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Central or National Banking in Turkey Under Erdogan

Reader comment on item: The Religious Roots of Turkey's Currency Crisis
in response to reader comment: Islamic Commerce Not Confined to Caravans Anymore

Submitted by Robert (United States), Jan 3, 2022 at 13:03

Dear (Reader) M Tovey,

I think your drifting away tom the Topic. The is Banking in Turkey under President Erdogan, a Muslim opposed to charging Interest on the Grounds that it is un-Islamic.

We know that Turkey was founded by Ataturk as a Secular State in 1923. So I assume adopted Western institutions in including Western Banking which are based on Interest. But I have no knowledge of Erdogan established the kind of Muslim Banks which exist among the Gulf Arab States in which Profit replaced Interest. And I do not agree with Dr. Daniel Pipes, that this was merely a Islamist "TRICK."

My specific concern is that President merely Froze the Interest Rate, he did NOT abolish Interest as un-Islamic altogether. An that is weird. As Erdogan once famously (or something to that effect) "There is no Conservative and Liberal Islam; there is just Islam and that's it." Accordingly, to be consistent, "There is no High or Low Interest, there is just Interest, and that's it." So by merely Freezing (or Lowering) the Interest Rate
Sharia Law is being Violated.In brief, it appears that Erdogan is not true to his own Muslim Virtue of avoiding Interest. I am surprised that Dr. Daniel Pipes did not make this rather obvious observation himself. It's like being Pregnant, a Woman is nor isn't; there are no degrees of Pregnancy. Therefore, keeping Interest Low, does not make Interest more Islamic.

Submitting....

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