| As a matter of fact there was an article in yesterday's Wall Street Journal on the number of Iranian banks suspected of money laundering and other irregular transactions. An entire 'suitcase economy' is developing in Iran to skirt the economic sanctions imposed by the US and UN.
What I was noting was how banking and finance presents some singular challenges to Muslims. This is evident in many ways. Muslims customarily purchase gold jewelery as a savings vehicle, bracelets and earrings can then be sold or bartered when cash is needed. This is a practice that hasn't developed as much in other societies because earning interest on savings is accepted. This basic financial principle is at the core of modern banking and antithetical to Islamic beliefs.
Et semel emissum volat irrevocabile verbum.
Raúl M. Núñez Sheriff |