Monday, February 28, 2011

Revolutions in North Africa linked to the growth of Islamic Banking ?

Today, this bit of news crossed my consciousness...
Tunisia opened it's first Islamic Bank, that is a sharia compliant bank, May 2010.

Zitouna Bank, the first Tunisian Islamic bank officially started operations on Friday.

North Africa has begun to embrace Islamic finance after years watching from the sidelines, partly to channel more Arab Gulf petrodollars into the region.


North Africa has begun to embrace Islamic finance?! to channel more petrodollars into the region?! Hmmmmm...........
Could this have been a factor in the sudden need to get rid of the leadership?
Money and petrodollars? Let's read a bit more, shall we??

Tunisia, along with Morocco, authorised Islamic finance in 2007, partly to channel more investment into their fast-growing tourism and real estate industries.



Tunisian financial harbor.

That is right, not just Tunisia, Morocco too.
And, per chance what is the latest from Morocco??

"The 20 February movement had called for new protest marches today and tomorrow."
Protesting for "democratic reforms" of course?

Does the February 20 movement remind you of anything? Any other movement come to mind.
OH YA! Egypt. The April 6 movement. Instrumental in the uprising for "freedom and democracy" which now see's the Egyptians ruled by a military junta..

"The April 6 Youth Movement, a politically vocal Facebook group"

And what about the February 20 Movement are they also using Facebook?

"The 19-year-old Driss is among a smattering of young people who have used a Facebook campaign and YouTube videos"
Calender dates and facebook? Coincidence?

How about the coincidence of Islamic banking growing and prospering and uprisings?
What other country was engaged in this growing practice of Islamic banking in North Africa?

The bank officials stressed that it has established relations with a number of financial institutions, including 12 Islamic banks, in collaboration with the Institute of Islamic banks in Bahrain.

Bahrain! And another uprising!

Taking this thought further, imagine the implications for the International western banksters, if Islamic banking in accordance with Sharia law was to continue expanding and taking with it the Arab petrodollars from the region??? That would certainly, in time, see the Islamic banking system in control of a lot of money, and able to wield power globally.

I am going to expand on this thought, which must have been simply terrifying to the banking cartel of the west!
From an article here

Rising oil wealth is lifting Islamic banking - which adheres to the laws of the Koran and its prohibition against charging interest - into the financial mainstream.

"This is an industry on its way from a niche industry to becoming a truly global industry," said Khawaja Mohammad Salman Younis, the managing director for operations in Malaysia for Kuwait Finance House, the world's second-largest Islamic bank, after Al-Rajhi Bank. "In the next three to five years you'll see Islamic banks coming out in Australia, China, Japan and other parts of the world."


I don't think so.

In Islamic banking, financiers are required to share borrowers' risks, meaning that depositors are treated more like shareholders, earning a portion of profits. Financing deals resemble lease-to-own arrangements, layaway plans, joint purchase and sale agreements, or partnerships.

The stampede into Islamic finance is mostly an effort to tap an estimated $1.5 trillion of funds sloshing around the Middle East, largely from higher oil prices.


Does Islamic banking fit the western bankers ideals. Share the borrowers risks? Profit sharing?
Depositors treated like shareholders?
Is it plausible that the bankster thieves at JP Morgan or Citigroup, Barclay's etc., would really go for banking done on these terms? Think about it!
Islamic finance also avoids other prohibited practices. Shariah-compliant bankers cannot receive or provide funds for anything involving alcohol, gambling, pornography, tobacco, weapons or pork.
After reading that and seeing the movie Inside Job, you can be sure as hell the Western banking model of usury, extreme and compounding usury has no interest in allowing Sharia compliant Islamic banking to get a foothold on the globe.

( A brief aside: Inside Job, does not address the big issues with banking, usury and private control, nonetheless it does a good, no a very good job, of explaining the scam and scandal of the mortgage backed investments, the taxpayer bailouts and the big bank profits/bonus's. You will be furious. )

They also envision wider appeal for Islamic banking's ban on interest, which stems from the Koran's prohibition against usury.

This is a view that has a long religious and historical tradition.

Interest is repeatedly condemned in the Bible. Aristotle denounced it, the Romans limited it, and the early Christian church prohibited it.

Western theologians eventually distinguished interest from usury...


And life has gone down hill for the average citizen every since. Oh and by western theologians they mean the theologians of Judaism and Christianity.

But, getting back to our calender dated uprisings. I guess the colour coded revolutions were getting tiresome.... Is it a coincidence that these so called spontaneous uprisings with cries for "western style democracy" just happen to be showing up in countries with growing Islamic banking systems????

I will say, I am not a coincidence theorist.

