Thursday, October 30, 2008

Is the US adopting Islamic financial practices?

Saudi cleric Abd Al-'Aziz Fawzan Al-Fawzan says so, according to an interview transcribed by MEMRI.

"America is Collapsing, According to the Same Scenario of the Russian Collapse"

Abd Al-'Aziz Fawzan Al-Fawzan: "A few years ago, the Socialist Communist system ended in a devastating collapse, and it was followed by the Soviet republics one after another. Russia gave up its competition against American hegemony, and the United States became the unipolar leader ruling the world.

"Now, Allah be praised, America is collapsing, according to the same scenario of the Russian collapse.


"This tremendous economic power, which is unparalleled in history, was bound to collapse one day because it is based on injustice.


"Will the West acknowledge the collapse of capitalism? I am convinced that they will not. We are used to their obstinacy and arrogance. They always turn the facts upside down...

Interviewer: "But they will have to admit..."

Abd Al-‘Aziz Fawzan Al-Fawzan: "Now they have begun to adopt the principles of Islamic economy – only they do not call it "Islamic." The prohibition on short selling, the prohibition on the expanding and the selling of debts – this is Islam!" [...] [Full interview here]
I think our Saudi cleric friend is on to something here. The prohibitions on certain market transactions do draw upon the history of faith-based bans on money-lending and the like. And while not explicitly religious, the ban on short selling is a stunning example of altruism in action (as well as a brazen assault on self-interest). I guess if America can't be an Islamic republic, it can be made to be as poor as one.


Anonymous said...

The cleric proclaims: "Now, Allah be praised, America is collapsing, according to the same scenario of the Russian collapse."

Just another turkey buzzard drooling over the carrion. If and when the U.S. collapses, you can bet he won't be tossing any candy in our direction, which many Muslims did to celebrate their ilk bringing down the WTC.


Mike said...

America in its deepest ruin will never reach the levels of depravity seen in the most prosperous theocratic Islamic nations. Until they discover the reason why this is, they will continue to talk out of ignorance as they have done here.