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Austria now offers Sharia-compliant bank accounts

Jan 15, 2016 11:31 pm By Robert Spencer

With all the migrants flooding into Europe, the Austrians clearly realize what the future holds.

Niqab374

“Austria Now Offers Sharia-Compliant Bank Accounts,” by Nick Hallett, Breitbart, January 15, 2016:

Amid the continuing migrant crisis in Europe, an Austrian bank is to introduce Sharia-compliant accounts for the country’s growing Muslim population.

BAWAG PSK will launch the accounts in Vienna next month, allowing customers to conduct their banking according to Islamic law.

Sharia banking prohibits charging interest, as well as transactions with companies that invest in gambling, alcohol or pornography.

It also does not allow buying homes on interest. Instead, the bank purchases the house and resells it to the customer who pays in regular instalments.

Claudia Lemlihi, head of marketing, said that the bank would launch a new current account that instead of charging or paying interest would charge a fixed fee. She added that the account, named ‘Amana’, was tailored specifically to the needs of Muslims living in Austria.

Austrian paper Kleine Zeitung says Islamic banking is growing worldwide, with the amount of money invested in Islamic financial products growing to around three billion euros by 2018.

There are now an estimated 600,000 Muslims living in Austria, making up seven per cent of the population.

Some had come over the past few decades, fleeing conflict in the Balkans in the 1990s, but last year saw a huge rise in immigration from the Middle East as Austria was caught up in the European migrant crisis.

Figures released in November showed the country’s population growing at a rate of 60,000 a year thanks to mass immigration, with 1.5 million residents born abroad, thus making up a sixth of Austria’s population….

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Filed Under: Austria, dhimmitude, Eurabia, Sharia Tagged With: BAWAG PSK


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Comments

  1. Infidel from Down Under says

    Jan 15, 2016 at 11:47 pm

    Idiots!!!

    • particolor says

      Jan 16, 2016 at 4:05 am

      The next move will be for us to Bow to them in the Street !! 🙁

  2. Adrian says

    Jan 15, 2016 at 11:58 pm

    If Muhammad won’t come to the mountain,
    The mountain will come to Muhammad….

  3. Donna in the U.S.A. says

    Jan 16, 2016 at 1:21 am

    This is not fair! Why should Muslims get “interest free” loans and everyone else has to pay interest charges?

    Note to Muslims: It is forbidden for Christians and Jews to pay interest too. Exodus 22:25 says: If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest.

    Do you see Christians and Jews making a huge fuss about paying interest rates? NO!

    So I ask, how is this fair???

    • joe g says

      Jan 16, 2016 at 6:30 pm

      Its not fair. The banks are probably doing that so they can have more money to do whatever with and get more line-credit for their banks from whoever. But yes we should be getting the same treatment. This is total BS & just fuels the muslims to believe theyre on the right track. Side note: How is it that the world cant see the crapholes they call countries where muslims lead are in total ruins and still have the audacity to say islam is good? Where ever islam goes poverty, war, abuse, murder and hell follow.

  4. Nietzsche says

    Jan 16, 2016 at 2:19 am

    A, BAWAG. The red trade union bank of Austria. Zypical.

  5. dlbrand says

    Jan 16, 2016 at 2:37 am

    http://www.ummid.com/news/2016/January/13.01.2016/how-muslims-follow-islamic-finance-in-us.html

    Chicago: Thousands of Muslims in Chicago use the Islamic finance system, based on Shariah or Islamic law, while also using traditional banks and conventional financing structures, Medill Reports Chicago news reported.

    ………………..

    Some Muslims in the U.S. obey the Shariah-based financial system with different workarounds to process their economic operations under the purview of Islamic finance while still operating in mainstream American financial systems.

    ……………………………

    The Devon Bank initiated a Shariah-based financing alternative for its Chicago customers in 2003, creating a system of residential mortgage and commercial leasing options that are Shariah-compliant.

    There has been an exponential growth in the Islamic finance branch of the bank since then, according to Badih Alkhatib, senior loan officer of Devon Bank’s Islamic finance division.

    “Home financing is one of our major components,” he said. “We have Murabaha, which in Arabic means ‘sales with deferred payment.’ ”

    ……………………

    The key industry players in the modern Islamic finance industry are the practitioners of this system, Shariah scholars who determine whether a structure is actually Shariah-complaint, lawyers and government regulators, explained Shawamareh in a lecture on the subject at the American Islamic College on Nov last year.

    …………………..

