The re-Islamization of Turkey continues apace, as its hostility to the United States grows. Coincidence? No.
“Turkey cites Quranic verses in codes of conduct for interest-free bank auditors,” Ahval News, December 18, 2019:
Turkish authorities included Quranic verses in codes of conduct for auditors of participation banks which pay revenue rather than interest for savings, Cumhuriyet daily reported on Wednesday.
In addition to citing several Quranic verses, the regulations by Turkey’s public oversight accounting and auditing standards authority also required auditors to be god-fearing, Cumhuriyet said.
“Auditor should avoid all actions for which he could be punished by God and take precautions accordingly,” the daily quoted the regulation as saying.
Turkish President Recep Tayyip Erdoğan, once jailed for his Islamic beliefs, has a personal aversion to interest rates – he opposes higher rates as a tool of controlling inflation and has frequently taken aim at what he calls interest rate lobby for seeking to undermine Turkey’s economic success.
As a result, Turkish state-run banks, once the preserve of traditional interest-based banking, have expanded into participation banks under Erdoğan….
CogitoErgoSum says
Those who fear God should not be following a false god called Allah as promoted by a false prophet called Muhammad.
Buraq says
I have studied the Islamic banking system. It’s wide open to corruption and mismanagement. Check out …….
Do Islamic banks fail more than conventional banks?
Abstract
This study aims to investigate the survival time of Islamic and conventional banks in the Gulf Cooperation Council (GCC) countries, taking into account the impact of the global financial crisis by employing the discrete-time duration models. The empirical application is comprised of 56 commercial banks based in five GCC countries over the period 1995–2011. In addition, to examine the differences between banks, a range of explanatory variables from both the bank-level and macro-level are included in several models. The results of hazard and survivor functions indicate that Islamic banks have a higher incidence rate of failure and therefore a shorter survival time than conventional banks. The discrete-time duration model (or the complementary log-log model) findings for the all-banks-pooled model confirm that the hazard rate increases with Islamic banks. Furthermore, the analysis of each bank type reveals that the effect of explanatory variables on survival time differs between Islamic and conventional banks. For instance, increasing the net interest margin ratio causes the hazard rate in Islamic banks to rise, whereas this rate is lowered in conventional banks. Among the macro-level variables, a higher inflation rate leads to a higher hazard rate; improving the regulatory quality correspondingly reduces the hazard rate of survival time in the banking sector of countries within the GCC.
https://www.sciencedirect.com/science/article/pii/S1042443117302329
gravenimage says
This does not surprise, Buraq. “Shari’ah compliant banking” is rife with financial sleight-of-hand at best, and outright fraud at worst.
elee says
So why do otherwise civilised western bankers do business with Muslim banks? They either know or should know that theyre aiding and abetting genocide…..have you checked out your bankers engagement with Muslim banks? What if we all said…..not with my money……and moved our deposits elsewhere? w
gravenimage says
Good point, elee. Sadly, most banks–and all large ones I have seen–have agreements with Muslim banks.
No Muzzies Here says
Islam is the law in Turkey. The “civil” law answers to Sharia law. So, in reality, civil law is a subset of Sharia law. Conclusion: when someone asserts that Islam is just a religion, and not a political movement, that person is severely mistaken.
Michael Copeland says
“Islam is not like Christianity. Our Islam is political.”
Mullah Krekar
Michael Copeland says
RECOGNISE ISLAM
Recognise Islam is political.
Recognise Islam is not a religion.
Recognise Islam is hostile.
Recognise Islam is homicidal.
Recognise Islam is at war with the West.
Recognise Islam authorises deception.
Recognise Islam.
gravenimage says
Islam is a religion, Michael–it is just an evil relgion.
revereridesagain says
No ideology is automatically good because it is a “religion”, just as no one is automatically “evil” because he or she does not share a religious belief. Islam is a religion that preaches evil ideas.
gravenimage says
Agreed, revereridesagain.
Mitch Kumstein says
“…. Cum huri yet …..” Is this Turkish auto erato custom???
Jake says
How does a bank have revenue without lending at interest? They say they share revenue (and not pay interest). What revenue?Guarantied it’s all disguised interest.
gravenimage says
Yep.
Beneath the Veil of Consciousness says
Islam takes societies and cultures out of circulation. Some of these societies have been out of circulation for 1400 years. They are relegated to the back waters of human history, development, and discovery. Left to fester in the stagnant, fetid cesspool that is Islam, their only avenue of expression is toxic hatred, envy, and falsehoods. The cleansing waters of open ideas, free speech and exploration are blocked to them, thus condemning them to languish in a bankrupt rancid stew of hopelessness.
gravenimage says
Turkey: New accounting and auditing standards quote Quran, say “Auditor should avoid all actions for which he could be punished by Allah”
Turkish President Recep Tayyip Erdoğan, once jailed for his Islamic beliefs, has a personal aversion to interest rates…
………………………
This isn’t a “personal aversion”–this is orthodox Islam, where interest and insurance are Haram, but piracy, imposing Jizya, and slavery are all perfectly Islamic.
Infidel says
Years ago, I discussed this w/ a Paki & Iranian colleague. They told me that banks generally have a lending fee that’s independent of the time for which the loan is taken. In other words, interest rate is not a function of time: that’s all.
Turkey should simply import all the Shariah compliant financial institutions of Europe and encourage them to practice what they pioneered back there in Turkey
gravenimage says
Absolutely. Anther reason that Islamic countries are such economic basket cases.
Jake says
Interest rates aren’t a function of time ? Are all their banks broke?
gravenimage says
Interest is considered “un-Islamic”–as is insurance. So Islam has ridiculous work-arounds for this.
This is also one reason why so many Muslims are uninsured–yet another way in which they make Infidels suffer.