U.S. insurance company poised to buy Sharia bank

October 23, 2009

Investor’s Business Daily and Reuters are reporting that “a U.S. insurance firm had met with central bank officials this week to discuss the possibility of buying an Islamic-compliant lender in Indonesia, without giving details…”  You can read the Reuters article here, although there are hardly any details about this mysterious bid.

You’d think that American insurance companies have a bad enough reputation right now that they would avoid such a vile investment overseas.  The Reuters piece also outlines five Indonesian banks that are making preparations to set up new sharia-compliant units.  The growing market must be hard for U.S. businesses to resist.

Poor France.  They just thought Paris had to compete against London to become the center of Islamic banking.  Now they have to compete against Jakarta, and maybe New York some day, too.

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