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August 28, 2008

Steve Lipman: A Comeback for the 'Jewish Jordan'

Jeffrey Weiss: Researcher reports 'intriguing' diabetes breakthrough

August 27, 2008

Rabbi Zecharya Greenwald: Removing the perfectionist's mask

The Kosher Gourmet by Emily Nunn: Summer harvest linguine

JWisdom:: The Missing Link in Spiritual Life by Rabbi David Aaron

August 26, 2008

Yaffa Ganz: Grandma gets lessons in staying cool

Frank J. Gaffney, Jr.: The Dems' 'soft' jihadist

JWisdom:: Today: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Plague of indifference

August 25, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q: A friend is bearing a silly grudge from a supposed wrong. What recourse do I have?

Daniel Pipes: Barack Obama through Muslim Eyes

JWisdom:: The knowledge you need to overcome your insecurities by Malka Schulman

August 22, 2008

Rabbi Berel Wein: Life's essential ingredient

Caroline B. Glick: Dominos anyone?

JWisdom:: Actually, Do Sweat the Small Stuff! by Rabbi Sroy Levitansky

August 21, 2008

Today in Biblical History by Rabbi Yonason Goldson: Popularization of Kabbalah: 20 Menachem-Av 1558 CE

Jonathan Rosenblum: Lessons from the Beyond

JWisdom: : The Olympian within is rooting for you -- yes, you! –- to go for the gold

August 20, 2008

Jonathan Tobin: Misleading Platform Platitudes

The Kosher Gourmet by Linda Gassenheimer: Chicken Salad with Asian Dressing

JWisdom: The Holocaust in the Perspective of Faith: America's Defense of the Jews --- Until WWII by Rabbi Nosson Scherman

August 19, 2008

Dennis Prager: If the Almighty doesn't exist

Frank J. Gaffney, Jr.: Obama's Islamist problem has nothing to do with his upbringing

JWisdom: Think your life is messed up? by Rabbi David Aaron

August 18, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Business with Friends

Diana West: Roars About Russia, Bare Whispers About Islam

JWisdom: Relationship agony: The real cause by Malka Schulman

August 15, 2008

Rabbi Abraham J. Twerski: To love the Divine

Caroline B. Glick: Georgia, Israel, and the nature of man

JWisdom: The Truly Righteous Don't Demand Entitlements by Rabbi Sroy Levitansky

August 14, 2008

Rabbi Yonason Goldson: Confessions of broken spirit

Libby Lazewnik: The Numbers Game

JWisdom: Six Questions You'll Be Asked in Heaven? - Uh - Let's Just Take One for Now! by Gavriel Aryeh Sanders

August 13, 2008

Jonathan Tobin: Georgia should be on their minds

The Kosher Gourmet by Linda Gassenheimer: Go Greek: Pair flavorful lamb kebabs with a hearty salad

JWisdom: Human hybrids aren't science fiction by Rabbi David Aaron

August 12, 2008

Rabbi Avi Shafran: Bless us

Daniel Pipes: The West's Islamist Infiltrators

JWisdom: From Sadness to Gladness: The Route from Tisha b'Av to Rosh Hashana by Rabbi Mordechai Becher

August 11, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: A Jewish view on fair pricing

Caroline B. Glick: Ignoring failure in Gaza

JWisdom: 'Communication' Is Not The Answer! by Malka Schulman

August 7, 2008

Rabbi David Gutterman: A Continuing Story With a Sustaining Goal

Rabbi Berel Wein: Mourning and morning

JWisdom: Yes, we are still in exile by Rabbi Sroy Levitansky

August 6, 2008

David Ashenfelter: Government made military engineer's life a living hell because of his faith, Defense Department report documents

Jonathan Tobin: Speak the Truth; Defeat the Lies

JWisdom: Jewish Spirituality: Fusion or Confusion? by Rabbi David Aaron

August 5, 2008

Chris Leppek: Church/state wall beginning to crumble?

Paul Greenberg: Exit Olmert (no encore, please)

JWisdom: Serenity: Make the commitment by Rabbi Zelig Pliskin (Read by Gavriel Sanders)

August 4, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Am I taking advantage of another's psychological quirk?

Andrew Silow-Carroll: A black and a Jew walk into the White House…

JWisdom: The Holocaust in the Perspective of Faith: Edward R. Morrow visits the ‘living dead’ by Rabbi Nosson Scherman

August 1, 2008

Rabbi A. Henach Leibowitz: We have the power to alter another's destiny — use it well

Caroline B. Glick: Why Olmert — finally — did it

JWisdom: Life By The (Book of) Numbers by Rabbi Sroy Levitansky

July 31, 2008

This Week in Biblical History by Rabbi Yonason Goldson: Ezra the Scribe returns from exile

Joan Verdon: Demure is in demand: More brides seek 'modest' gowns

JWisdom: You don't have to be ‘compatible’ to have a stable, happy relationship by Malka Shulman

July 30, 2008

Jonathan Tobin: Does Israel need 'tough love'?

The Kosher Gourmet by Gail Borelli: Pickling captures the fleeting tastes of summer's fruits and vegetables

JWisdom: Serenity: It's Really Up to YOU! by Rabbi Zelig Pliskin (Read by Gavriel Sanders)

July 29, 2008

Rabbi Avi Shafran: Good things happen

Dick Morris: How Israel's race could shift ours

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Equal but Not Jewish or Jewish but Not Human?

