Every once in a while we come across an article on Shariah-Compliant Finance that truly boggles the mind.
But the article we just found on zawya.com is in a class by itself.
Not only does it pose a hypothesis that is absurd, but the wording of the article reads like something that you need a World War II Enigma code machine to decipher.
What evidence there is to suggest that Shariah finance offers the key to eliminating poverty in Europe (or anywhere else for that matter) is unknown to put it mildly.
And you can be sure that this opening paragraph from the article suggesting just that won’t clear things up at all:
In Europe 80% of the people which account for 17% of the whole European population, are living below the poverty line of European countries which is increasing in consequences of current European financial crisis and unemployment, while the major portion of European poverty prevails in eastern European countries i.e. Romania, Armenia, Albania, Bulgaria and Greece where more than 20% people are suffering from poverty which is unfavorably increasing where such indicators are proving that the poverty has not only been the critical issue of Africa, Latin America or South Asia rather the European countries are also being affected by it adversely whilst this issue can be addressed through introducing Islamic microfinance in Europe, said by Muhammad Zubair Mughal, Chief Executive officer- AlHuda Centre of Islamic Banking and Economics (CIBE) while addressing to the 10th Global Microfinance Forum held on 21st March, 2014 in Vienna, capital of Austria which was attended by delegates, experts and researchers from more than 35 countries.
It’s hard to read that and keep a straight face, both because the guy who wrote it must have been mighty overexcited and because the idea that Shariah Finance eliminates poverty must come as quite a surprise to the folks in Pakistan, Sudan, Nigeria and Somalia, where Shariah has done absolutely not a damn thing to improve their plight…