In recent news feeds I’ve been focusing on stories that relate to the Mediterranean Union: the ever-closer immigration, business, scientific, and military ties between the EU and North Africa (and the Middle East). The recent report about Morocco moving into “fast track” status for EU membership was an important EuroMed story.
The article below, concerning Libyan investment in a major Italian bank, is also significant EuroMed news.
If events continue on their present course, Europe will become majority Muslim in the next half-century. The question that has always perplexed me concerns the mechanism for the transfer of power. How will the Ummah eventually take control in Europe? When and how will power be handed over from the existing ruling class to the continent’s new Muslim rulers from North Africa and the Middle East?
The current conflict isn’t a military one, so there will be no dramatic battlefield surrender. No mayor will kneel before the Sultan and hand over the keys to his city. Yet somehow political control will be transferred to the continent’s new rulers.
This article suggests a possible answer: a stealthy purchase of shares in large financial institutions by Muslim commercial firms. The process will gradually shift voting power to the new Islamic investors, and it could occur very quietly, as business at the banks goes on as usual.
Then, when the Muslim investors have a controlling interest in an institution, things will start to change. Assuming they are actual practicing Muslims, “sharia finance” will absorb a much larger share of the financial instruments issued by the bank, and become dominant. There will be more investment in Muslim “community projects”, bankrolling of mosques and educational institutions, etc. It will all be legal, above-board, part of normal business, and all non-Muslim business will gradually get pushed into the background.
I realize that this is not going to happen right away, but I think it is coming.
And now the article from ANSAmed:
Banks: Unicredit, Libyans Up to 4.23% in Friendly Move
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(ANSAmed) — MILAN, OCTOBER 17 — Libya’s institutional investors increased their quota in Unicredit to 4.23% of the Italian bank’s share capital, up from the previous 0.87%. It was a friendly and coordinated move of about one billion euro. They are now the second largest shareholder in Unicredit, behind Fondazione Cariverona which holds 5%. They purchased the share in the open market last night after a strongly negative day for the Milan bank, down 13%, as well as for the stock exchanges worldwide. Tripoli’s three investors — the Central Bank of Libya, the Libyan Investment Authority and the Libyan Foreign Bank — had reached an agreement to take part in the sudden 6.6-billion-euro share capital expansion which Unicredit announced a few days ago by underwriting convertible bonds for the amount of 500 million euro. The Libyans therefore are included, along with the Foundations, institutional investors and Mediobanca, in the core group of stockholders who worked jointly to tackle the bank’s troubles in the wake of the global market crisis. The Libyans, who were partners in the privatization of Banca di Roma in 1997 and moved on to Capitalia and later, following a merger, to Unicredit with a 0.87% quota, are therefore long-time shareholders with a long-term interest. Shortly after the announcement, Unicredit expressed “satisfaction” for the ‘meaningful investment witness to confidence in the long-term profitability of Unicredit and in the strategies of the group and its management’’. An early positive reaction, even if a limited one, came from the market with the Unicredit stocks gaining ground in night trading.
Hat tip: Insubria.