Perhaps the simple fact that Sharia finance is an inferior product -- quite apart from the fact that it's a hypocritical con, costly, and the potential source of funding for terrorist organisations -- will see the death knell of Islamic (aka Sharia) finance. At least that's what this article, from the Wall Street Journal would seem to suggest. [pasted below]
I've been writing for a while about this issue, and even been interviewed by Australia's ABC new 24-hour TV station, and engaged in some debate with none other than the chief imam of Hong Kong's mosque in the pages of the local newspaper.
Quite apart from all the problems touched on above, there's the "thin end of the wedge" argument -- that today it's Sharia finance, tomorrow Sharia courts -- as they have now in the UK and is being fought by One Law for All.
The photo above is from a September 2008 post in Living Journey, reporting that the Australian Attorney-General Robert McClelland, had said:
"The Rudd government is not considering and will not consider the introduction of any part of Sharia law into the Australian legal system". **In that case what are Crean and Sherry doing touting "Islamic financing", with the attendant requirement to modify the Australian legal system to accommodate Sharia-based finance?? Note to self: ask McClelland.
National Australia Bank introduces Sharia loans, Jun 09. Here.
Open Letter to Simon Crean, then Minister of Trade and promoting Sharia finance, via Austrade, Australia's trade promotion arm.
** Unfortunately I have not been able to trace a source for the McClelland quote, except for this Moriel Ministries site, which quotes an "attached article", but with no article attached....
Wall St Journal article, June 21, 2010