Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Islamic laws of finance a cushion in hard times
Sacramento Bee ^ | March 30, 2009 | Stephen Magagnini

Posted on 03/30/2009 11:58:04 AM PDT by Bokababe

The recession gripping the nation has taken less of a toll on American Muslims who follow age-old Islamic laws against paying – or charging – interest.

They've also been shielded by socially responsible retirement plans because Shariah– Islamic law – forbids investments in banks and mortgages as well as tobacco, alcohol, gambling, pornography or weapons.

"If everybody was Shariah-compliant, there would be no recession," said Farouk Fakira, a Yemeni immigrant who moderated a discussion on Islamic finance at Sacramento's Masjid Annur last week.

(Excerpt) Read more at sacbee.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; US: California
KEYWORDS: economy; islam; islamiclaw; islamictyranny; pravdamedia; theocracy
Isn't it nice that our local paper extols "the virtues of Sharia"?/s
1 posted on 03/30/2009 11:58:05 AM PDT by Bokababe
[ Post Reply | Private Reply | View Replies]

To: Bokababe
It's the rest of the crapola that comes with their lending laws that has me buffaloed.
2 posted on 03/30/2009 11:59:55 AM PDT by Constitutions Grandchild
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

So, how does icklamb retirement work w/o interest et.al.?


3 posted on 03/30/2009 12:00:31 PM PDT by norraad ("What light!">Blues Brothers)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

Weapons are forbidden?


4 posted on 03/30/2009 12:00:52 PM PDT by Borges
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

Did I read this right? ... forbids investment in ... weapons?

So not a single Muslim has a gun or weapon. What have you been smoking?


5 posted on 03/30/2009 12:01:02 PM PDT by George from New England (escaped CT 2006; now living north of Tampa Bay)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

If everyone was Shariah compliant, there would be no modernity. It would be like your native Yemen, you stooge.


6 posted on 03/30/2009 12:01:23 PM PDT by pissant (THE Conservative party: www.falconparty.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

The interest in embedded in the loan and called something else. The suicidal media embrace an ideology that would close them down.


7 posted on 03/30/2009 12:02:12 PM PDT by wac3rd (In the end, we all are Conservative, some just need their lives jolted to realize that fact.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

ANYBODY who is STUPID enough to get mixed up with the Muzzies deserves what they get!


8 posted on 03/30/2009 12:03:12 PM PDT by WellyP (obama must go!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

If everyone was Sharia compliant, we’d all be dead or in prison. No people, no recession...sounds logical.


9 posted on 03/30/2009 12:03:28 PM PDT by Marysecretary (.GOD IS STILL IN CONTROL)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

And slaves don’t have to worry about where their next meal is coming from.


10 posted on 03/30/2009 12:03:45 PM PDT by a fool in paradise ("I certainly hope he (Bush) doesn’t succeed" - Democratic strategist James Carville 9-11-2001)
[ Post Reply | Private Reply | To 1 | View Replies]

To: FARS; AuntB; djsherin; Kolokotronis; Tailgunner Joe; ForGod'sSake; rabscuttle385

Ping!


11 posted on 03/30/2009 12:03:54 PM PDT by Bokababe (Save Christian Kosovo! http://www.savekosovo.org)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Marysecretary

Islam means Submit.


12 posted on 03/30/2009 12:04:04 PM PDT by a fool in paradise ("I certainly hope he (Bush) doesn’t succeed" - Democratic strategist James Carville 9-11-2001)
[ Post Reply | Private Reply | To 9 | View Replies]

To: George from New England

No. They want “fair trade” weapons, you should sell them at cost and not profit from their production.


13 posted on 03/30/2009 12:05:34 PM PDT by a fool in paradise ("I certainly hope he (Bush) doesn’t succeed" - Democratic strategist James Carville 9-11-2001)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Bokababe

Guess you don’t need a retirement plan if your last job involves blowing yourself up.


14 posted on 03/30/2009 12:05:42 PM PDT by pleasenoobama (Liberals lied, small government died)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe; All
The Real Logo of the Democrat Party

15 posted on 03/30/2009 12:11:33 PM PDT by Fiddlstix (Warning! This Is A Subliminal Tagline! Read it at your own risk!(Presented by TagLines R US))
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe
Of course, Sharia finance being a safe haven during troubled markets is a complete and utter untruth...

