Thursday, August 4, 2011

Islamic Banking (4)

Post 34--: 

Sorry for the interruption on this series, but now we're back on track.  I cannot predict at this point how long we will keep going on this subject.  It's a biggie, though most of us may not yet have experienced any of it personally but have only read about it. But it's coming and it may not be long before you will have Islamic banking as your system of choice.  It may not necessarily be a specifically Muslim bank you are looking at. It could be a main stream bank that has incorporated Islamic accounts or even whole departments in its offerings.  Even with Muslim-controlled banks of this nature, you generally do not have to be Muslim to conduct your banking business with them any more than you have to be a secularist to deal with secular capitalist banking. If you want to know my sources or you want more details, I refer you to my volume 8-2, chapter 9.  You can find that on < > under e-books.

I apologize for the strange way in which the text overlaps the left margin.  It has something to do with copying it from that book. It will not budge, try as I may.  That brings with it the difficulty that I cannot edit the material across the border while in the editing mode, for I cannot see it.  If you, my reader, have any advice on correcting this, please offer your help. I am not proud, at least not in this respect.  Even this morning my 11-year old granddaughter Asia Tanis had to advice me on a certain procedure. The first time she served as my advisor was eight years ago. She was three at the time!

Blind Condemnation
There are many Westerners, including Christians, who look at
the proliferation of sharia banking in theWest with ColdWar eyes.
They see an ever-advancing Islamic bulldozer that they fear will
eventually take over the banking and business sector along with the
rest of life. Hence, sometimes without doing any careful analysis as
to its merits and demerits, they simply condemn it and implicitly
put their stamp of approval on the secular banking establishment.
16 The attitude of these Christians is as astounding as the
shamelessness of capitalism’s economic captains and as amazing as
the failure of the US Government to monitor these developments
before they unfolded. Blindly prefer that kind of raw secular system
over a system that puts ethics at the front, ethics, moreover, that
show affinity with Christian thought?

Patrick Wood's Miracle
Patrick Wood, founder of an online magazine, The August
Review, published a long harangue that begins with a Biblical quotation.
Then comes a description of sharia and its banking system,
all in a spirit of the crudest hostility. Then the story about
howWestern banking systems are incorporating sharia into their
operations. And then the clincher: “International bankers have
long ago proven themselves to be completely amoral when it comes
to money. They bankrolled the Bolshevik Revolution in 1918 just
as blithely as they bankrolled Hitler in the 1930’s.” And this
“Christian” prefers that raw amoral system to one that has some
ethical balls?! Without any responsible analysis and comparison? It
really is unbelievable. If I did not believe in “miracles” before,
Wood has just forced me.
Connections with Terrorism?
True, Wood did allege connections between sharia banking,
Wahabi school of Islam and even terrorism. Initially I was instinctively
inclined to doubt that, given his wild kind of presentation
and the merger in process with the Western banking systems.
Surely, I first thought, Western banks would be aware of such connections
and guard against them. Upon second thought, ifWestern
banks supported the Bolsheviks and the Nazis, what would prevent
them from supporting today’s terrorists? If the bottom line is not
ethics or service but money…. Wood totally puzzles me. If he
rejects sharia banking for their connections with terrorism, why
would he support the “amoral”—his own term— Western system
that had similar terrorist connections in the past if not in the present?

Things just don’t add up!

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