Sharia Finance Madness

Islamic finance gets the nod

“Progressive Sharia”.

The gullible kuffar thinks it means acceptance of modern banking and hence “Progress”. The adherents of the “religion of peace” know it’s “Progress towards Sharia”.

Sara Rich/The Australian

THE Rudd government is pressing ahead with plans to develop Islamic finance in Australia to help position the nation as a leading global financial services hub.

Tell us, Mr KRudd: are we financing them or are they financing us?  Tell us, Mr KRudd: what is the history of Islamic banking? Any idea? Tell us, Mr KRudd: why would you allow something you know nothing about to replace what we have and what has served us well since half a millennium?

Assistant Treasurer Nick Sherry told funds managers yesterday he would travel to the United Arab Emirates, Qatar and Bahrain at the end of next month for talks on the regulation, promotion and export of Islamic finance, banking and insurance.

Estimated at $US729 billion at the end of 2007, the Islamic financial services sector has been growing rapidly, and the government sees it as an alternative source of capital for Australian business and consumers.

“Australia sits as one of the closest neighbours to Indonesia, a rapidly growing developing economy and the largest Muslim nation in the world,” Mr Sherry said at a function hosted by the Investment and Financial Services Association and Deloitte. More>>

Minneapolis adopts Sharia-friendly loan program

This is the Somali community that has seen so many of its members return to Somalia to wage jihad in recent years.

Somali Cultural Enrichment in Minneapolis

What could go wrong? Well, for one thing, Sharia is a program for every aspect of life. So once one sets the precedent that it is good to accommodate Sharia, there is always more Sharia to accommodate — including provisions institutionalizing discrimination against women and non-Muslims.

“Loan caters to Minneapolis Muslim business owners: The Alternative Finance Program respects Islamic law by offering fixed-rate loans,” by Katherine Lymn for the Minnesota Daily,

The program is a pathway for business owners to “achieve the American dream of creating wealth,” Lind said.

“Achieve the American dream…”

Muslims have no “American dreams”. They dream about becoming “martyrs” and making America Islamic…..

Miira on Jihad Watch gets into it:


“. . . An Islamic law enacted centuries ago. . .”

Sharia compliant financial instruments are a recent fiction. Do not value the ‘deal’ more than you value your future.
See Hugh’s comment discussing Timur Koran’s indispensable study titled “Islam and Mammon”
as well as Hugh’s reference to Mary Jackson’s
posting on “Islamic bonds”

McCormick Foundation: Shariah, Law and ‘Financial Jihad’ and How Should America Respond?

1. Recommendation: Enforce and prosecute violations of current laws on disclosure, racketeering, anti-trust, material support for terrorism and sedition. U.S. regulatory agencies have tacitly aided a special, privileged position for Shariah-compliant finance by refusing to enforce laws that are routinely enforced for other financial products and practices. This U.S. government complicity in potential Shariah-Compliant Finance (SCF) civil liability and criminal exposure presents significant risks to national security and to the national economy. Shariah-compliant finance must be required to disclose fully: the specific laws and intent, including violent jihad, of Shariah; the beliefs, statements and affiliations of Shariah advisors; and the links between Shariah-enforced zakat and purification funds and material support of terrorism as part of compliance with existing laws on full disclosure of risks to post 9/11 investors.Next Steps: Congressional oversight committees who are responsible for exposing and stopping government malfeasance have an obligation to investigate this consistent non-enforcement of existing laws for a
“protected” group.

2. Recommendation: Develop state and federal initiatives to investigate and monitor mosques and Islamic community centers that promote adherence to authoritative Shariah and encourage Jihad, and inform communities of Shariah and jihadist materials and other imminent threats. Such monitoring of radical Islamic institutions is routine in Europe.

Next Steps: Private sector monitoring projects such as Mapping Shariah need to be expanded to more states, with closer coordination and support from local and federal law enforcement and Homeland Security officials. Local pilot projects to increase community defenses include local operations to monitor the threat, community education to increase local awareness of the threat, and state and federal legislation to identify and prohibit jihadist texts that increase the threat. Parallel efforts will work best, including information operations, community watch programs and state and federal initiatives.

3. Recommendation: Provide legal representation for U.S. citizens damaged by seditious acts of Shariah advisors and Shariah-compliant financial institutions through their material support of Shariah, of terrorism and of aggressive jihad against the United States.

4. Recommendation: Educate and activate shareholders to protect their investments from the risks of criminal and civil liability due to Shariah compliance.

Next Steps: Develop targeted public education and outreach efforts on the risks to individual and institutional investors of Shariah-compliant finance, through coordination with national and local organizations

5. Recommendation: For the few specific areas of disclosure and monitoring where existing regulations are inadequate for full disclosure of Shariah-compliant finance, such as reverse money-laundering, work with congressional oversight committees and regulatory agencies for enhanced regulations and statutory measures.

Next Steps: Develop the improved regulations for review and comment by regulators, legislators and industry for tracking zakat and purification of funds and ensuring full transparency of all Shariah-compliant funds.

6. Recommendation: Establish Know-Your-Beneficiary regulators for charitable donations sent abroad and require U.S. domestic charitable and non-charitable organizations to provide affidavits under penalty of perjury for compliance. The Know-Your-Beneficiary should be modeled
after the export control enforcement laws and regulations such that a donor has an affirmative duty to know the real beneficiary of the donation.

Next Steps: Congress and Treasury should work together to draft legislation and regulations for this specific purpose.

3 thoughts on “Sharia Finance Madness”

  1. Tha NAB got something going with ‘loans to muslims’ a bit over 12 months ago. Does this mean KRudd’s going to make this all law?

  2. Rossco, the arselifter running NAB at the time has moved on to head AustraliaPost. Expect pislamic stamps soon.

  3. Sharia-compliant mortgage lender in receivership

    UM Financial Inc., a Toronto-based firm that offered sharia-compliant mortgages to Muslims, has gone into receivership leaving more than 173 people fearful they may lose their homes.

    UM Financial was one of the first companies in Canada to offer so-called Islamic financing to Muslims who believe that sharia, or Islamic law, prohibitions against usury include interest on things such as mortgages.

    UM would buy a property then lease it to a client so they were paying rent instead of interest. Some homeowners complained that the firm would also charge extra fees.

    The company had $50 million in financial backing from Central 1 Credit Union of which almost $29 million is outstanding.

    Qayum Mian knew he was paying a premium on his Markham house for the seven years he used UM Financial — he estimated up to 2 percentage points more than if he’d gone through a bank — but was happy to pay the price “because my conscience was satisfied.”

    Tarek Fatah, a long-time critic of the lending practice and founder of the Muslim Canadian Congress said Tuesday he’d had calls from a dozen concerned homeowners.

    Those clients “have rights and they have obligations, and those are unchanged,” said Michael Creber, a partner with court-appointed receiver Grant Thornton Ltd.

    He urged affected clients of UM Financial and its sister company UM Capital Ltd. to call the receiver at 416-607-2693.

    The Ottawa Terrorists, The RS Foundation, & The Blood Libel MasterCard

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