raradiolistening.com: Why are banking institutions raising their fees and costs? The reason is simple: Islam within America and throughout the western world has achieved another victory, not only are Islamists adding holidays, changing laws, and forcing companies to comply with their demands they are achieving great success in the financial realm as well. Today, numerous banking institutions are Sharia Law Financing Compliant, simply put, Interest Free Financing FOR THOSE PRACTICIONERS OF THE ISLAMIC FAITH, regardless of credit history or score, simply because he / she is of the Islamic Faith, interest free. So, institutions are now seeking increases in many of their services to offset the interest free loans granted to Muslims under Sharia Law Financing, in the end, the Infidel pays. According to Wikipedia, Islamic Banking or Sharia Law Financing is:
(excerpt) Islamic banking (Arabic: مصرفية إسلامية) is banking activity that is consistent with the principles of Sharia (Islamic law) and its practical application through the development of Islamic Economics. As such, a more correct term for Islamic banking is sharia compliant finance.
Sharia prohibits acceptance of specific interest or fees for loans of money (known as riba, or usury), whether the payment is fixed or floating. Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam (“sinful and prohibited”). Although these prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices, only in the late 20th century were a number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community.
As of 2014, sharia compliant financial institutions represented approximately 1% of total world assets. By 2009, there were over 300 banks and 250 mutual funds around the world complying with Islamic principles and as of 2014 total assets of around $2 trillion were sharia-compliant. According to Ernst & Young, although Islamic Banking still makes up only a fraction of the banking assets of Muslims, it has been growing faster than banking assets as a whole, growing at an annual rate of 17.6% between 2009 and 2013, and is projected to grow by an average of 19.7% a year to 2018.
raradiolistening.com: The challenge we (infidels) face as non-Muslims is long term investing. When executives within the financial institutions comply with Sharia Law Financing they are in turn complying with AND advancing Islam, Sharia Law. The institution not only grants interest free loans, it becomes a vehicle of donation towards the advancement of Islam, called Zakat, basically put, a portion of the loan amount upwards of 2% MUST BE DONATED BY THE BANKING INSTITUTION towards Islamic Organizations, thus contributing to the advancement of Islam. This practice alone is destructive to all non-Islamic nations, especially a Free Republic, America. Ask this:
What is 2% of 100,000 loan? $2,000.00 How does a bank make up the $2,000.00 shortfall on their end of granting the loan, remember, 2% of the loans value must be donated to an Islamic Org. The bank issued an interest free loan, costing the customers of the bank a minimum of $2,000.00, through fees and charges. The bank does not pay the 2%, it would go broke, you and me pay the $2,000.00 every time we use the banks services, atms, loans etc. Islam wins again!!!!
Here is a list of Sharia Financing Compliant Institutions, you will be surprised. Key point to this post; every organization supporting Sharia Financing is in turn ADVANCING ISLAM.