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Old 21-12-2009, 07:17 PM   #61
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Not to worry Sharia banking will save the day

Apart from the already established Sharia law courts across the country, the Treasury plans to rewrite Britain’s tax rules to usher in a new wave of Sharia law for Britain’s financial system, according to a one-line sentence buried in the recently released pre-Budget report.
According to reports, the Government wants to tap into the fast-growing Sharia finance market, set to top £205 billion a year, and turn London into the “global gateway for Islamic finance.”
Many conventional financial products are not Sharia compliant because Muslim clerics view conventional loans, which involve interest payments, as sinful.
The UK Government was one of the first Western countries to issue a state-backed sukuk, an Islamic bond. It now wants to rewrite tax laws to stop Muslim businessmen being unfairly taxed when they try to raise money on their companies.
Conventional loans allow them to take equity out of their business, using the property as collateral, but to be Sharia compliant a Muslim “sells” the business to the bank and then rents it back. That leaves the businessman facing a bill for capital gains tax and the Treasury wants to level the tax playing field.
The pre-Budget report includes measures to equalise the tax treatment of property refinancing transactions. Ministers are also reportedly considering issuing Government bonds to Islamic banks to help them comply with new financial regulations.

The two dirty secrets of Islamic banking, however, are that, like all banks, Sharia banks do charge interest – they just give it another name and that the clerics supervising the banks have ties to extremist, even terrorist, groups which work towards the Islamization of Europe and world dominance.
Helena Christofi, an expert on Sharia banking, explains that Islamic banks extend a type of Islamic “credit,” called murabaha, that shifts risk to the borrower in a manner similar to interest.
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eternal_spirit is offline   Reply With Quote
Old 21-12-2009, 07:59 PM   #62
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Well I for one wont be worrying or frettin about it. It does no good to worry. Im so skint now after being fleeced for xmas prezzies that I doubt an almighty crash would have any affect on me personally and indeed most of th people i know who are all skint too. The so called "credit crunch" didnt afect me at all (how can it when your already skint?). The only people ive seen running about like headless chickens are rich people cos they worry about loosing what theyve got. Put simply if youve got nothing you can loose nothin.
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Old 22-12-2009, 04:16 AM   #63
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Bad vibes mate

Everyone has something too loose
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