Despite the global slowdown Islamic banking will continue to grow as multinational banks trim investments and sovereign wealth funds inject cash.
Professor Mahmoud El-Gamal, Chair of Islamic Economics at Rice University, says that despite the global economic slowdown Islamic banks will likely continue to see good growth because multinational financial institutions have had to cut back on lending in the Middle East and Sovereign Wealth Funds, eager to advocate Islamic financial growth, will likely inject the sector with cash.
Speaker: Mahmoud El-Gamal Chair of Islamic Economics, Rice University Presenter: Ruben Ramirez New York
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Stands to reason! Banks used to in the 1970’s pay up to seven percent interest on savings. On loans in the same period the going rate for a car loan was about ten percent. Now savings accounts pay a ludicrously small quarter of ONE percent….nothing!; and loans cost up to eight hundred percent. If a Muslim bank came to my town, I would hasten to establish an account in it, and I would not care if the profits went to whoever as long as they did not come for MY head on a stick. There is no morality in business any more; maybe the Muslims will bring some. I do not care how many wives they have or how young they are or how they can flaunt both in the face of our laws as long as they are honest with MY money. I’ll even pray five times a day, wash my feet in the river, marry ugly women, drink bad coffee, and study how to read backwards if that is what it takes to defeat the usurers now in charge in this country. And I do not think that I am alone. How would our bankers like the idea that mass coversions took place here because of them?
- Posted by Chester D