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2004-06-02 Home Front: WoT

US Treasury appoints adviser on Islamic finance

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Posted by TS(vice girl) 2004-06-02 8:56:28 PM|| || Front Page|| [3 views since 2007-05-07] Top

#1 So how does "Islamic banking" work better than normal banking if the banks can't make money through interest? And aside from that, is "Islamic banking" any different than "normal banking"? Do their collection agents blow themselves up at your house if you don't pay on time? Or is "Islamic banking" a euphemism for what's been called the "money-favor nexus," what the Middle East calls "Business as usual for those in power" and we call "corruption"?

Posted by The Doctor 2004-06-02 9:42:47 PM|| 2004-06-02 9:42:47 PM|| Front Page Top

#2 They don't charge interest. Although, interpretation of what constitutes interest varies. E.g. a discount note technical doesn't charge interest, although effectively it does. So is it allowed?

From a practical perspective, banking is not possible without interest. Islamic banking is a oxymoron. The so called Islamic banks are either venture capital type entities (i.e. not banks) or they charge some kind of hidden interest as in my discount note example.

Posted by Phil B 2004-06-02 10:16:25 PM|| 2004-06-02 10:16:25 PM|| Front Page Top

#3 I read an article once that explained how a "pious" Moslem could buy a house without paying interest. I'm no financial expert, but it was evident even to me that it was a huge con game, I suppose aimed at fooling Allan. They still paid more than the purchase price of the house - they just called it something else.

Nice religion - you lie to yourself and try to fool your diety. Sure, I'll sign right up. (NOT)

Posted by Barbara Skolaut 2004-06-02 11:31:21 PM|| 2004-06-02 11:31:21 PM|| Front Page Top

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