March 4 (Bloomberg) -- The Vatican said banks should look at the rules of Islamic finance to restore confidence amongst their clients at a time of global economic crisis.
“The ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service,” the Vatican’s official newspaper Osservatore Romano said in an article in its latest issue late yesterday.
Author Loretta Napoleoni and Abaxbank Spa fixed income strategist, Claudia Segre, say in the article that “Western banks could use tools such as the Islamic bonds, known as sukuk, as collateral”. Sukuk may be used to fund the “‘car industry or the next Olympic Games in London,” they say.
Pope Benedict XVI in an Oct. 7 speech reflected on crashing financial marketssaying that “money vanishes, it is nothing” and concluded that “the only solid reality is the word of God.” The Vatican has been paying attention to the global financial meltdown and ran articles in its official newspaper that criticize the free-market model for having “grown too much and badly in the past two decades.”
The Osservatore’s editor, Giovanni Maria Vian, said that “the great religions have always had a common attention to the human dimension of the economy,” Corriere della Sera reported today.
Great religion, my ass. Islam stipulates that 2.5 - 20% of all transactions must go to Zakat. Zakat OFTEN is used to finance Jihad against the Infidels.
For the Western world to engage with Islamic Sharia Finance is tantamount to suicide.
There's something very wrong on the inside of the Vatican.
6 comments:
Creepy, eh?
http://www.youtube.com/watch?v=vaiEO3dOEE4
Good scene, Andre. I love those movies.
The world is changed
I feel it in the water
I feel it in the earth
I smell it in the air
Much that once was is lost
For none now live to remember it
.... get a grip is just a fairytale. Doh.
Capital is a force of nature like hydrodynamics
Therefore Wall Street is, has been, and will always be AMORAL
It rewards that which makes the firstest investors the mostest the quickest (for you Nathan Bedford Forrest fans)
It's up to US to limit that.
Limiting this by law would be an ...interesting Congressional debate, with very enlightening hearings...Mr. Hoekstra ..why not do a Conyers?
I mean if they can do it with racist overtones, surely we can do it out of rational citizens' concern?
Oriana Fallaci had confidence that this Pope understood the threat of Islam.
Doesn't look that way to me.
AOW,
I think the Pope DOES understand the threat of Islam. Read his book Without Roots:
http://www.amazon.com/Without-Roots-Relativism-Christianity-Islam/dp/B000MKYKIQ/ref=sr_1_5?ie=UTF8&s=books&qid=1237130530&sr=1-5
The problem is, the Vatican is not monolithic. There are many voices in the Vatican. And, if there is a significant bias within the Vatican towards Islam, which would seem to be possibly true, given this recommendation of Sharia Finance, then the Pope with his strong bias against Islam, could be in trouble.
He would, I believe, not be the first Pope to be knocked off.
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