KAMELOT ~ March Of Mephisto
The spread of Sharia law into the financial world continues
8/11: UK: Interest-free Sharia MasterCard launched
The issuance of Sharia compliant credit cards is key. The world revolves around credit. These prepaid cards should be a very fast selling item. Working like a prepaid cell phone, it will provide a certain amount of anonymity as well as mobility to the user. Since there is no interest payment stream to keep track of, it's like buying travelers checks. You can use these just about anywhere. Making financial instruments Sharia compliant is actually easier than one might presume.
All you have to do is change the interest charged into a fixed fee that is taken off the top and there you have it. The banking industry has been shifting more and more to a fee based service delivery anyway over the last few decades, so they will probably jump on these types of products like a duck into a June bug. Just imagine, no interest to collect and keep track of, no delinquent accounts to manage. The Bank manager's dream. And Sharia keeps on spreading.
The march toward a sharia compliant financial hub continues.
CLICK ME, DHIMMIAs discussed before, some banks are scrambling to repackage conventional investment instruments into being sharia compliant to tap into that large and profitable market. It's not all that hard, just strip the interest payments, charge a fixed fee in place of the interest and there you have it. As this trend continues, you will see a potential growing power in sharia financial market to dictate what you can and cannot do.
Right now they are focused on staying away from such things as the pork industry and pornography. How long until Christianity is outlawed by these banks? I would not want to be a Christian and working in one of them, that is for sure. If you think China is repressive against Christianity, just wait to see what happens in the UK with this.
~ 3 WOOD
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