But I thought Islamic banks were unaffected by the global economic recession?

Massive layoffs at Islamic banks prove otherwise.

The ranks of the unemployed now include thousands recently laid off from Jordan’s largest bank, which controls 70% of Jordan’s banking, a week after it announced record profits and said it had no intention of laying off staff.

 

Arab Ponzi Scheme rips off ‘bad’ Muslims.

Globs reports on a scandal in East Jerusalem: local money changer Ali al Kurd ran Ponzi scheme for 7 years. He collected tens of millions of dollars from Hamas, Fatah officials and Islamic religious leaders promising them 26% annual interest. Al Kurd and his relatives are now in hiding.

The funny thing is, Islam absolutely bans interest and the cheated Islamists cannot openly claim their losses from the grossly illegal business.

Samson Blinded

 

So why is our Muslim President and the US Treasury Dept. looking to Shari’a Finance Law for help?

FRANK GAFFNEY: Treasury Dept. submits to Shari’a 

The U.S. Treasury Department is submitting to Shari’a – the seditious religio-political-legal code authoritative Islam seeks to impose worldwide under a global theocracy.

As reported in this space last week, Deputy Secretary of the Treasury Robert Kimmitt set the stage with his recent visit to Saudi Arabia and other oil-rich Persian Gulf states. His stated purpose was to promote the recycling of petrodollars in the form of foreign investment here.

Evidently, the price demanded by his hosts is that the U.S. government get with the Islamist financial program. While in Riyadh, Mr. Kimmitt announced: “The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis.”

“Islamic banking” is a euphemism for a practice better known as “Shari’a-Compliant Finance (SFC).” And it turns out that this week the Treasury will be taking officials from various federal agencies literally to school on SFC.

And it gets worse, read more: treasury-submits-to-shariah

HAT TIP: victimlesscriminal

 

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