Islamic Finance Is Bullshit
TIL: Islamic finance is bullshit, if can basically be summarised as: Just don't use the word "interest"
>When it comes to the manner in which Islamic securities are offered, the process and rules for such offerings, even in those jurisdictions with special licensing regimes, are, in effect, the same. (For example, the rules governing the listings of Islamic bonds issued by the Securities and Commodities Authority of the United Arab Emirates are almost identical to the rules governing the listing of conventional bonds save for the use of [sic] word 'profit' instead of 'interest'.[68]
Whilst the principles of Islamic Finance are different, in practice they use the same instruments as everyone else. Debt and interest are alive and well.
It makes me wonder whether National Socialist Germany was pulling similar tricks. Does anyone have a good source on financing in NS Germany?
Anyway it was worth having a read about Islamic Finance for an hour or so. It's all words and no reality.
https://en.wikipedia.org/wiki/Islamic_banking_and_finance#Usury_in_Islam
https://en.wikipedia.org/wiki/Profit_and_loss_sharing
