Islamic Banking coming to America

Islamic Banking coming to America
http://en.wikipedia.org/wiki/Vix_Pervenit
Vix Pervenit: On Usury and Other Dishonest Profit was an encyclical, promulgated by Pope Benedict XIV on November 1, 1745, which condemned the practice of charging interest on loans as usury. Because the encyclical was addressed to the Bishops of Italy, it is generally not considered ex cathedra.[1][2] The Holy Office applied the encyclical to the whole of the Roman Catholic Church on July 29, 1836, during the reign of Pope Gregory XVI.[1][2]

The encyclical codified Church teachings which date back to early ecumenical councils, at a time when scholastic philosophy (which did not regard money as a productive input) was increasingly coming into conflict with capitalism. Though never formally retracted, the encyclical's relevance has faded as the Roman Catholic Church retreated from actively enforcing its social teachings in the financial sphere, and as the practice of charging interest on loans became almost universally accepted—legally and ethically.

Category:

News & Politics

Tags:

• Islamic
• Banking
• coming
• to
• America

[Gordauch]

@Louaner: You have missed the point that government invervention in the loan contract has caused the trouble. Just as Dubai is in need of re-financing under Muslim banking rules, an individual who cannot repay even a zero-interest loan is in default.

[Louaner]

@Gordauch

You right Sharia is worse because the jewish Talmudic Bank will bleed you to death and you hardly feel antthing, just a long slow death.

[waqasahmed939]

"Im white and choose to have bad credit"

Yeah I forgot you need to be brown to be a Muslim...

[Gordauch]

When the Federal Government begins to manage these Islamic Financial Institutions by overriding their morality that would accelerate the adoption of sharia in the United States. Government amorality is bad and should be resisted, but sharia is worse.