Eurabia Alert. From Adnkronos International:
Rome, 26 Sept. (AKI) – The first Islamic bank respecting Koranic law, is slated to be inaugurated next year in Italy, the Union of Arab Banks president, Adnan Yousif, the Association of Italian Banks (ABI) president Corrado Faissola jointly announced Wednesday.
The Union of Arab Banks, based in Beirut comprises more than 300 Arab financial
and banking institutions, representing the biggest Arab banks in the region.
“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 consolidation of dialogue and cooperation opens important opportunities for growth and development not only for the banking sector and for Italy, but for all of Europe, and looking further ahead, for the stabilisation of the entire Mediterranean area and the Middle East”, Faissola said.
Why is it always someone else’s job to take responsibility for the “stabilization” of the “entire Mediterranean area,” and of the Middle East? Are they admitting they can’t put their own house in order without outside help, and without passing on the burden of a banking system that is part of the problem — the drive to implement Sharia law — where stability is concerned in the Middle East? For that matter, it seems like the northern half of the Mediterranean coast is doing quite alright, except for the large influx of immigrants with unexamined allegiances from the southern coast.
Koranic law forbids the payment and collection of interest and the investment in businesses that are considered unlawful, such as activities involving the selling of alcohol or pork products.