7 comments:

  1. Islamic banking certainly could cause trouble for the evil ones if it were to catch on in the oil rich Arab countries. :)

    There are couple of points I noted while watching coverage of the events taking place in Egypt and Libya which may (or may not) be of interest here.

    The first:
    On Feb. 4th, during the midst of the Egyptian uprising, Al Jazeera reported that secular factions within the Muslim Brotherhood were bringing in several people who were not currently within the country and that the demonstrators would not know them. They specifically named a Youssef Nada who was currently residing in Switzerland or Italy. As far as I know, this was the only time his name was mentioned. I did some checking and found out that he is "the self-acknowledged “foreign minister” for the Brotherhood, is most well known for his role as head of the Al Taqwa Bank. Al Taqwa, which had both a Bahamas-registered bank and a Swiss corporate office, was set up in 1988 on principles of Islamic finance and had a shareholder list comprised of many Muslim Brotherhood figures including the family of global Muslim Brotherhood leader Youssef Qaradawi who also served as the bank’s Sharia advisor."
    You can read more about him at the links.
    http://globalmbreport.com/?p=207
    http://www.nytimes.com/2001/11/08/world/a-nation-challenged-the-banker-italian-arab-is-perplexed-by-swiss-raid.html
    http://en.wikipedia.org/wiki/Youssef_Nada

    The second:
    Is a a bit of info from a very interesting July 2010 article in the Daily Mail titled 'Tony Blair our very special adviser by dictator Gaddafi's son'.

    Saif says that 'He's [Blair is] adviser to the LIA, the Libyan Investment Authority".

    "He [Blair] has a lucrative contract to advise JP Morgan, which pays him £2million a year. Part of his job for them is to develop banking opportunities in Libya. It is understood that British firms Mr Blair is linked to are also being given contracts to tap Libya's massive natural resources, and to help rebuild the country's outdated infrastructure.
    http://www.dailymail.co.uk/news/article-1284132/Tony-Blair-special-adviser-dictator-Gaddafis-son.html

    ReplyDelete
  2. "Islamic banking certainly could cause trouble for the evil ones if it were to catch on in the oil rich Arab countries. :)"

    Could you imagine, no usurious interest rates? And profit sharing?
    And careful investing?
    No casino capitalism? No wild speculating?

    I will look more into the Libyan angle, having done a quick search it looks as if there may be something to the Islamic Banking angle in Libya.

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  3. Where there is lots of money to be extorted Tony Blair is there.

    That man has an addiction problem!

    ReplyDelete
  4. Man, there's always a hidden agenda that manipulates from behind the scenes, isn't there?

    This is an interesting angle on the whole developing realities in the MidEast - I am thinking that "the evil ones" so aptly put are hoping that this "fair and balanced" type of banking doesn't catch on in peoples knowledge bases.

    This explains much of the "villianization" of the Muslim Brotherhood as well, if they are behind this kinder, gentler form of banking. Craziness..!

    ReplyDelete
  5. I see "the evil ones" is catching on. :) :)

    I don't really know how to read the Muslim Brotherhood's involvement with Islamic banking. In the case of Youssef Nada, he went from being imprisoned and tortured in Egypt for opposing King Farouk (1952 -1954) to being a hugely successful businessman and banker to living a life of luxury in a "tiled hillside mansion across the lake in Campione d'Italia, Italy" to having his assets seized and being put under a UN travel ban in 2001.

    I like the idea of kinder, gentler banking tho :)

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  6. blameblakeart!

    how are you? I saw you had left a comment some posts back and missed replying to you.

    Hope all is well in your neck of the woods?

    If I recall correctly, you have a new mayor?

    "Man, there's always a hidden agenda that manipulates from behind the scenes, isn't there?"

    Yup, usually several hidden agenda's.

    "- I am thinking that "the evil ones" so aptly put are hoping that this "fair and balanced" type of banking doesn't catch on in peoples knowledge bases. "

    I would say that is quite likely, because fair and balanced banking would see western style private central banking and all it's scamming scummy ways fall out of favor.

    Besides isn't capitalism all about competition?
    I would say the "evil ones" need a good big dose of that!

    "This explains much of the "villianization" of the Muslim Brotherhood as well, if they are behind this kinder, gentler form of banking."

    It could be that, or it could be something as simple as planting an idea in the minds of the western audience.
    Muslim brotherhood = bad guys= Islamic terrorists, or some such drivel.

    ReplyDelete
  7. McJ

    "I don't really know how to read the Muslim Brotherhood's involvement with Islamic banking."

    It may be nothing more then making money? But, then along with that it could be something else.

    "I like the idea of kinder, gentler banking tho :)"

    I do to. :)

    ReplyDelete

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