SHARIA (Islamic) Law compliant banking is now being practiced in Maine
SEPTEMBER 29, 2023 BY BARENAKEDISLAM15 COMMENTS
Androscoggin Bank, a prominent financial institution in Maine, has taken a dangerous step by becoming the first bank in the state to offer Islamic interest-free mortgage plans, aligning its services with the principles of Sharia banking.
RAIR Foundation (h/t Marvin W) While the bank asserts that this move aims to accommodate the growing Islamic immigrant community in the region, it has ignited a fiery debate surrounding the potential dangers and controversies associated with adopting such an Islamic financial system in the Western world.
While some may perceive Sharia law primarily in the context of personal religious practices, there are broader implications regarding the intersection of Sharia principles with government and finance. According to Islamic teachings, any government that limits the application of God’s Law is seen as an enemy of Allah and must be opposed. Islamic extremist groups share this perspective, and the establishment of Sharia as the governing system is considered a fundamental objective of such groups.
Islamic banking operates on a fundamentally different premise than conventional Western banking. The core principle of Sharia banking is the prohibition of usury, or interest (riba), which is regarded as haram or forbidden. Instead of charging interest on loans, Sharia-compliant financial institutions rely on profit-sharing arrangements, equity-based financing, and asset-backed transactions.
https://barenakedislam.com/2023/09/29/sharia-islamic-law-compliant-banking-is-now-being-practiced-in-maine/
