Shari'a Made Simple

U.S. Treasury Department To Hold Training Seminar In Shari'ah Compliant Finance

Below is a portion from the invitation:

Islamic Finance 101

Hosted by the U.S. Department of Treasury

In association with the Islamic Finance Project - Harvard Law School

November 6, 2008

1:00 p.m. to 5:00 p.m.

1500 Pennsylvania Avenue NW, Washington D.C

Seminar at the US Department of the Treasury:

“Islamic Finance 101″

November 6, 2008

1:00 p.m. - 5:00 p.m.

Department of Treasury, Washington DC

Purpose: This forum is designed to help inform the policy community about Islamic financial services, which are an increasingly important part of the global financial industry. The Department of the Treasury, working with Harvard University’s Islamic Finance Project, will host speakers from academia and industry to share information on the development of Islamic finance, both in the United States and globally. The primary audience of this seminar is comprised of staff from U.S. banking regulatory agencies, Congress, Department of Treasury and other parts of the Executive Branch. For some in attendance, this may be their first and only opportunity to learn formally about Islamic finance. We expect about 100 people in the audience. The presentations will be short and focused, directed toward policy makers rather than academics.

Read the rest HERE.

A background-and-fact sheet from USA - Stop Shariah is HERE.

Go HERE to read information about the coalition formed to protest the U.S. Treasury's seminar. A bit more about the protest:

Leading members of the Coalition will be holding a press conference at the National Press Club’s West Room at 10:00 a.m. They will be calling upon the Treasury to cancel the seminar it is co-sponsoring that afternoon with the country’s most prominent academic boosters of Shariah-Compliant Finance: Harvard University Law School’s Islamic Finance Project.

Thursday’s “seminar for the policy community” is entitled “Islamic Finance 101.” It will be held in Treasury’s headquarters building next to the White House and - judging by the slated speakers - it will amount to little more than a vehicle for promoting Shariah-Compliant Finance. Apparently, there will be no discussion of the seditious nature of Shariah, which explicitly seeks to destroy the government and Constitution of the United States in favor of a global theocracy.

Speakers will include Robert Spencer, renowned author and expert on Shariah law, Jihadwatch.org project of the David Horowitz Freedom Center; Frank Gaffney, Center for Security Policy; Dan Pollak for Mort Klein, Zionist Organization of America; Andrea Lafferty, Traditional Values Coalition, and others. Speaker updates will be listed at www.usastopshariah.org

Members of the Coalition include Concerned Women for America, ACT for America, Institute for the Study of Islam and Christianity, the Zionist Organization of America, Traditional Values Coalition, Center for Security Policy, Endowment for Middle East Truth, Unity Coalition for Israel, Let Freedom Ring, Christian Solidarity International, Tradition Family & Property Inc., Women United, Jewish Action Alliance, Florida Security Council, Society of Americans for National Existence and the Center for Security Policy.

Is the U.S. Treasury looking to infuse our financial infrastructure with shari'a-finance funds?

Another kind of bailout?

Putting Profit above Principle

It has been announced that Tony Blair wants to ’devote his life to faith’. By ‘faith’ I suppose we are to understand ‘interfaith dialogue’, so as to try and ensure that we all live together in harmony.

This is a noble ambition indeed; unfortunately, however, there is one stumbling block: The nature of Islam!

For ‘interfaith dialogue’ to be meaningful, there has to be a readiness by all parties, in this case especially Jews, Christians, and Muslims, to compromise, for without compromise, interfaith dialogue becomes a meaningless exercise.

In Islam we find an implacable faith, an unyielding belief system founded on totally different principles than both Judaism and Christianity.

Christianity is based on love: The love of God, the love for God, the love of humanity. Islam, by contrast, is not a religion based on love; rather, it is based on total submission to Allah, and where there is no total submission to Him, we find the sword used to rein in the people. Indeed, Muhammad himself announced the sword to be an instrument of faith. Who, then, are we to argue with Muhammad’s declaration? How can we put a positive spin on that?