According to Zawya.com the global market for primary Islamic bonds, or Sukuk, shrank by half last year to $15.2 billion. http://is.gd/oeZs

16 posted on 03/30/2009 12:11:39 PM PDT by Dinah Lord (fighting the Islamofascist Jihad - one keystroke at a time...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All
"The bottom line for many Muslims is, "if I don't have the money to buy something, that means I can't afford it," said Deya Dean Elghassein, who's Palestinian American. His family helped him buy his home in Folsom with cash. "I do use credit cards, but they have to be paid off in full at the end of the month," he said....."Muslims in general have been much less affected by the recession because they're very cautious and conservative in matters of finance and take a longer-term view of life," Haq said. "They want to invest their funds in a way that pleases God so they can sleep peacefully – they care about the afterlife."

Ironic, because when I was a kid, I used to know a lot of Christians who thought exactly this way on these issues. Fortunately, they did not feel the need to blow up themselves and others to prove their devotion!

17 posted on 03/30/2009 12:11:53 PM PDT by Bokababe (Save Christian Kosovo! http://www.savekosovo.org)
[ Post Reply | Private Reply | To 14 | View Replies]

To: wac3rd
The interest in embedded in the loan and called something else. The suicidal media embrace an ideology that would close them down.

That's right...instead they're charged an "up-front fee" which they have the option of building the "fee" payments into their regular monthly payments.

Essentially, to them, "interest" is a dog turd, and they're putting a flower into it and calling it a bouquet.

All they're doing is trying to trick Allah (piss be upon him).

18 posted on 03/30/2009 12:12:59 PM PDT by Zeppelin
[ Post Reply | Private Reply | To 7 | View Replies]

To: Bokababe
"If everybody was Shariah-compliant, there would be no recession," said Farouk Fakira

Yeah Mr Fakira, and if everybody was sharia compliant, they'd be no USA or European wealth to migrate into, for your kind to live parasitically practising your complete lie of an ideology, whilst your forebearers practise the one and only thing your breed are any good at, raping the Earth of oil, selling it to civilised, developed Nations, and using the money to buy weapons fund the viral spread of your minions.

phhh . . . . sharia doesn't allow investments in weapons?

What a load of .... {add your own profanities here}
19 posted on 03/30/2009 12:15:16 PM PDT by bethybabes69
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

If the US is bad, its rivals are worse

15 March, 2009

Swaminathan Anklesaria Aiyar

http://timesofindia.indiatimes.com/Columnists/S-A-Aiyar-If-US-is-bad-rivals-are-worse/articleshow/4265611.cms

As the world sinks into the worst recession since the 1930s, leaders of the top 20 countries are meeting in Britain to discuss major reforms of the world economic system. There is a consensus that the existing system has failed massively, especially in the US.

The five biggest investment banks in the world (Lehman Brothers et al) have vanished in the financial carnage. The two biggest mortgage companies in the world, Freddie Mac and Fannie Mae, are under government overlordship. The biggest insurance company in the world, AIG, is on government life support. The biggest bank in the world, Citibank, has survived only with massive government help. General Motors, the biggest auto company in the world, is also on life support. The greatest icons of US capitalism are on crutches.

But hold the dirges. The most vocal critics of US capitalism are sinking too. Look at Latin American socialist regimes (Venezuela, Bolivia, Ecuador), Russia and Iran. For all their socialist rhetoric - President Chavez of Venezuela has long sworn to spearhead a socialist Bolivarian revolution in Latin America - their rival economic models look bankrupt too.

The IMF estimates that Venezuela and Iran needed an oil price of $90-95/barrel to balance their budgets. When the price rose to a peak of $147/barrel, these countries were awash in petrodollars, and made grandiose plans. Chavez offered half his oil to Latin American friends at concessional rates. But now, he is running down his forex reserves to survive.

