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April 3, 2008

Wall Street Moving To Help Usher-in Sharia Law?

Topics: Understanding Islam

BAN.KORAN.jpgWall Street's barely out of the woods from its disastrous run-in with sub-prime mortgages and has lost one of its historic investment houses, Bear Stearns, in the process. Yet it's now chasing the very kind of "sharia finance" against which Wilders's movie Fitna warns us about - a business line that may make the subprime-mortgage fiasco small potatoes in comparison.

We're talking about "Sharia finance," which, as Alex Alexiev astutely notes, does exactly what it promises - it finances the spread of Islamic "sharia" law - and terror:

[...] If you've seen Geert Wilders's film Fitna, you may not have noticed a single headline amongst all the bombings, beheadings, and earnest expressions of Islam's eventual world domination: Halal-fund: investments for Muslims. But the investment vehicles referenced are an essential part of radical Islam's efforts to insinuate itself into Western societies in order to destroy them from within.

For the growing army of its acolytes, who salivate at the prospect of tens of billions of dollars in transaction fees from the burgeoning industry, sharia-compliant finance is seen as little more than a cuddly Islamic version of socially conscious investment -- with ethical strictures forbidding usury and sin industries, and emphasizing charity. Indeed, a conference on the subject last Fall co-sponsored by the Wall Street Journal was titled just that: "Islamic Ethical Investment." According to this rosy interpretation, sharia finance is a windfall for capital markets -- allowing Wall Street to skim some foam off the ocean of petrodollar liquidity in the Middle East, and put it to good use.

Other interpretations are possible, of course. Critics see sharia finance as a massive subversion campaign by radical Islam designed to legitimize sharia in the West, to undermine our markets, and ultimately to imperil our free-enterprise system and national security -- all the while exposing banks to financial risks that make the sub-prime fiasco look like a walk in the park. For its proponents and ideological enablers -- such as the well known suicide-bombing advocate, Sheikh Yusuf al-Qaradawi -- sharia finance is nothing less than "Jihad with money." As al-Qaradawi explains, "God has ordered us to fight enemies with our lives and with our money." Unfortunately for Wall Street, it's hard to argue with the good sheikh on that score. Far from being a guide to ethical investment, sharia finance is indistinguishable from sharia itself.

Sharia is a reactionary-to-the-core medieval Islamic doctrine that claims control over every aspect of every Muslim's life.

... The legitimization of sharia in the West and its gradual imposition in Muslim communities and beyond is a key objective of sharia finance, and there is no doubt it has already made huge strides.

... Given the reality of malignant Islamism now spreading into our own capital markets to the loud cheers of the same Wall Street masters of the universe who gave us sub-prime mortgage securitization, Americans have a right to ask: Where are the U.S. Treasury Department and the SEC, whose job it is to protect our markets?

Continue reading the MUST READ: Jihad Comes to Wall Street

In chasing Sharia finance as an investment vehicle, Wall Street is opening our financial gate to a Trojan horse for jihad, and the Islamization of the West.As Alyssa A. Lappen points out in her piece at FrontPage Magazine titled "Shari'a Finance," it (sharia finance) is adapting a financing tool that is "Neither classical nor medieval Islamic;" it is the concept of Muslim Brotherhood founder Hassan al-Banna who concocted the idea in the 1920s to unite Muslims in one global Islamic nation (umma):

The Muslim Brotherhood designed dogma and Islamic finance to spread shari'a--seeking ultimate global supremacy over daily life, individual, political and religious freedom. Shari'a mandates that Muslims fund jihad (financial jihad--al Jihad bi-al-Mal). Qur'an 61:10-11, "strive for the cause of Allah with your wealth and your lives...." And Qur'an 49:15, "(true) believers are only those who...strive with their wealth and their lives for the cause of Allah."

"Financial Jihad [is]...more important...than self-sacrificing," says Saudi Islamic cleric and Muslim Brother Hamud bin Uqla al-Shuaibi. Muslim Brotherhood spiritual chief Yusuf Qaradawi decrees, "Declaring holy an Islamic duty... [F] the Way of Allah for which zakat [charity] must be spent.

Jonathan Schanzer of the Jewish Policy Center has more on the risks of Sharia finance in his piece titled "The Wall Street "Sheikh-Up"", especially as framed in light of current market woes (HT - The Terror Finance Blog).

As we are reminded at Muslims Against Sharia - Terrorism has many faces. The bombing of the SS Cole, The World Trade Center, and the murder of Leon Klinghoffer in the Mediterranean. This is terror we can see, smell, and fear. But there is a new kind of terror that is invading the West, and it is clean, invisible to the smell, and seems savory in the way it is being marketed. This new terror is called Shariah Finance. Condoning it is civilizational suicide.

Posted by Richard at April 3, 2008 12:30 PM

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