New Post (36) : Islamic banking. Here to stay in the USA ?
1. Islamic banking (we are told) works on the principle of ZERO interest.
2. Now get this…
Quote (open) from a recent news item :
The U.S. Federal Reserve kept short-term interest rates at a record low Tuesday after a meeting of the central bank's closely-followed open market committee.
The Fed has kept the rate between zero and 0.25 percent since Dec. 2008 to encourage America's fledgling economic recovery.
It made no change to its key pledge to keep rates "exceptionally low" for an "extended period."
"The pace of economic recovery is likely to be modest in the near term," the statement said in a reiteration of previously reserved expectations.
The Fed’s decision came as the economy remains weak and inflation is very low, running at a 1.4 percent annual pace, MarketWatch reported. Since raising interest rates could encourage consumers to save, the central bank must be careful to continue to encourage spending.
Expectations are for rates to remain in the zero to 0.25 percent range until mid-2011.
Quote (close) from a recent news item.
You may want to run an independent Search on : Fed keeps key interest rate at record low near zero ...for more news reports on the subject,
3. So---What’s the difference between an Islamic ZERO% and an American 0.25%. (treat that as a………well………….rhetorical question)
Begs the question: Islamic banking. Here to stay in the USA ?
Charlie Brown
