The 300 Billion Dollar Bailout of Shariah Finance
Daniel Greenfield has written an excellent piece about the third round of bailouts for CitiGroup.
Here are a couple of highlights and a link:
We are now seeing the third round of bailouts for Citigroup, after the US government already has taken a 36 percent stake in the bank. This makes the US government the largest shareholder of a bank, whose second largest shareholder is Saudi Prince Alaweed Bin Talal.
But in bailing out Citigroup, the American taxpayer isn’t simply bailing out Prince Alaweed Bin Talal’s bank, who actually increased his stake at the end of 2008 when investors were jumping overboard, or protecting the investment of the Abu Dhabi Investment Authority. We’re also engaging in a 300 billion dollar plus bailout of Sharia finance. Because Citigroup’s Islamic Banking operation represents the world’s leading of Islamic loans and Sukuk bonds.