Sharia Banking is Bad Islam

At Huffington Post Canada, Tarek Fatah explains why the Canadian experiment in Sharia banking has collapsed:

The leading promoter of Sharia banking in Canada, UM Financial Inc. has gone into receivership without much fanfare. None of the nation's newspapers have bothered to report the development, despite the fact it could possibly affect hundreds of homeowners. Had it not been for a tweet by an affected Muslim homeowner looking for a lawyer, the story of UM Financial going broke would have escaped even the scant attention the news received on social media.

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Islam's essence is its quest for equality and social justice. Muhammad Saleem says that any banking or economic system that purports to be "Islamic" -- including the current crop of Islamic banks -- should answer two questions: By supposedly staying away from interest and sharing risks with their clients, were they able to help make the economic system more just, fair and equitable, and honest?

The proponents of Sharia banking rest their case on many verses of the Holy Quran, which in their interpretation outlaw any business or personal financial transaction involving interest. There is no unanimity among the Muslims who, in voting with their feet and chequebooks, have overwhelmingly rejected banks that operate in a supposedly interest-free environment.

Most Muslims can see through the fog of deception, but we are a billion strong worldwide, and even if a small minority falls prey to the Islamist propaganda, there is lots of money to be made.

Click here to read the full piece.