Swiss bankers get into bed with Muslims!
Photo courtesy of the BBC
The dramatic growth of Islamic banking and finance appeared to have been confirmed during the recent World Economic Forum in Sharm al-Sheikh in Egypt.
One of Germany's biggest banks, Deutsche Bank, announced a joint venture with Ithmaar Bank of Bahrain and Abraaj Capital of Dubai to launch a $2bn (£1bn) Sharia-compliant financial fund.
The banks say the fund is designed to boost education initiatives and investment in media and energy companies, and infrastructure in the Middle East.
More and more conventional international banks, such as Citibank, HSBC and UBS, are converting some of their services to interest-free Islamic finance models.
Estimates of the value of Islamic banking internationally range from $200bn to $500bn. Banks move into Islamic finance
Mark Alexander
7 comments:
Ooops Sharia forbids interest but that goes out the window. When asked how halawa fees are not intrest I get talk about service charges.
Islam is not the basis for a modern economy.
The noose keeps tightening.
This sharia 'no interest' financial 'wagon' is a sham. Interest by another name. Anyone should know that the present value of future payments at a certain discount rate results in the price paid in present value. A common sham is to take a property, the 'buyer's does a lease option where in reality the lease payments are really the same as a mortgage payment discounted to get the initial 'purchase' price. Interest by another name is still interest. But bankers love it because this intricately fabricated 'shariah compliant' finance vehicles generate fees. But the bankers go along with it and pretend it is all legit. Doesn't that sound familiar? Ask our MSM.
Beakerkin:
Islam is not the basis for a modern economy.
Islam is not the basis for a modern anything!
I am very proud our baby is growing," says Alexander Theocharides, a director with Faisal Finance, the first Islamic bank in Switzerland.
Stay proud, Theocarides! Stay proud! The alligator won't take long to turn on you! Oh, and don't be impatient! The alligator won't disappoint you.
"The volume of Islamic Finance has now reached approximately $500bn and we are witnessing an annual growth of about 10%."
That's nothing to be so proud of! Swiss bankers did a similar thing with monies from Nazi Germany. Ethics didn't matter to them then; and ethics don't seem to matter to them now.
If it's any consolation to you: British bankers aren't very much different.
"We want to make the concept of this kind of ethical investment available to the West," Mr Theocharides explains.
What the hell do Muslims know about ethics?
"Everybody, non-Muslims included, can take advantage of Islamic finance products."
No thank you, Mr Theocarides! I'll stick to traditional investments, thank you very much. I don't want to feed the monster. It's growing too big for its boots as it is.
Mark,
Islam is not the basis for a modern anything!
Hear, hear!
Bld:
And to think I used to like "Toblerone!"
You've got a wicked sense of humour! :-) RAFL!
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