What Do You Mean, You Don’t Pay Interest?

Pajamas Media » U.S. Government Embraces Islamic Banking

On November 6, 2008, the U.S. Treasury Department hosted a seminar on Islamic banking to train government employees on Sharia-compliant finance (SCF). According to a press release, it was “designed to help inform the policy community about Islamic financial services, which are an increasingly important part of the global financial industry.”

I eagerly await the new association of Islamic Hedge Funds. I wonder if they will permit Jewish money managers?

About Bill Quick

I am a small-l libertarian. My primary concern is to increase individual liberty as much as possible in the face of statist efforts to restrict it from both the right and the left. If I had to sum up my beliefs as concisely as possible, I would say, "Stay out of my wallet and my bedroom," "your liberty stops at my nose," and "don't tread on me." I will believe that things are taking a turn for the better in America when married gays are able to, and do, maintain large arsenals of automatic weapons, and tax collectors are, and do, not.


What Do You Mean, You Don’t Pay Interest? — 3 Comments

  1. “already written off”, maybe.

    That said, I don’t know that a little training is totally out of the question. Sure, it’s a kooky religious restriction. But the truth is, “Islamic banking” pays interest just like any other kind of banking, only at a remove so that both parties can pretend they’re not violating their holy book in doing so. Just like other oddball financial constructs, it takes some education to tell exactly where the money is really going and when. I’d be less worried about offending their (frankly stupid) religious sensibilities than I would be about detecting scams and/or tax dodges hiding under the tent flap. It’s harder to retreat into public cries of “they’re oppressing my religion!” if the investigators know exactly what kind of stunt you’re trying to pull…

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