It is interesting to note that there is a maxim used by Muslims which states the following: ‘To convince stubborn unbelievers, there is no argument like the sword.’ [Source: Washington Irving: Mohammed]

For this reason, if for no other, it is difficult to see what Tony Blair hopes to achieve with his devotion to interfaith dialogue. How does he hope to change the nature of the faith of Islam? It is impossible to change nature. Indeed, can we change the nature of anything? And if this is so, then what hope have we of changing the nature of Islam, especially after more than fourteen hundred years?

The only man who could have changed its nature was the Prophet Muhammad himself. But as he is no longer around to make any changes, it is not going to be possible for mere mortals to change anything in that religion. You see, Islam is not a religion like Christianity anyway. Christianity has evolved, and has undergone a reformation. This reformation was made possible partly because Christianity, being based on the Bible, especially the New Testament, is to all but fundamentalist Christians considered to be a book that is inspired by God. The words contained therein are not generally considered to be God’s actual words.

In this respect, Islam is very different. Islam, as we all know, is based on the Qur’an, and that book is not considered be inspired by Allah; rather, Muslims consider the book to comprise the actual words of Allah as dictated to Muhammad by the Angel Gabriel in the form of a recitation. In fact, the very meaning of ‘Al Qur’an’ is ‘The Recitation’.

The result of this difference between the holy books has led to two quite different civilizations and cultures. Muslims are very defensive of Islamic culture and civilization in a way that Westerners are not defensive of theirs.

Take our leaders. They are reluctant to face up to the fact that we have a huge problem on our hands with Islam in general, and with the rapid growth of Islam in the West in particular. In this reluctance, they are doing us no favours. On the contrary, they are remiss in their duties as guardians of our way of life, as guardians of our Judeo-Christian civilization.

What, for example, are our leaders doing to protect our values and our way of life? Interfaithing will offer no protection; actually, on the contrary, it will probably lead to compromise – the compromise of Westerners. To me it seems like a cop out. It is a smokescreen to enable the top echelons to put profit above principle.

The jihad which is being waged against the West threatens us all. It is not something we can afford to ignore; yet people are ignoring it, largely in the hope that it will go away. It won’t. If anything, it will get worse.

The jihad has many guises. One of the latest is the economic jihad being waged against capitalism. Only this morning, it was reported that there have been calls for Ireland to introduce Shari’ah-compliant finance as a matter of urgency. As a matter of urgency, no less! Why? So that Muslims living and working in Ireland can live their lives according to their faith, without feeling conflicted by the terms and conditions of living in the ‘evil’ capitalist system.

One can but ask oneself one question here: If living under capitalism is so onerous for these Muslims, then why did they come here to live in the first place?

The leaders of finance houses who are working so hard to introduce Shari’ah-compliant financial services and products seem to be oblivious to the fact that Islamic economics is competing in every respect with capitalism. Isn’t it true to say that the interest rate is the keystone of a capitalist economy? Take that keystone away and the whole system will start to fall apart.

In Islam, riba is frowned upon. But let’s get one thing straight: Riba is generally translated as usury, not as the interest rate per se. There is a world of difference between usury, which is the charging of extortionate rates of interest for loans, and the general interest rate which is not to be equated with such extortion. Yet nobody seems to be making any difference between them. The financiers appear to have been hoodwinked into believing that the interest rate is itself frowned upon in Islamic economics. It must be said that one’s definitions in this matter depend on the Islamic scholars one reads: Some scholars frown upon the interest rate altogether, calling it all usury, whilst others take a more liberal approach and make a distinction between a reasonable rate of interest and an extortionate rate.

