The Netherlands Want to Become Centre of Sharia Banking

A quote from Wouter Bos, the Dutch Finance Minister (and leader of the Dutch Labour Party), 16 July 2007

[We want to encourage Islamic banking.] In the first place because Islamic banking meets a demand from the Muslims living in the Netherlands. In the second place because we see an opportunity here for the Dutch financial sector. A third reason is that banning Islamic banking from the perspective of fighting terrorism will have a counter-productive effect. Denial of an actual need can lead to money-flows running via alternative channels out of the sight of the government.
More on Sharia banking:

Islamic Banking in Britain, 12 February 2007

First Sharia Bank in Switzerland, 8 October 2006

Ethical Banking

I'm just wondering if it is ethical or even permissible from the traditional Islamic perspective to allow the implementation of Sharia Banking in isolation from the rest of the Shariat.For example,if you read the following quotation by the famous Sufi Shaykh Ahmad Sirhindi (1564-1624),you'll no doubt  appreciate why I ask this question.


Kufr and Islam are opposed to each other.The progress of one is possible only at the expense of the other [...] One who respects Kafirs,dishonors the Muslims [...] They should be kept at arm's length like dogs [...] If some worldly business cannot be performed without them,in that case only a minimum of contact shall be established with them but without taking them into confidence.The highest Islamic sentiment asserts that it is better to forego that worldly business and that no relationship should be established with the Kafirs...


Would it not require Muslims who choose to open sharia  accounts with Western banks (Kafir owned),to "take them into their confidence",and how would said Muslims square this with traditional Islamic teachings on the matter? 

Sharia Banking vs GDP

Given Muslim countries' GDP outside of oil, Sharia Banking doesn't seem to be good for business. Or is it that being interrupted 5 times a day for praying plus the need to go to a mosque, rob muslims off productive work schedule.

No dummy

Even though they're dumb about immigration policy, they're not about Sharia Banking: the bank pays no interest to account holders, therefore they make more money.

Aristatalis & Sharia Banking

Quote from "Islamic Banking in Britain",by Helena Christofi:

Perhaps the next conquest (of Europe),Allah willing,will be by means of ...ideology.Europe will see that it suffers from materialistic culture,and will seek an alternative...

Well,perhaps and perhaps not.But even if Europe seeks such an alternative,it need not necessarily be the Sharia model.

Here,for example, is what Aristotle had to say about usuary:

Title: Aristotle's View Against Usuary.


Aristotle (384-322 BC).

Almost all the works of Aristotle were available to Muslim philosophers in their Arabic translation.They called Aristotle,(Aristatalis),al-mu'allim al-awwal. i.e."The First Teacher".