    – See more at: http://www.ummid.com/news/2016/January/13.01.2016/how-muslims-follow-islamic-finance-in-us.html#sthash.A9Yz4xTX.dpuf

  6. Mark A says

    Jan 16, 2016 at 3:12 am

    As much as I don’t like to see this or the demographic changes it indicates, it’s simply a case of the free market at work offering what potential customers want.

    • Ned says

      Jan 16, 2016 at 5:23 am

      “As much as I don’t like to see this or the demographic changes it indicates, it’s simply a case of the free market at work offering what potential customers want.”

      Explain to me how SHARIA LAW is compliant to U.S LAW?
      This is not a “free market” issue.
      This is an attempt to undermine U.S. LAW and PROMOTE SHARIA LAW!
      I am tempted to bet obnoxious with other comments … so I’ll just state the above …..
      THINK about my comparison …………………………

  7. particolor says

    Jan 16, 2016 at 3:59 am

    Well aint that just Jim Dandy ! 🙁

  8. ROBERT BROWN says

    Jan 16, 2016 at 4:39 am

    Oh, lovely…the bankers must love this….no interest to pay…quids in…bigger profits.Then…..the muslims take over the bank…said western bankers thrown off of the roof, full Sharia implemented. …Seems the bankers as well as the politicos are keen on Islamisation of Europe…..idiots. As Marx said, ‘we will sell the capitalist the rope……..you know.

    • Ned says

      Jan 16, 2016 at 5:24 am

      “As much as I don’t like to see this or the demographic changes it indicates, it’s simply a case of the free market at work offering what potential customers want.”

      Explain to me how SHARIA LAW is compliant to U.S LAW?
      This is not a “free market” issue.
      This is an attempt to undermine U.S. LAW and PROMOTE SHARIA LAW!
      I am tempted to bet obnoxious with other comments … so I’ll just state the above …..
      THINK about my comparison …………………………

  9. Eagle says

    Jan 16, 2016 at 5:50 am

    This is ridiculous. How do banks make money then? I hope they collapse. Well, I always wanted to see Austria, France, Germany, and most of Europe, but since I have had the pleasure of being in Bagh-dung Iraq I guess it’s all the same now anyways. 600,000 in austria? wow. That place is toast. The roach infestation has begun and will only grow.

    • Angemon says

      Jan 16, 2016 at 10:01 am

      Eagle posted:

      “How do banks make money then? ”

      Profit-sharing, commissions on banking operations, etc.

      • UNCLE VLADDI says

        Jan 16, 2016 at 5:48 pm

        Except without interest, banking operations make no profits.

        Or are you implying banksters will actually invest from now on?
        (Thus being subject to gains AND losses, instead of just being paid their pound of flesh)?!

        NOT. GONNA. HAPPEN!

        • Angemon says

          Jan 16, 2016 at 9:52 pm

          I was explained the core concepts almost a decade ago so I’m a little fuzzy on the details, but it goes something like this: rather than charging interests on money loaned to, for example, start a business, the bank takes a share of the clients profits. In practice, profit sharing differs from charging interests the same way temporary marriages differ from prostitution.

          Plus, forget about borrowing money to start a nightclub or a recording studio, or anything else deemed as haram. Islamic banking is just another example of why islamic-based countries regress rather than progress. How can a nation advance if it nips entrepreneurship in the bud?

  10. Charli Main says

    Jan 16, 2016 at 6:09 am

    Off Topic

    “Extremist groups must be allowed to speak at British universities because to ban them would stifle free speech, the new vice chancellor of Oxford has said”

    There appears to be no limit to the insanity of the British ruling elite.
    Won´t be long before Oxford offers courses in decapitation techniques, methods of crucifixion, FMG and live burials of infidels. All in the interests of freedom of religion and not stifling the religious practices of other groups, of course.

  11. Scotty says

    Jan 16, 2016 at 6:30 am

    “Sharia banking prohibits charging interest, as well as transactions with companies that invest in gambling, alcohol or pornography.”

    I’m just a simple man and think as such, isn’t investing a form of gambling??

    • Oliver says

      Jan 16, 2016 at 4:59 pm

      But, some time back, on JW there was a post about a study (probably funded by a government) about pornography. And the major types searched and looked at in different countries, based on their religions. ( Via the Internet). And Muslim countries seemed to lead in rape and bestiality. So, were all the purveyors infidels? Just asking.
      And, what is the definition of pornography? What one might consider porn, someone else could consider great art .

      last point– when Bear Stearns and Co., a large Wall Street brokerage firm was going under, BEFORE THE FEDS CLOSED IT– THE SAUDIS WERE PREPARING TO EITHER BUY IT OUTRIGHT, OR MAKE A MULTI BILLION CASH INFUSION FOR A PIECE. (Yet the Feds took it over, and cost the taxpayers money). But the point- the Saudis didn’t worry about being Sharia compliant. So why are we?

