East London | Islamic money law

20 04 2010

One law for all?  Like heck it is, if you’re an MP, any transgression becomes a technicality and if you’re part of a “minority” group, you can always blame “evil racists””.  Give an inch and they take a mile, doesn’t matter who, white or black, male or female, once the deluded see a free ride, it would be foolish of them not to jump on.

Fresh from the news that more money has been filtered into questionable Islamic sects residing in Tower Hamlets (further reading can be had HERE), a quick glance at the Tower Hamlets Community Credit Union Ltd reveals just how far the appeasement goes.

Now it seems the pseudo-religious political theory commonly referred to as ‘Islam’ is haggling to have Sharia Law on finance imposed on Blighty.

Islamic loans

Islamic finance is an ethical, indigenous and equitable mode of finance, which derives its principles from the and tradition of the Prophet Muhammad (pbuh). Shariah law (Islamic law), which is based on the Quran and Sunnah, governs Islamic finance.

Islamic Finance as a concept is based on themes of Community Banking, Ethical and Socially Responsible Investments and Affinity Marketing. These themes themselves are based on core ideas, which include individual responsibility, reliance on market mechanism, commitment to economic and social justice and mandatory care for the environment. In Islamic Finance Scholars say that everything is allowed except that which has been specifically forbidden. In essence the believing Muslims view of economics is based on Man’s obligation to organise his affairs in accordance to the will of God as his representative and vice regent on Earth. The goal is not equality but an avoidance of gross inequality along with an injunction that wealth should not become “a commodity between the rich among you”. Islamic Finance is firmly embedded in the commercial, real, value-producing economy.

The credit union is currently investigating the prospect of offering an Islamic type loan based on Shariah law. This has been successfully done by a few Credit Unions overseas and the option is to link this to the Islamic Saver account. At present the payment of a dividend on the saver plus account conforms to Islamic ideals since it is not an interest payment however although Credit Unions loans are not granted to make a profit but to service the operating cost and pay a return to members most Muslims are able to participate in the product. Notwithstanding a loan which incorporates the teachings and conform to traditions and law will be a valuable extension of our work and this is being aggressively considered.

Make what you will of the words, although even I admit the italic part is alluring.  Doesn’t explain the need for all the petro-dollars sought though.  And of course I am against unfair usury, who wouldn’t be, and am a firm believer that fiat money needs to be backed by something other than good faith.  But it will be a cold day in Hell before I swallow this blatant appeasement.

Consider the implications of allowing foreign based law in these lands.  It is bad enough with Law Society sponsored statutes and EU sanctioned directives without another special interest system to pander to.

Saying that, seeing as Blighty is the 24th State of Europe, surely these laws set precedence that can be used at a later date.  And seeing how ‘inclusive’ European Law proclaims to be, then if ever I am arrested on suspicion of sedition, I shall be incurring my God-given Common Law Rights, privileges granted by the Almighty that supercede any EU dictate.  I can even produce a book to prove it too.

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