I recently had a conversation with my brothers about Shariah Finance. I realized that I did not remember all that I knew about the subject, and it was time for a refresher. I went back to a previous post, the last half of which is about our U.S. Treasury supporting Shariah Compliant Finance, through the Harvard Law School's Project on Islamic Finance leadership. A part of that post included the video below, with the transcription of the video first.
This is such an important subject. I see one of my family member's investments held in an institution offering Shariah Financing, and one of the holdings is in a Shariah compliant fund shown below.
Here the video from ACT for America and a transcription: (note that the video seems to be from the period of the Bush TARP bill - late 2008)
Hi, I'm Joy Brighton. As a former Wall Street trader, investment professor, a Democrat, and an American concerned for my country and way of life, I'm here to break the silence and tell you about more greed and negligence on Wall Street and in Washington. While you and the government focuses on the subprime mortgage collapse, there is another financial crisis brewing. The same disastrous formula - Wall Street and their lawyers are focusing on profits and not enough on risk, and Washington is paying little attention to what is going on.
It's called Shariah Islamic Finance, the newest, fastest growing financial market in the world, and oh yes, Wall Street is on board bigtime. So you ask what is Shariah Finance? Though Wall Street is focused on the money side of Shariah Finance, Shariah Law is the reason this market exists; Shariah Islamic Law, comprised of rules like Muslim women are the property of men, "polygamy, forced child marriages, death to homosexuals and the obligation to wage holy war or jihad against infidels.
There are rules for infidels like you and me. Either we convert to Islam, pay a protection tax or we are killed. Who practices such inhumane law? The governments of Saudi Arabia, Iran, Sudan, and radicals like the Taliban, and Al-Qaeda.
How did Shariah Finance become acceptable in the West? In the spirit of multiculturalism, political correctness, and greed gone way overboard, Wall Street has bought in to a multi-million dollar advertising campaign coming from the Middle East. We are being told that "quote, Muslims have religious banking requirements and if you create investments accord to Shariah Law, 1.2 billion Muslims, loaded with oil money, will beat a path to Wall Street. However, the majority of moderate Muslims worldwide, do not want anything to do with Shariah Law, or Shariah Finance.
Everyday Muslim leaders are warning about the dangers of Shariah Finance.
There is the Muslim Canadian Congress, American Islamic Forum for Democracy, Muslims Against Shariah and many other Muslim moderates in the West, but no one is listening. You see, Shariah banking was created by Sheiks like al-Qaradawi, a terrorist banned from entering the U.S. and Britain. Yet as I speak, al-Qardawi says:
"I like to call it jihad with money because God has ordered us to fight our enemies with our lives and our money. ~ Sheik Yousuf al-QardawiThe danger of Shariah Finance is not only that it is welcoming Shariah Law into our society, but a percentage of this money must go to Islamic charities. The problem is that since September 11th, twenty-seven Islamic charities have been identified by the U.S. government as funders of terrorism. Yes, America needs investment dollars, but are we willing to trade national security for it? There are ways to accept oil money into our economy, and protect our democracy without opening ourselves up to Shariah Law.
New evidence shows that al-Qaeda financed 9/11/01 attacks with funds received from Shariah Financing. Let me tell you what Wall Street is doing: First, they are marketing Shariah investment as the hot new product for all American pension funds insurance companies and corporations; Second, they are hiring religious sheiks to sit on advisory boards overseeing where and how to invest dollars to comply with Shariah Law. This is giving Muslim sheiks a seat of power at corporate headquarters all over America. In essence, Wall Street is welcoming Islamic Law into our banking system.
What is Wall Street not doing? First, Wall Street is not disclosing the connection between Shariah Law, the Taliban al-Qaeda and Iran. Second, Wall Street is not telling customers of the jihadi background of the Shariah experts they are hiring.
Many of your are customers of these financial institutions that are offering Shariah bonds, mutual funds, hedge funds, and insurance as legitimate and ethical.
What is driving the Shariah banking craze? Money and lots of it. The Middle East takes in over $1 trillion a year in oil profits. This translates to billions of dollars lining the pockets of investment banks, law firms, insurance companies and consultants. Today lawyers and consulting firms are the key drivers of the Shariah banking craze. In fact, Harvard Law School just hosted their 8th Annual Islamic Banking Conference, where these firms learn that this market is very ethical and culturally important.
My colleagues were there. No one explained what Shariah Law is, it's link to terrorism and human rights abuses. Harvard Law is even teaching the U.S. Treasury about the opportunity of Islamic banking. I've had hedge fund managers and advisers to sovereign (inaudible) and bank CEOs say "if I don't do this deal, someone else will. Make it illegal and I'll stop doing it."
Maybe this all sounds crazy, but no more crazy than September 11th would have sounded on September 10th. No more crazy than our government needing to bailout our economy to the tune of $700 billion and the disasters at Bear Stearns, Fannie Mae, Freddie Mac and Lehman Brothers.
You must wonder: Isn't someone telling the government about this? Yes we have. Over the past year my colleagues have sat down with top officials at the Security and Exchange Commissions, US Treasury, Attorney Generals offices, aides to Pres Bush and CEOs of banks.
We have provided them with detailed documentation. The response from the Treasury Department:
"I don't know what Shariah Law is, but it can't possibly be what you say it is."Another senior Treasury official said:
"We are not responsible for disclosure or transparency."The SEC said:
"Wall Street is disclosing. They are saying that these religious investments can't invest in alcohol or pork."So let me ask you, how would you react if your pension fund invested in an ethical, no alcohol mutual fund, and then you discover that there is a relationship between your investment and terrorists killing U.S. soldiers and civilians.
In my opinion, that is securities and consumer fraud. We are selling our soul and our security for money. We have no time to waste. We the people must rise up and stop this.
(The end of the video is about joining ACT for America's effort to stop Shariah Finance. ACT is an excellent and effective organization. Just follow the ACT link above)
The Washington Times: Frank Gaffney: Treasury submits to Shariah
America Must Not Bail Out Sharia Finance (but we will) - Infidel Blogger's Alliance
Obama appoints Sharia Finance Specialist as White House Fellow
U.S. Interest in Shariah Finance Opens Dangerous Doors, Critics Say
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