Saturday, January 05, 2008

Shari'a Finance On The Rise

(All emphases by Always On Watch)

From this article in The August Review:
Simply put, “Islamic banking and finance” creates, sells and services products that are in strict accordance with Shari’a. In the Islamic culture, it is referred to as “Shari’a finance” and covers the practices of banking, investment, bonds, loans, brokerage, etc.

To insure Shari’a compliance, banks must hire Shari’a scholars to review and approve each product and practice as “halal”, the Muslim equivalent of kosher in Judaism. Because there is a shortage of such scholars, there is competition between banks to find the best expert to sit on their boards of directors. This provides the highest legitimacy to each ruling because it is made at the director rather management level.

It should be noted that most of these scholars are from the school of radical Wahhabi/Salafi Shari’a in Saudi Arabia and elsewhere, holding views diametrically opposed to the basic values of Western civilization.

Shari’a finance has many differences from orthodox banking: Notably, it cannot charge interest (usury) and it calls for alms giving (zakat). It also calls for avoidance of excessive risk and may not be associated in any way with gambling, drinking alcohol, eating pork, etc.

Zakat demands a tithe of 2.5 percent of revenue be donated to Islamic charity. If western banks follow this rule, their contributions will be staggering. It is certain that a portion of this money will end up in the hands of radical Muslims who are sworn to destroy the U.S. and replace its government with Shari’a law.

Shari’a finance is a recent phenomenon. There were very few Islamic banks prior to 1980. However, with the Khomeini revolution in Iran in 1979, Shari’a was summarily imposed throughout Iran and Shari’a finance took off.
The article concludes as follows:
International bankers have long ago proven themselves to be completely amoral when it comes to money. They bankrolled the Bolshevik Revolution in 1918 just as blithely as they bankrolled Hitler in the 1930’s. Fortunately for us, neither succeeded in conquering the world.

With Islam, odds of its succeeding are radically different. To start with, there are already 1.6 billion Muslims in the world, and it is the fastest growing religion in history. Secondly, the spread of Islam is richly financed by the oil that is extracted from mid-eastern countries. Thirdly, Islam has already infiltrated most of the west, especially in Europe.

And now, Islam has behind it the combined support and encouragement of the entire global banking community.

The unholy alliance between Islam and global banking may be the final leg on the age-old quest for global domination. Don’t be surprised at the silence of the global elite the next time you hear Islamist mobs chant “Death to America” – their goals are now intertwined.
Read the entire article HERE, and note the bibliographical links at the end:
Sharia’s Trojan Horse
Islamic Finance or Financing Islamism? (.pdf file)
Islamic Economics: What Does it Mean?
Federal Reserve speech to Islamic Financial Services Industry Seminar
Fed speech on Regulation and Supervision of Islamic Banking
Islamic banking rises on oil wealth, drawing non-Muslims
How the West Came to Run Islamic Banks
12th Annual World Islamic Banking Conference
University Islamic Financial
Islam and Mammon, Timur Kuran

See also Video Center, Islam/Shari'a on The August Review
Go to the original article to enable the links for the above bibliography.

The first of my two laws of history states as follows: It's always about the power, money and power being the same thing.

We are seeing a shift in that money-power, and the shift is accelerating.

[Cross-posted at THE ASTUTE BLOGGERS]

Labels: ,

Bookmark and Share
posted by Always On Watch @ 1/05/2008 09:40:00 AM