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Irish Attorney: “Financial shock would never have happened under shariah”
Shariah Finance Watch ^ | 21 May 2012 | Unknown

Posted on 05/21/2012 7:55:28 AM PDT by LSUfan

Every once in a while we come across a story that is really outrageous. Some or outrageous because they are inaccurate. Others are outrageous because they are simply offensive.

Today we bring to you an article from John King, an attorney with one of Ireland’s most prominent law firms, in which he makes the case that the financial crisis that occurred in the West, the US housing market in particular, would never have happened if the US markets were Shariah-compliant.

(Excerpt) Read more at shariahfinancewatch.org ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Germany; Russia; United Kingdom; War on Terror
KEYWORDS: europeanunion; france; germany; ireland; islam; jihad; russia; sharia; unitedkingdom

1 posted on 05/21/2012 7:55:39 AM PDT by LSUfan
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To: LSUfan

Gosh, if only we could have Sharia here...


2 posted on 05/21/2012 8:01:30 AM PDT by Mr. K (If Romney wins the primary, I am writing-in Palin/Gingrich)
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To: LSUfan
But then very little economic progress past operating a band of desert raiders from an oasis would have happened either. Most of the "shariah compliant" banking is little more than trying to fool Allah with tricky accounting by claiming that a loan and interest are not really a loan and interest by putting different names on them.
3 posted on 05/21/2012 8:02:31 AM PDT by KarlInOhio (You only have three billion heartbeats in a lifetime.How many does the government claim as its own?)
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To: LSUfan

Electricity wouldn’t have happened under Sharia.

Take this attorney and send him to the middle east, where he can bask in camel dung and live with people who think like the Obamadork.


4 posted on 05/21/2012 8:02:47 AM PDT by Da Coyote
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To: LSUfan

He is absolutely correct. The grinding poverty in “Shariah nations” is perpetual. Therefore, there can be no great loss of wealth; no end to prosperity.


5 posted on 05/21/2012 8:02:47 AM PDT by GOP_Party_Animal
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To: LSUfan

Not clicking on your blog, but to have a “crash” there has to be something worth crashing.


6 posted on 05/21/2012 8:05:08 AM PDT by Larry Lucido
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To: LSUfan

Here is the original link, btw.

http://www.irishtimes.com/newspaper/finance/2012/0521/1224316453157.html


7 posted on 05/21/2012 8:06:21 AM PDT by Larry Lucido
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To: LSUfan
the financial crisis...would never have happened if the US markets were Shariah-compliant

Well, sure. The crisis also never would have happened if Stalin were in charge. At the first signs of trouble, he simply would have shot everyone involved.

8 posted on 05/21/2012 8:06:21 AM PDT by Leaning Right (Why am I carrying this lantern? you ask. I am looking for the next Reagan.)
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To: LSUfan

Right then, let’s just ban finance altogether and revert to an economy based on bribery and extortion. Then we wouldn’t have these problems.


9 posted on 05/21/2012 8:06:54 AM PDT by Jack of all Trades (Hold your face to the light, even though for the moment you do not see.)
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To: LSUfan
hm..

I hate t0 take the muslim side on anything... but.

He is right. Usury is not allowed under strict muslim law... of course it isn't allowed under strict christian law either.

Thus he is correct, because if no one owed money to anyone ... this wouldn't have happened.

10 posted on 05/21/2012 8:07:59 AM PDT by TexasFreeper2009 (Obama lied .. and the economy died.)
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To: GOP_Party_Animal

Sales of Night Shirts and prayer rugs would be booming ,sales alcohol( OMG all the taxes ) would stop ,bars would close ,home brew would be up ,etc etc . They would not stop with Shariah in finances .


11 posted on 05/21/2012 8:10:37 AM PDT by molson209
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To: LSUfan
He's absolutely right.

Of course, if every single person in the world were exterminated, we also would never have had the crash.

12 posted on 05/21/2012 8:15:16 AM PDT by Lazamataz (The so-called 'mainstream' media has gone from "biased" straight to "utterly surreal".)
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To: LSUfan

We would never experience any financial difficulties at all if we had remained hunter-gatherers.

Jerks.


13 posted on 05/21/2012 8:19:11 AM PDT by muir_redwoods (I like Obamacare because Granny signed the will and I need the cash)
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To: Lazamataz
Of course, if every single person in the world were exterminated, we also would never have had the crash.

Rumor is that the Marxists are working on that feature.

