Linked below is an article from Nigeria, a west African nation racked by violence associated with Jihadists attempting to impose Shariah.
While their violent efforts to impose Shariah have been unsuccessful and have been met with equal violence, the Jihadists have been more successful in using Shariah-Compliant Finance as a Trojan horse.
In the particular case below, they use deceit to garner acceptance for “Islamic banking.”
In the article linked, the headline proclaims that:
‘Under Islamic Banking, Customers Get Interest-Free Loans’
As Lee Courso would say on ESPN…NOT SO FAST!
While it is technically true that Shariah-Compliant Banks do not charge interest, the loans are most assuredly NOT free. In fact the fees and charges involved in Shariah-Compliant loans are carefully constructed to guide off of prevailing interest rates.
In other words, it’s all smoke and mirrors.
This is the type of misleading claim that would get a conventional bank fined or sanctioned in the civilized world, but in the world of Shariah, it’s just how business is done…