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There is nothing wrong with Islamic Finance

Reader comment on item: Be Careful Investing in Islamic Financial Institutions

Submitted by Malik (United States), Jan 8, 2010 at 08:16

Daniel,

I was listening to your commentary on the Middle East Forum on 12/01 in New York City in regards to Islamic Finance and how it's an "Islamist" practice. There is nothing "Islamist" about not charging interest. What business is it to anyone how the Muslims do business with each other? If we don't want to charge interest in our businesses, so what? It doesn't hurt the economy and it's a transparent transaction without interest exponentially accruing on one side of the business transaction.

Most of our business is done via a profit sharing mechanism, the same profit sharing system that billion dollar Venture Capital firms use. Why aren't you calling them Islamiist too? In regards to your headline about "being careful", if I listed the amount of rogue financial investment firms on Wall Street that thieved there way to the top through a broken financial regulatory system and corporate welfare (ie. Citibank, Bank of America, AIG, etc) I would have hundreds of pages. There are many Islamic institutions that have not done an injustice to any of their customers, and as you know there will always be "bad apples". Islamic financed or not.

I think you should read This Time is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart and Kenneth Rogoff or A Nation Deep in Debt by James Mcdonald. Fractional Reserve Banking and fiat currency is the only tools that have propped up the U.S economy since 1913. The Second Great Contraction (Reinhart) would of been the Second Great Depression had the U.S government not "printed" their way out of it. Although it didn't make the headlines like it should the U.S. had a de facto default in in December of 2009.

Had the House not raised the debt ceiling for the next 2 months it would of been catastrophic for the U.S economy. When I'm done I'll forward you my future post on what Islamic finance truly is so you can get more insight into the smoke and mirrors capitalism that has been going on in the U.S economy for the last 100 hundred years. In addition it will give you more insight into what Riba is. There is nothing Islamist or extreme about it.

Malik Abdul Rasheed, Bronx, NY

Submitting....

Note: Opinions expressed in comments are those of the authors alone and not necessarily those of Daniel Pipes. Original writing only, please. Comments are screened and in some cases edited before posting. Reasoned disagreement is welcome but not comments that are scurrilous, off-topic, commercial, disparaging religions, or otherwise inappropriate. For complete regulations, see the "Guidelines for Reader Comments".

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Reader comments (10) on this item

Title Commenter Date Thread
German Federal Financial Supervisory Authority open to Islamic Banking [21 words]mythAug 21, 2012 06:21198083
There is nothing wrong with Islamic Finance [376 words]MalikJan 8, 2010 08:16167025
What is wrong about Islamic finance is the word 'Islamic' [255 words]PrashantNov 17, 2011 22:56167025
Islamic Finance is just a word.. [263 words]Malik Abdul RasheedNov 19, 2011 23:32167025
1There is nothing wrong in interest [163 words]PrashantNov 21, 2011 01:58167025
Yes from your perspective (there is nothing wrong with Interest) and I'm fine with that [868 words]Malik Abdul RasheedNov 21, 2011 23:35167025
Thanks for a good discussion [574 words]PrashantNov 25, 2011 13:29167025
Banks are being subsidized by Central Banks and Fractional Reserve Banking [1089 words]Malik Abdul RasheedNov 29, 2011 04:37167025
Muslim Zionism!? -- An oxymoron. [27 words]M.D.Jul 18, 2009 16:44158994
JUSTICE, JUSTICE, SHALT THOU PURSUE ! [25 words]GRAHAM R-BJul 15, 2009 10:50158871

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Note: Opinions expressed in comments are those of the authors alone and not necessarily those of Daniel Pipes. Original writing only, please. Comments are screened and in some cases edited before posting. Reasoned disagreement is welcome but not comments that are scurrilous, off-topic, commercial, disparaging religions, or otherwise inappropriate. For complete regulations, see the "Guidelines for Reader Comments".

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