Ref: Russia, China, N. Korea. etc.

14 posted on 05/21/2012 8:21:43 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: LSUfan
http://cdnlive.albawaba.com/sites/default/files/imagecache/KeepAsIs//sites/default/files/im/shariahzone.jpg

No Alcohol, better think twice Ireland!

http://www.1000recordings.com/images/artist-c/clancy-brothers-the-dubliners-191-l.jpg

15 posted on 05/21/2012 8:32:13 AM PDT by KC_Lion (I am finished with listening to empty promises of the great GOP saving me in 4 more years.)
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To: LSUfan

He’s right, it wouldnt have happened. Mostly because there wouldnt be an economy under sharia. Wouldnt be a lot of things.


16 posted on 05/21/2012 8:33:10 AM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: LSUfan

He’s just getting antsy because he hasn’t had a good beheading case in a while.


17 posted on 05/21/2012 8:33:35 AM PDT by bgill
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To: LSUfan

Ah, the Irish - 700+ years of breathtakingly bad decisions. Why stop now?

And yes, I can talk, with a name like Dorrity.


18 posted on 05/21/2012 8:44:04 AM PDT by Noumenon (If people saw socialists for what they truly are, slaughter would ensue - in self-defense.)
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To: molson209
"...sales alcohol( OMG all the taxes ) would stop ,bars would close ,home brew would be up ,etc etc.

I wonder if this fellow's law firm represents any Irish brewers or distillers? I think I'll try to find a client list, just for the fun of it.

19 posted on 05/21/2012 9:24:24 AM PDT by Charles Martel (Endeavor to persevere...)
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To: LSUfan

Even the spectre of financial collapse should not stir ANYBODY to adopt shar’ia law, as along with the strictures on financial mismanagement, there are a number of features of that legal code that are absolutely inimical to the ideals of liberty and freedom.

Apparently the application of shar’ia law has also abolished the right to fail. That alone may make the appeal to some folks overwhelming, because failure is no longer their personal fault.


20 posted on 05/21/2012 9:24:53 AM PDT by alloysteel (Fear and intimidation work. At least on the short term.)
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To: LSUfan

We can all see the damage that the Zero Interest Rate Policy (ZIRP) is doing to our economy. In truth, and economy CANNOT be sustainable unless the price of money is as free for the market to negotiate as the price of wheat or the price of labor.

We are starting to see some of the disruptions from ZIRP. For example, most retirees who planned on living the remainder of their lives off their interest income are now forced to invest in risky instruments or else are consuming their life savings at a far faster rate than they planned.

Long term consequences of ZIRP is how it distort the perceived costs and returns on long-term projects. In fact, it induces people to purchase assets they normally would think is not sustainable. In fact, when interest rates return to normal those projects are in fact not sustainable and bankruptcy is the result.

Sharia-compliance finance prohibits charging or paying interest. However, in truth, there are ways found to compensate the lender in ways that have the effect of paying interest. These are the fees for the loan.

In a free market, few people would put their money at risk if they could not get compensated for it. No lending = no borrowing = greatly reduced business investment = no jobs = no growth.


21 posted on 05/21/2012 10:05:00 AM PDT by theBuckwheat
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

This should have FINOs nodding in agreement. Thanks LSUfan.


22 posted on 05/21/2012 10:42:29 AM PDT by SunkenCiv (FReepathon 2Q time -- https://secure.freerepublic.com/donate/)
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To: Noumenon

Do you want us to go back in there, kick the s*it out of them, and take everything back over?.


23 posted on 05/21/2012 4:58:21 PM PDT by the scotsman (I)
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To: the scotsman
Do you want us to go back in there, kick the s*it out of them, and take everything back over?.

No need - they're doing a splendid job of kicking the s*it out of themselves. In any case, you'd only be giving them grudge material for the next 700 years. Like they don't have enough already.

24 posted on 05/22/2012 8:07:34 AM PDT by Noumenon (If people saw socialists for what they truly are, slaughter would ensue - in self-defense.)
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To: the scotsman

On second thought - leave Guinness and the single malt distilleries out of it and you’ve got a deal.

And while you’re at it, take Sinnead O’Connor. Please.


25 posted on 05/22/2012 8:11:53 AM PDT by Noumenon (If people saw socialists for what they truly are, slaughter would ensue - in self-defense.)
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To: Noumenon

Aren’t the “single malt distilleries” all in Scotland?


26 posted on 05/23/2012 4:14:53 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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