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The information on Groklaw is not intended to constitute legal advice. While Mark is a lawyer and he has asked other lawyers and law students to contribute articles, all of these articles are offered to help educate, not to provide specific legal advice. They are not your lawyers.

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Define what a bank DOES | 397 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
Define what a bank DOES
Authored by: Anonymous on Sunday, November 18 2012 @ 02:33 AM EST
>In spite of the Islamic denunciation of usury lending and borrowing through
banking intermediaries seems tolerably profitable in the Arab world.

_UM Financial_, FKA _UM Financial Inc_ being the poster child of the
profitability of Sharia banking in North America. That firm also reflects the
degree of ethics, morality, and adherence to the Q'ran, that one expects of the
typical firm engaged in Sharia Banking.
</sarcasm mode off>

###

I have seen a few groups that adhered to Sharia banking principles, that did
generate a profit each year. However, that profitability was due more to luck,
and adherence to sound financial principles, than adherence to the financial
tenants outlined in the Q'ran. Uniformly, they had less than a dozen members,
and everybody stood to lose substantially, if any deal went bad. Deals were
analyzed at least ten dozen different ways, with plans and projections for
literally every scenario from "complete and utter disaster" through
"far more popular than we could possibly have imagined or thought".
(Think of "Dragon's Den", but with far more questions about far more
details than those investors ask.)

[ Reply to This | Parent | # ]

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