Saturday, April 4, 2009

Sharia Banks Stable in Midst of Crisis

January 21, 2009: Jeff Karoub and Sebastian Abbot from SFGate examine the emergence in America of a new banking system founded on Sharia (Islamic Law) principles:

"Islamic law says money cannot grow by itself, the way it does with compounding interest. Trade is acceptable as long as the equal amounts of money are traded or two different things are swapped with a fairly negotiated price.
So a dime for an apple would be considered halal, or religiously acceptable, while one apple for two apples would be harem, or unacceptable."

link to article

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