UAE expats doing a runner due to debts.

Zagu

Generali wrote: »

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.

tirano

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/

Mr_Matey

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:

Generali

Mr_Matey wrote: »

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:

Because you might end up in debtors' prison!!!