Will Bank of America merge with Bank of Islam???

news.yahoo.com.../ap/20050622/ap_on_bi_ge/malaysia_islamic_bank_4


Seems that the Muslim world wants to keep more of its money close to home, and out of the hands and away form the eyes of the rest of the world. Would this ease the ability to trace funds that are destined for terrorist activities, or is this just a way for the average Msulim to get a svaings account to save for a new camel.

Officials have said the bank will operate in keeping with Islamic laws, which means no interest would be paid or charged on deposits and loans.

Kamal said the bank's emergence could be a "vital turning point" for a sector whose growth has been hamstrung because 73 percent of some 285 Islamic banks and financial institutions are undercapitalized at below $25 million.

How about that , no interest

The Bahrain-based Albaraka Banking Group will take a 10 percent stake in the $1 billion bank to be known as the Emaar International Group, said Saleh A. Kamal, chairman of the General Council for Islamic Banks and Financial Institutions, which proposed the project

Alot of money to be moved and washed.....

Originally posted by esdad71
Will Bank of America merge with Bank of Islam???

Only under very deep cover.

Current economic strategy calls for pitting fundamentalist Christians against Muslims, feeding the divide, and creating committed soldiers for the cause(s). Thus to siphon military dollars to the corporatocracy.

This is an interesting move. As I recall, Malaysia was one of the leading Muslim nations calling for oil trades to be priced in islamic dinar rather than dollars. It's not beyond the bounds of possibility that the two issues could be connected.

No interest on loans? I can only imagine what the upfront closing costs on a mortgage for a home will run if there is no interest to be made.