This gives me an itchy, uncomfortable feeling (WITH IMPORTANT UPDATE)

Maybe it’s my naturally suspicious nature, but the idea of a Sharia compliant Master Card gives me an uncomfortable feeling.  On its face, it seems like little more than a debit/ATM card that is accepted anywhere major credit cards are.

The EonCap Islamic Debit MasterCard is basically a debit card with ATM functions as well. It also works on PayPass systems, which enables a person to swipe it on a terminal without the card leaving the cardholder’s hand. It is referred to as blending traditional purchasing power with modern technology and is Shari’ah compliant.

Well, what the hell does that mean?  Does it assure no Jews are involved in the banking transactions?  Does 2 percent of every transaction go to purchase weapons for Hezbollah?  Will the card automatically explode in your hand if you try to purchase pork, alcohol, hookers or a dildo?  What, exactly, is the difference between a Sharia compliant debit card and one that isn’t? 

I know Muslims supposedly aren’t allowed to pay interest on loans, which, to me, is monumentally stupid.  If you don’t have enough money for a purchase, don’t make the purchase.  If you decide that you want to make the purchase despite the fact that you don’t have money for it, you may borrow it from anyone who is willing to lend it to you.  But that money belongs to the lender.  Let me say that again – THAT MONEY BELONGS TO THE LENDER!!  That means it doesn’t belong to you.  It also means that the lender is doing you a favor by providing you the resources to purchase something that you would otherwise not have been able to purchase.  It also means that they have every right to charge you for it.  Muslims seem to think that their faith somehow entitles them to a free lunch.  But hey – if there are banks willing to give them interest-free loans, more power to them!  They’re not MY banks!  I don’t care.  My question is this:  a debit card only allows you to withdraw as much as you have in your bank account.  No more, no less.  That’s the nature of a debit card.  So, there’s no loan, and there’s no interest rate.  So what’s the difference between a regular debit card and one that is compliant with Muslim law?

Someone enlighten me please!

Here’s why I get this itchy, uncomfortable feeling.  Electronic financial transactions have this tendency to be easy and convenient for threat financing.  It is estimated that only $10,000 was needed to carry out the attacks on US embassies abroad.

Take for example eBay and PayPal.Terrorist could establish accounts, fictitiously sell merchandise on eBay and transfer small amounts of money, less than $3,000, via PayPal.These transactions spread across three or four accounts would be enough to fund another embassy-scale terrorist attack.This non-traditional means of transferring money is the most difficult to detect, monitor and trace.

And if confronted by law enforcement authorities about possible suspicious activities within their banks, are these “Sharia compliant” banks going to hide behind religious freedoms to withold information about possible threat financing?

Are we getting the picture here?

Is anyone else getting a prickly feeling in their shorts from this?

UPDATE THE FIRST:  So Rachel blogged this too, and did an infinitely better job of making it friggin’ hilarious!  She even included Islamic Rage Boy!   You just can’t beat that!!!!