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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.


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