Shariah Finance

Court Begins Hearing Islamic Bank Dispute
CBC NEWS: The financial dispute between an Islamic bank and about 200 families whose mortgages are in limbo, moved to a Toronto courtroom on Thursday.

The homeowners had interest-free mortgages with United Muslim Financial totalling about $32 million.

Since 2005, UM Financial has offered loans and mortgages to people who want to adhere strictly to Islamic (Shariah) law, under which no interest can be charged on a loan.

The court will now decide what to do with those mortgages.

UM Financial was ordered into receivership on Oct. 7. » | CBC News | Friday, November 11, 2011

HT: Always On Watch »

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YOU TUBE: Al-Jazeera Reporter Asks about Shariah-Finance


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

U.S. Treasury Submits to Shariah
FAMILY SECURITY MATTERS: The U.S. Treasury Department is submitting to Shariah – the seditious religio-political-legal code authoritative Islam seeks to impose worldwide under a global theocracy.

As reported in this space last week, Deputy Secretary of the Treasury Robert Kimmitt set the stage with his recent visit to Saudi Arabia and other oil-rich Persian Gulf states. His stated purpose was to promote the recycling of petrodollars in the form of foreign investment here.

Evidently, the price demanded by his hosts is that the U.S. government get with the Islamist financial program. While in Riyadh, Mr. Kimmitt announced: "The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis."

"Islamic banking" is a euphemism for a practice better known as "Shariah-Compliant Finance (SFC)." And it turns out that this week the Treasury will be taking officials from various federal agencies literally to school on SFC.

The department is hosting a half-day course entitled "Islamic Finance 101" on Thursday at its headquarters building. Treasury's self-described "seminar for the policy community" is co-sponsored with the leading academic promoters of Shariah and SCF in the United States: Harvard University Law School's Project on Islamic Finance. At the very least, the U.S. government evidently hopes to emulate Harvard's success in securing immense amounts of Wahhabi money in exchange for conforming to the Islamists' agenda. Like Harvard, Treasury seems utterly disinterested in what Shariah actually is, and portends.

Unfortunately, such submission – the literal meaning of "Islam" – is not likely to remain confined long to the Treasury or its sister agencies. Thanks to the extraordinary authority conferred on Treasury since September, backed by the $700 billion Troubled Asset Relief Program (TARP), the department is now in a position to impose its embrace of Shariah on the U.S. financial sector. The nationalization of Fannie Mae and Freddie Mac, Treasury's purchase of – at last count – 17 banks and the ability to provide, or withhold, funds from its new slush-fund can translate into unprecedented coercive power.

Concerns in this regard are only heightened by the prominent role Assistant Treasury Secretary Neel Kashkari will be playing in "Islamic Finance 101." Mr. Kashkari, the official charged with administering the TARP fund, will provide welcoming remarks to participants. Presumably, in the process, he will convey the enthusiasm about Shariah-Compliant Finance that appears to be the current party line at Treasury.

As this enthusiasm for SCF ramps up in Washington officialdom, it is worth recalling a lesson from "across the pond." Earlier this year, the head of the Church of England, Archbishop of Canterbury Rowan Williams, provoked a brief but intense firestorm of controversy with his declaration that it was "unavoidable" that Shariah would be practiced in Britain. Largely unremarked was the reason he gave for such an ominous forecast: The U.K. had already accommodated itself to Shariah-Compliant Finance. >>> By Frank Gaffney Jr

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

Shari’ah Finance Takes Off
Plenty of Interest in No Interest >>>
Mark Alexander (Paperback)
Mark Alexander (Hardback)