Bahrain’s International Islamic Financial Market (IIFM) counts $97 billion in Islamic bonds in circulation with another $66 billion forecast through 2008 -- and SCF is not limited to the bond market.
Nevertheless, SCF advisors help these funds remain sharia-compliant. Unfortunately, these authorities often are Muslim extremists who appear mainstream by consulting for such powerhouses as Deutsche Bank and Standard & Poor’s.
*In 2002, Caribou Coffee had to explain the ties between its Atlanta-based sharia-compliant owner, Arcapita, Inc., and Arcapita’s sharia advisor, Yusuf Al-Qaradawi. He had defended “our brothers and children in Al-Aqsa and the blessed land of Palestine generously sacrificing their blood, giving their souls willingly in the way of Allah.” Qaradawi eventually resigned from Arcapita.
*Sheik Muhammad Taqi Usmani advises the Dow Jones Islamic Index. He has written: “The purpose of Jihad…aims at breaking the grandeur of unbelievers and establish[ing] that of Muslims.”
* The North American Islamic Trust owns 69.8 percent of the Dow Jones Islamic Fund. The Justice Department identified NAIT last June as an unindicted co-conspirator in supporting Hamas’ murderous anti-Israeli terrorism. NAIT also owns Albany, New York’s Masjid As-Salam mosque. In April 2007, its founder, Mohammed Mosharref Hossain, and imam, Yassin Muhiddin Aref, received 15-year prison sentences for assisting an FBI sting operation to assassinate a Pakistani diplomat in Manhattan with a shoulder-fired missile.
Sharia-compliant funds usually donate 2.5 percent of profits as “zakat.” While such money assists peaceful Muslim causes, some of it has gone ka-boom.
*The Holy Land Foundation, Benevolence International Foundation, and Global Relief Foundation, all major Muslim charities, were shuttered in December 2001 for allegedly supporting Islamic terrorism.
*According to “The Tax Lawyer,” Yasin al-Qadi -- an investor in one Hamas-connected, sharia-compliant company called BMI (not the perfectly legitimate Broadcast Music, Inc.) -- transmitted $820,000 to Chicago’s Quranic Literacy Institute in 1991. QLI employee Mohammad Salah confessed in 1995 that he trained recruits to handle assorted toxins and “basic chemical materials for the preparation of bombs and explosives.”
“This is bad for America, bad for capitalism, and good for jihad,” says Frank Gaffney, president of the Center for Security Policy, which is sounding the anti-SCF claxons. CSP’S legal analysis by David Yerushalmi richly details SCF’s dangers.
Sharia-Compliant Finance Funds Jihad - HUMAN EVENTS