Me being the curious soul that I am have decided to shun conventional banking. To make way for what is "sharia compliant"... There isnt much that is really sharia compliant is my conclusion. Alot of it is semantics, and profit exercises. The asset backed, profit/loss/ risk sharing is there in theory, its there on paper: but an islamic bank is meant to be ISLAMIC: No sukuks for sinful ventures. No SPVs to hedge (which is pretty much unislamic)
Deutsche bank: Im looking at you
But the sad part is that its the local banks here that are following: Look at balance sheets, and look for interest income (transfer of interest)... Just a quick observation, which CAN be validated. but should it be?
Food for thought
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A thought process
3 comments:
Absolutely, nothing special about Islamic Banks! They're just as non-Islamic as non-Islamic banks. They just find ways around stuff!
You write very well.
I'm so glad I'm not the only one who feels this way about banks (whether they claim to be Islamic or not). I'm appalled by the number of Muslims that endorse them and have the audacity to shun sins such as alcohol, fornication etc which are just as bad in the eyes of Allah.
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