Photo: AdamCohn (flickr)

Cairo's trash-filled neighborhoods are the proud home of nearly 70,000 Coptic Christian zabaleen people and the majority of Egypt's pig population.

For decades, the zabaleen have earned a living off of collecting trash in Cairo's slums. In an average day, the zabaleen collect almost 6,000 tons of trash. Food scraps make up more than half of the trash and are fed to the pigs. Most of what remains is then recycled by zabaleen men.

Even though there are no reported cases of swine flu in Egypt — and you can't catch the virus from contact with pigs — the government has decided to slaughter all of Egypt's pigs as a preventative measure. Some think there there may be ulterior motives behind the mass slaughter as well. The New York Times reports that the government claims that getting rid of the pigs would force the zabaleen to clean up their neighborhoods.

The Egyptian government has promised to humanly butcher the swine according to Islamic law and freeze the meat. It is uncertain whether or not this meat will be consumed by Egypt's non-Muslim population. In compensation they will pay about $180 per pig.

Pigs importance goes beyond money for the zabaleen community. Along with the income their meat brings in they also play an important role as a cleaning crew of sorts, and the zabaleen feel targeted by the government. The Coptic Christian zabaleen are a minority in Egypt — 90 percent of the population is Muslim. Since it is against Islamic law to eat pigs, the zabaleen question whether or not the mass-slaughter in the name of swine flu is merely a disguise for religious motives.

More pigs are being slaughtered by the day and the zabaleen continue to plead with the government to not destroy their livelihoods. Ayman Saed told the BBC that when the government officers took his pigs it felt "as if they were killing me."

In a last ditch resort to save their pigs and their livelihoods, The New York Times reports that the zabaleen are now trying to get the government to let them keep their pigs on farms outside of they city. The zabaleen could cart out the organic waste to the farm and keep making a living off of collecting trash. So far, the government hasn't come around.

ATMs Abiding by Islam. Photo: トリプ tripu (flickr)

In Iraq and need cash? It's not easy. All banking has to be done in person at the branch where you hold an account, your salary is paid in cash — not check — and a Visa card won't buy you anything at the market. It's almost not worth graduating from your childhood piggy bank.

But this month, people in Baghdad can begin to say goodbye to this antiquated and unwieldy system— thanks to banking monolith Rafidain's introduction of Iraq's first electronic clearing system.

This is good news for Iraqis because now they can have their paychecks directly deposited into their accounts instead of stashing their money at home. By September they will be able to choose from ATMs at 147 branch banks scattered around Baghdad — and count on them to be functional.

This step towards a modern banking system could help bring prosperity to Iraq. As the Economist noted optimistically, "Iraq’s overdue conversion to fully electronic banking should help woo investors from abroad and pep up the economy as a whole."

But some are worried this ATM hustle-and-bustle means a transition to modern finance that Iraq isn't ready to support. First, the use of ATMs and electronic banking may lead to other aspects of Western banking, such as loans and credit cards. This could prove problematic because Shariah (Islamic law) prohibits credit and "non-benevolent" loans that charge interest.

This isn't a new obstacle: Other developing Muslim countries have faced the transition to a modern financial system while still following Islamic banking standards. This form of finance is based on a common prudence among banks, lenders and individuals— because they all share the risks of investment, and divide any profits. It has already been successful in many Muslim countries — ranging from the strict model followed in Qatar, to a more relaxed one, as in Malaysia. It is even being implemented in secular countries with a Muslim minority population like the U.K., and in Western financial hubs like Switzerland.

What's more, some say the Islamic model is more insulated from the recent global financial crisis than conventional banking systems. This is because the theological framework of the system prevents excessive risk-taking — such as the use of unstable financial instruments like derivatives. Majed al-Refaie, the head of an Islamic investment bank in Bahrain, explains in the Washington Post:

The beauty of Islamic banking and the reason it can be used as a replacement for the current market is that you only promise what you own. Islamic banks are not protected if the economy goes down — they suffer — but you don't lose your shirt.

For these reasons, some say Iraq's potential for financial growth through Islamic banking is high, provided the country is stable enough to support stimulation.

But even Islamic finance is not recession-proof, as economists noted at the recent Islamic Banking and Finance Summit in Dubai. This model also requires stability and responsible management for success — which Iraq may not be ready for. Islamic finance may not be the best answer for impoverished Iraqis either: It is more difficult for poor people to get loans under this system than conventional ones. This is because borrowers need a higher income and more collateral to meet the stringent lending rules set by Islamic banks.

Opting to go the conventional banking route, on the other hand, could create another pitfall for Iraqis: credit cards — and more specifically, credit card debt. Ballooning credit card debt can easily lead to the entrenchment of poverty, not its alleviation.

The potential downfalls of either financial system — Islamic or conventional — could pose problems as Iraq modernizes. But for now, at least Iraqis can finally ditch those piggy banks and go to a working ATM instead.