like the company that is building the home of the Nets in Brooklyn
is involved in saving Dubai from financial failure.
Dubai failed because of Shariah finance which did not allow debt because credit was all hypothetical.
The New Taqiyya: Islamic finance and Islamic banking, which are among the fastest growing financial industries in the world, are best understood in their political and cultural contexts, and by what formed their theoretical origins.
via facebook.com hmmm…..
wonder if Randi Zuckerberg
intends on going back soon?
To begin with, Islamic banks are based on a corpus of doctrines called “Islamic economics,” which claims to be based on the Quran, but is actually the creation of the Islamist thinker Abu’l-A’la Mawdudi (1903-1979).
Thus, Islamic economics was born — by the attempt of Mawdudi to give birth to a new Islamic order purged by Western influences.
Although the successive developments of Islamic economics sometimes took different directions, the birth of Islamic economics is located in Mawdudi’s attempt to create an Islamist ideology that would be alternative to the West, not one that should live with the West. The idea of a Western civilization wholly different from the Islamic is not therefore an invention of Samuel Huntington’s: Muslim intellectuals such as Mawdudi spent their entire lives arguing this thesis.
Anyhow… back to Barclays who is announcing a plan to save Dubai which shafted Western finance when their little dream city went into debt. The irony is the West deserved to be shafted for doing business with these people.
Abu Dhabi, the capital of the United Arab Emirates and home to 90 percent of the country’s oil reserves, might offer more fiscal aid to sister state Dubai to help refinance maturing debt, Barclays Capital said.
“As higher oil prices and production replenishes the coffers in Saudi, Kuwait and UAE on improving fiscal and external balances, we would not rule out oil-rich Abu Dhabi supporting Dubai in meeting some of its refinancing needs to avoid negative headlines and confirm its solidarity with other emirates,” Alia Moubayed, London-based senior economist for the firm, said in a research report Wednesday.
Abu Dhabi agreed a $20bn deal with Dubai after Dubai World, the state-owned holding company, roiled global markets by seeking to alter terms on about $25bn of debt following the 2008 property crash.
Dubai and its government entities have about $18bn of loans coming due in 2011, Shady Shaher of Standard Chartered Plc said in December.
The UAE and neighbouring countries are benefiting from oil prices that have risen 19 percent this year, reaching a 2011 high today of $109.15 a barrel, as conflict raged in Libya and protests gripped countries from Morocco to Bahrain.
The UAE is home to about seven percent of the world’s oil supply.
Dubai and its state-owned companies ran up debt of at least $129.3bn, according to estimates by Credit Suisse Group AG, as the emirate, lacking Abu Dhabi’s oil, developed its property, tourism, trade and financial-services industries. Dubai World signed a final deal with creditors March 23, marking the end of the restructuring.
“Dubai’s refinancing risk, which has preoccupied markets for the past 18 months, has moved to the background, as Bahrain’s mounting political risk comes to the fore,” the report said.
Interesting… both Bloomberg and Barclays are involved in Shariah finance and both are involved with the New Jersey Nets… which Obama helped promote… quite an incentive for Bloomberg to cater to Islam. Government in NY is four timees bigger then Bloomberg’s fortune. The man has a lot to gain by giving his fellow Westerners the shaft.