[THE TALK SHOW AMERICA SHOW] Sharia Finance Expert Warns Obama: Avoid Islamic...

Frank Gaffney of the Center for Security Policy warns that the
president-elect should avoid financing his great society with tainted
Islamic-correct petro dollars, saying their strings might be attached
inextricably to the nation’s worst extremist enemies. Few are focusing
on Thursday, the day the U.S. Treasury Department will embrace the
so-called "Shariah-Compliant Finance" or SCF.If "Shariah" doesn't ring
any bells other than sounding foreign and somewhat ominous, it is
simply the "religio-political-legal code authoritative Islam seeks to
impose worldwide under a global theocracy," Gaffney said.The Treasury
Department will host a "seminar for the policy community"
entitled "Islamic Finance 101," and it's all about getting warm and
fuzzy with SCF. Co-sponsoring the event is the Islamic Finance Project
at Harvard Law School.Harvard has benefitted mightily from the infusion
of millions of dollars from a Wahhabi Saudi prince and his government,
Gaffney said.U.S. financial institutions, reeling from the credit
crunch, are hungrily eyeballing more than $1 trillion in petrodollars,
including Shariah-compliant bonds, mutual funds, mortgages, insurance,
hedge funds, and real estate investment trusts.Dow Jones Corp. has even
created its own index for Islamic-correct investments: the Dow Jones
Islamic Index, according to The Coalition to Stop Shariah.Investors
Business Daily recently examined Shariah-compliant finance and its
involvement with investments and other transactions that have been
structured to conform to the orthodox teachings of Islamic law."That
means they can't charge or earn interest, the cornerstone of our
credit-driven economy," the business publication advised. "Nor can they
take any stake in 'haram,' or forbidden, industries, including meat and
beverage producers (if they process any pork or alcohol);
entertainment; gaming; and interest-based financing."Wall Street is
jumping into this hot new market oblivious to the risks not just to the
bottom line, but to national security. It knows little about Shariah
law and is turning to consultants to create 'ethical' products to
sell."Lost in the hype over these Muslim-friendly funds is that they
must 'purify' their returns by transferring at least 3 percent into
Islamic charities, many of which funnel funds to terrorists."Read More
Here: Jihad Watch and Here: NewsMax

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Posted By J.R. to THE TALK SHOW AMERICA SHOW at 11/05/2008 05:56:00 PM

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