Failed Islamic Banking

via Synonymous published on February 18, 2011

The entire Arab world is in political turmoil and many other important developments are getting lost in the surge of Gulf news. Along with Ben Ali and Mubarak, one more myth has failed in performance.  The much trumpeted Islamic banking has miserably failed to deliver anything. If unashamed religious conversion is the main weapon of Western Christian imperialism, Islamic banking was getting sharpened as the finest weapon in the Arab Islamic imperialism. The idea was to show off the non-existent strengths & advantages of Islamic banking with the support of the gigantic oil money and pass it to Asian subcontinent for the final assault on a Hindu India. Religious fundamentalists from Malaysia were also providing the much needed intellectual support for this game plan. But the entire edifice has started failing. Islamic banking will be a thing of the past very soon. If continued, all the banks in the Gulf will be failing sooner than later.
The filthy rich Islamic state of Qatar has already told all its banks to stop indulging in Islamic banking by the year end. It is only a matter of time before all other lesser rich kingdoms and sheikhdoms follow suit in their typical herd mentality.  Instead of spreading the God-given wealth among the poor citizens in these oil-rich countries, the short sighted rulers were setting their sight on ruling the whole world through the spread of Islam and Islamic instruments. But the fate of their North African cousins has opened their eyes. The fat flatulent lazy idiotic kings and sheikhs have realized that the oily sand under feet will soon flow away unless they do something meaningful with the huge income. Sustaining fundamentally unsubstantiated Islamic banking activities with the easy money that belongs to the poor in the country will only lead to revolutions a la’ Tunisia and Egypt sooner or later. The western educated younger generation sheikhs know it more than any others.
Qatar Central Bank has issued clear directions for all normal commercial banks to stop their Islamic divisions. All these banks were getting subsidized for bearing the loss generated by their Islamic divisions. Interest on money is a time tested concept that has its origins in all the glorious civilizations including our own Vedic period. Value of stagnant wealth (money) must grow with time and interest on money is the only way to do it. Just because some stupid Arabs at the time of origin of Islam found it difficult to pay interest for the money they borrowed from the clever Jewish businessmen cannot become a reason for banning interest on money. In fact all the new banking variants like Islamic banking, Microfinance etc., are fraudulent in its very basis and must be nipped in the bud. Conventional banking with reasonable interest rates on deposits and loans at differential rates to the rich and poor is the best method of banking at all times.   

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