We have previously thought that Islamic banking — that is, the accommodation of Western banking practices to Islamic legal requirements — was being pursued by non-Muslim financial institutions out of a desire for economic gain. But in this story, DBS Group is still determined to make a go of Islamic banking, despite losses. Of course, they’re confident that this ventureÂ will eventually be profitable, but perhaps there is also an ideological slant to this endeavor. Certainly the West is tied ideologically to the idea of making common cause with a benign and peaceful Islam; why not Singapore?
“UPDATE 1-DBS makes partial retreat from Islamic banking,” by Kevin Lim and Liau Y-Sing forÂ Reuters/JW
Kenya sees potential of Islamic banking
Because it works so well in Dubai and elsewhere, lets have more of it…!
57 % of Swiss support banning the freedom sack
Go for it, Switzerland!
According to Swiss television, 57.6% of those interviewed for the survey favoured outlawing the Islamic garb for women which covers the entire body.
Last year, a nationwide Swiss referendum prompted criticism across Europe as nearly 58 % of Swiss citizens had voted in favour of a law to ban building new minarets across the country. World News 24
Willie Clitman Watch
“Read our propaganda. Come to our astroturfs. Open your minds and hearts and let us con you again. Trust us; we’re the elite”
Former President Bill Clinton ripped those who doubted Barack Obama’s citizenship as well as those who doubt global warming is man made but described the Times Square bomber as a “poor tragic Pakistani man.”
How about that for misplaced priorities? Clinton displayed scorn for his own political enemies and pity for America’s enemies. Should we be surprised?Â Politico reports/via Creative Minority
Drouin is author of the controversial HÃ©rouxville “life code,” which warned prospective immigrants to his village of 1,338 in Quebec’s heartland that they were not allowed to burn or stone women. AndrÃ© Drouin dubbed Canada’s multiculturalism policy “idiocy” and called for a moratorium on immigration.
Words fail me. Â What do you call the MF’s who sell the country down the gurgler for 30 pieces of silver….?
Our friend Aussie from Aussie News & Views doesn’t hold back: Australian’s don’t give a RATS ARSE who or what offendsÂ Lu Kewen’s new best friends Terror Manual, the Koran.
H/T ZIP, By Malcolm Farr/Daily Telegraph
AUSTRALIA will check our tax laws to ensure they don’t offend the Koran and prevent our access to the $1 trillion Islamic financial market.
The toughest restrictions are linked to Islamic law, or Sharia, which prohibits the payment of interest, known as riba, and bar investment in gambling and alcohol products.
However, the most complex issue relates to finding compatibility between Western tax systems, which concentrate on the details of a transaction, and Islamic “instruments’ which looks at the “economic substance” and can have another outcome.
Continue reading Australia Checking Its Tax Laws to Ensure They Don’t Offend The Koran…
Simon Crean: Are You Really That Dumb?
“The big opportunity is in Islamic finance because there is a whole population out there that is based on Islamic law.”
Can you imagine? Is this Â senile labor dick Â totally oblivious to the fact that Australia has but ONE law for all? What’s next? A two state solution?
Look no further: the usual suspects are selling the birthright of your children for less than a song: Simon Crean, a leading dimwit in ignorance, stupidity and cupidity:Â instead of being gatekeepers the lefty labor loons open the floodgates,Â Â encourage subversion, sedition and infiltration. “Islamic Finance” is a chimera. The Arabs never had a Â financial system to speak of. Islamic finance is an invention by Sayyib Qutb, founder of the Muslim Brotherhood. It legitimizes the zakat which is used to finance the global jihad.
What did they promise you, Simon? How much did it cost to make you complicit, to aid and abet the Â global jihad? Do you have the faintest idea what you are doing?
NAB and Shari’a finance.
An examination of the discriminatory practices of the National Australia Bank (NAB)
Thanks to The Infidel Diaries
A report on ABC’s Lateline programÂ has brought to the fore something which I have been talking about recently: Islamic finance coming to Australia. According to Ali Moore, Islamic banking is one of the fastest growing sectors in finance, fueled by petro-dollars and with Australia being near the hub of Islamic banking for the Asia-Pacific – Malaysia, there seems to be growing pressure on Australian financial institutions to cash in on the “halal dollar”.
Continue reading Islam DownUnder
“Finance with a moral foundation”
By Christopher Landau / BBC
BBC religious affairs correspondent
In the midst of turmoil in the global financial system, there is one branch of finance that aims to operate within strict moral and ethical boundaries – Islamic finance.Â
But how will it survive in the current climate?
Opposite London’s largest mosque, in the heart of the capital’s Muslim community, is a branch of the Islamic Bank of Britain.
It is one of eight branches around the UK that bring Islamic finance to the high street.
It looks just like any other high street bank â€“ but manager Abu Fozoll tells me that it offers finance with a difference.Â “Every single product we offer here is all Sharia compliant. From home purchase plans to direct savings, these are all governed by Sharia principles.”
That means there’s no mention of interest â€“ instead, savers are offered a projected share of profits.Â In practice, Muslims can still get a return on their investment, but without compromising their religious principles.
High street Islamic finance is just one small part of a thriving industry.
Continue reading Al Bebeeceera sings the praises of Islamic Finance