
 |
|
February 10, 2012
Lisa M. Krieger: Man with defibrillator demands access to his own heart's information
David G. Savage: Why activists may not be in a hurry to have High Court rule on alternative marriage
February 9, 2012
Laura McMullen: 10 Least Expensive Public Schools for Out-of-State Students
Kimberly Palmer: How to actually enjoy -- relaxing, financially -- your vacation
February 8, 2012
Warren Richey: Why momentous Prop. 8 ruling might not satisfy gay-rights groups
Menachem Wecker: Though Controversial, LL.M.'s Can Lead to Specialized Legal Jobs
The Kosher Gourmet byDana Velden: Going to the bother of making soup? You know it better be good. This CREAM OF TOMATO SOUP certainly is! And it's a cinch to make, too (Includes techinques and serving secrets)
February 7, 2012
Frank J. Gaffney, Jr.: Caught off-guard? President's Super Bowl interview with Matt Lauer gives those who need a reason not to vote for him, a darn good one
Suzanne Bohan: Leaping lizards! Tiny reptiles advancing robot design
February 6, 2012
Jonathan Tobin: Iran Threatens Israel With Destruction, But the New York Times Doesn't Hear It
Jeffrey Fleishman: In newly democratic Egypt, tens of democracy activists jailed, to stand trial; their groups are 'threatening the stability of the homeland'
Julie Deardorff : Researchers say antioxidants may not be that effective and could do more harm than good
Mark Clayton: How did Anonymous hackers eavesdrop on FBI and Scotland Yard?
February 3, 2012
Edmund Sanders : Israeli official says Iran is creating missile that could reach East Coast of US
Victoria Kim: Immigrant-smuggling ring used black drivers to avoid racial profiling
February 2, 2012
Jim Carney: Wrong number call may have saved her life
Reza Kahlili : Ex-CIA spy in Iran's Revolutionary Guard: What Obama doesn't grasp about striking deals with Tehran
Tina Susman: For woodchuck rescuer, every day is Groundhog Day
February 1, 2012
Brian Bennett: US officials see increasing threat of domestic attack from Iran
Emily Brandon: How to Take Advantage of New 401(k) Fee Disclosures
January 31, 2012
January 30, 2012
Paul Richter and Ramin Mostaghim: Misreading Teheran's limits -- deadly and economically devastating as they may be -- is a risk administration, Europe seem willing to take
Suzanne Bohan: Warning: Nap-deprived tots missing more than sleep, study finds
Meg Handley: Banks Revamping Rewards Programs to Woo Customers
January 27, 2012
Caroline B. Glick: Obama: Of course I intend to prevent a nuclear holocaust . . . in a few months
Yochonon Donn: In liberal New York City, fervently-Orthodox Jews may soon be getting a district to call their own
Jeannine Stein: An inflated ego and thinking you're 'all that' doesn't just make others sick of you, it can make you ill
Katy Hopkins: New budget rules may affect how much money you get for college
January 26, 2012
Ed Koch: To the New York Times, calling for the murder of Jews by those capable of having their incitement taken seriously isn't news
Jeannine Stein: Mental illness struck one in five U.S. adults in 2010: Report
January 25, 2012
Richard Simon: House passes two bills endorsing the use of religious symbols at military memorials
Fred Weir: Putin: Multiethnic Russia cannot survive as a US-style 'melting pot'; must find its own way
Susan Johnston: 5 Sneaky Coupon Strategies Consumers Should Watch Out For
January 24, 2012
Carol Clark: The price of your soul: How your brain decides whether to 'sell out'
Caroline B. Glick: America lost most in 'Arab Spring'. Sadly, many voters still don't grasp the extent
Warren Richey: Drug criminal scores win in GPS ruling from conservative-leaning high court
Erika Bolstad: Black conservatives gather to talk about gaining strength
January 23, 2012
Melissa Dribben: Jewish voters to play a key role in Florida's Republican primary
Jordan Rau: In quest to grow, Catholic hospital system will announce this morning its break from church
Ali Safi: U.S. envoy gives Taliban terms for peace talks
January 19, 2012
January 18, 2012
January 17, 2012
Frank J. Gaffney Jr.: No-kidding red lines: U.S. response to an Iranian nuke may be bluster, but Israel's won't be
David G. Savage: They sued their principals after slandering them online --- now the cases are headed to the Supreme Court
David Francis: Where to Invest in 2012: With stocks expected to rebound, opportunity abounds for investors
January 13, 2012
Ben Lynfield: Israeli lawmakers move to annex Jewish Judea, one museum at a time
Alexia Elejalde-Ruiz: Thriving through touch: Gentle massage helps older people with low mobility improve in mind and body
January 12, 2012
Warren Richey: Landmark Supreme Court ruling a 'resounding win' for religious groups
Warren Richey: Supreme Court says no to new rule on eyewitness testimony
John Fauber : Statins found to raise diabetes risk in postmenopausal women
Katy Hopkins : Consider This Before You Pay for an Online Degree
The Kosher Gourmet by Joseph Erdos: This mushroom and barley soup has an intense -- almost nutty -- flavor that mixes robust with Middle East. It has creaminess without cream
January 11, 2012
Shari Roan: Millions of atrial fibrillation sufferers at risk for devastating, but preventable, stroke
Tom Hussain: Pakistan -- recipient of more than $21 billion in civilian and military aid -- speeds pursuit of Iranian pipeline, defying US
David G. Savage: High court signals it won't be loosening TV's 'indecency' rules
Stephen Ceasar: Oklahoma's Islamic law amendment can't go into effect, court rules
January 10, 2012
Reza Kahlili: From an ex-CIA spy: US must exploit new split in Iran's Revolutionary Guard
Karen Kaplan: Study: Nicotine replacement products ineffective when used in real-life situations
January 9, 2012
Michael Doyle: Put through legal hell over dream home, couple fought back hard --- all the way to Supreme Court
|
| |
Jewish World Review
June 24, 2008
/ 21 Sivan 5768
Guilty knowledge
By
Frank J. Gaffney, Jr.
| 
|
|
|
|
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.
Archives
BUY FRANK'S LATEST
"War Footing: 10 Steps America Must Take to Prevail in the War for the Free World"
America has been at war for years, but until now, it has not been clear with whom or precisely for what. And we have not been using the full resources we need to win.
With the publication of War Footing, lead-authored by Frank Gaffney, it not only becomes clear who the enemy is and how high the stakes are, but also exactly how we can prevail.
War Footing shows that we are engaged in nothing less than a War for the Free World. This is a fight to the death with Islamofascists, Muslim extremists driven by a totalitarian political ideology that, like Nazism or Communism before it, is determined to destroy freedom and the people who love it. Sales help fund JWR.
|
© 2006, Frank J. Gaffney, Jr.
|
|

