FSA explores opening market to Islamic finance

I've always found the loophole behind Islamic finance a bit disingenuous. Because Allah forbids charging interest, the way it works is that they pretend that the 'lender' actually owns a share of whatever the 'borrower' decides to buy with the 'borrowed' money. Then the set amount to be paid back beyond the principle is considered 'profit sharing' rather than charging interest.

I'm not religious, but I certainly wouldn't want to worship a God that I thought could be out smarted so easily by a legal technicality. I would find Islamic finance somewhat insulting if I were a true believer.

I've always found the loophole behind Islamic finance a bit disingenuous

And Jesus threw the moneychangers out of the temple.

Give Muslims a few more decades, and they'll too fall for usury like the rest of us.

"Give Muslims a few more decades, and they'll too fall for usury like the rest of us."

That's an odd view, given that over the centuries, the Islamic world has become MORE strict, fundamentalist and at odds with the rest of the world..

M3M3M3, well spotted, It is definitely just rebranding, repackaging of interest. I reassure you, muslims who do a minimum due dilligence are not falling in this trap. sadly, consumerism hits everywhere....