By REP.
ALLEN B. WEST
As a vehicle for legitimizing
and promoting Shariah throughout the world, Shariah-compliant finance is a
phenomenon that is taking the financial world by storm right under the noses of
American investors.
Given the stated
mission of Shariah is to bring about the rule of Islam worldwide,
anything that promotes the Shariah mission warrants careful scrutiny. American
investors deserve to know where their money is being invested, and the fact
that their hard-earned dollars could be helping fund the very radical terrorist
groups that are seeking to destroy this nation is shocking.
It is
vital that we come to grips and recognize not just the kinetic aspects of
radical Islam, but also the idea of "stealth jihad," which can
infiltrate our operating systems.
Shariah
is an Arabic term used to describe Islamic doctrinal law regarded in the
Islamic world as immutable, indivisible and mandatory for all Muslims to follow
in all aspects of life.
Shariah
mandates as a religious obligation:
•
Violent jihad against non-Muslims to establish Islam's rule worldwide.
• The
killing of apostates from Islam.
• The
killing of adulterers and homosexuals.
•
Severe discrimination against women, including stoning.
•
Barbaric punishment, such as limb amputations and gouging out of eyes for petty
crimes like theft.
•
Severe discrimination against, and the subjugation of, non-Muslims.
• Last,
and most pertinent to this subject, is Shariah mandates that
Muslims who cannot engage in physical jihad using force, must support jihad
with money.
Shariah
is at the heart of the ideology of terrorist groups such as al-Qaida,
Hezbollah, Hamas and other jihadist organizations, including the Muslim
Brotherhood and those who orchestrated the 9/11 attacks on American soil and
continue to terrorize and threaten Americans and their way of life.
Many
well-known American banking financiers and institutions are involved in Shariah
finance for the lure of substantial profits from Middle Eastern petrodollars.
But
Shariah finance is not just an innocent form of free-market capitalism. Shariah
finance was conceived and is practiced as one of the key instruments of the
radical Islamist movement in its struggle against the West.
An
astounding $1.5 trillion is currently invested in Shariah finance,
and that amount is expected to grow dramatically in the years ahead — thanks
largely to the ever-increasing coffers of oil-exporting nations ruled by
Shariah, including Iran and Saudi Arabia.
Scrutiny,
however, is something Shariah-compliant finance has never had to endure from
American policymakers. Shariah finance is almost completely alien from the
standards of disclosure and transparency customary in the U.S. and other
Western financial markets.
A small
cadre of Shariah advisers — Muslim authorities on Shariah — determine capital
and credit flows with little, if any, of the accountability at the heart of
federal and state securities laws. This gives rise to unique risks for Western
firms engaging in Shariah-compliant finance, including racketeering,
anti-trust, and securities and consumer fraud.
Shariah
advisers to the banks are themselves the real problems with Shariah-compliant
finance. All too often, they are outright jihadists with ties to terrorism.
In fact, the most prominent Shariah scholar in the financial world — a
Pakistani named Mufti Taqi Usmani — sits on the Shariah advisory boards of some
of America's best-known banking institutions.
Usmani
referred to Americans in Iraq as "stinking atheists" and "the
worst-ever butchers and vultures of the world" who are "clawing off
the flesh of bodies of innocent Iraqi Muslims."
Until
his hateful, jihadist militant credo was exposed to the public, Usmani
headed HSBC's Shariah advisory board, as well as that of Dow Jones. This
shows how unaware and reckless the financial world actually is when it comes to
true due diligence on Shariah-compliant finance.
It
should be pointed out that when Usmani was removed from HSBC's Shariah advisory
board, he was replaced by his own son. Usmani is still active on the Shariah
advisory boards of U.S. and Western firms, including Guidance Financial Group,
Swiss RE, Arcapita and UBS-Warburg.
Shariah-compliant
finance affords Shariah advisers the opportunity to channel funds skimmed off
investments in the form of "zakat" to terrorist charities of their
choice. This is exactly what happened in the case of Bank Al Taqwa and Sheikh
Yusuf al-Qaradawi, the Sunni Islamic world's foremost Shariah scholar.
Qaradawi
was chairman of the Shariah advisory board of the bank, which was shut down by
the U.N. and the U.S. Treasury Department for funneling money to jihadist
terrorist organizations, including Ayman al-Zawahiri's Egyptian Islamic Jihad.
Much of the money came through a Shariah-compliant real estate firm in New
Jersey named BMI.
Shariah-compliant
finance should be seen by regulators, the financial sector and investors alike
as problematic in the extreme. It is inconsistent with America's constitutional
principles, legal codes and financial regulations that require transparency and
disclosure of risks that are material to investors, particularly in the
post-9/11 world.
The
true nature of Shariah must be fully revealed. In the absence of such
transparency and disclosure, Americans are in jeopardy of aiding and abetting
economic warfare in the form of financial jihad against our own country.
Shariah
finance is a grave matter of concern for America as it impacts not only our
economic security, but also our national security.
• West,
a Republican, represents Florida's 22nd congressional district. He spent 22
years as an officer in the Army, including multiple tours in the Middle East.
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