You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #4: Islam doesn't ban interest what it bans is usury. Surprised, I was but [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
snagglepuss Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-26-10 01:15 AM
Response to Reply #1
4. Islam doesn't ban interest what it bans is usury. Surprised, I was but
Tarek Fatah an outspoken progressive Pakistani-Canadian Muslim explained in an interview how Islamic bankers have sold Muslims a bill of goods which has kept the majority of Muslims poor and enriched a minority. He says most Western banks now offer "Islamic" banking because it is incredibly profitable.

Fatah belongs to the Canadian Muslim Congress which is vocal opponent of conservative/fundie Islam. Below is an excerpt from an article about "Islam" banking from that site.

snip

Explaining the deceptive workings of interest-free Sharia banking, as practiced by Saudi and other Islamic banks, Ms Hassan said: "Muslim bankers and their hired clerics claim they indulge in interest-free banking, but in reality they hide this interest. So-called Islamic banking institutions claim they operate on "zero interest." However, the fundamental characteristic of charging interest is never truly eliminated in Islamic banking, but rather is hidden.

The MCC president referred the CMHC president to Muhammad Saleem, a former president and CEO of Park Avenue Bank in New York, who has written a book, Islamic Banking A $300 Billion Deception. Mr. Saleem, who was a senior banker with Bankers Trust where, among other responsibilities, he headed the Middle East division and served as adviser to a prominent Islamic bank based in Bahrain, dismisses the founding premise of Islamic banking, saying, "Islamic banks do not practise what they preach: they all charge interest, but disguised in Islamic garb. Thus they engage in deceptive and dishonest banking practises."





http://www.muslimcanadiancongress.org/20080129.html
Printer Friendly | Permalink |  | Top
 

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC