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The Forum > Article Comments > Sharia finance uncovered > Comments

Sharia finance uncovered : Comments

By Vickie Janson, published 20/9/2013

'Islamic Banks…are the life-line of Wahhabi insurgency, they are the feeder of Islamist armed groups, without them terror-donations could not reach the end users scattered around the world'

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Hi Pericles

Thanks for your comment. I'm talking about the ethics of sharia law that openly discriminates against non-Muslims in Muslim majority countries...not just banking ethic per se - I agree, where there are people there will be corruption - no doubt.

But the worldview that sees others and legislates others as second class citizens is not something I believe our government should promote, which they are by the promotion of this product. The worldwide revival of sharia compliance around the world has been accompanied by a rise in persecution of non-Muslim minorities and Muslims who are viewed as 'not Muslim enough' by sharia standards. Why we would promote this?

Yes, there are many ethical investment options - but if we promote the idea that people themselves are 'unclean' through this type of activity - I think we can legitimately question the claim to ethics. Many Muslim scholars oppose this finance as an unnecessary burden on the Muslim community. And the idea that 'increase' is inherently evil - shouldn't that be up for discussion? Why would anyone invest with no expectation of a return? Isn't that keeping people in poverty? There are lots of legitimate issues around this that go to the question of promoting better integration.
Posted by Vickie, Friday, 20 September 2013 11:38:59 AM
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Thanks Rhosty - yes I do believe people should be free to not wear insignia that offends their conscience. My point was that the chap in question didn't extend his objection to receiving a huge salary from an interest bearing account. I was suggesting this is a little hypocrtitcal. I've heard people demanding sharia finance as a necessity - yet they will receive Centrelink payments from interest bearing accounts - suggesting that taking money is ok but investing in non-Muslim banks or charities is not? Something to think about when claiming to be 'ethical'.
I'm not an economist to discuss limits on interest however I certainly support interest free loans for the very poor in order that they can startup a viable business to support themselves. There is some great work here in the Third world by Muslim and Non-Muslim alike.
Some terror organisations fronting as Islamic charities is just simply fact and there are convictions for this very thing - no conspiracy necessary.
Thanks again for the feedback.
Posted by Vickie, Friday, 20 September 2013 11:49:35 AM
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No you are not, Vickie.

>>I'm talking about the ethics of sharia law that openly discriminates against non-Muslims in Muslim majority countries.<<

You're talking about Australia.

"...with promises of no interest and the concept of ethical investment being hailed as the greatest selling feature of Islamic sharia finance in Australia, perhaps it is worth considering both those claims."

If you were actually talking about "Muslim majority countries", you would be seen to propose that no country should be allowed to establish its own laws. The corollary of which is, of course, that they should all abide by Vickie's rules.

And ethics. Significantly, you did not choose to challenge my points about the ethics of our own banking systems.

And you are clearly inventing this stuff as you go along...

"But the worldview that sees others and legislates others as second class citizens is not something I believe our government should promote, which they are by the promotion of this product."

Where is our government promoting this product?

Pure fiction.

Even your opening example is poorly chosen.

"Such a strong stand by Cisse may seem a little ironic given his willingness to wear the previous shirts sponsored by Virgin Money".

If you cannot see the difference between Virgin Money and Wonga, then you clearly haven't done your homework. Even using their own example, Wonga's interest rate is astronomic.

http://www.wonga.com/money/is-this-apr-expensive/#

Did you see that number? 5853% APR. Would you wear the shirt that promotes usury at that level?

One more thing.

>>Why would anyone invest with no expectation of a return?<<

If this is the sum total of your understanding of Sharia finance, then you need to do some more research. Seriously.

Otherwise, you might just come across as an ignorant anti-Islamic bigot.

And you wouldn't want that, would you?
Posted by Pericles, Friday, 20 September 2013 12:20:52 PM
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"...by the promotion of this product." Sorry, not sure what product this is?

But I trust in your honesty, Vickie, to report the breaches of finance regulations you've uncovered to the appropriate authorities.

Any and all Australian businesses and corporations in breach of our laws should be held to account. As should all Australian politicians as well as political and religious entities.

Much as this is a desirable ideal it's unlikely to happen more often in the future than in the past... more's the pity. So we are left with eternal vigilance to ensure that religion does not interfere with the laws of the land.

Inherent advantage or disadvantage based on wealth, class, creed or religion and enshrined in law should be abjured in a modern secular democracy. (Though many exclude Monarchy for some reason.)

I've no doubt you wouldn't 'cave to pressure or political correctness, or spin'. That is the position of your party? And less 'spin' in public discourse is to be applauded if we see it...
Posted by WmTrevor, Friday, 20 September 2013 12:38:26 PM
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I'm not going to add further to the comments other than to say well done Vickie for responding to comments to your article.
Posted by Cobber the hound, Friday, 20 September 2013 1:52:54 PM
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This article is utter drivel.

The principles underpinning sharia financing are not some Trojan horse insinuating a universal caliphate into an unsuspecting western world. They is simply based on the idea that usury is wrong. For centuries, Christians believed much the same thing, and churches prohibited lending at interest.

Whatever delusions the Muslim Brotherhood may hold about “financial jihad”, they are not going to bring down western capitalism by refusing to lend us money.

It also deliberately confuses two separate issues – do the financiers of international terrorism use Islamic financial institutions (I image they would – I bet the IRA’s backers in the USA used western banks to transfer money, too) and are were Islamic financial institutions established to propagate terrorism, which of course is nonsense.
Posted by Rhian, Friday, 20 September 2013 2:35:44 PM
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