Report: Western banks divesting their Shariah-Compliant units
At a time when promoters of Shariah-Compliant Finance are spreading propaganda that Shariah is the salvation from the financial crisis, Western firms are starting to unload their Shariah-Compliant units. Both Barclays and Citi have decided to do so.
The idea that Shariah provides any safety net flies in the face of reality, as evidenced by our report of 9 January of the virtual collapse of Islamic bond sales:
So, it could be that Citi and Barclays figured out that Shariah-Compliant Finance is not the profit center that they anticipated. Couple that with having to get in bed with creepy Sheikhs and Muftis like Qaradawi, Usmani and others and be party to promoting a barbaric doctrine and the risk to reward ratio for entering the world of Shariah-Compliant Finance is decidedly unfavorable…