Tuesday, August 31, 2010


I spotted this while lurking at Free Republic:

Sharia-compliant banking products a 'huge flop' in Britain

... New banks that were set up to appeal to the UK's nearly two million Muslims and Sharia-compliant products created by the existing high street lenders have failed to make much of an impact, critics say.

Junaid Bhatti, part of the team that set up Islamic Bank of Britain, the first Sharia-compliant bank approved by the Financial Services Authority, says that the sector has been a big disappointment.

"As we now approach the sixth anniversary of IBB's launch, I'm sad to finally have to admit that Islamic finance in the UK has been a huge flop," he said. "IBB may still be limping on as probably the last bastion of the cause, but it's difficult to imagine it holding out for much longer."

Competitors have fared even worse and many had closed or scaled back their operations significantly, Mr Bhatti said.

Established banks that launched Islamic banking products are also believed to have fared poorly. HSBC and Lloyds were seen as having made the biggest efforts to make inroads, but without much success, Mr Bhatti said....

But wait! I don't understand! I thought all these people had to do was get naive, gullible Westerners to go along with their nefarious schemes ... and then they would just RAM SHARIA DOWN OUR THROATS AS PART OF THEIR RELENTLESS DRIVE FOR GLOBAL DOMINATION!!!!

Or, as Pam Geller put it, with her usual restraint, in response to a story about a Saudi bank challenging a provision of the Patriot Act in court:

Sharia finance will destroy whole sectors of the American economy. Why would you finance the ideology that wants to slit your throat -- not to mention their plan for your daughters?

What happened? Are you telling me that the Evil Super Jihad Demons can be stopped by something as simple as market forces? Are you telling me that Muslims are actually human? And divergent in their compliance with sharia? They're not a monolithic unstoppable Jihad/Sharia Mega-Force?

I'm so confused....

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