Thank you for getting back to me, Meghan. I didn't save the exchange because I thought I could do it later after more comments emerged. Luckily, I saved it in my trash folder. I didn't mention this part of a report by Stephanie Levitz from March 2020 about why Jim Karahalios was kicked out of the 2020 Conservative leadership race, where Islamic finance seems to have been the issue. This is all I really know about this, so I don't know Karahalios had a fair complaint or not, but it does show that Islamic finance was already an issue in federal politics more than five year ago.
This is my comment and Kim J's kind reply. (I can't find my reply to her, but I totally agree with what she said):
Great interview with a courageous woman, Meghan. I hope that you invite Nuriyah Khan back as a guest on another occasion.
People may have wondered exactly what PM Carney meant when he said at the beginning of Eid that Muslim values are Canadian values. One thing it seems likely to mean is that Carney will get behind Islamic finance in a big way in Canada just as he did when he was the governor of the Bank of England. In Medieval times Christian countries had laws against usury, similar to the prohibition in shariah law. These have now disappeared as you really can’t have a modern society without lending money at interest. However, Carney, the dedicated follower of fashion, wanted to give UK banks a big role in Islamic finance, and the infatuation with it continues today at the Bank of England, as this link makes clear:
Investopedia notes that: “In his book, ‘Jihad: The Trail of Political Islam,’ Gilles Kepel, a French scholar of Islam, wrote that ‘since modern economies function on the basis of interest rates and insurance as preconditions for productive investment, many Islamic jurists racked their brains to find ways of resorting to them without appearing to bend the rules laid down by the Koran,’ adding that ‘the problem loomed ever larger as more and more Muslim states entered the world economy in the 1960s.’”
Former central banker Carney may be enraptured by this medieval means of doing business, but there is no reason that the Canadian government should be. We are a free society and Islamic finance should not be forbidden in this country, but it should definitely not be encouraged. If other Western countries want to depress their economies by turning them into hubs of Islamic finance they are free to do so.
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Kim J
Kim J
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"In one type of agreement, a bank can directly buy the property you want, then sell it to you at a profit and let you pay it back in instalments." Tell me if I'm wrong, but this just sounds like interest in drag, lol.
Meghan, where has my previous comment gone to, please, as well as the nice reply I received from another of your viewers?
I'm not sure? I haven't removed any comments, so it should be there? Where did you post it?
Thank you for getting back to me, Meghan. I didn't save the exchange because I thought I could do it later after more comments emerged. Luckily, I saved it in my trash folder. I didn't mention this part of a report by Stephanie Levitz from March 2020 about why Jim Karahalios was kicked out of the 2020 Conservative leadership race, where Islamic finance seems to have been the issue. This is all I really know about this, so I don't know Karahalios had a fair complaint or not, but it does show that Islamic finance was already an issue in federal politics more than five year ago.
This is my comment and Kim J's kind reply. (I can't find my reply to her, but I totally agree with what she said):
Great interview with a courageous woman, Meghan. I hope that you invite Nuriyah Khan back as a guest on another occasion.
People may have wondered exactly what PM Carney meant when he said at the beginning of Eid that Muslim values are Canadian values. One thing it seems likely to mean is that Carney will get behind Islamic finance in a big way in Canada just as he did when he was the governor of the Bank of England. In Medieval times Christian countries had laws against usury, similar to the prohibition in shariah law. These have now disappeared as you really can’t have a modern society without lending money at interest. However, Carney, the dedicated follower of fashion, wanted to give UK banks a big role in Islamic finance, and the infatuation with it continues today at the Bank of England, as this link makes clear:
https://www.bankofengland.co.uk/explainers/what-is-islamic-finance
Investopedia notes that: “In his book, ‘Jihad: The Trail of Political Islam,’ Gilles Kepel, a French scholar of Islam, wrote that ‘since modern economies function on the basis of interest rates and insurance as preconditions for productive investment, many Islamic jurists racked their brains to find ways of resorting to them without appearing to bend the rules laid down by the Koran,’ adding that ‘the problem loomed ever larger as more and more Muslim states entered the world economy in the 1960s.’”
Former central banker Carney may be enraptured by this medieval means of doing business, but there is no reason that the Canadian government should be. We are a free society and Islamic finance should not be forbidden in this country, but it should definitely not be encouraged. If other Western countries want to depress their economies by turning them into hubs of Islamic finance they are free to do so.
Like (2)
Reply (1)
Share
Kim J
Kim J
1d
"In one type of agreement, a bank can directly buy the property you want, then sell it to you at a profit and let you pay it back in instalments." Tell me if I'm wrong, but this just sounds like interest in drag, lol.
Liked (1)