Remember Students: This Will be on your Final Exam


President Morsi of Egypt has yet to face the real test to his authority that is coming like the dawn after a long night.  As he tries to change Egypt to be not only Sharia compliant as well as becoming a modern, industrial, self-supporting nation-state, he will inevitably find that he will need the new legislature to pass laws that are essentially secular in nature.  They will be laws that contain absolutely no bearing on “social issues” as Americans think of them.

They may, for example, try to regulate banking activity.  As I understand sharia law, Islamic fundamentalists do not accept the concept of “interest” as being acceptable to Allah or Muhammed.

If “interest” is unacceptable, and is outlawed in Morsi’s new version of Egypt, even the most fundamentalist Islamic (but western educated) economist is going to say:

“Whoa!  We have to deal with other banks around the world that do charge interest and expect that interest to be paid. If we can’t borrow from them, where exactly do you expect to get the resources to modernize Egypt’s infrastructure, and where will our entrepreneurs get capital to start new companies to begin reducing our unemployment?  What do you plan to do about that?”

That will be the moment of truth.  That will be the moment when Morsi realizes that council of mullahs must validate the degree of sharia compliance for all new legislation under Egypt’s new constitution.  In other words, Morsi will find out if he rules Egypt, or if there will be a power “sharing” with the mullahs.

Morsi will find out then whether he dominates and controls the mullahs, or they will dominate and control him.  Power sharing is not something that works out well in theocracies, and it more than likely won’t work too well in this situation.

 

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About Jim Yardley

Retired after 30 years as a financial controller for a variety of manufacturing firms, a two-tour Vietnam veteran, and independent voter.
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