Monday, February 21, 2011

Is All This Global Uprising Manipulated To Head Off An Alternate Banking System?

Rothschilds Stage Revolutions In Tunisia And Egypt To Kill Islamic Banks In Emerging North African Markets

"Islamic banks have been eating into Rothschild profits in the Middle East because: they don’t charge interest (Shariah Law), they are growing very rapidly among the world’s exploding Muslim populations, and (in these catastrophic economic times) they are more stable than western banks.

While it is a very good thing that people are freed from the tyranny of dictators, they also need to be freed from the tyranny of economic control and serfdom. The relevant moral question is: Do the means justify the end?"

“Clearly Islamic banks in the Gulf are already anticipating the day when their home markets are saturated. And it appears that Egypt will be on the next front-line in the development of regional Islamic banking and finance.”

“African countries such as Algeria, Egypt, Libya, Morocco, Tunisia and Sudan are keen on future sukuk exercises (issuing Islamic bonds). Gambia debuted with a US$166m sukuk deal, privately sold in the US in 2006.” [International Finance Review (Reuters), 2008]

The New York Times article “Islamic banking rises on oil wealth, drawing non-Muslims” ( November 22, 2007) reported: “Rising oil wealth is lifting Islamic banking – which adheres to the laws of the Koran and its prohibition against charging interest – into the financial mainstream. . . . In addition to Islamic loans, there are Islamic bonds, Islamic credit cards . . . Loans and bonds that conform to the Koran are already available in the United States. . . .

“’This is an industry on its way from a niche industry to becoming a truly global industry,’ said Khawaja Mohammad Salman Younis, the managing director for operations in Malaysia for Kuwait Finance House, the world’s second-largest Islamic bank. ‘In the next three to five years you’ll see Islamic banks coming out in Australia, China, Japan and other parts of the world.’

“In Islamic banking, financiers are required to share borrowers’ risks, meaning that depositors are treated more like shareholders, earning a portion of profits. Financing deals resemble lease-to-own arrangements, layaway plans, joint purchase and sale agreements, or partnerships.

“The stampede into Islamic finance is mostly an effort to tap an estimated $1.5 trillion of funds sloshing around the Middle East, largely from higher oil prices. . . .Those investments have helped ignite an economic revival throughout the Muslim world at a time of increasing religious conservatism among Islam’s 1.6 billion faithful. A result is expanding demand for financial services that adhere to Islamic law . . .

“And while the biggest Islamic banks are in the wealthy Gulf states, the most attractive potential markets are in Turkey and North Africa (emphasis added) and among European Muslims. . . ."

“Islamic finance also avoids other prohibited practices. Shariah-compliant bankers cannot receive or provide funds for anything involving alcohol, gambling, pornography, tobacco, weapons or pork. Proponents of Islamic banking say these are limits any socially conscious investor can support, Muslim or not. They also envision wider appeal for Islamic banking’s ban on interest, which stems from the Koran’s prohibition against usury.

“This is a view that has a long religious and historical tradition. Interest is repeatedly condemned in the Bible. Aristotle denounced it, the Romans limited it, and the early Christian church prohibited it. . . .

“The belief that all interest charges are unjust now underpins Islamic finance. . . .Hoarding is frowned upon in the Koran, so savings earn no return unless put to productive use.

“’Money should be used for creating better value in the country or the economy,’ Maraj said. ‘Money cannot generate money.’"


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