Whichever is the case, the fact remains that Islamic economics is not compatible with the long-term interests of a capitalist economy. One can but worry about the tentacles of Islam tightening their grip on Western economies. Lest we forget, the old adage, He who pays the piper calls the tune comes to mind. We need not wait to learn that this is indeed true. We can discern the verity of the adage already when we look around us. Take the power of the petrodollar as a case in point. Its power is profound, and it can be felt around the globe.

It is one reason why our leaders and business people are reluctant to speak out. They are overcome by greed and fear: They are greedy to earn back the petrodollars, and they are fearful that if they speak out they will incur the wrath of the Muslims living in the West, and cut off our oil supplies into the bargain.

You see, they do not have the stomach for any form of confrontation. The sad reality is, however, that the West will not survive this onslaught without a confrontation of some kind or other. It’s just not possible. Muslims are too determined to replace our Judeo-Christian civilization with an Islamic one, too determined to replace capitalism with an Islamic economic system.

But by confrontation, I do not necessarily think that we need to go to war (though that cannot, of course, be ruled out in the long-run). But we do need to protect our own values and our own way of life. Alas, this is not happening. Our leaders are giving in at every turn. Appeasement of Muslims both at home and abroad is the norm of the day. It will do nothing for the West except accelarate the demise of our civilization, and accelerate the demise of capitalism, too.

Can’t the people in power see what they are doing? Are bankers and financiers so greedy that they are willing to bring down the West for their own short-term gain? Do they not realize that they are playing with fire? Do they really believe that capitalism and Islamic economics can co-exist? Can they really be that ignorant?

Personally, I think they are not; rather, I think these people are out to get all they can before the house of cards is brought down. Remember the fall of communism? Capitalism will fall equally easily if we do not pay more attention. It’s hard to believe, I know. But the introduction of Shari’ah-compliant finance and other Shari’ah-compliant products is just the start. It is the introduction of Shari’ah law by the back the door. Today it’s banking; tomorrow it will be Shari’ah enshrined in the laws of the land, enshrined in the constitutions of Western countries. How foolish our leaders, bankers and financiers are!

Before 9/11, it would have been hard to imagine that the West could have been so weak and unwilling to fight for a way of life we have come to expect and love. But it all started going wrong after those attacks, because we were too reluctant to state the case against Islam, clearly and unequivocally. The politicians have busied themselves making excuses for Islam and have deceived the public in so doing; the business people and bankers have busied themselves making money from the countries awash with petrodollars. And in so doing they have chosen to turn a blind eye to the financing, by Saudi Arabia, of the propagation of Wahhabi Islam in the West.

So what exactly is Tony Blair going to achieve with his lifetime spent interfaithing? Is he merely going to sell the West farther down the river? And in any case, what are his qualifications for doing this job? What does he know about Islam? And where has he learnt that which he does know?

One thing is for certain: People like Tony Blair are not going to learn the true nature of Islam by sitting in five star hotels in Bethlehem, talking to fabulously rich Muslims from oil-rich countries. To learn about the true nature of Islam one has to mix and talk with people at the grassroots level. The rich are generally Western-educated, indulge in alcohol, spend enormous amounts of money in casinos, live in the lap of luxury, and generally do not adhere strictly to their faith. They are also generally well-travelled; so they are not representative of the ordinary man in the Arab street. Ergo, little can be learnt from them when it comes to the faith of Islam.

Isn’t it high time that we all started taking stock? Isn’t it high time that we woke up to the reality which confronts us? Isn’t it high time that we started to put principle before profit?

©Mark Alexander

All Rights Reserved

Economic Jihad Spreads to Ireland; Shari’ah-Compliant Financial Services ‘Should’ Be Made Available to Muslims There as a Matter of Urgency

At this rate, capitalism will be dead in a short time. It took the West years to defeat communism. Western capitalism eventually won the day as it was seen to be superior. Indeed it was and still is superior. Islamic economics is now winning the day, though. And there has been no need of a Cold War, and no need for guns (or swords). All it has taken is intimidation of Westerners by an assertive Muslim population, a sense of subservience to the Gulf Arabs, especially the Saudis, ignorance of the true nature of Islam and its goals, a refusal to admit to the dangers of that faith, appeasement, meekness, and timidity on the part of Westerners who are afraid of confronting the ideology, a loss of belief in our own destiny, and a dogged determination on the part of our leaders and captains of industry NOT to call Islam what it actually is: A political system wrapped up in a deity.

