Debunking Islamic Finance #2

Posted: August 6, 2013 in Islamic Finance, Paper money
Tags: , , , , ,

A couple of further articles showing the fallacy that is Islamic Banking & Finance;

How Sharia-compliant is Islamic banking?

“We create the same type of products that we do for the conventional markets. We then phone up a Sharia scholar for a Fatwa [seal of approval, confirming the product is Shari’ah compliant].

“If he doesn’t give it to us, we phone up another scholar, offer him a sum of money for his services and ask him for a Fatwa. We do this until we get Sharia compliance. Then we are free to distribute the product as Islamic.”

How Islamic finance missed heavenly chance

“Scholars and bankers have become more and more sophisticated in finding ways to get around the prohibition of interest and of uncertainty – and create a shadow of the conventional finance system”

Advertisements
Comments
  1. Field Muslim says:

    Salaamun aleikum. None of this is surprising. After all, we are dealing with “Free Markets of Islamic Jurisprudence” – the title of a journal article by Liaquat Ali Khan which appeared in Michigan State Law Review (2006), pp. 1487-1560. (The article is available here: http://msulawreview.org/PDFS/2006/6/Khan.pdf)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s