Posted: 13 Dec 2008 12:26 PM PST-hat tip-MERE RHETORIC-http://tinyurl.com/5o56pe
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While ministers and major financiers of major rich countries try to stem the panic of the global financial turmoil, imams of mosques, economists and writers stress that, from Saudi Arabia, Islamic finance is the only remedy against the successive black days. The shock wave from the financial catastrophe has not spared the imams of most mosques in Saudi Arabia. They used the crisis to spread in endless praise Islamic finance which is based on the ban of interest (riba), speculation, and sharing the risk and profit between contractors.
… but then I remembered that both the US government and the British government are embracing Islamic bonds. Plus US students can now learn about the intricacies of sharia finance at MIT. So I guess everything’s going to be OK after all. 300 billion is what the US is asking for. If you accept that Democrats are mostly to blame for the financial meltdown – which you should since it’s fucking true – does that mean that the political left has stumbled into yet another way to boost political Islam? Or does the meltdown-induced crash in oil prices mean the whole thing’s a wash? References: * Saudis seek ‘Sharia bail out’ to financial crisis [Middle East Online] * U.S. Government Embraces Islamic Banking [PJM] * British Treasury: Hey, Let’s Issue Sharia Bonds So Radical Muslims Can Grab Ownership Of Government Buildings [MR] * SHARIA FINANCE IN THE CLASSROOM [Atlas Shrugs] * US seeks 300 billion dlrs from Gulf states: report [AFP] * Jim Cramer: Hey, you know who’s really to blame for the mortgage mess? [Hot Air] Previously: * We’re Going To Miss Westminster Abbey – Archbishop of Canterbury Says British Sharia Is “Unavoidable” * Shariamania Sweeps Across Syria, Britain, and… US Treasury Dept * We’re Going To Miss Westminster Abbey – Sharia Courts Established In Britain