As we have mentioned from time to time on SFW, the financial jihadists have their sights set squarely on India–and many in India are resisting.

The article linked below is a prime example of the misinformation and deception often characteristic of the Shariah Finance industry. When taking a close look at the article, notice three things:

1. The author repeatedly uses the term “interest-free.” This is misleading at best because it infers that money can be borrowed at no cost. This is not the case. Though Shariah banks do not charge interest, they absolutely structure fees in such a way to mirror prevailing interest rates.

2. The author uses the Wall Street financial crisis of 2008 to proclaim that Shariah finance is superior due to higher ethical standards and built-in safeguards against risk. Again, this is misleading. The Shariah finance industry was indeed hit hard by the financial crisis, despite what the author of this article writes. Moreover, no mention is made of the Dubai default debacle.

3. Ironically, after proclaiming high ethics, the author holds up and quotes Mufti Taqi Usmani as a leader in the Shariah finance industry. As we have documented here many times, Usmani is a vicious, bigoted Jihadist with ties to extremist groups.

http://twocircles.net/2010mar29/problems_and_prospects_islamic_banking_india_road_map_ahead.html

 

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