This isn't the 'first' Muslim bank, really. Christians picked up on the idea of banking during the crusades. Banking is yet another piece of ancient infrastructural wisdom that was preserved by the Arabian/Abbasid Caliphate, and pillaged by the filthy crusader hordes in the medieval period ;)

Most Christian Kings hired Jews to do the hard slog of managing their banks though, the jews being more accustomed to the practice. But the earliest Christian banks (the gold standard base of which was essentially established by the Knights Templar) used predominantly Arab (read 'Islamic') finance-managing techniques. In fact, the renaissance, and the overall explosion of European global influence from the mid 1400s onwards owes a HUGE amount to knowledge and riches plundered from the Muslim world.

Well, thanks for the history lesson, Hierophant, but that wasn't my point. My point was that, regardless of where the culture of money management came from, dating back to Phoenicia or further, money management is money management. Usury was the EVIL thing that made the Jew so hated, yet as Wellard says:
And, as the article says, they don't loan money on interest, but rather buy the item and let you pay for it while they take finance and money management charges.

To-may-to, to-mah-to. 6 of the one, a half-dozen of the other. Same same. There is no moral difference between the two, so why mince words about the whole thing. A typical bank offers multiple financial products. Why couldn't these be other types of products offered by any bank? Why is it particularly necessary to split Muslim banks from others.

Unless you want to keep drawing dividing lines between "us" and "them," that is. [img]graemlins/dontknowaboutyou.gif[/img]

And LOL at Scientology & Loan. :D

[ 08-10-2004, 09:54 AM: Message edited by: Timber Loftis ]

Oh you are more than welcome Timber ;)
And I agree with you, semantically applying a different name to the same financial concept (ie: money-lending fees) purely for the sake of religious dogmatism does seem rather silly doesn't it. But ah well. I guess it's a cultural identity thing. Some people just feel warmer and fuzzier by associating themselves with people and institutions that they see as 'their own'.

Some Muslims might really enjoy using a bank that they believe caters to 'their culture', other muslims might not be so easily swayed by such cheap marketing ploys. Who knows? More importantly, who cares? So long as it's not compulsary to use this bank.... yet ;)

[ 08-10-2004, 10:39 PM: Message edited by: The Hierophant ]