On the surface Sharia finance sounds like a great idea. Muslims are not allowed to invest in gambling, tobacco, alcohol, pork products, art work or any Haram (forbidden) business. Muslims cannot receive interest from their investments. Instead a group of Imams decide which charities (zakat) to donate the returns. Sounds like the newest green mutual fund.
However, here is where the whole process quickly goes down hill. I quote from the Koran:
Charity (the zakat) is only to be given to the poor and needy, to those who collect zakat, to those whose hearts are won to Islam, for ransoms, for debtors, for FIGHTING IN ALLAH’S CAUSE (JIHAD), and for the traveler. This is a law from Allah, and Allah is knowing and wise. Koran 9:60.
Notice a few strange things from this Koranic passage. Zakat or charity is only to be given to Muslims. Non-Muslims are forbidden by the Koran and Sharia from receiving charity. This is why Saudi Arabia did not give the first plugged nickel to desperate Haitians after their killer earthquake last year. Christians and Jews gave liberally to help the injured and starving Haitian people, but not one red cent from the oil rich Saudis.
But there is an even more sinister side to Sharia compliant finance. Notice that Islamic charity MUST support Jihad against Christians, Jew and other religious groups.In fact Sharia law dictates that one-eight (12 1/2%) of all Islamic charity goes to support Jihad. (Shades of the Holy Land Foundation trials).
Sharia compliant finance is the new hot buzz word in the financial world. Money center banks, mutual funds, and big brokerage firms are all rushing to develop Sharia compliant investments. Check out this list from Citizen Warrior. They are so blinded by their own greed that they cannot see they are financing the cutting of their own throats, literally. Contact your financial institutions and tell them you will not invest in Sharia compliant funds. If necessary, tell them you will move your account if they persist in such behaviour. Money speaks loudly !
If we invest in Sharia finance we are morally responsible for supporting slavery, abuse of women, killing of apostates and homosexuals, third class citizenship for kafirs and the endorsement of violent, brutal Jihad against Jews and Christians.
Buddy, not on my dime !
In hoc signo,