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Shariah Finance Must-Reads

Pawlenty Shut Down Islam-Friendly Mortgage Program

March 25, 2011
St. Paul, MN

Adam Serwer wrote today about a Minnesota program that offered mortgages compliant with Islamic law, structured to avoid interest payments. The program was a response to then-Governor Tim Pawlenty's push to increase minority home-ownership, and Serwer speculates that Pawlenty may find himself pushing back on the growing fears among Republicans that programs like this could somehow expand Islamic law in America.

But a Pawlenty spokesman told me that the governor has no intention of defending the program -- and that in fact, he shut it down himself as soon as he learned of it.


Kingdom: Role Model for Islamic Finance

Arab News
March 22, 2011
Jeddah, Saudi Arabia

The present status and future of Islamic economy, especially finance and banking, was the focus of deliberations on the final day of the 11th Jeddah Economic Forum on Tuesday.

The panelists of a session on Islamic finance and banking were of the view that Saudi Arabia, which has made rapid strides in Islamic finance, could be a role model in promoting it among both Islamic and even non-Islamic countries.

They said the global economic slowdown, witnessed in the past couple of years, was an eye-opener to most of the advanced countries as they felt that they might not have been in such a mess if they had adopted Islamic finance.

They all agreed that Islamic finance is growing but it needs a regulatory authority to ensure full Shariah-compliance.


Kuwait Zakat House Proselytizes in Brazil

Shariah Finance Watch
March 21, 2011
Brasilia, Brazil

Kuwait Ambassador to Brazil Yusuf Ahmad Abdul-Samad delivered to Director of Latin American Institute for Islamic Studies Dr. Mohammad Al-Rahdi a contribution made by Kuwait Zakat House, last week.

The contribution was made at the Kuwait embassy in Brasilia, in presence of Executive Director of the institute Abdelbagi Osman.

The meeting discussed activities of the institute in teaching Islamic sciences, which promotes awareness on Islam in most Brazilian regions.


Al Qaeda Called a 'Money-Making Machine' by British Official - That's Not Even HALF the Story

Shariah Finance Watch
March 17, 2011

The article below from The Telegraph in Great Britain quotes a British Foreign Office director as describing Al Qaeda as a “money making machine,” due to Al Qaeda in the Islamic Maghreb’s practice of ransoming hostages for money. Evidently, Italy, Spain, Austria and Switzerland have all paid such ransoms to the Jihadist terrorist organization.

This article gives us an opportunity to point out that Al Qaeda doesn’t just get its money from kidnapping. In fact, the reality is that Al Qaeda gets its money from a variety of sources.

One source is zakat. Zakat is a form of tithing in Islam whereby all Muslims who are able to do so must share 2.5% of their wealth. Often zakat payments are made to Islamic charities (many of which have been tied to terrorism):


From Bloomberg to NPR: Selling Out to Shariah for Fun and Profit

American Thinker
March 16, 2011
By Stella Paul

To you and me, the brutal Islamic law of Shariah is a nightmare; to America's elites, it's a cutting-edge growth industry. This is a tale of three appalling twerps who sold out America's freedom, each in his or her own special way. At the apex stands Mayor Michael Bloomberg, the adenoidal Napoleon of New York, whose monumental betrayals are practically a work of art; much lower down, we find the smug little weasels, Ronnie Schiller and Betsy Liley of NPR, who, over a delicious Washington lunch with avowed Muslim Brotherhood operatives, casually agreed to a splash of treason.

Studying their stories is instructive, for we quickly see that while jobs for America's regular folks may be disappearing, for the busybody blowhards who rule our civic and cultural life, the opportunities to vacuum up cash in exchange for selling off our freedom are virtually boundless.

In case you were wondering why Mayor Bloomberg refused to meet with 9/11 families protesting the Ground Zero Victory Mosque, and why he reviled them and other patriotic opponents as "un-American," the mystery is now officially solved: money. Bloomberg, the richest man in New York, has brilliantly maneuvered his position as public guardian of Ground Zero into a priceless asset for his personal fortune.

Here's the sick news, folks, about the mother of all conflicts of interest.

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