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Tadamon deal marked by gold lust

November 9, 2012

Tadamon Islamic Bank, Yemen’s largest sharia financial institution, has struck a deal with Gold Arab Emirate DMCC, a web-based precious metal broker, according to the Saudi Gazette.  The agreement will allow Tadamon depositors to keep their savings in gold rather than cash.

Keep in mind as you read this that Osama Bin Laden used Tadamon Bank to distribute funds to Al Qaeda operatives in the 1990s.  This is a bank that caters to the deepest fears and suspicions of its customers.

GOLD AE signs landmark deal with Tadhamon Bank

GOLD Arab Emirate (GOLD AE) DMCC, the premier online trader in deliverable gold and silver, has recently signed a landmark gold allocated account partnership with Tadhamon International Islamic Bank, the biggest bank in Yemen, through its sister company SABAYEK24, in Sana’a.

The customers of Tadhamon International Islamic Bank will have the option of gold instead of cash in their saving accounts.

The deal underlines the growing awareness among investors in Yemen of the value of gold as a hedge against global inflation, hyperinflation and prolonged financial downturn.

Commenting on the partnership, Mohammad Abu-Alhaj, Charman of GOLD AE DMCC & SABAYEK24, said: “TIIB is a perfect partner for us. We remain committed to serving as a key player in the international bullion trading market and this deal is yet another exciting chapter the GOLD AE success story.”

He added: “Currency wars among different countries as well as uncontrolled printing of money by Central Banks around the world are putting the cash savings and purchasing power of millions of families at risk, considering the impact of the real possibility of their savings being completely wiped out with the unavoidable potential financial depression.”

He further said: “Gold is a stable investment that can also be used as a form of payment anywhere in the world. It is protected to the usual risk and limitations of other currencies. In fact, gold has been a preferred investment and a more stable form of currency for thousands of years…

Note how the article drips with animosity toward paper currencies, Western central banks, and harkens back to an alleged era of prosperity that lasted “for thousands of years.”  Must have missed that particular phantom golden age!

Although sharia law has never provided a sustainable recipe for economic prosperity, Islamists disdain the Western financial system for our concept of interest on savings and loans, for Jewish involvement in the international financial system, and for our system of “infidel” paper currency rather than using the gold dinar and silver dirham from the “good old days” of Muhammad.

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