|Now here is some sharp reporting by the Washington Post|
|by SANE Staff, Thu, October 30, 2008, 22:51:PM|
There is a huge push on by the Shariah-faithful, from the Wahhabi-Jihadists to the Muslim Brotherhood Jihadists, to explain to the West that Shariah-compliant finance is a fix to the current sub-prime meltdown and consequent credit crisis. How? Because Shariah does not allow interest or undo risk, Shariah-compliant finance is a fix.
Read this Post article with our interlineated comments.
Islamic Banking: Steady in Shaky Times
[article redacted for brevity/copyright]
Principles Based on Religious Law Insulate Industry From Worst of Financial Crisis
By Faiza Saleh Ambah
JIDDAH, Saudi Arabia — As big Western financial institutions have teetered one after the other in the crisis of recent weeks, another financial sector is gaining new confidence: Islamic banking.
Proponents of the ancient practice, which looks to sharia law for guidance and bans interest and trading in debt, have been promoting Islamic finance as a cure for the global financial meltdown.
This week, Kuwait’s commerce minister, Ahmad Baqer, was quoted as saying that the global crisis will prompt more countries to use Islamic principles in running their economies. U.S. Deputy Treasury Secretary Robert M. Kimmet, visiting Jiddah, said experts at his agency have been learning the features of Islamic banking.
[Shariah-compliant finance (SCF) is being promoted big time by the Shariah-faithful as a cure-all and as a condition to get Gulf states oil revenues to stave off our financial crisis. Kimmitt is in the Gulf now begging for capital infusions.]