It's not a platform for leftist tripe.
Is'nt this a shock.
Once again we bear witness to an Islamic monoculture, that refuses point blank, to conform with the laws of its host nations society.
It will all end in tears, but as yet, we are still uncertain, as to whos tears they will be.
All these Sharia finance instruments have got to be the biggest scam ever. It's all one big financial fraud and it's being perpetrated by the Religion of Peace on dhimwitted western capital markets as we speak.
You see, they are kind of cash poor just at the moment and right now they are too busy salivating at the thought of getting a hold of some of this action to really care about the underlying threat.
It's just business right?
I worked in the financial industry and I've seen how some of these guys would sell their sainted mother if it would close their next deal.
I don't have any hope that the movement to create a segregated financial market subject to Sharia law will be stopped.
I can only hope that the underlying economic theories being cooked up for these shariah compliant deals (and approved by the Imams) will be faulty enough to cause a structural defect in the market, thereby resulting in a meltdown. (i.e. subprime mortgage debacle, the S&L crisis back in the 80's.)
That's a hell of a thing to have to hope for, isn't it?
You people obviously don't wortk in the corporate world.
Anyone want to guess how many U.S. companies doing business abroad are using Sharia-compliant financial instruments on a routine basis?
Anyone want to guess how long many of these companies have been using said instruments? If your answers aren't "thousands" and "decades", you just flunked the test. So by all means, get all flustered about the threat of Sharia finance...
Re Ruth;
Big business and Corporations work for their own particular God.
Their God is money...
Your point is correct and un-questionable true.
However;
When Sharia goods are encouraged, and therefore, have the blessing of a non Islamic state.
A state that is not, to all intense and purposes, a money making business, this story takes on an entirely different complexity.
The only thing to be made from this venture, is future troubles...
"I don't have any hope that the movement to create a segregated financial market subject to Sharia law will be stopped."
Don't think so either DL, but hopefully it'll cave in on itself one of the days. Hopefully it's not our tears RP.
And Ruth, glad to flunk any test of yours.
Ruth... you are entitled to your opinion, but...
Thousands of US entities engaged in the issuance of Sharia compliant products for decades?
You're wrong. This is a recent phenom for western capital markets.
And are you referring to just buying stocks in Sharia compliant companies? Because, that's not what I was speaking about. No, I'm talking about the US companies engaged in the formation and issuance of new financial instruments based on Sharia principles and subject to approval by a board of so-called Sharia experts.
And about "obviously not working in the corporate world"? I worked for a major Wall Street brokerage firm for 15 years during the 80's and 90's. Would that be considered corporate enough for you?
Cheers and best of luck-
D
To further clarify my point here are some examples from today's FT that illustrates just two financial deals
of the sort I am referring to:
Britain's most expensive residential development is to be funded by Islamic finance - the first time a property deal in this country has been backed by money raised in line with religious laws laid out in the Koran.
and this:
Only last month, Aston Martin completed the first Islamic leveraged buy-out of a British-based company, in a £522m deal using Sharia-compliant debt, which must pay investors profits or rent rather than interest.
And it is this statement citing "imagination and creativity" that leads me to believe that it is only a matter of time before structural problems will occur and market troubles will ensue.
"It shows that with a bit of imagination and creativity Islamic financing is possible on a wide range of assets, including a complex development such as this. We will certainly see more of these type of deals."
(okay, I'll shut up now.)
Looks like your test just blew up in your face Ruthie. So by all means, get all flustered about it, that's what most leftists do when their fancy theories and wiffle-waffle meet reality.
I vote that Australia was first with Sharia compliance.
Who owns MacQuarie?
Check this out
http://lists.muslimvillage.net/p...rch/
000793.html
Macquarie Islamic Fund
ADCB Macquarie Real Estate Capital
Major shareholders:
Abu Dhabi Commercial Bank Corporate UAE 51.00%
Macquarie Bank Corporate Australia 49.00%
Established 2006
http://www.zawya.com/cm/
profile....mpanyid=1004196
Sorry, but I'm like a dog with a bone with this Sharia Finance business...just for the record:
UK: Sharia loophole has allowed investors to dodge stamp tax
on 1 billion dollars worth of deals.
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