  12. Angemon says

    Jan 16, 2016 at 7:02 am

    Amid the continuing migrant crisis in Europe, an Austrian bank is to introduce Sharia-compliant accounts for the country’s growing Muslim population.

    I’m sure that the 5 or 6 that will actually work for a living appreciate the gesture…

    • Oliver says

      Jan 16, 2016 at 5:00 pm

      Ange- you think that that many will actually work and not be leaches?

      • Angemon says

        Jan 16, 2016 at 9:38 pm

        What can I say? I’m an optimist 🙂

        • Oliver says

          Jan 19, 2016 at 6:22 pm

          Ange– great comeback to me. Oliver

  13. Mark says

    Jan 16, 2016 at 8:37 am

    Please view share and give a thumbs up to the following documentary, https://youtu.be/t_Qpy0mXg8Y. It is very revealing about how treacherous Islam is.

  14. SoCalMike says

    Jan 16, 2016 at 10:42 am

    Europeans and Europeanized Americans nauseate me.

  15. Angry Aussie says

    Jan 16, 2016 at 11:07 am

    http://m.smh.com.au/business/westpac-to-offer-islamic-banking-20100211-nv86.html

    Australian major banks already offer Sharia compliant banking – most have since at least 2009. Makes me nauseous.

    Muslims get it good in Australia. They have infiltrated every level of government and have huge influence over our decision makers. So much so that government addresses to the nation always refer to “Muslims and Non Muslims”. We are no longer commonly referred to as Australians. They have caused a divide. An unhealthy divide.

    Australia Day is 26 January. I’m wondering when it will be renamed “Non Muslim Day”.

    • Charli Main says

      Jan 16, 2016 at 12:01 pm

      A clue, perhaps ???? When Mad Mohammed´s birthday is declared a national Australian holiday and pork barbies will get you arrested for insulting Islam.

  16. Hope says

    Jan 16, 2016 at 11:34 am

    The Western civilizations continue to knuckle under to Islam and Sharia. Which means that these civilization will deteriorate rapidly. The process is already underway. There are only two possible outcomes here. Either the process will continue, and the West will become what the Middle East has always been, thanks to Islam: A violent, backward, bombed-out hell hole. Or…Western citizens will rise up, which means civil wars and overthrowing of Leftist regimes in favor of nationalist regimes. In either scenario, life as we know it will be no more.

  17. UNCLE VLADDI says

    Jan 16, 2016 at 5:43 pm

    Q: WHAT THE HELL DOES “SHARIA COMPLIANT BANKING” EVEN MEAN?!

    A: NOTHING!

    It’s like the fake “halal” food racket!

    According to sharia, ANY and every muslim is expected to pray over their OWN food!

    There’s absolutely NOTHING in it about needing the paid service of an Imam to do it!

    DITTO for “banking:” according to sharia, it’s perfectly halal to charge infidels interest, because it’s a way of enslaving them!!!

    • Oliver says

      Jan 19, 2016 at 6:31 pm

      Uncle V–I posted this before.

      RE: Halal food.

      Some years ago, an acquaintance ( related to good friends of mine) and some other people ( whom i do not know) were preparing to open and start a GLATT ( SUPER, FOR WANT OF A BETTER TERM) KOSHER FOOD FIRM.

      They got a call from a man, who identified himself as the leading IMAM in (I think Chicago, in charge (or whatever the proper word would be) the largest mosque in the city.

      He asked the man ( one whom I know) who would be supervising the firm. the man replied, ” An orthodox; Hasidic Rabbi”. The imam then asked, ” if he orders in LARGE QUANTITIES, CASH ADVANCE OR UPON DELIVERY-NO CREDIT ASKED FOR, WOULD THEY GIVE HIM A WHOLESALE PRICE?”. The imam then went on, he knows that if done according to orthodox, Jewish rules, the food will NOT be impure or contaminated. And continued, under Halal, he could not be sure. (I never asked what the answer was; the people ran the firm for a few years, then sold out).

      But, what I found interesting as did my friends relative- the imam was willing to accept what a Rabbi said; not another Muslim, as to food purity.

