Islamic Banking - Growth and Prospects

Check out this article from ABC Australia. It reads like a Press Release from the Saudis.

From ABC Austalia:

The Islamic banking industry is now worth almost an estimated US$1 trillion and is widely considered to be one of the fastest growing sectors in the world of finance. 

Even in the midst of a global economic crisis, Islamic banks have weathered the storm to great effect, thanks to strict regulations administered by Islamic law, or Sharia. 

Industry experts highlighted the growth of an emerging force in global finance during the Asialink Islamic Banking Colloquium held recently in Melbourne.

Imagine a bank that embarks in partnership and shares risk with customers - a bank that does not charge interest, and uses capital derived from deposits and profits to engage in ethical investment such as education and infrastructure development. 

It may sound Utopian, but these are just some aspects of Islamic banking, founded on the principles of Islamic law or Sharia. 

What is more peculiar, though not surprising, is that during a time when the world's largest banks and financial institutions, have either collapsed or in need of multi-billion dollar government funded bailouts, Islamic financial institutions are holding their ground well, although not completely immune to today's crisis.

Despite this, the Islamic banking industry is expecting growth rates of 15 per cent annually. 

They don't charge interest my ass.

What a fucking lie. It just shows you that ABC Australia didn't even bother to research this piece. I'm willing to bet this article is almost a verbatim rip from a Press Release from some Islamic organization.

Let's look at how Western lending works and compare it to Islamic Finance.

In the Western world, the bank buys the home for $500,000 and you pay principle plus interest which, over the thirty year term of the loan, will cost you approximately $1,250,000.

In Islamic Finance, the bank buys the home for $500,000 and instead of "paying interest", you pay "rent" to the Islamic Financial institution, which, over the thirty year term of the transaction, will cost you approximately $1,250,000.

So, what's the difference between Islamic Banking and Western banking? 

The difference is the payment of Zakat. In Islamic Finance 2-20% of every transaction (depending on whether you are a Muslim in good standing or a filthy Infidel, goes to an Islamic charity, which is often then diverted to fight Jihad.

In other words, Islamic Finance finances the murder of Infidels.

Got it?

If anyone disagrees with me on this (like say, any Muslims coming over from Google searches) I invite you to tell me how I am wrong.

That's a challenge.