BreitBart.com has recognized the infiltration of Shariah into the UK via the financial underbelly in an article published last night. Excerpts and link…
Britain has six “fully Islamic” banking organisations and government minsters are attempting to attract even more Sharia-compliant finance initiatives to the UK.
But concerns will no doubt abound, considering the extra cost implications for UK institutions, as well as the fact that over 40 percent of Islamic banking worldwide is traceable back to the hostile Islamic Republic of Iran.
Sharia finance is also more expensive for financial institutions than regular banking products. A report from the Peninsula, Qatar, says: “…factors that may push up costs are a lack of clear regulation, in an industry where scholars may issue contradictory rulings, and adverse tax treatment, since Islamic deals often involve multiple asset transfers”.