Humint Events Online: Death by Capitalism

Monday, October 27, 2008

Death by Capitalism

Good overview of the financial crisis, with a major irony:
...least affected by the crisis are Islamic banks.

They have largely been immune to the collapse because Islamic banking prohibits the acquisition of wealth via gambling (or alcohol, tobacco, pornography, or stocks in armaments companies), and forbids the buying and selling of a debt as well as usury. Additionally, Shari'ah banking laws forbid investing in any company with debts that exceed thirty percent.


I believe that banking institutions are more dangerous to our liberties than standing armies. (Thomas Jefferson, US President; 1743 - 1826)

1 Comments:

Blogger nickname said...

I've long known that Islamic banking prohibits usury.

Does anyone here know the names of any of those Islamic banks where one can obtain a credit card and a loan?

11:36 AM  

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