Paranoid Americans?

From IFN Newsletter 5th June 2009

However, it’s a completely contrary picture across the Atlantic. Politicians and special interest groups have been very successful in arousing the ire of Americans over terms such as Islam and Shariah even when they are used innocuously. There were howls of protest when the Treasury co-sponsored a forum on the basics of Islamic finance.

A law firm has created an online presentation that claims to show how Islamic finance poses “a real and present danger not just to our Western financial institutions built on disclosure and transparency but to our very system of governance and our way of life.” (http://www.davidyerushalmi.com/Law-Offices-of-David-Yerushalmi-present-Shariah-compliant-finance--disclosure--seminar-for-online-viewing-b9-p0.html) It’s a sure bet that the presentation never mentions how those in these “Western financial institutions” bilked billions of dollars and caused the system to practically collapse, while the losses were relatively minor in scale for those who used Islamic finance.

What takes the cake is that of a federal judge in Michigan who insists on continuing to hear a lawsuit challenging the federal bailout of American International Group (AIG) simply because it has subsidiaries that sell Takaful. Judge Lawrence Zatkoff contends that the US government’s majority ownership of the group raises the question of whether the government is promoting religion, contrary to the First Amendment to the US Constitution. AIG has stressed that its Takaful policies comply with all US laws. “AIG businesses, like other insurers and organizations, tailor programs for a range of religious organizations,” it said. “While they are desirable to those whose religious convictions preclude them from engaging in traditional interest-bearing structures, Takaful is also increasingly popular among non-Muslims who feel that the excess profit/charitable aspect is a socially responsible mechanism for the purchase of insurance.”

Obviously, education and confidence-building are two aspects that must be seriously undertaken if Islamic finance services, now being provided by a handful of firms, are to expand its beachhead in the US.

It is beyond me how stupid and paranoid some people can be. Shariah based finance is all about undertaking financial transactions according to the rules of Shariah. It has nothing to do with professing Islam. Using financial products which conform to the rules of Shariah does not make one a Muslim. The paranoia attached to Shariah based finance is unfounded, how could it be a funding tool for extremists if the products are offered by banks like HSBC, Deutsche, UBS, Standard Chartered, Citibank, Barclays and BNP Paribas? Are we saying these reputable Western banks are part of the extremist (terrorist) conspiracy?

These attacks on Shariah based finance not surprisingly, is sponsored by CSP (refer to my earlier posting – Someone’s Afraid of Shariah Based Finance) and a lawyer by the name of David Yerushalmi is in the forefront in waging war against Shariah based finance. I’m not sure what he is trying to achieve but one thing for sure is that he and his friends will not stop putting Shariah based finance down.

Let’s not waste time, effort and money trying to market Shariah based financial products in the US.

Someone’s Afraid of Shariah Based Finance

I stumbled upon this very spiteful, malicious, bitter, and dangerous website – http://www.shariahfinancewatch.org/blog/

The objective of the website is to inform the public about the possible civil and criminal liabilities and risks of Shariah Compliant Finance, and the threats to human rights of Shariah Law. Going through the articles in the website, it is obvious that the promoters are trying to discredit Shariah based finance (SBF) to the extent of linking it with terrorism and human rights abuses. I have to disagree with the website as I don’t see any civil nor criminal liability arising from SBF not because I am a practitioner but because the system is based on the principles of just and equity. I also will add that in no way is Shariah Law a threat to human rights.

According to the promoters of this website, Centre for Security Policy (CSP) (the blog is headed by one Allyson Taylor) we face challenging times, as many European and U.S. government agencies are planning to establish Shariah Compliant Finance in 2009 as a standard in the newly nationalized financial institutions resulting from the financial crises of 2008. Do they really understand what Shariah based finance is? These insecure Zionists, in their attempt to consolidate their control of the world, will go to great lengths to discredit and destroy those standing in their way.

Islam should not be equated with terrorism even if some of the terrorists claim to be Muslims and fighting for the Islamic cause. I wonder why Christianity was never associated with the Christian terrorists of the IRA and the ETA (Basque separatists). I wonder who the financiers of these terrorist groups are. What about government sponsored terrorism like bombing of schools and hospitals by the IDF (Israel Defence Forces)? CSP claims that SBF is not transparent especially when it comes to Zakat and investment purification. The Zionists fear that the Zakat funds are being used to support terrorist activities. Do they have proof for this? Instead of just listing down and manipulating articles to justify their claims, why can’t they (CSP) provide evidence of the money trail from the Islamic banks to the terrorists’ bank accounts. This shows that their concern about SBF is brought about their insecurities. I’ll bet you if the Zakat funds are used to finance IDF nuclear weaponry or the mass murders of Muslim Bosnians, the CSP will be a staunch supporter of SBF.

The core principle of SBF is just and equity. That is why usury, speculation, uncertain contract terms are abhorred and the sharing of risk and rewards, transparency is promoted. True Shariah based financing does not condone injustice. SBF is just a way of doing business and it so happens that it follows the principles laid down by the Quran and Hadith. The shariahfinancewatch website has got nothing to do with SBF or business – it is all about destroying everything connected to Islam in order to further the Zionist cause and their supremacy ambitions.

• Abu Hamzah Anas bin Malik, radiyallahu 'anhu, who was the servant of the Messenger of Allah, sallallahu 'alayhi wasallam, reported that the Prophet, sallallahu 'alayhi wasallam, said: "None of you truly believes (in Allah and in His religion) until he loves for his brother what he loves for himself" (Al-Bukhari & Muslim)
• “Violence begets violence”
• "Do not do to others what would anger you if done to you by others." (Isocrates)
• "Do not do to others what you do not want them to do to you" (Analects 15:23)
• "And what you hate, do not do to any one." (Tobit 4:15)
• "...thou shalt love thy neighbor as thyself."(Leviticus 19:18)