Behind the Arab Revolutions

But in recent years, Islamic banks in these countries have been eroding much of the profits of the Illuminati banking establishments.  Reason: Islamic banks are forbidden by Islamic law from charging interest.  Worldwide, these banks have been growing in popularity among Muslim populations.  They’re even being increasingly used by non-Muslims.  “African countries such as Algeria, Egypt, Libya, Morocco, Tunisia and Sudan are keen on future sukuk exercises [issuing Islamic bonds]”, said the International Finance Review. “Gambia debuted with a US $166m sukuk deal, privately sold in the US in 2006.”[4] “Rising oil wealth is lifting Islamic banking – which adheres to the laws of the Koran and its prohibition against charging interest – into the financial mainstream,” wrote the New York Times on November 22, 2007.  “In addition to Islamic loans, there are Islamic bonds, Islamic credit cards… Loans and bonds that conform to the Koran are already available in the United States…. ‘This is an industry on its way from a niche industry to becoming a truly global industry,’ said Khawaja Mohammad Salman Younis, the managing director for operations in Malaysia for Kuwait Finance House, the world’s second-largest Islamic bank.  ‘In the next three to five years you’ll see Islamic banks coming out in Australia, China, Japan and other parts of the world.’….  And while the biggest Islamic banks are in the wealthy Gulf states, the most attractive potential markets are in Turkey and North Africa and among European Muslims.”[5]

“As big Western financial institutions have teetered one after the other in the crisis of recent weeks,” wrote the Washington Post on October 31, 2008, “another financial sector is gaining new confidence: Islamic banking.  Proponents of the ancient practice… have been promoting Islamic finance as a cure for the global financial meltdown.”[6]

In 2008, the French finance minister announced France’s intention of making Paris “the capital of Islamic finance”, and said that a number of Islamic banks would open Paris branches the following year.  And in Switzerland, where a number of Islamic banks were opened, the managing director of Swiss asset management firm Encore Management characterised the banks’ opening as “the race to control the rich prize: which today is worth hundreds of billions, but in the future will be trillions of dollars of Islamic wealth.”[7]