Malta to become Sharia compliant to attract Muslim investors

Emma Xerri

Dec 26th 2008, 19:01

Are we supposed to believe that after all these years of ammassing the world's greatest wealth in human history, rich Arab sheiks never put their money in Swiss and other European Banks before they had Shariah Banking?

Why is now that they are demanding Shariah compliance? Is it not just a way to infiltrate Western Democracies, using our own Western greed to topple us? Sharia is not just a banking system but a comprehensive a faith-based legal-political-religious-cultural institution. Once we accept banking, we will eventually also accept Shariah as a parallel and competing legal system.

Shariah is incompatable with Western ideas of freedom and equality before the law and is fundamentally opposed to what the Western ideals of democracy stand for.

Eric Soames

Dec 26th 2008, 16:34

Read all about it ....
http://www.alastairmcintosh.com/articles/1998_usury.htm
http://en.wikipedia.org/wiki/Jubilee_(Biblical)

Zap Branagan

Dec 26th 2008, 16:06

Ok, time to explain "Sharia compliant", as some of the commenters seem to think it means chopping off hands.
Under Islam, one is not allowed to charge interest on a loan. This means that a Muslim cannot go to a western bank and get a mortgage, for example. To get around this, Islamic banks will buy the property, and then rent the property to the 'borrower' at an increased price for a time, and then sell the property to the 'borrower'. This gets around the interest prohibition.
In relation to Sharia investing, Sharia rules prohibit involvement in alcohol, gambling, pornography, abortion, human cloning, defence, conventional banks or insurers, and most forms of entertainment, so a Muslim would not, for example, want his investment funding development of a strip-bar in Paceville.

Now, if you think that this is strange, be aware that it is also one of the Christian laws too, but Christians ignore it. For those interested: http://en.wikipedia.org/wiki/Usury
As an interesting side-note, usury is allowed in Judaism, and this is the origin of the 'rich jew' stereotype.

Eric Soames

Dec 26th 2008, 15:55

And there at the end, the words 'sharia compliant'. Is everybody mad?!? If muslims want to invest they should do so under the law prevailing in the country they choose to invest in. I see no sign of the US becoming sharia compliant, yet there's plenty of Saudi investment. Some would say too much.

Marvin Mizzi

Dec 26th 2008, 14:37

Are we living anymore in Malta in Europe or in deep Africa or an Arab Country/ This is becoming rediculious. Shame on our government. The goverment has lost the way completely its time to show him the door out.!!!!!!!

lgalea

Dec 25th 2008, 10:35

And then Sharia civil law, then Sharia Criminal Law, then Crucifixes out of classrooms and public places, then banning of CHRISTMAS and other feasts not to offend other religions and denominations...

We do NOT need such laws in Malta.
Those who come here should observe OUR laws.

As an aside, a limited liability company means that the creditors will be able to sue the company and its directors/shareholders in case of bankruptcy ONLY for the registered share capital.

Ian Morris

Dec 24th 2008, 19:48

All it takes is for the majority to stay silent and do nothing. Malta will lose a whole lot more than just orther foreign investors icluding the Americans. It is very short sighted (This slump will not last forever) remember there is no such thing as a free lunch and adopting Sharia law is only the beginning. Wake up before it's too late and take a look around the moslem world! Is that really the way you want to go?

J Oatmon

Dec 24th 2008, 17:30

Malta cannot become 'Sharia compliant' without revisions to the legal code - this must not happen in my opinion without the consent of the people of Malta.

Any adopting of Muslim sharia rules would be in conflict with Maltese law (A thief has his hand cut off under Sharia law, for instance).

If this does take place, I for one will leave Malta never to return - I do not want to live in such a backward cruel country.

Joe Tabone-Adami

Dec 24th 2008, 15:58

But why, can one ask, do we particularly need 'muslim investment' more than any other which we can definitely attract with our existing financial system?

a.cassar

Dec 24th 2008, 14:17

Re compliance with muslim sharia law. Is the government so strapped for cash that it is taking this drastic step? What are the constitutional implications and how are the Maltese going to be effected? This is yet another step in the erosion of our christian tradition. What do the goody goodies have to say now? Where do the jesuits stand in all of this?

Ramon Casha

Dec 24th 2008, 12:38

There was a previous article about this:
http://www.timesofmalta.com/business/view/20081106/news/mfsa-to-consult-sharia-experts-on-islamic-finance

I think a lot depends on exactly what this will entail - which laws have to be revised etc. Although this concerns investment etc., I don't want this to be the first step towards a situation like Britain, where Muslims have their own independent Sharia courts and laws, separate from the secular British courts and laws.

C. Busuttil

Dec 24th 2008, 10:57

For those unaware, Shariah is the term determining legislation based on Muslim Faith. This is directly derived from the Islamic Holy Book, the Qura'an and such legislation is hence based on the fact that legal and faith issues (Islamic) are interdependible.

Shariah is not to do only with finance and business but is a legal concept adorning both civil as well as criminal legislation too. This can be vouched in Muslim Countries who base their judicial settlements upon Shariah, usually followed by judgments that are seen harsher or "not appropriate" to countries which are not Shariah compliant, this often including corporal and/or capital punishment.

Whilst refraining from opining about the integrity or adaptation of Shariah legislation and compliancy in Muslim countries, as this is also based on a matter of faith, I must however ask the Maltese authorities whether any breach of the Constitution shall also come into being. This since the Constitution clearly defines the religion of Malta as being the Roman Catholic Apostolic Religion.

Hence may I at this stage kindly ask for further explanation with respect to the Governement's intention to "become" Shariah compliant please? This without going into detail of origin of capitalisation, operations, etc

Joseph Cauchi

Dec 24th 2008, 10:40

Can someone please explain what "Sharia Compliant" means?

Thanks.

Bertie O'Cassey

Dec 24th 2008, 10:20

No thanks to the Sharia. mhux hekk huwx!!! we should change the saying "when in rome do as the Muslims do".