July 28, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: How and when to lie

Steven Emerson: More Perils of Interfaith Dialogue

JWisdom:: A TripTik for Your Spiritual Journey by Rabbi Dovid Gross

March 22, 2007

J-Rhythms with Avraham Rosenblum: JWR's cutting-edge music program showcasing performers -- singers, song writers, musicians, and bands -- who learn and live the Torah lifestyle (OUR NEWEST IGODCAST !)

Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review June 24, 2008 / 21 Sivan 5768

Guilty knowledge

By Frank J. Gaffney, Jr.


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http://www.JewishWorldReview.com | In recent months, a growing number of U.S. commercial banks, hedge funds and other financial institutions have begun promoting products described as "Shariah-Compliant." By so doing, they hope to attract some of the immense petro-wealth now accumulating in the Islamic Middle East. Neither the management nor shareholders of the firms engaged in such Shariah-Compliant Finance (SCF) appear to admit, however, the civil and criminal exposure to which they are exposing themselves — and the serious dangers this practice entails for their country.


The problem lies with "Shariah." This is the term used by the most powerful — and virulent — Islamic authorities to describe their theo-political-military doctrine. Its stated purpose is to replace sovereign, secular nations like the United States with a transnational Islamic order governed by a ruling authority, the Sunni's Caliph or his Shiite counterpart, with Shariah as its foundational law or constitution. Under Shariah Law, violent means are ordered if necessary to effect the world's submission to Islam.


Shariah is what the Taliban brutally practiced in Afghanistan. It is the law of the land in Iran, Sudan and Saudi Arabia — three of the most repressive regimes in the world, all of which have extensive ties to jihadist terrorism. It is characterized by such barbaric practices as beheadings of apostates, subjugation of Jews and Christians, stonings for adulterers, flagellation for women deemed "unchaste," amputations for petty crimes, female genital mutilation and martyrdom in the service of jihad.


Why on earth would Western bankers want to be promoting practices that comply with, and therefore institutionalize and legitimate, this repugnant and repressive code?


The answer, of course, is that they perceive in SCF a new way to make money. The sub-prime fiasco demonstrates that it is perfectly possible for American financiers to turn a blind eye to practices that are unwise, even reckless and criminal, when there are profits and bonuses to be garnered. Unfortunately, Shariah-Compliant Finance has the potential to create a national sub-prime meltdown on steroids.


The reason? As a legal memorandum prepared for the Center for Security Policy by experienced securities litigator David Yerushalmi (http://www.stopshariahnow.citymax.com/f/Research_Memo_re_Legal_Risks_of _SCF_(3).pdf) makes clear, Shariah-Compliant Finance entails considerable civil and criminal exposure for firms that engage in it.


For starters, the authoritative Shariah Law is inherently seditious, as it explicitly calls for the violent overthrow of governments like that of the United States and the replacement of democratic, constitutional government with its theocratic code.


The Shariah advisors — Islamist scholars who adhere to the most fundamentalist traditions and interpretations of their faith — enable Shariah-Compliant Finance. They do so in ways that expose their employers on Wall Street to such liabilities as racketeering, anti-trust violations and securities and consumer fraud. Incredible as it may seem, leading Shariah authorities like Mufti Usmani, employed by Dow Jones and HSBC SCF funds, have called for violent jihad against the West. Usmani has even published a book in English explaining how and why this is obligatory for all Shariah-faithful Muslims.


Worse yet, through practices known as zakat (the tithing to charities required of observant Muslims) and "purification" of funds (the donation to approved charities of proceeds from investments that are "tainted" by interest, speculation, pork or other non-Shariah-compliant activities), SCF's Shariah advisors and their financial industry employers may be involved in material support for terrorism.


It is unlikely that American investors in the post-9/11 environment would want to support such practices. One would hope that financial institutions would not want to assume the exposure associated with them, either. Yet, because the material facts about Shariah, its authorities and their charities are not being disclosed to investors, both are at serious risk. So is America to the extent that Shariah Law is being legitimated, its adherents are being empowered and its so-called "charities" are being enriched (four out of eight Shariah-approved uses for zakat can translate into support of terrorism — and have).


For these reasons, the Center for Security Policy recently sent the CEOs of dozens of the nation's leading commercial banks, hedge funds and other financial institutions copies of Mr. Yerushalmi's analysis. In an accompanying letter, I warned that they "may be exposed to personal civil and criminal liability and [their] firm will be exposed to reputational risk and/or price risk" should they be involved in Shariah-Compliant Finance. (See www.SecureFreedom.org for more on this correspondence.)


From now on, the leading Wall Street firms will not be able to profess ignorance of such risks. They will have a responsibility to disclose them to investors. Call it guilty knowledge.


Unfortunately, it nonetheless may take action by the Securities and Exchange Commission, the Department of the Treasury, the Justice Department and/or Capitol Hill to get Wall Street's attention on SCF. The $800 billion invested in such products to date is expected to grow by 15-25% in the future, powered in part by the dictators' slush funds known as "Sovereign Wealth" that are recycling petrodollars into various, strategically ominous investments in the United States.


Alternatively, bringing to light the true nature and dangers associated with Shariah-Compliant Finance may fall to civil litigants like those who have brought suit in federal court in connection with Saudi and other interests' (many of them Shariah-compliant) ties to the 9/11 terrorist attacks. The cost to Wall Street of such litigation could be in the billions.


Either way, the financial sector will have guilty knowledge about Shariah-Compliant Finance and be vulnerable to problems that will make sub-prime look like a day at the beach. Those involved are on notice.


Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

JWR contributor Frank J. Gaffney, Jr. heads the Center for Security Policy. Comments by clicking here.

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