Posted on 04/21/2008 3:25:07 AM PDT by Man50D
Washington (CNSNews.com) - Radical Islamists not only want to destroy America with bombs and weapons of mass destruction, they also are infiltrating U.S. financial markets and influencing the flow of credit and capital, according to the Center for Security Policy (CSP), a conservative think-tank.
CSP President Frank Gaffney, a former Reagan administration assistant secretary of defense, has launched a national campaign to counter what he calls "an insidious threat" -- shari'a-compliant finance.
He says U.S. financial institutions and businesses engaged in shari'a-compliant financing are exposing themselves to civil and criminal liability. That type of investment poses a serious risk not only for U.S. financial institutions but also for ordinary investors and the national security of the United States, he said.
The finance method involves investments or transactions that have been structured to conform with the 7th century code of Islamic law, which is known as shari'a. Prohibitions include financial transactions involving interest, excessive uncertainty, or assets such as alcohol, tobacco, pork or gambling.
Gaffney said shari'a-compliant financing "legitimizes and institutionalizes" repressive Islamic law that conflicts with Western values.
"Shari'a-compliant finance, also known as 'Islamic finance' or 'Islamic banking,' is a vehicle for effecting in America and in other Western capital markets, what its proponents have called 'financial jihad' -- a kind of soft jihad, but one arguably going after the lifeblood of our capitalist system and economy," Gaffney told a briefing of Capitol Hill staffers Friday at the National Press Club in Washington, D.C.
Gaffney said the shari'a code is is best known for beheadings, floggings, and amputations for petty crimes.
"Shari'a is a totalitarian program for bringing about a global caliphate (Islamic kingdom), for ruling the world, for governing religious conduct, personal practices and family relations," he said.
(Excerpt) Read more at cnsnews.com ...
The headchoppers don’t charge interest. So how does a bank make any money on a loan? Do they make normal people pay the interest that the headchoppers avoid paying?
I've heard that they just roll the interest into the principal and you borrow the entire amount as if it was principal.
If company A decides to adopt sharia financing then the company may well open itself up to charges of discrimination in some form or fashion. If the matter goes to trial and the court decides that the discrimination is acceptable because the financing is sharia based, then either the discrimination statutes are unconstitutional or we have a class of companies for which the discrimination statutes do not apply. Equal protection, anyone? The real danger here is spineless courts.
It's complicated, but basically the bank or the investor can get their interest money up front using the correct Shari'a jibble-jabble.
See this glossary for lots of head-chopping finance instruments.
There’s disagreement over whether riba means interest itself or just usury. But the fanatics decided that it means usury & they have a lot of influence, so they get their Islaamic banking done under other names like ajarah or murabahah or wadiah. Pretty ridiculous, I say.
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