1 readers online now  |  69 million page views

just another financial product

Reader comment on item: Why I Stand with Geert Wilders
in response to reader comment: Islamic Banking

Submitted by the Grand Infidel of Kafiristan (Australia), Jan 27, 2010 at 17:25

Yes, Mr Soetero should look and learn and remember not to be taken in by first impressions.

'Islamic' banking - in essence just another way of organising loans - and not particularly 'Islamic' in derivation .

The article about Australia and any dalliance with 'Islamic' banking clearly shows Australia's interest in tapping funds available in the Islamic world. Surely it must have dawned on you they are interested in making money - by whatever means. If it was not profitable to run 'Islamic' banking - they simply wouldn't do it. If there were such a thing as 'Eskimo banking' and it turned a profit - they'd welcome that too.

i.e. don't fool yourself into thinking that it is a superior system of economic management as the links I posted yesterday show some of the pitfalls to this system.

"Tax neutrality for Islamic products will certainly open up the market in Australia like it has in the UK. We have been hamstrung by the way we do any leveraging for this fund. I am confident that Islamic investors are going to be suitably interested in Australia as a market. My understanding is that only $600 million of assets are Shariah-compliant in Australia currently and most of these funds are equity-based. People are looking for alternatives.

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".

Comment on this item

Mark my comment as a response to just another financial product by the Grand Infidel of Kafiristan

Email me if someone replies to my comment

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".

See recent outstanding comments.

Follow Daniel Pipes

Facebook   Twitter   RSS   Join Mailing List

All materials by Daniel Pipes on this site: © 1968-2021 Daniel Pipes. daniel.pipes@gmail.com and @DanielPipes

Support Daniel Pipes' work with a tax-deductible donation to the Middle East Forum.Daniel J. Pipes

(The MEF is a publicly supported, nonprofit organization under section 501(c)3 of the Internal Revenue Code.

Contributions are tax deductible to the full extent allowed by law. Tax-ID 23-774-9796, approved Apr. 27, 1998.

For more information, view our IRS letter of determination.)