Sharia in Ireland — Official

Islamic banking proposed in Irish finance bill

I have no doubt that the good citizens of this site have been fretting over the Finance Bill as published last week, searching for those grains of comfort that will indicate that the death of our beloved Celtic Tiger has been greatly exaggerated.

Sorry, his demise hasn’t been exaggerated. He’s as dead as Monty Pyton’s parrot and buried – you and your childrens children will be paying the burial expense for the next thousand years – with O’Leary in his grave.

Perusing the bill you will notice guarantees to gladden the heart of every Irishman, such as, – Decrease in the Excise Duty on Beer and Cider by 12 cent (VAT inclusive) per pint, on Spirits by 14 cent (VAT inclusive) per half glass, and on Wine by 60 cent (VAT inclusive) per 75cl bottle with effect from midnight on 9 December 2009.

But then you’ll come across the following jaw-dropping statement.

Provision of measures to facilitate the attraction of Ireland for the development of Islamic finance which covers any financing arrangement that is compliant with the principles of Shari’a law. The tax treatment applicable to conventional finance transactions will be extended to embrace Islamic finance.

Ah, our friend Sharia has made it to Hibernia at last. But what does the government mean by “compliant with the principles of Shari’s Law?

Does it mean that woman will have to wear a Burka and be accompanied by a male relative if she wants to open an account at her local Bank of Jihad on O’Connell Street?

Maybe it means that you’ll have both your hands amputated if you stray slightly above your overdraft limit – unless you incurred the expense en route to Mecca?

Default on your mortgage payments and you’ll be beheaded live on the net incidentally. These guys don’t do subprime.

Sharia finance rejects the principles of western banking as impure (haram) as opposed to their pure (halal) system. They, ostensibly at least, claim that the charging of interest (usury) is unethical.

But are they really not charging interest? According to a number of reports Sharia Compliant Finance (SCF) loans are transferred into bonds or “sukuk” and interest is charged on these. The interest payments are kept off the books in “special purpose vehicles” to maintain the pretence of halal.

That’s all very well you’ll say. It’s just another system of banking. Why not give it a shot. It can’t be any worse than the almost complete collapse of the world economy over the last few years because western banks we rushing out onto the street offering winos one million pound mortgages on five bedroomed detached houses in Foxrock.

Indeed, however, quite a number of Islamists believe that SCF is a continuation of their war on western society by other means. Sheikh, and it’s always a Sheikh isn’t it, Tagi Usmani, a former senior member of the Dow Jones Islamic Index, was quoted as saying.

This “holy war” is to be waged where possible through violent means, where necessary through “soft” means like Sharia-Compliant Finance. For this reason, such Islamists call SCF “financial jihad.

Regardless, banks, particularly in the USA, are eager to embrace the principles of SCF and the infusion of billions worth of petrodollars.

However, analysts in America are warning that in embracing SCF they are in danger of jumping out of the subprime frying pan which nearly destroyed the world economy into an Islamist fire which will legitimise and institutionalise Sharia – which wants to destroy the world as a raison d’être – in America.

Over here in Ireland we’re already legitimised it and in a few months time we’ll be opening a Saudi type Wahhabi school in Dublin. The followers of Wahhabism pursue a strict interpretation of the Koran and hate everything – including their fellow Muslims – that walks or crawls on this earth.

The Trojan horse is inside the gate. Welcome to Eireannistan. How do you say one hundred thousand welcomes in Arabic?

5 thoughts on “Sharia in Ireland — Official

  1. Nice attempt at trolling there, Seconds Out. I’ll bite, just for the purposes of discussion.

    Your post (taken at face value) would be the delight of the Sarah Palin and George W Bush mentalities of this world. I heard an interview on RTE Radio this morning where the interviewer posed the “ultimate” question, “Does this mean that our savings might become the tool of the Bin Ladin family??”

    This topic has the potential to expose the true xenophobic veneer of Irish society.

    Let’s just set aside for a moment the fact that the Bin Ladin family (a highly influential and respectable family in Saudi Arabia) have long ago disowned their relative Osama.

    The underlying principles of the Islamic faith require that followers observe the principle of Zaqat (the 3rd pillar of Islam). This “pillar” requires that every muslim (not “Islamist” as you label them) gives charitably according to his abilities. It specifically precludes usury, so an ethical muslim lender must only lend money at a controlled and equitable rate of interest.

    Do you have an problem with this?

    What is your problem with the title Sheikh?

    Your post appears to be intentionally inflammatory. I am not personally encumbered by any religious beliefs, but, equally, I don’t see the necessity to belittle the belief system of others.

  2. BoldPilot “This topic has the potential to expose the true Xenophopic veneer of Irish society ”
    All too true.
    If what Islamic Finance are proposing was offered presently by AIB or BOI the queues would be miles long.
    It is a perfectly legitimate and forward thinking banking system, In the UK this banking system has been under Financial Services Authority regs since 2007, buyers are afforder all the protection of a conventional mortgage, unlike sub prime.
    All Islamic banks use the Libor index for rental payments.
    Islamic banks do not invest in firms involved with gambling, alcohol, tobacco ,pornography.
    The banking models are.
    1. Ijara; Lease to own, Bank provides property you want, leases it to you, at end of lease ownership is transferred to you.
    2. Musharaka; Partnership, You pay 10% deposit, Bank pays 90%, pay rent on share you don’t own plus buy shares, The more shares you own, the less rent you pay, cost of share is based on purchase price not market value.
    3. Murabaha; Bank buys 100% of property, adds on profit, You pay fixed monthly payments on higher price, no interest over fixed term.
    This system was proposed in Ireland late last year but was rejected because The Revenue Commisioners who would have to collect stamp duty at end of loan term, usually about 15 years could not predict what stamp duty rates would be in 15 years time.
    I note the joy in Seconds delivery of this topic that the duty on alcohol has decreased, because we surely need cheaper and more alcohol in Ireland not a progressive banking system, Not buying into all that American fear and paranoia and propaganda which has afflicted Irish Society for generations then are you ?

  3. They, ostensibly at least, claim that the charging of interest (usury) is unethical.

    Well, technically, they claim that Riba is unethical — it’s the christians and jews who claim that usury is unethical (it was forbidden by the christian church officially from 325 (and from well before then by the torah) up until the term got redefined to mean “excessive” interest). Of course, it wasn’t just the Muslims and the Christians (and the Jews before them); usury was also condemned by green and roman philosphers like Plato and Aristotle and even by the Bhudda. And technically, it’s illegal under secular law as well (we call it loan sharking, but it’s the same thing).

    Yeah, there are a lot of things in Islam I wouldn’t agree with, but if you’re going to pick on the ethics of interest on loans, you’re on shaky ground!

  4. As far as I’m concerned Sharia is a wholly evil thing.
    It is not surprising in the least that Fianna Fáil have rushed to embrace it; they are an evil entity and wholly comfortable in the company and presence of other evils.

  5. Unstranger,- Well said. Interesting point about Fianna Fail. Imagine Brian Cowen and Dillie O’Wea in Burkas – it would be an improvment.

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