US$300 Billion Islamic Banking Deception

I have been pointing out this Islamic banking bullshit for about 20 years. 15 years ago in 2005 I wrote a chapter about the fraudulent Islamic banking in my first book 'To Digress A Little".  

I am glad that more people, especially Muslims are researching and exposing the fraud that is Islamic banking. Here is something from the Toronto Sun :

Why Shariah mortgage is a deception

Shariah banking and Islamic finance did not exist for 1,400-years 
origin in Islam as a political ideology beginning in  1920s

in practical terms Shariah banking started late 1970s 
owes foundation to Maudoodi in Pakistan, Hassan al-Banna of Muslim Brotherhood 

‘products’ and terminology put into practice by jihadi dictator Zia-ul-Haq

Two authors, senior Muslim bankers, written scathing critiques of Shariah banking

one labels practice as nothing more than “deception” 

the other suggests entire exercise “pretext for advancing broad Islamic objectives and for lining pockets of religious officials”

In his book, ‘Islamic Banking — A $300 Billion Deception,’ Muhammad Saleem, former president and CEO of Park Avenue Bank in New York, not only dismisses the founding premise of Shariah and Islamic banking, he writes: “Islamic banks do not practise what they preach: they all charge interest, but disguised in Islamic garb. Thus, they engage in deceptive and dishonest banking practises.”

Another expert, Timur Kuran, who taught Islamic Thought at the University of Southern California, mocks the very idea. In his book, ‘Islam and Mammon: The Economic Predicaments of Islamism’, Kuran writes that the effort to introduce Shariah banking “has promoted the spread of anti-modern currents of thought all across the Islamic world. It has also fostered an environment conducive to Islamist militancy.”

Andrew Potter wrote : “Shariah Banking – There’s big business in fooling God” and he is OK with it.” 

Potter added, “if helping Muslims fool their God is part of the price we have to pay for global economic and political stability, it’s the bargain of the century.”