns it. That justifies the interest or whatever you call it.

For real amusement, as me about "theft".

jay stevens
Eastern Province,
Saudi Arabia

Posted by: jay at September 27, 2007 11:39 AM

"The next step should be the creation of a real Italian-Arab banking federation, which in perspective could represent a model to follow for other countries in the European Union". said Faissola in a press release in ABI's website.

Oh brother, the insanity just never ends. As if the West isn't wasting enough money on the ummah with "aid", "loans" and whatnot-now a bad idea must be spread as far as possible. Why not just give control of ALL banks to the cesspoolians and be done with it? At the rate things are moving that will be the end result anyway.

Posted by: ISLAMSFORLOSERS at September 27, 2007 12:36 PM

See, on "Islamic banking" as a means to assert Islamic unity within the West, the important book on Islam and Economics by Timur Kuran.

Posted by: Hugh at September 27, 2007 1:08 PM

Suziq: I might suggest that lending without interest may be the only thing good about the barbarism called Islam. Perhaps, however, some of our experts here possess reasons why this assertion may not be so.

The cost of money over time, what you get paid for parting with it until loan is repaid, is calculated most easily as a percentage of the money amount involved. This is called ‘interest’ and is purely arithmetic, not exotic at all. The abuse of charging interest has no bearing on how the ‘cost’ of money is calculated, but a totally separate issue. Islamics do not understand this distinction, being irrational beings, so they blame the arithmetic on the possible abuse of too high a cost, or interest on loans charged. Of course, they know themselves best, and if they cannot be trusted to pay the cost of borrowing, or charging a reasonable competitive rate, then interest on their lending should be billed the same as their attitudes and atmospherics towards pork, or dogs, or women, very low indeed. The barbarism called Islam makes no meaningful contribution, not even to banking. In fact, all Islamic traditions are usurious on anyone who had the misfortune of being born into it, or bad sense to join it. Like the 'roach motel', they check in but they can't check out.

Ban Sharia banking.

Posted by: Battle_of_Tours at September 27, 2007 4:17 PM

ee, on "Islamic banking" as a means to assert Islamic unity within the West, the important book on Islam and Economics by Timur Kuran. - Posted by: Hugh

This book is also mentioned in Daniel Pipes recent piece at FrontPageMag . . .
• Islam: the Class Envy Appeal
http://www.frontpagemag.com/Articles/Read.aspx?GUID=F79F2C0C-F8F2-443E-B4E6-A691308A72AE

To understand this system, the ideal place to start is, Islam and Mammon, a brilliant book by Timur Kuran,

written when he was (ironically, given heavy Saudi backing for Islamic economics) King Faisal Professor of Islamic Thought and Culture

at the University of Southern California./blockquote>

Now teaching at Duke University, Kuran finds that Islamic economics does not go back to Muhammad but is an “invented tradition” that emerged in the 1940s in India. The notion of an economics discipline “that is distinctly and self-consciously Islamic is very new.” Even the most learned Muslims a century ago would have been dumbfounded by the “Islamic economics.”

Author: "Kuran"
Published while "given heavy Saudi backing"

[Snickering] . . .such delicious irony!

Posted by: justamomof4 at September 27, 2007 4:52 PM

(Even Muslims aren't crazy enough to lose money by loaning it out.)
Posted by: profitsbeard

Yeah. As long as they gain our lands while they loan out their money they sure come out ahead don't they?

I say we NATIONALIZE!!!!!!!!!!

Just like THEY did in the 70s!!!!!!!!!

Posted by: Allahfanculo at September 28, 2007 1:43 AM

"The next step should be the creation of a real Italian-Arab banking federation, which in perspective could represent a model to follow for other countries in the European Union". said Faissola in a press release in ABI's website.

The name "FAISSOLA" sounds a bit shall I say.. suspicious?

Posted by: Allahfanculo at September 28, 2007 1:48 AM

I am highly disappointed; I was in Little Italy NYC a few weeks ago for the St. Gennaro Feast and saw very few people from Mo's gang there (the obvious ones, anyway...); I was really hoping that the Italian's reputation for liking "control" would scare off any type of foreign thugs; on the other hand they may also all be joining forces...

Posted by: ElizaDoolittle at September 28, 2007 12:44 PM