Britain: "A World Capital for Islamic Finance"

GATESTONE INSTITUTE: "I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world." — David Cameron, Prime Minister, Great Britain.

But critics say that British ambitions to attract investments from Muslim countries, companies and individuals are spurring the gradual establishment of a parallel financial system based on Islamic Sharia law. The Treasury also said some sukuk Islamic bond issues may require the government to restrict its dealings with Israeli-owned companies in order to attract Muslim money.

The London Stock Exchange will be launching a new Islamic bond index in an effort to establish the City of London as one of the world's leading centers of Islamic finance.

Britain also plans to become the first non-Muslim country to issue sovereign Islamic bonds, known as sukuk, beginning as early as 2014.

The plans are all part of the British government's strategy to acquire as big a slice as possible of the fast-growing global market of Islamic finance, which operates according to Islamic Sharia law and is growing 50% faster than the conventional banking sector.

Although it is still a fraction of the global investment market -- Sharia-compliant assets are estimated to make up only around 1% of the world's financial assets -- Islamic finance is expected to be worth £1.3 trillion (€1.5 trillion; $2 trillion) by 2014, a 150% increase from its value in 2006, according to the World Islamic Banking Competitiveness Report 2012-2013, published in May 2013 by the consultancy Ernst & Young.

But critics say that Britain's ambitions to attract investments from Muslim countries, companies and individuals are spurring the gradual establishment of a parallel global financial system based on Islamic Sharia law.

British Prime Minister David Cameron announced the plans during a keynote speech at the ninth World Islamic Economic Forum, which was held in London from October 29-31, the first time the event has ever been held outside the Muslim world.

"Already London is the biggest center for Islamic finance outside the Islamic world," Cameron told the audience of more than 1,800 international political and business leaders from over 115 countries.

"And today our ambition is to go further still. Because I don't just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world." » | Soeren Kern * | Thursday, October 31, 2013

* Soeren Kern is a Senior Fellow at the New York-based Gatestone Institute. He is also Senior Fellow for European Politics at the Madrid-based Grupo de Estudios Estratégicos / Strategic Studies Group. Follow him on Facebook.

Al-Jazeera Reporter Asks about Shariah-finance

Yes, They Can … Impose Sharia Law
FRONTPAGEMAG.COM: Sen. Barack Obama became president-elect on the uplifting, if inexact, slogan, "Yes, we can."

This week, there is growing evidence that people who have in mind doing away with the presidency of the United States - and all other aspects of our secular, democratic and constitutional form of government - are similarly convinced of their inevitable success. Judging by the sheer audacity of their agenda, "Yes, they can" would appear an apt description of the prospects for the Saudis and other champions of the totalitarian program they call Shariah.

In the run-up to an emergency summit outgoing President Bush has called to address the now-global financial crisis, the oil-rich Islamists of the Persian Gulf led by Saudi Arabia have not only established that their petrodollars are indispensable to any solution. They also seem to have secured the Bush administration's acquiescence to the sinister strings attached to any bailout of the West in which they might participate.

Specifically, the Saudis and their friends want the United States to join those, particularly in Europe, who have accommodated themselves to Shariah. No, we are assured, they aren't taking about the brutal theo-political-legal code that features such barbaric practices as beheadings, floggings, stonings, amputations, female genital mutilation and mysogeny more generally.

All they want, those in the know insist, is for Washington to encourage Wall Street - more and more of which is owned by the U.S. government - to embrace Shariah-Compliant Finance (SCF). A Treasury Department seminar convened last week depicted SCF as nothing more than a kind of socially responsible investing vehicle that respects Muslim religious beliefs by eschewing interest-bearing transactions and those involving pork and "sin" stocks. So, what's the big deal? The Catholics, Methodists and Jews have their funds, why not the Muslims?

What makes the Shariah-Compliant Finance gambit both a big and troublesome "deal" is that, unlike these other religious traditions, Shariah's adherents are pursuing a global theocracy. They believe they must impose their agenda on everybody else, religious and secular alike, using violence if necessary. And SCF is explicitly described by leading practitioners as a complement to violent holy war: "financial jihad" and "jihad with money."

In other words, there is no such thing as free-standing Shariah-Compliant Finance. According to all of the recognized authorities and institutions of Islam, Shariah is a unified, indivisible program to which all faithful Muslims must adhere comprehensively.

Not surprisingly, therefore, the Saudis & Co. are not simply seeking to insinuate Shariah-Compliant Finance into our capital markets. They are also advancing creation of a parallel Shariah-governed society through various other means. >>> By Frank J Gaffney Jr | November 12, 2008

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

Sharia Alert!
Banks are Helping Sharia Make a Back-Door Entrance >>>
Mark Alexander (Paperback)
Mark Alexander (Hardback)

Frank Gaffney Jr: Shariah’s Trojan Horse
TOWNHALL.COM: Suddenly, a new national debate is beginning about the national security, economic and other implications of Persian Gulf potentates using their petrodollars to buy up strategic American assets. Most recently, the Emir of Dubai’s purchase at fire-sale prices of 4.9 percent of the largest U.S. bank, Citigroup, has caused a level of unease not seen since he tried to buy his way into a large number of this country’s port facilities.

Almost completely unremarked thus far has been a parallel – and in many ways far more insidious – effort to penetrate, influence and dominate America’s capital markets: so-called “Shariah finance.” Some estimates suggest that there are approaching $1 trillion now being invested around the world under this rubric. If present trends continue, all other things being equal, such funds may grow to many times that amount within a few years.

Shariah is, of course, the term used by adherents to the totalitarian ideology practiced by the Saudi Wahhabis, the Iranian mullahs and the Taliban to describe the all-encompassing theocratic code they use to justify repressive rule at home and to extend their dominance elsewhere. While it is often depicted by its promoters as Koranic in character, in fact, it is largely man-made, the product of dictates and rulings by caliphs and scholars over many centuries.

For non-Muslims, Shariah is best known for its sanction for the brutalization of women, homosexuals and Jews. Beheadings, amputations, flagellation and stoning are among the prescribed punishments for those who transgress this barbaric code, punishments plucked from primitive tribal practices in the Arabian deserts dating back to medieval times. Shariah’s Trojan Horse >>> By Frank J. Gaffney Jr.

Frank Gaffney Jr. is the founder and president of the Center for Security Policy and author of War Footing: 10 Steps America Must Take to Prevail in the War for the Free World (Hardcover)

Mark Alexander (Hardback)
Mark Alexander (Paperback)