Arnold Ahlert
Mitch Albom
Jay Ambrose
Michael Barone
Barrywood
Tony Blankley
Lori Borgman
Stratfor Briefing
Mona Charen
Linda Chavez
Richard Z. Chesnoff
Ann Coulter
Greg Crosby
Alan Douglas
Larry Elder
Suzanne Fields
Frank J. Gaffney
Bernie Goldberg
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Argus Hamilton
Victor Davis Hanson
Betsy Hart
Ron Hart
Nat Hentoff
Marybeth Hicks
David Horowitz
Jeff Jacoby
Renee James
Paul Johnson
Jack Kelly
Ed Koch
Ch. Krauthammer
Michael Ledeen
John Leo
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Ann McFeatters
Dale McFeatters
Dana Milbank
Jeanne Moos
Dick Morris
Jim Mullen
Deroy Murdock
Judge A. Napolitano
Bill O'Reilly
Kathleen Parker
Star Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Sharon Randall
Robert Robb
Cokie & Steve Roberts
Heather Robinson
Pat Sajak
Debra J. Saunders
Martin Schram
Culture Shlock
David Shribman
Roger Simon
Michael Smerconish
Thomas Sowell
Ben Stein
Mark Steyn
John Stossel
Cal Thomas
Dan Thomasson
Bob Tyrrell
Ben Wattenberg
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
ZeitGeist
Mort Zuckerman

Robert Arial
Chuck Asay
Baloo
Chip Bok
Dry Bones
Lisa Benson
John Branch
John Cole
J. D. Crowe
John Deering
Brian Duffy
Everything's Relative
Mallard Fillmore
Glenn Foden
Jake Fuller
Bob Gorrel
Joe Heller
David Hitch
Jerry Holbert
Lee Judge
Steve Kelley
Jeff Koterba
Dick Locher
Jimmy Margulies
Rick McKee
Michael Ramirez
Kevin Siers
Jeff Stahler
Ed Stein
Danna Summers
John Trever
Gary Varvel
Kirk Walters

Mr. Know-It-All
Dr. Peter Gott
GET A JOB! by Marty Nemko
Richard Lederer
Frugal Living
Tech Maven
On Nutrition
Bookmark These
Bruce Williams
|