One Islamic Currency..To Go With Islamic Financing

Did you know that Arab states are trying to create a unified currency? They still have a long way to go, of course, but the discussions have been going on for a while now. Similar economic structures, as well as currencies already pegged to the same standard (usually the dollar) will make that easier. But, as usual, the inter-state bickering is causing negotiations to falter. One important point to consider:

Inflation rates vary dramatically and fiscal deficits, which have been absent since the start of the oil boom in 2003, are about to re-emerge in some countries this year.

It seems the economic downturn that has struck the world is about to overtake even the oil barons of our day. Perhaps it was just a matter of time, though. Islamic based banks have been much more stable than their western counterparts. Many believe this is due to the constraints of Sharia Law on banking. The outcomes of giving Islam more control of money and banking are large. But, one particular concern should raise red flags all over the world:

Many of the scholars and clerics who sit on these Islamic Banking Advisory Boards come from the more
radical elements of Islam, and the educational centers that promote and encourage violence against the West. According to the Brussels Journal, these groups have openly expressed hopes of returning Islam to Europe “as a conqueror” either by preaching and ideological change or “by the sword”.

Those who refuse to believe there is an Islamic agenda to take over and rule should pull their heads out of the sand. The Illinois Business Law Journal says this change to a religious based banking structure would be a good thing. Would you like to know how widespread the influence of Sharia law is on western banking? There are already Sharia compliant hedge funds, partnered with the largest publicly traded hedge fund manager. London and the Netherlands are becoming centers of Islamic banking. And, of course, you can always visit the Islamic Bank USA website.