Comments on: Hugging Shari’a finance at the Fed

By: sgrayban

sgrayban — Mon, 22 Dec 2008 15:47:25 +0000

Shariah Financing is a bad thing all the way around.

First off you have no idea if you are sponsoring any sort of terrorism directly or indirectly because this type of financing is not regulated.

Second you must not know what the definition of “Shariah” is to make such a stupid comment here.

By: Alyssa A. Lappen

Alyssa A. Lappen — Mon, 15 Dec 2008 17:15:26 +0000

The only “ignorance” here is your failure to understand that the entire shari’a finance standard setting structure was formed by Muslim Brotherhood affiliates, and is staffed by officials from terror-funding banks and nations, and that most of the shari’a advisers for these banks also affiliate with and sympathize with hateful, jihad ideologies and organizations.

There is no benefit in that system, period, except to the Muslim Brotherhood and Islamic radicals, who have openly stated their intention to import shari’a into the West through “parallel” economic systems, with which they ultimately hope to subsume into their own. Islamic markets have shown “resilience” only because their bookkeeping is opaque, and you cannot see the problems in their structured finance.

However, those shari’a instruments are engineered with exactly the same methods that have undermined Western banks and economies, and the premise that shari’a finance is somehow safer because it is religious is pure unadulterated nonsense. Shari’a banks have failed, too, and stolen their Muslim depositors’ funds by the tens of millions.

By: Owen Williams

Owen Williams — Mon, 15 Dec 2008 12:33:58 +0000

Interesting article. Even though I do agree with some of the points you’ve mentioned, I do like to point out that your justification of abolishing Islamic finance by some alleged terror activities, is not valid.

Islamic finance does not imply that all of an individual or a firm’s activity to comply with the aspects of Shariah. It merely applies to how you carry out your financial transactions. It seems to me that your article is, ignorantly linking Islamic finance with Terrorism, similar to how some media seems to depict Muslims as terrorists.

Islamic finance have shown resilience during the current turmoil in the markets, and governments such as that of the UK and Japan have recently started moving towards Islamic finance.

It’s very unfortunate that reports such as these, that clearly show an extremely one-sided view, and completely ignore the benefits of this financial system, are being published.