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UAE expats doing a runner due to debts.
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Usury is a sin in Islam and was in Christianity although the Bible only forbids Jews from charging each other interest.
That is why Jews could set up banks AIUI.
I think that even Islamic banking is adapting to cater for modern practices.
CAIRO, EGYPT -- Sunni Islam's highest authority, Al-Azhar institute in Cairo, has given a green light to fixed-interest banking in Egypt, an issue that has long been a focus of debate among the world's Muslims.
I can only guess, but I suspect that much of Dubai was built with money that wasn't strictly Halal."I'm not even supposed to be here today."0 -
Dubai itself is up the creek
DUBAI (Zawya Dow Jones)--The cost of insuring Dubai's debt with credit default swaps, or CDS, shot up to new highs Friday on mounting fears that the emirate could default on its loans.
Dubai's 5-year CDS widened 50 basis points, or bps, to 960/1025 on Friday, even surpassing Iceland's 5-year CDS of 915/1015, a country whose government collapsed last year with huge debts amassed during years of rapid expansion
http://www.zawya.com/Story.cfm/sidZW20090215000050/%3D%20UPDATE:%20Dubai%205-Yr%20CDS%20Wider%20Than%20Iceland%20On%20Fears%20Of%20Default/0 -
So if you're travelling to Dubai, don't book a rental car, look around for a free Merc, and commit as many traffic violations as you like!
:money: :money: :money:0
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