CONVOY TO GAZA BLOCKED IN AQABA BY EGYPTDecember 29, 2009
Islamic finance in 2010December 31, 2009
Shariah finance: The deadly jihadist weapon with a dollar
By: David Yerushalmi
Available at: http://www.sfexaminer.com/opinion/columns/oped_contributors/Shariah-finance-The-deadly-jihadist-weapon-with-a-dollar-80322192.html
News of the recent financial meltdown of Dubai World — a quasi-sovereign global concern that owns 77 percent of international port manager DP World and is the single largest real-estate developer in Dubai — raced from the business pages to front-page headlines in a matter of days. What makes this story more than a massive real estate investment company gone bad is the double-edged sword so prevalent in the chase for oil-based Middle East wealth: sovereign wealth funds and Shariah-compliant finance.
Beginning in the 1970s with the Carter-era oil embargo and accelerating during the post-9/11, $100-plus oil price spikes, Persian Gulf countries like Saudi Arabia and the United Arab Emirates’ wealthiest city-state of Abu Dhabi have been awash in liquidity. These trillion-dollar cash reserves are controlled in every case by royal families, typically in sovereign or quasi-sovereign wealth funds.
Another phenomenon that followed was the promotion and aggressive exportation of the Muslim Brotherhood doctrine of SCF. The goal was that of establishing Shariah as the supreme law of the world. Western imams and their infidel advisers in business suits have understood that given the global jihad’s reliance on the dictates of Shariah to murder apostates and terrorize infidels into submission, SCF must be attired in a kind of progressive Western garb to attract the attention of financial centers in London, Hong Kong and New York. So it was that SCF became known as “ethical investing” and Western and Muslim financiers began lecturing the world that the fraud and abuse of the financial markets were all driven by the desire for forbidden gain through interest and gambling.
They told us that SCF was based not on forbidden interest and speculative paper assets, but profits through equity participation and sound investing in real assets. To understand the rather opaque world of Islamic finance, one must understand the players. Since its founding, the modern SCF world has been driven by two groups. The first we can label the Shariah fundamentalists. These Shariah-inspired financiers understand SCF as part of a larger stealth campaign to institutionalize Shariah in the West. What makes this institutionalization a bit tricky is that the financial jihadists must convince Western financiers that Shariah-inspired economics and finance is somehow distinct from Shariah-inspired global jihad against the infidel West.
Financial jihadists built their strategy upon both sovereign wealth and Western facilitators — the second group — who would sell their own well-being and physical security for a place among the Fortune 500. Greed, self-indulgence and even treason are not new to the international banking and corporate worlds. But, what the Shariah advocates have found even more to their liking is the fact that the Western technocrats and policymakers in government have been more than willing to ignore Shariah’s call for global jihad and its resonance as the common threat doctrine articulated by jihadists around the globe.
“In a World where people are surrounded by darkness, ignorance and fear, it is a sign of hope to be celebrating Islam’s message of peace and light, and the last great Messenger, born and chosen to deliver them to all mankind.” Yusuf Islam (Cat Stevens)