From Mortgage Strategy:
A government organisation is looking to educate financial institutions in a bid to help the UK become a global provider of Islamic finance.
UK Trade & Investment, which incorporates the work of the Foreign & Commonwealth Office, has leant its support to a breakfast briefing hosted by the Association of Corporate Treasurers.
The aim of the briefing is to give financial companies more understanding of Islamic finance by explaining whom it applies to, how it can complement existing financial services strategy, and what the benefits are.
Sharia Islamic law forbids the practice of making money from money, such as charging or paying interest.
Sharia-compliant mortgages involve the bank buying the property with the buyer then buying it back and renting it at a slightly inflated price. Buyers also have to be sure that the money the bank is using to buy the property has come from permissible sources.
Note that Sharia Finance, as explained here, is mere slight of hand. The real purpose of Islamic Finance is not to rent properties at inflated prices for banks to make money, but for extorting 3%-20% of all financial transactions and diverting them to "Islamic charities" in the form of Zakat payments.
Sharia Finance is better described as Jihad Finance and anyone who supports it is a dhimmwit.
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More related Links:
Brown Aims for London to Dominate Islamic Banking and Finance Bloomberg.com 13 June 2006
Sharia Investment In The Real World: Pakistan seeks $10bn from expats to avoid bankruptcy telegraph.co.uk
Islamic finance shows banks the way forward
Published Date: 26 September 2008 By Nadeem Haq
FSA encourages growth of Islamic finance in UK banking-business-review.com 29th November 2007
Islamic banking sought by U.K. International Herald Tribune Published: WEDNESDAY, JUNE 14, 2006
Islamic financial industry to benefit from UK devt ShariaBanking.net Monday, 02 April 2007
New sharia row over Chancellor's plans for 'Islamic bonds' via MailOnline 17 February 2008
Islam Buying up The West, piece by piece
BANKS NATIONALIZED IN UK...
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America Must Not Bail Out Sharia Finance Jeffrey Imm, Anti-Jihad League of America 10-3-2008
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From a recent Jihadwatch.org thread, segment of interview discusses Islamic financial instruments: Geert Wilders with Robert Spencer
Robert Spencer:
Yes they are. Yes. In many cases it's because of very short sighted political or economic calculations. Of course, Sharia finance is a very grave problem with the wholesale buying up of so much of Western properties, Western capital assets. . .so many things. What would you say to bankers, to financiers, to economists who think that it's a simple necessity to make various concessions and accomodations to deal with the Islamic world and Islamic finance?
Geert Wilders:
I say to them, to bankers as I say to other people that are accomodating . . .It sounds in the short term it might sound attractive to your business but in the long term you will pay the price and the price will be that you will have nothing to say anymore about your investment, about your bank . ..it will be gone entirely. It will be out of your hands. Don't think you are dealing with a Swiss bank or Bank from the Caribbean whatsoever. You are dealing with a bunch of people that at the end of the day want to submit you, to rule you, and want to enforce on you their ideology. You will have nothing to say and you will have helped them making your own grave. This is something that people should be aware of, they should not do.
HRW
How about a hat tip in future, Pastorius?
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