Islamic Banking

Submitted by RF (United States), Feb 19, 2008 at 21:32

Great article. I am not surprised at all to learn the roots of the Islamic Banking does not go to earlier than 1940's India. I hardly can find ANY Islamic concept that truly goes to the origin of Islam.

Echoing your final words; "In short, Islamic economics has trivial economic import but poses a substantial and malign political danger.", I certainly believe that who scheme of Islamic Banking is nothing more than financing their own gang and discriminate against all others. Discrimination against anyone who is not "one of them" is a norm in Islamic society. I assure you that a non-Muslim or a lesser-Muslim would not be eligible for the loan. FYI, in one of those counties I asked about an "interest free loan" from Islamic Bank. I just got a mocking laugh; I was not one of them.

The most apparent example of this phenomenon is Iranian Islamic Government "loaning" money to Shiite and Hezbollah in Lebanon destabilizing the democratic government of the Lebanon. This is while oil-rich Iranian people are suffering from high levels of unemployment, lack of fuel and skyrocketing inflation.

Islamic Banking, as you rightfully concluded, is just a scam.

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