  18. billybob says

    Jan 16, 2016 at 5:51 pm

    “Islamic banking is growing worldwide, with the amount of money invested in Islamic financial products growing to around three billion euros by 2018.” We could view this as an astute business move on the part of the Austrian banks. Why shouldn’t they find a way to profit off the Muslims? I think that’s a smart move. Would you rather see Islamic banks moving to to service the needs of the Muslims, and see the profits flowing back to finance jihad?

    Come on people. This is not comparable to the fraud of Halal products being foisted upon us. This is between the bank and their Muslim clients. I hope they fleece their customers good! Use their religion against them. Sell them expensive “Sharia compliant” financial products and keep the profits in infidel hands. We gotta get smarter, instead of reacting with a knee jerk response.

    • gravenimage says

      Jan 16, 2016 at 10:00 pm

      I’m afraid you have too sunny a view of this, billybob–“Shari’ah Compliant Finance” is just more creeping Shari’ah.

      Here’s a good overview of the dangers:

      http://www.shariahfinancewatch.org/blog/about-shariah-finance/

      • billybob says

        Jan 16, 2016 at 10:42 pm

        Followed your link. You do a service by posting it. However, I am concerned about Islamic banks, not European or North American banks, who follow rigid procedures to insure money does not end up in the hands of terrorists. But I learned from your link, there still is a concern, if they employ a paid Sharia law advisor…

        “Sharia Compliant Financing as monitored by paid Shariah law advisors to U.S. banking institutions must “purify” certain return on investment (ROI) dollars that do not meet Shariah law standards. This money must be donated to Islamic charities – including some that promote Jihad and support suicide bombing. ”

        But if I ran a bank, I would simply lie about using a “paid Sharia law advisor” and pocket the money instead. That wouldn’t violate criminal law or banking law, only perhaps laws governing truth in advertising, but I would be coy about it and use oblique references that seem to imply it was totally Sharia. If it was questioned, I would simply pull out.

  19. Librarian 50 says

    Jan 16, 2016 at 6:01 pm

    Most commercial banks offer Shariah compliant loans–Citibank, Wells Fargo, GE Capital, Lloyds of London,.

  20. Oliver says

    Jan 16, 2016 at 6:59 pm

    Just asking.

    I posted earlier tonight that Freddie Mac did this years ago (not sure if they still do).

    Not here. After posting-does someoen review and delete those that they ( whomever ‘ they’ might be) do not like?

    • gravenimage says

      Jan 16, 2016 at 10:05 pm

      Oliver, posts as a rule are only deleted if they are violent, vicious, or extremely inappropriate–deletions here are *quite rare*, and the reasons are usually quite obvious. But comments sometimes can take a while to post–especially if they have more than two links in the body of the text.

      • Oliver says

        Jan 19, 2016 at 6:37 pm

        Thank you.

        I rarely if ever put in links.

        But, the basis– Freddie Mac, some years before they (and Fannie Mae) had to buy subprime, when they bought almost A AND A- , (minus) paper, Freddie introduced a Sharia compliant mortgage.

        Many (of the smaller) firms ( which Dodd Frank did its best to destroy) refused to do the loans. (I was, at the time, was affiliated with a small mortgage firm, and we and most similar sized firms refused to do them). I am not sure how they worked, I think that the borrower got less money ( say $75,000 ) but paid back $100,000, over X years. (IE discount the principal)–reality-paying interest, just doing ti backwards. But was extra work. THAT WAS HOW I THINK IT WORKED, BUT WAS NEVER SURE.

  21. peter55 says

    Jan 16, 2016 at 9:18 pm

    15-20 years ago turkish muslims has stolen 50 Million German Marks(25 M.Euro)from turks in germany,THey sayed INVEST In us and you get 20% or something….there were also people involved who ar enow in higher posotions in Erdogans AKP PArty!So you know from where Erdogan had his money…

    There was a report about it in german tv and a turkish woman sayed:I will never again give my money to muslims,i will give it better to jews or chrisitians haha…

    But also everybody wondered from where the turks had so much money…

  22. donnie newell says

    Jan 17, 2016 at 10:17 am

    sue the bank for the interest they have charged us for years. lawyer up. then they might listen.

  23. Oliver says

    Jan 19, 2016 at 6:40 pm

    REMEMBER BCCI.

    STARTED BY MUSLIMS. RUN BY MUSLIMS.

    SCREWED MUSLIMS.

    AND IN THE US- THEIR TWO BIGGEST SUPPORTERS: JIMMY CARTER AND BERT LANCE. (First American Bank- was one in NYC, one in Virginia and a few others; All connected. All laundered drug and other dirty cash, and fleeced Muslims, for their masters. (I believe it was the ruling family of Qatar).

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