Crean pushes for Islamic banking

banks

The best option for Australia is community banks or credit unions....Why is our government pandering to the requirements of another minority group?.....The islamic agenda is very clear and we do not need "sharia law' and we do not need islamic banks....its the thin edge of the wedge and its already gone too far........google what this "islam " is doing inEurope......we dont need it.

A response to an unfortunate misunderstanding

It appears that many of us Australian's have gathered the wrong message from what Mr. Crean has proposed; business and politics don't always correlate. The idea is simple, when there is an opportunity that has great potential, Islamic banking principles in this case, taking advantage of it is a good idea. This isn't a matter of catering to the small Muslim population of Australia it is a matter of creating further opportunities for the Australian market to expand - once again, strictly business.

Answer to Steve's comment

Dear Steve The reason why the minister is calling for a system that can adapt the Islamic finance is not because he cares for muslims feelings or because Australia is multicultural, it is because Islamic Finance was the best performer in the financial crisis and because it is growing very fast, therefore, Australia and people like you will benefit from this Islamic Finance as it will employ more people and generate taxes for the government.

to Steve

Steve don't forget this is not your country.
To belong to land, generations and generations of your origin must live on land and keep it and give life for it.
Not as your grandpa who arrived here with gun and killed hounded of thousand of origin peoples (Aboriginal) and conquered this land as Hitler did in 2nd World war, so shut up your dirty mouth because of you and people likes you we have a lot of problems and hate around the world.

Mr

Islamic Banking was conceived to comply with Sharia Law which forbids the receipt or payment of interest, especially on unfair terms. The practice is to circumvent this issue by joint ventures, partnerships and dividends. However I believe they are deceiving themselves in that there is a cost to secure money. What actually happens is called "Hire Purchase" , the Bank buys the house, white goods or car etc and the consumer pays over an agreed period. Someone has given this form a new name.

Knee Jerk reaction

Some people have a brain processing problem and just respond by saying the first thing that comes to their head. Mr. Crean is NOT trying to please or cater to anyone. There are plenty of Islamic banks already making plenty of money available and taking advantage of the booming industry. By providing these Islamic finance services the banks are getting in on a piece of the action in a booming market. This is not about "multiculturalism" "integration" or love. This is business!

Try to Understand

Mr. Crean is a clever person (politicsss) he is just developing relationship as we all. If you have a neighbour muslim we will know him that what he is? Malaysia is close to us and we are trying to go close to them. so that we can be in there "good books". and look there are so many products in the bank but its upto you which one you wanna accept. and by the way Mr. Marty if we have to go where we come from than 20 million will be packing there bags.

Re: Find out more about Islamic Banking before you judge.

Query re: Interest is prohibited in Islam & Aussie $ will not go off shore: A bank is a profit institution. It makes its profits from investing depositors' money whether charging interest on loans or credit or not. Question is: Where in a global multinational corporations world does an Islamic bank invest and who benefits from these investments, where, and for what purpose. With respect to true Islam for peace, but banks are made up of individuals, some too dubious to be in charge of your money.

Find out more about Islamic Banking before you judge.

I'm an Australian Muslim (Egypt orig) & agree that if one chooses to live in a country one must comply with & respect its laws. But, pls find out about Islamic Banking before condemning it. Interest is prohibited in Islam. Aussie $ will not go off shore, they stay here (btw i use an Aussie bank) Regrettably, Taliban, Al-Qaeda,fanatic Muslims (& biased media) have distorted Islam, a religion of peace. Out of 1.6 billion Muslims they are a minority but have done great damage. Peace be upon you.

You can bank on us!

There's no such thing as a good bank anywhere, your super might end up in some crook's Swiss bank depository, your home loan goes to some Wall St conglomerate, your savings finance some war arsenal industry or other. If anyone knows of one good bank, spread the word. If you're going to use an Islamic bank based on Shar'ia law, there's a lot more to consider, you may as well bank on Opus Dei. Check not only the fine print, but make sure to grasp the many mind boggling factional interpretations.