President Ahmedinajad in Iran planned fancy welfare plans with oil revenue, and switched Iran’s foreign reserves from dollars to euros to teach the Yankees a lesson. His spending plans have come unstuck after oil revenue plunged by two-thirds. Inflation is running at 26%. Ahmedinajad now looks like losing the coming Iranian election to his moderate rival Mohammad Khatami.

The Russian economy soared along with oil prices, is now crashing in tandem. In the Russian model, Putin and his friends own large chunks of natural-resource companies, some of which are nominally state controlled. They allow other oligarchs to flourish on condition that they toe the party line. The Russian stock market has fallen more than any other (almost 80%). Russia has spent one-third of its forex reserves to defend the ruble, which is nevertheless down from 25 to 35 to the dollar.

It is no accident that so many critics of western capitalism are petro-states. A market economy succeeds by providing incentives for raising productivity and incomes. A state-controlled system is lousy at providing the right incentives, and so is bad for productivity. But a petro-state thrives simply on the geographical accident of mineral wealth, not great enterprise or efficiency.

Socialists bemoan the capitalist emphasis on profit and growth, and focus on distributing wealth instead. This would be fine if money dropped from heaven, and the only task of governments was to distribute it. But if you have to produce the wealth in the first place, markets do it much better.

However, in the petro-state oil revenue is manna from heaven, so the ruler can (for some time) focus on distributing wealth rather than creating it. Under Chavez, Venezuela’s oil production has dropped from 3.2 million barrels/day in 1998 to just 2.4 million barrels/day. His system is manifestly inefficient. Yet, this inefficiency has long been cloaked by the bonanza arising from high oil prices. Ditto for Ahmedinajad’s Iran.

Seen in this light, the biggest critics of the US model are in fact pathetically dependent on it. When capitalist economies decline, so do the supposedly rival models. Clearly, they are not rival models at all but parasites of the capitalist model.

In April 2008, Iran started pricing its oil in euros and yen rather than dollars, anticipating gains from exiting what it regarded as a fundamentally weak currency. Iran switched the bulk of its forex reserves out of dollars into euros and yen. Alas, it weakened only itself, not the US. The dollar has strengthened hugely in the last year - the euro is down from a peak of $1.60 to just $1.26. Countries that switched their reserves to euros and yen have lost heavily.

The true strength of a system is revealed in times of adversity. Today, despite US economic travails, the world views the dollar as a safe haven. The US system has a thousand flaws, but others are no better, and sometimes worse. Certainly the world economic system urgently needs major reform, and the G-20 meeting in Britain needs to kick-start the process. But the reforms must aim at a safer, gentler capitalism, not Bolivarian socialism.


20 posted on 03/30/2009 12:21:19 PM PDT by MyTwoCopperCoins (I don't have a license to kill; I have a learner's permit.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

No thanks I don’t like having my head hacked off or being stoned to death and women in burkas aren’t attractive.


21 posted on 03/30/2009 12:22:10 PM PDT by Brett66 (Where government advances, and it advances relentlessly , freedom is imperiled -Janice Rogers Brown)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bokababe

If I understand it right, that system doesn’t allow anyone to charge interest. Well, if that’s true, I want to go to a bank and apply for this kind of loan with no interest. Do you think they will give it to me? Or will they say go pound sand because I don’t have a beard, a headscarf, a machete and a mean look?
That would be illegal. No business is allowed to discriminate on the basis of race or religion.
Do you think I could sue and win?


22 posted on 03/30/2009 12:54:18 PM PDT by Leftism is Mentally Deranged (beware the alliance of the left and the jihadis.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Leftism is Mentally Deranged
Do you think I could sue and win?

I thought exactly the same thing about sharia-compliant mortgages when I first heard about them, but that's not the way it works.

In sharia-compliant mortgages, they find a way to charge you the same interest rate, but they do it as a flat fee and call it something else so that it doesn't seem like "interest" but it is. No financial advantage to it, that I know of -- just a renaming of the same deal we get. But I do wonder whether they rename that fee as "mortgage interest" to lower their income taxes.

23 posted on 03/30/2009 1:13:33 PM PDT by Bokababe (Save Christian Kosovo! http://www.savekosovo.org)
[ Post Reply | Private Reply | To 22 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson