‘Adharma’of Islamic Banking

via Synonymous published on March 25, 2010

Islamic Banking is becoming the latest weapon in the arsenal of Islamists to conquer the world. Latest list of weapons in this deadly arsenal would read as follows:-
·   Suicide bombing
·   Al-Queda, Taliban, LeT etc.
·   Jihad & Fatah
·   Four wives & Minimum Ten children
·   Sovereign Wealth Funds & Oil politics of GCC and OIC countries
·   Arab imperialism (Arabism)
·   Islamic Banking
·   International Muslim Brotherhood
While most of the stuff in the above list is crude and obsolete, Islamic Banking is emerging as a very portent weapon for getting many converts into Islamic way of life and living. The much highlighted aversion to interest on principal as ‘haram’ as per Koran is very appealing for all those who are suffering the bad consequences of ‘blade’ interests. The so-called Islamic scholars and think-tanks in the GCC countries have identified this as very good weapon to promote the cause of Islam and Arab culture through this. Anyone who is attempting to learn anything about Islamic Banking must necessarily learn Arabic and refer to Koran & Hadiths, and we know what happens next. And once anyone gets converted into Islam there is no escape and return. One is doomed for ever.
Almost all the banks and financial institutions in the Gulf have floated their Islamic Banking variant and billions of oil money is being pumped into the system to make it appear booming. Very few are privy to the fact that one of the major reasons for the recent burst of Dubai bubble is the non-performance of Islamic banking instruments. And then the most interesting part of the whole story – how the oil rich countries are minting money which they are misusing for fuelling Jihad, Islamic Banking etc.? Allah has bestowed them with black gold (oil) in plenty and it is being pumped out at an average rate of USD 10/- per barrel. And what is the average selling price of oil per barrel? USD 80/- (it even reached USD 200/-). The ‘adharma’ of this whole exercise lies in here. Who are sufferers of unjustified profiteering?  Mostly the poor and developing nations in the world. If Allah is such merciful and compassionate, how can He sanction this loot and make only interest ‘haram’?  Non-Muslims the world over must ask this simple question to the propagators of Islamic Banking. If Arabs want to profess Islamic Banking, they should be selling oil at an average price of USD 15/- per barrel. Then only they have the moral right to talk about interest and capital.     

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