The next country in the financial jihadists’ sites appears to be Uganda.

Olive Kigongo, the President of the Uganda National Chamber of Commerce and Industry (UNCCI),  has announced Uganda will host a seminar on Islamic Banking soon.

“The difference between Islamic banking and the one more conventional banking we are used to, is that no interest is charged on loans and probably more importantly the banks are partners in any loan transaction. This has far reaching consequences for our businessmen and economy,” she said.

“Through a combination of hire purchase, equity participation, deferred payment, profit sharing among others Islamic banking allows for doing business without charging interest on a surplus that is more charitable to businessmen’s pockets,” Kigongo said.

By now, you may have spotted the fraud.

There is NO evidence that Shariah-compliant loans are “more charitable to businessmen’s pockets.” In fact, there is evidence to the contrary, namely that Shariah-compliant loans, though they may not charge interest, are actually more expensive than conventional loans…

http://www.busiweek.com/index1.php?Ctp=2&pI=1070&pLv=3&srI=68&spI=107&cI=10

 

 

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