Follow-up on Islamic finance vs Jewish/WASP powers-that-be...
MONEY MATTERS
Posted on August 11, 2000
Why are Islamic financial products scarce in the UK?
By Stephen Spurdon
islamiqmoney.com
Excerpt:
At first glance there appears to be little in the way of legal or regulatory hurdles for Islamic finance to clear. This has been confirmed by the lead regulator for financial services, the Financial Services Authority (FSA).
On 8 September 1999, the FSA had a meeting with the citizens organizing foundation and representatives from the Islamic community. Bodies represented at the meeting were the Islamic Foundation, the Muslim Council of Great Britain, the IIBI and the East London Mosque. The meeting was part of the FSA's long-standing dialogue with the Islamic financial community aimed at improving mutual understanding of Islamic banking and the FSA's regulatory framework.
Speaking after the meeting, Howard Davies, FSA's chairman said: "There is no reason, in principle, why a bank operating under Islamic principles could not be authorized by the FSA." Such a comment was welcome particularly after the negative connotations of comments from The Bank of England in the early 90s about the involvement of Shari'ah Boards, as well as other concerns expressed regarding accounting standards.
Part of the problem is also the negative impression left by the scandal concerning the downfall of the Bank of Credit and Commerce International (BCCI) in the early 1990s. Despite the fact that this was not a Muslim institution, the impression remained that it was.
[snip]
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Guess who'll be the next target of the anti-terrorist sleuths?? The Catholic banks!! Here's a clue:
atheists.org |
