Jesus-Friendly Banking
Greetings in the Lord!
Today I will share a common passage that has new, modern-day relevance for us. It is from Mark 10:17-25, the story of the rich, young man. We know the story: a young, wealthy man comes to Jesus and asks, "Good teacher, what must I do to inherit eternal life?" Jesus responds by telling him no one is good but God alone, or implying, no one can be good of his own efforts; then, he reminds him of the Lord's commandments for us to live by. However, Jesus knows the root of the issue is not about good conduct (works), but rather about what the man truly relies upon in his heart. But Jesus also recognizes the sincere earnestness in the man's question and prepares to lovingly address the man's misguided heart attachments to wealth while inviting him to follow him.
"One thing you lack," he said. "Go, sell everything you have and give to the poor, and you will have treasure in heaven. Then come, follow me." At this the man's face fell. He went away sad, because he had great wealth. Mark 10:21
Right now, there is a financial sector growing rapidly around the world called Shariah Compliant Finance. At the moment it is about an $800 billion industry. In a nutshell, this is finance (investing, loans, bonds, etc.) that is compliant with Islamic principles: no-interest or potential gain from "risk" (speculation) in the transaction; it cannot support or be associated with a "prohibited" industry (like alcohol, pork, or pornography), and they must give a certain percentage of the transaction as "purification", or money to a charity.
Last month, a conference was held in New York City to promote this as an official, wide-scale finance product available in the United States. While it is being touted at "interest-free" and "ethical" financing, that is not the case. In fact, anything that is based on the Koran will be filled with loopholes and exceptions because it is a dualistic doctrine, meaning there are no real absolutes, or basically, two sets of rules apply--depending on your gender and religion. Likewise, Shariah Compliant Financing makes the distinction between Muslim and non-Muslim and is therefore "outside" of secular financial authority and oversight (regulation).
Recently, Americans have given huge bailouts to financial companies like AIG that promote Shariah Compliant Finance products, so it behooves us to be informed of SCF. These products are supervised by a small board of SCF officers who decide: 1) what transations are "forbidden", 2) who and how much one can do a transaction for, 3) where the "purification" money goes to, 4) and, how the transaction is structured so as to be SCF compliant, (ie, help make and create loopholes to fit modern financing system). It's interesting that this whole financial concept/industry is only about 30-40 years old, while the Koran has been around for over 600 years. One of the appeals to banks is that it's actually quite lucrative for them to get involved with, as the "purification" requirements and added taxes, etc. for non-Muslims, adds up quickly for banks getting their share.
So what's the big deal? The crux of the issue is the same as the passage above: where does your heart lie? The reality of the situation is that much of the "charity" money goes to organizations that support an agenda of violence and oppression to Israel and non-Muslims and a platform for Islamic supremacy. This is the cold, hard truth. As Christians, we should be informed and recognize the dangers poised in this financial system. But also, like Jesus, realize, that there are many Muslims too, who are simply like the young, rich man: they really desire to do the right thing in life, to follow in a good path. All they know is the Koran and are deceived into believing they are doing good by blindly following its false teachings. They trust in works and rituals, even with what to do with their money to try and attain salvation. It does not work this way, as the Bible teaches us. What are the true requirements of God and why do we follow them? Being a good steward with our resources is done out of love, not obligation to man-made rules. It does not discriminate between people or seek to govern and control by forceful means, even by imposing our beliefs on others. And a good steward does not put his trust in his resources, but rather trusts in the One who provides for us.
~Be blessed and be a blessing.
Today I will share a common passage that has new, modern-day relevance for us. It is from Mark 10:17-25, the story of the rich, young man. We know the story: a young, wealthy man comes to Jesus and asks, "Good teacher, what must I do to inherit eternal life?" Jesus responds by telling him no one is good but God alone, or implying, no one can be good of his own efforts; then, he reminds him of the Lord's commandments for us to live by. However, Jesus knows the root of the issue is not about good conduct (works), but rather about what the man truly relies upon in his heart. But Jesus also recognizes the sincere earnestness in the man's question and prepares to lovingly address the man's misguided heart attachments to wealth while inviting him to follow him.
"One thing you lack," he said. "Go, sell everything you have and give to the poor, and you will have treasure in heaven. Then come, follow me." At this the man's face fell. He went away sad, because he had great wealth. Mark 10:21
Right now, there is a financial sector growing rapidly around the world called Shariah Compliant Finance. At the moment it is about an $800 billion industry. In a nutshell, this is finance (investing, loans, bonds, etc.) that is compliant with Islamic principles: no-interest or potential gain from "risk" (speculation) in the transaction; it cannot support or be associated with a "prohibited" industry (like alcohol, pork, or pornography), and they must give a certain percentage of the transaction as "purification", or money to a charity.
Last month, a conference was held in New York City to promote this as an official, wide-scale finance product available in the United States. While it is being touted at "interest-free" and "ethical" financing, that is not the case. In fact, anything that is based on the Koran will be filled with loopholes and exceptions because it is a dualistic doctrine, meaning there are no real absolutes, or basically, two sets of rules apply--depending on your gender and religion. Likewise, Shariah Compliant Financing makes the distinction between Muslim and non-Muslim and is therefore "outside" of secular financial authority and oversight (regulation).
Recently, Americans have given huge bailouts to financial companies like AIG that promote Shariah Compliant Finance products, so it behooves us to be informed of SCF. These products are supervised by a small board of SCF officers who decide: 1) what transations are "forbidden", 2) who and how much one can do a transaction for, 3) where the "purification" money goes to, 4) and, how the transaction is structured so as to be SCF compliant, (ie, help make and create loopholes to fit modern financing system). It's interesting that this whole financial concept/industry is only about 30-40 years old, while the Koran has been around for over 600 years. One of the appeals to banks is that it's actually quite lucrative for them to get involved with, as the "purification" requirements and added taxes, etc. for non-Muslims, adds up quickly for banks getting their share.
So what's the big deal? The crux of the issue is the same as the passage above: where does your heart lie? The reality of the situation is that much of the "charity" money goes to organizations that support an agenda of violence and oppression to Israel and non-Muslims and a platform for Islamic supremacy. This is the cold, hard truth. As Christians, we should be informed and recognize the dangers poised in this financial system. But also, like Jesus, realize, that there are many Muslims too, who are simply like the young, rich man: they really desire to do the right thing in life, to follow in a good path. All they know is the Koran and are deceived into believing they are doing good by blindly following its false teachings. They trust in works and rituals, even with what to do with their money to try and attain salvation. It does not work this way, as the Bible teaches us. What are the true requirements of God and why do we follow them? Being a good steward with our resources is done out of love, not obligation to man-made rules. It does not discriminate between people or seek to govern and control by forceful means, even by imposing our beliefs on others. And a good steward does not put his trust in his resources, but rather trusts in the One who provides for us.
~Be blessed and be a blessing.
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