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?