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To: chalu2 who wrote (9181)	11/22/2001 11:48:55 AM
From: GUSTAVE JAEGER	Read Replies (5) \| Respond to of 23908

Why Europe puts the squeeze on Islamic finance --the real story: islamic-banking.com Excerpt: Market sizing Islamic banking today is an industry that is still evolving. The industry manages approximately $180 billion dollars today, growing at approximately 15% per annum. The growth of Islamic banking is a result of economic growth in the Islamic world, fuelled primarily by oil wealth. This growth created a growing middle-wealth segment and hence made banking a necessary service to the larger segment of the population rather than a service for the few, as had been the case some 10 to 15 years earlier. [...] Britain and Islamic finance Community Banking Muslims in Britain and throughout the world aspire to carry out their financial matters in accordance with the principles of Islamic law. Muslims are forbidden from obtaining the various conventional banking and insurance products and services in the forms currently offered due to their incompatibility with the principles of Islamic law. It is estimated by various surveys that over 2 million Muslims are permanently residing in the UK. The community is predominantly composed of people from the Indian subcontinent who have settled in Britain during the 1950s. Beside them, there are also Muslims of Middle Eastern and North African origins. Additionally there is a growing population of indigenous Muslims. The UK Muslim community has now reached the "Second-Generation" stage. The first wave of immigrants having settled down, the second-generation Muslims are now slowly penetrating the different strata of the British society. It is not uncommon to find successful Muslim lawyers, chartered accountants, bankers, businessmen and even Members of Parliament, both at the House of Lords and the House of Commons. The third generation of Muslims are also emerging from the educational system and is projected to increase the Muslims' presence in all strata of British society, especially, the educated middle class. The vast majority of Muslims either is living in rented houses or has taken conventional interest-based mortgages. The total number of Muslim households as estimated by the Muslim Council of Britain is around 500,000. Of the 500,000 households, it is estimated by various market researches that approximately 40,000 families seek financing for home purchases each year. We have regularly received enquiries regarding the availability of Islamic finance products, in particular Islamically compatible finance to purchase both residential and commercial properties. It is believed that a large number of Muslims have abstained from taking the conventional mortgage because of its incompatibility with the Islamic principles. The needs of these Muslims need to be served immediately. Beside the market represented by Muslims living in Britain, there is potential for overseas investors to be introduced by HSBC. We understand that a considerable number of Muslims living abroad (mainly in the Middle East) had expressed their desire to own properties in Britain (mainly as a holiday residence) but have been reluctant to embark into an interest bearing financing facility. For these investors an Islamic home financing scheme will offer the opportunity to own a property in Britain. [snip] _______________________ Savvy?? Muslim money/savings is a big pie... and growing. No surprise Western banks want to share in! LOL... The US picture is as rozy.... It is also important to note that the population of American Muslims is expected to reach around 20 million by 2025 mainly due to the growth in the number of children born to the first generation Muslim immigrants. This new generation will assume better and more affluent positions in the American infrastructure than their parents, which will increase the percentage of prospects among them for this financing. We believe that the market potential for Islamic home mortgages could reach at least $3,000 million. This does not include other community Islamic financing needs that include automobile financing, small business financing and construction financing. ____________ From: google.com

To: chalu2 who wrote (9181)	11/26/2001 2:03:29 PM
From: Elmer Flugum	Respond to of 23908

When is the United States government going to stand trial for giving the Iraqis the biological weapons and encouraging them to gas the Iranians? When is the mafia going on trial for trying to turn Cuba into a whorehouse and gambling casino and impoverishing the Cuban? When is American government going to be punished for mining Nicaragua's harbors? Torturing the Sandenistas? Does the man on the street in America forget how our government biologically poisoned the Native Americans with blankets infected with smallpox?