Friday, May 25, 2018

Sharia Finance Watch: Shariah Financial Institutions

http://www.shariahfinancewatch.org/blog/about-shariah-finance/

About Shariah Finance

Shariah Finance Watch is a project of the Center for Security Policy‘s program to educate the public and policymakers about the dangers of Shariah. For a more in-depth look at Shariah, see Shariah: The Threat to America, a report by 19 top national security practitioners– including the former Director of Central Intelligence, the former Deputy Undersecretary of Defense for Intelligence, and the former Director of the Defense Intelligence Agency. Shariah: The Threat to Americais available on paperback and Kindle at Amazon.com.
Below are frequently asked questions about Shariah and Shariah-Compliant Finance, or Islamic Banking.

What is shariah?

Understanding Shariah law is integral to understanding the dangers of Shariah-compliant finance. Shariah law is Islamic law dating back to the 7th century and is today the law of the land in Saudi Arabia, Iran, Sudan and the law under which the Taliban operates.
Shariah law authorities, some of whom are now being paid handsomely by Barclays, Dow Jones, Standard & Poors, HSBC, Citibank, Merrill Lynch, Deutschebank, Goldman Sachs, Morgan Stanley, UBS, Credit Suisse and others have the power to dictate Shariah compliance as deemed by “scholarly consensus” on matters of finance, family, penal law, apostasy, and war. Examples of authoritarian Shariah law include: requirement of women to obtain permission from husbands for daily freedoms; beating of disobedient woman and girls; execution of homosexuals; engagement of polygamy and forced child marriages; the testimony of four male witnesses to prove rape; honor killings of those, principally women, who have dishonored the family; death to apostate Muslims who chose to leave Islam; inferior status of non-Muslims, and capital punishment for those who “slander Islam.”

What are some of the risks of shariah-compliant finance?


National Security and Financial Risks: Islamists are attempting to impose Shariah Compliant Finance (SCF) on Western institutions to use our own financial strengths against us. The most serious problem with SCF is that it legitimates and institutionalizes Shariah law (i.e., Islamic law), a theo-political- legal doctrine violently opposed to Western values. With $1 -$2 trillion petrodollars annually looking for an investment home, blind exuberance is driving financial institutions to adopt SCF, without even a minimal baseline for legal compliance. This willful blindness, and lack of both transparency and due diligence may cause SCF to be the next sub-prime crisis, but this time with deadly consequences.
Legal Risks: Western financial institutions which adopt SCF may have criminal and civil exposure to claims of aiding and abetting sedition and the material support of terrorism, securities fraud, consumer fraud, racketeering, and antitrust violations, as well as exposure to tort claims for sedition and terrorism, and for the violation of internationally recognized norms of the law of nations.
Terror Financing Mechanism: SCF as monitored by paid Shariah law advisors to U.S. banking institutions must “purify” certain return on investment (ROI) dollars that do not meet Shariah law standards. This money must be donated to Islamic charities – including some that promote Jihad and support suicide bombing. Investment disclosures state that these profits can be as high as 6% of profits of investments. With $800 billion already in SCF assets, the potential for billions of dollars to be siphoned off for terrorism is real. This would be a serious criminal violation of U.S. law.
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http://www.shariahfinancewatch.org/blog/shariah-financial-institutions/

Shariah Financial Institutions

As a result of these numerous inquiries we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance.
In some cases, the entire institution is Shariah-compliant. In other cases, the overall institution is not Shariah-compliant but it has a division or subsidiary that is, or it offers a product that is Shariah-compliant. In still more cases, some of the entities listed below do not offer financial products at all, but play key roles in enabling Shariah Compliant Finance in the West.
We went to great lengths to confirm each of the names listed below. However, there may be institutions that we have overlooked. We encourage readers to contact us with questions, comments and criticisms:
Accounting and Auditing Organization for Islamic Financial Institutions
AIG
Amana Mutual Funds Trust
Ameen Housing Cooperative
Bank of America
Anchor Finance Group
Arcapita
Al-Baraka Bancorp
Barclays
Beam Capital Management
Bloomberg
The BMB Group
BNP Paribas
Calyx Financial
Century 21
J.P. Morgan Chase
CIMB Group
CitiBank
Clearstream
The Coca-Cola Company
Credit Suisse
Deloitte
Deutsche Bank
Devon Bank
Dow Jones
Ernst & Young
Failaka Advisors
The Fairfax Institute
Fiqh Council of North America
Fitch Ratings
GE Capital
Goldman Sachs
Guidance Financial
Guidance Residential
Harvard Law School
HSBC
Idealratings.com
Iman Fund/Allied Asset Advisors
Ijara Loans
International Institute of Islamic Thought (IIIT)
International Islamic Financial Market
International Shariah Research Academy for Islamic Finance (ISRA)
Islamic Financial Services Board (IFSB)
KPMG
LARIBA
Merrill Lynch & Co.
Moody’s Investor Services
Morgan Stanley
Bank of New York Mellon
NASDAQ
Natwest
Royal Bank of Scotland (RBS)
Shariah Capital
Standard Chartered Bank
Standard & Poor’s
Thomson Reuters
UBS
UIB Capital
University Islamic Financial Corporation
Virji Investments
Wafra Investment Advisory Group
Wellington Management
Westlaw
Bank of Whittier
Wolters Kluwer Financial Services
World Islamic Economic Forum
Zayan Takaful