Sharia on USA: another side of the financial crisis
Tragically, in the process of leaping out of the scalding subprime frying pan, Wall Street is heading directly into a fire that promises, if anything, to be more devastating than the present disaster. Incredibly, it bears all the hallmarks of subprime with respect to a lack of transparency, a systematic failure to disclose and an utter absence of due diligence, good governance and accountability. The next “what” is called Shariah-Compliant Finance (SCF). (…) Like subprime, it is a black box, in which management and investors alike are told to trust in the experts. In this case, the experts are Shariah authorities who are accorded exclusive responsibility for determining whether investments are “pure” (halal) and therefore acceptable, or “impure” (haram) and not.
(…) […] these authorities are, unsurprisingly, adherents to Shariah. A number of them explicitly embrace its call to jihad (including a former senior member of the Dow Jones Islamic Index, Sheik Taqi Usmani). This “holy war” is to be waged where possible through violent means, where necessary through “soft” means like Shariah-Compliant Finance. For this reason, such Islamists call SCF “financial jihad.
- The Economist’s article about Shariah banking system.
- Shariah Banking in UK: More Investors Thanks to Crisis.
- Islamic Bank of Britain.