India's Prime Minister was on a visit to Malaysia where he promised to the Malaysian government that he would instruct the RBI (Reserve Bank Of India) to "study" the Islamic Banking. Firstly, this statement from Dr Manmohan Singh has baffled me completely because he himself is supposedly a distinguished economist who had not only headed the RBI in past but is also accredited of triggering the market reforms in the early 90's. Clearly one expects knowledge of Sharia Finance (and Sharia in general) from an economist of his stature. What economic sense does he make by reading the Sharia law, if he has read them at all? Or, looks like the Islamists have managed to infiltrate deep inside the current Congress government to fog them with grand manipulations in order to advance the insane Islamic propaganda. But lets put aside the issue of Islam in the Congress for now.
I had observed the following on the Islamic Finance a few months ago:
O you who believe, you shall not take riba [Interest], compounded over and over. Observe God, that you may succeed. – Koran 3:130
Fight those who believe not in Allah ….. nor acknowledge the religion of Truth …. until they pay the Jizya with willing submission, and feel themselves subdued. –Koran 9:29
Islamic Banking and Finance makes claims to work for people at the bottom of the rug, but nothing can be farther from truth. Islamic Banking is the last institution that cares for those at the bottom because of the simple reason that they have absolutely no innovative economic policies and theories to do so. And wherever any policies are being applied, they rely very heavily on the performance of the conventional financial system. More than that, there is no incentive or dedication amongst the Islamists to lift the 60% of the Muslim people living in abject poverty across the world, leave alone the Kafirs that are also dying out of hunger. Islam has a bunch of preachers who are in rush to convert people and increase the numerical strength. Islamic Banking believes in aggression of Islam and aims to spread it, even if the masses continue to live hand to mouth. They breed on mass-poverty, prosperity is a nightmare for them. The deceit wrapped in the cover of “compassion” and “equality in religion“ is so dangerous that there is a fear that human misery amongst the Muslims might go un-addressed. At least in the Caste System of democratic India, the problem always stays on the headlines and the government gets slammed all the time to uplift the downtrodden. As the Islamic world plunges into chaos, the masses continue to slip in extreme poverty and hopelessness. The masters (preachers, rulers and Sharia scholars) take immense pride on the labels they have put on forehead of their slaves– “MUSLIM”. The poor and helpless youth is continuously being shown the “correct” and “inciting” version of Islam and Koran. Instilled with hate against the Non-Muslims, and the youth is always ready to escape the miseries of the present world and blow himself up to go the Allah’s heaven to enjoy all the amenities.
If the conventional Banking creates money out of thin air (not a big issue - it can be fixed) then Islamic Banking invents theories out of vacuum to brainwash the Muslims and Non-Muslims alike. Islamic Banking is making strides in developed countries and developed part of the Gulf, where it piggy backs on the Infidel’s Banking. The only exception outside the developed world is Malaysia where the Conventional Banking of Non-Muslim minority has already shown the wonders and has already created an infrastructure to support the adventures of Islamic Banking. The NonMalays (non Muslims) have worked incredibly hard to build Malaysia and its Banking System. Islamic Banking is too absurd to stand on ground of it’s own. It can only ride on the back of Infidel’s Banking or on Jizya. The same is the case with ever-plunging Pakistan, where in the name of Sharia Banking, the growth of the nation has been halted. At one stage the Pakistan government had stopped giving licenses to all the Conventional Banks and solely went for Islamic Banking. It turned out to be a chase for the pot of gold at end of the rainbow (and will always be for Islamic Banking). The economic situation is getting deteriorated day by day in Pakistan, but the fundamentalists will not let the Sharia go, even if it means death to the millions of their co-religionists.
Compare the statements below that an aggressive Islamist in India gave to claim the success of Islamic Banking verses the apologetic mind of a liberal accommodating Hindu scholar.
Islamic Entrepreneur- "Today the centers like London, New York and Hong Kong have emerged as hubs for Islamic finance even where there are just three million Muslims in the UK. We have 160 million Muslims in India [unlike neighboring countries Muslims in India remain a minority community] and given our growth rate, India has potential to be the biggest market for Islamic finance".
Hindu Economist - "These are devout people who do not go to the banking sector. Islamic products will help bring this community into the financial mainstream".
The Hindu mind lives in denial of the intentions of the “devout” people and “not going” to the banking sector of the Infidel. His heart melts when he looks at poverty amongst the Muslims, but Islamist mind doesn’t aim at poor Islamic country like Bangladesh (where it is all free to prove its mettle). It aims higher at the “Global Financial Hubs” and moves on to proclaim Sharia in the world of opulence to drag more and more to the bottom. How can it let India go unscathed, when in spite all the poverty it is still a great contender of the economic prosperity and strength?
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written by David Clark , November 13, 2010
It is a Muslim Brotherhood invention which (I agree with above) is trying to bring conventional economies to backward times - the only place Islam can compete. It also is about normalising Sharia and creating apartheid societies.
Perhaps you should read the post again, this time slower.
written by Neo-Ritz , November 05, 2010
written by a guest , November 02, 2010
Shouldn't we all be celebrating in the streets?
written by Voice from the UnKnown , October 29, 2010
My understanding of this article where you quoted couple of examples from Islamic belief then well if bank doest take interest from a debtor, then POOR would PROGRESS! Thats the soul of all this, and you are totally wrong at coming to your conclusions.
firstly mr singh probably only wants to learn about islamic finance so he can exploit the no interest ideas in islam - same as all the current islamic banks, of which none are founded by muslims and profit hugely becase instead of charging interest on mortgages they make up some next schemes where you rent, and pay commisions etc.
but many muslims themselves dont realise that 'ribaah' means unearned income, not interest rates, interest rates on loans is only one form of 'ribaah' but the two are often confused hence the banks are able to scam muslims with mortgages profitting nearly 10times as much gthan a conventional mortgage.
most muslims have realised this now and the thriving fake islamic banking industry will soon collapse.
Also i would like to point out, that islamic finance is something you guys know nothing about, you dnt even know about non islamic finance if you did you wouldnt pride yourself in your financial affairs becajuse if you hadnt realised, the world is in an economic crises right now - largely due to the financial systems we put our trust in.
if you studied economics you might know, that without interest rates, there would no inflation, and no monetary value fuctuations. such systems are designed to depracite your earnings so in time you THINK your earnign more, where infact your earning same if not less - your number a re increasing but your actual wealth isnt.
the whole current economic and financial systems are massively flawed, easily manipulated, and extrmely unfair as they are now used as tools for war.
even the barbaric medievil islam forbids using money/trade as a weapon for war. but what does the western world do if they got beef, impose sanctions for 10 years first, weaken them, let the children starve and the ordinary people suffer, then send in the troops - this is civilised warfare yes?
why should currency values fluctuate? money should represent gold, so why do the numbers change? gold is same price everywhere, so should the relative price of each currency against that gold.
BUT...if that were the case, then whoever holds all the worlds gold now wouldnt have been able to gain possession of it. gold is the real money, try taking £100 to your bank and asking for the gold it represents?!?! your paper is worthless. we have all been massively scammed by this so called credit crunch, but you people are too fuelled with hate to realise who your real enemies are, they move in the shadows.