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ORIGINAL: freakofnature

For those of you who are naive to think that this could never happen here look:

Treasury Dept. to submit to Sharia

We have went to the Saudi's to borrow or "get them to invest in America" but in doing so, they are demanding that we submit to Sharia Laws on banking. Dear God, please help us!

FROM THE ARTICLE:

"As reported in this space last week, Deputy Secretary of the Treasury Robert Kimmitt set the stage with his recent visit to Saudi Arabia and other oil-rich Persian Gulf states. His stated purpose was to promote the recycling of petrodollars in the form of foreign investment here.

Evidently, the price demanded by his hosts is that the U.S. government get with the Islamist financial program. While in Riyadh, Mr. Kimmitt announced: "The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis."

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Like Harvard, Treasury seems utterly disinterested in what Shariah actually is, and portends.

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I don't see the problem with this.

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ORIGINAL: freakofnature

FIRST OF ALL THIS:

"Unfortunately, such submission - the literal meaning of "Islam" - is not likely to remain confined long to the Treasury or its sister agencies. Thanks to the extraordinary authority conferred on Treasury since September, backed by the $700 billion Troubled Asset Relief Program (TARP), the department is now in a position to impose its embrace of Shariah on the U.S. financial sector. The nationalization of Fannie Mae and Freddie Mac, Treasury's purchase of - at last count - 17 banks and the ability to provide, or withhold, funds from its new slush-fund can translate into unprecedented coercive power."

2ndly- It starts with this then where does it end? Once the Persian Gulf states start "Investing" in America and playing a much bigger role, do you think they are going to stop by requesting that we abide by Sharia Banking Laws, once we let that in where does it stop?

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2ndly- It starts with this then where does it end? Once the Persian Gulf states start "Investing" in America and playing a much bigger role, do you think they are going to stop by requesting that we abide by Sharia Banking Laws, once we let that in where does it stop?

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ORIGINAL: tony.nz

Thanks for the explanation of Sharia banking - I was wondering exactly what it means. And, in principle, I would have no problems with buying a house on a rent-to-own basis. Presuming the cost over the term of the deal did not exceed what it would cost for a mortgage. I do think however that the system is hypocritical - rather than the lender making a profit out of charging interest, they make it out of charging rent. Presumably the intent of the sharia law was not to take advantage of the poor - however I fail to see how using this "loophole" is of any moral advantage - the bank, or "lender" still makes their profit, and the "poor" still pay up. Like Jesus said, they make the "law" to no effect through their hypocrisy.

I agree that the article seems to try to create fear, without explaining anything about what Sharia financing is. However, I do have some problems. It seems that the US has gone cap in hand to these countries asking for a loan. Nothing wrong with that - we all have to borrow occasionaly. And the reply has been, well, if you want our money, these are the conditions. Nothing wrong with that, either. However, if it is to be structured as a rent-to-own deal, exactly what is the US going to sell (and then rent back) - in order to get these petro-dollars? And, what are the implications if something goes wrong?

Despite the crticism of the article, I do think that the creeping Islamisation of the system is of real concern.

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ORIGINAL: buckifn

Why do you think Obama was backed so fiercely?

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Despite the crticism of the article, I do think that the creeping Islamisation of the system is of real concern.

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With regard to the first part of your comment I agree that it's just skirting the intent. For example a Sharia compliant credit card charges monthly fees, either flat or propotional to the outstanding balance. Clearly the second is nothing more than interest called another name - compliance through redefinition.

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That said, the Muslims I know are pretty down-to-earth people who accept that we live in a pluralistic country with a pluralistic government. And the ones who run the sovereign wealth funds from abroad, as far as I can tell, have a vested interest in making sure the US economy continues to operate the way it does. That means that they don't want us to screw it all up by implementing repressive laws.

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ORIGINAL: blessedinnyc
I don't think anyone is asking us to abide by Sharia Banking Laws. I think they are asking us to offer Rent-To-Own as another mortgage alternative- sort of like how we came up with adjustable rate mortgages 25 years ago.

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ORIGINAL: colliefan
and these Muslims are considered apostate by the radical ones

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But Sharia banking with no interest would only apply to a fellow Muslim. A non-Muslim, or one that is considered apostate would never get a loan. The OT ban on interest applied only to a fellow Jew. I wonder how the year of Jubilee would figure into the equation?

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And I thought the apostacy label was only a problem for us Methodists!

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ORIGINAL: litfire2000
Isn't The Washington Times the newspaper that was founded by Unification Church leader Rev. Moon?