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Solving the consumer debt problem

By: lkorrow in CONSTITUTION | Recommend this post (0)
Tue, 26 Apr 11 10:23 PM | 66 view(s)
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Msg. 12913 of 21975
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Here's how we defeat Islam from within. Simple, refinance credit card debt with sharia-compliant, no-interest loans.

No-Interest Banking

Modern Islamic banking started in Egypt in the early 1960s, when a small-town bank began offering interest-free loans in accordance with the Islamic ban on usury. Today, there are more than 400 sharia-compliant banks that offer loans without interest; the Kuala Lumpur-based Islamic Financial Services Board predicts that such institutions will have $1.6 trillion under management by 2012. With the sector growing at 15 to 20 percent per year even at the height of the financial crisis, Western banks including Citibank and HSBC have started their own sharia-compliant divisions. Sharia-compliant banks have even found an unlikely ally: The Vatican's official newspaper recently wrote that Islamic banking was a model of the "ethical principles … which should mark every financial service."

http://www.foreignpolicy.com/articles/2011/04/25/its_not_just_the_veil?page=full




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