Shari’ah-compliant Finance
I should like to remind my visitors that anything of interest concerning Shari’ah-compliant finance generally appears on my other blog, The Shrewd Economist rather than on this blog, since that blog is for economics, banking, and finance. So please be sure to check out the blog frequently.

Sharia-UK: Brits Head Toward Islamic Law
NEW YORK POST: 'IS Britain heading straight for dis aster?" George Bernard Shaw once began a BBC radio talk. "That is a question I can easily answer. Britain is not heading straight for anything." The reply works for the question: "Is Britain heading straight for sharia law?" It's heading that way - but by a winding path.

News reports this week have given a much stronger impression. They allege that sharia got a legal OK from the government and is already being enforced. A Muslim college in the English Midlands supposedly runs a sharia court that has so far decided more than 100 civil disputes.

In fact, that "court" made its rulings legally binding by a clever dodge: being accepted as a "voluntary arbitration tribunal."
Under British law, any two people can agree to take their dispute to such a tribunal rather than to court; the tribunal's decision is then binding on them. It can even be enforced by the official courts and the police.

Faisal Aqtab Siddiqi, a commercial-law barrister, had the bright idea of establishing a sharia court as the Muslim Arbitration Tribunal. He acknowledges that it so far only handles civil cases such as divorces and inheritance disputes, since British society isn't ready for such innovations as public floggings and hand-choppings. But these are early days. Sharia-UK: Brits Head Toward Islamic Law >>> By John O’Sullivan*

*John O'Sullivan is a Hudson Institute senior fellow and a former Post editorial-page editor.

The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>

More Evidence of the Dawning Dark Age: Sharia Courts Have Come to Britain. It’s Official!
…if this continues Britain will break up as a unitary state governed by one law for all. Sharia law should be stopped, not condoned or encouraged. No other minority in Britain either wants or is permitted to live under an alternative legal system. This is the way a society fractures -- and then goes under. - Melanie Phillips

THE SUNDAY TIMES: ISLAMIC law has been officially adopted in Britain, with sharia courts given powers to rule on Muslim civil cases.

The government has quietly sanctioned the powers for sharia judges to rule on cases ranging from divorce and financial disputes to those involving domestic violence.

Rulings issued by a network of five sharia courts are enforceable with the full power of the judicial system, through the county courts or High Court.

Previously, the rulings of sharia courts in Britain could not be enforced, and depended on voluntary compliance among Muslims.

It has now emerged that sharia courts with these powers have been set up in London, Birmingham, Bradford and Manchester with the network’s headquarters in Nuneaton, Warwickshire. Two more courts are being planned for Glasgow and Edinburgh.

Sheikh Faiz-ul-Aqtab Siddiqi, whose Muslim Arbitration Tribunal runs the courts, said he had taken advantage of a clause in the Arbitration Act 1996.

Under the act, the sharia courts are classified as arbitration tribunals. The rulings of arbitration tribunals are binding in law, provided that both parties in the dispute agree to give it the power to rule on their case.

Siddiqi said: “We realised that under the Arbitration Act we can make rulings which can be enforced by county and high courts. The act allows disputes to be resolved using alternatives like tribunals. This method is called alternative dispute resolution, which for Muslims is what the sharia courts are.”

The disclosure that Muslim courts have legal powers in Britain comes seven months after Rowan Williams, the Archbishop of Canterbury, was pilloried for suggesting that the establishment of sharia in the future “seems unavoidable” in Britain.

In July, the head of the judiciary, the lord chief justice, Lord Phillips, further stoked controversy when he said that sharia could be used to settle marital and financial disputes. Revealed: UK’s First Official Sharia Courts >>> By Abul Taher | September 14, 2008

PUBLIC SERVICE:
Sharia Law Is Now Legally Binding: It’s been described by one commentator as an example of Great Britain ‘surrendering’ itself and the Archbishop of Canterbury Rowan Williams was criticised for saying it will happen, but whatever the reaction, Islamic law now officially operates in the UK.

Whereas before rulings by sharia courts in Britain could only be enforced if all parties in a Muslim civil case agreed to abide by them, now what the courts say will be legally binding, backed by county courts or the High Court.

The five sharia courts are Birmingham, Bradford, London and Manchester with others planned for Glasgow and Edinburgh. They will be run by the Muslim Arbitration Tribunal whose Sheikh Faiz-ul-Aqtab Siddiqi said: "We realised that under the Arbitration Act [1996] we can make rulings which can be enforced by county and high courts. The act allows disputes to be resolved using alternatives like tribunals." >>> | September 15, 2008

Hat tip: Jihad Watch

THE SPECTATOR:
No Longer One Law for All >>> | September 16, 2008

THE BRUSSELS JOURNAL:
From Magna Carta to Sharia Law – Britain’s Decline >>> By A Millar | September 15, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>

Jihad Comes to Wall Street
"Sharia finance" does exactly what it promises, financing the spread of sharia — and terror. - Alex Alexiev
NATIONALREVIEW ONLINE: If you’ve seen Geert Wilders’s film Fitna, you may not have noticed a single headline amongst all the bombings, beheadings, and earnest expressions of Islam’s eventual world domination: Halal-fund: investments for Muslims. But the investment vehicles referenced are an essential part of radical Islam’s efforts to insinuate itself into Western societies in order to destroy them from within. And Wall Street, barely out of the woods from its disastrous run-in with sub-prime mortgages — and having lost one of its historic investment houses, Bear Stearns, in the process — is now chasing the very kind of "sharia finance" against which Wilders's movie warns, a business line that may eventually wind up being even more calamitous than the subprime-mortgage fiasco.

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. Jihad Comes to Wall Street >>> By Alex Alexiev

Hat tip: Revereridesagain

Cross-posted at The Shrewd Economist

Mark Alexander