The end of capitalism and liberty, dear readers, is nigh! - ©Mark

THE IRISH TIMES: THERE IS an “urgent need” for sharia-compliant financial services to be made available in Ireland so that Muslims living here do not contravene religious teachings, representatives from Irish financial institutions were told at a seminar on Islamic banking yesterday.

The seminar was held at the Islamic Cultural Centre of Ireland (ICCI), which is based at Ireland’s largest Sunni mosque in Clonskeagh, Dublin.

“We organised this conference because there is an urgent need for the Muslim community here to have mortgages and other financial services that do not drive them to break their Islamic teachings,” said Ali Selim, a theologian and secretary to Imam Hussein Halawa of the ICCI.

During yesterday’s seminar Imam Halawa outlined the religious tenets of Islam that forbid the payment or receipt of interest, known as riba.

Representatives from the Arab Banking Corporation’s London subsidiary and the Islamic Bank of Britain gave presentations on how the market for Islamic finance has developed in the UK in recent years.

Several high street banks in Britain now offer a variety of sharia-compliant services, including mortgages.

One of the most common types is based on the Islamic principles of “diminishing musharaka” or diminishing ownership. Under this scheme, the customer and bank jointly acquire a property, with the customer’s share usually similar to the normal deposit, but the property is bought in the bank’s name only.

The customer makes monthly payments made up of rent and contributions towards the purchase price over an agreed period of time.

The amount of rent decreases as the customer’s share in the property increases. Ownership is transferred when the customer eventually buys out the bank.

Similar partnerships are available so Muslim business people in the UK can avoid interest repayments.

Mr Selim told the seminar that as Ireland’s Muslim population increased there would be more demand for such services here. Call for Sharia-Compliant Finance Services to Be Available in Ireland >>> By Mary Fitzgerald | May 30, 2008

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

Wall Street Digging Own Grave With A Sharia Shovel?

From National Review Online and also posted at Northeast Intelligence Network , this important article spotlights what is possibly the most dangerous Trojan Horse vehicle for the legitimization of Sharia law in the West: sharia-compliant "halal" investing.

Jihad Comes to Wall Street

By Alex Alexiev

...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. It imposes such “ethical” mandates on Muslims as the obligation to discriminate against women and non-Muslims; to kill homosexuals, adulterers, and apostates; to establish and maintain Muslim rule around the world; and to carry out violent offensive jihad against infidels. Notably, for those Muslims who cannot engage in physical jihad using force of arms, sharia requires that they support jihad financially. This is what sharia finance is all about. Far from being a legitimate investment vehicle, sharia finance facilitates religiously sanctioned support for terrorist organizations — as well as providing radical Islamists with highly paid sinecures as sharia-finance board advisors in the sanctum sanctorum of capitalism, all the while that they are pursuing a subversive campaign to destroy it.

Predictably, none of this is even remotely disclosed by any of the dozens of Western banks promoting sharia finance today, which obviously exposes them to huge non-disclosure risks ranging from fraudulent misrepresentation, to material support for terrorism...

Read it all. As Alexiev warns, the same Wall Street "masters of the universe" who brought us the recent sup-prime debacle are welcoming "malignant Islamism" into our capital markets with open arms and eyes wide shut. Alexiev calls it fraudulent misrepresentation of investment risk. I'm sorely tempted to call it treason.

Shari’ah Finance Takes Off

Plenty of Interest in No Interest >>>
Mark Alexander (Paperback)
Mark Alexander (Hardback)