Thursday, December 18, 2008

Shari’a finance in the dock

In the US there is a lawsuit being made by David Yerushalmi and Frank Gaffney, filed against the Secretary of the Treasury, et al. for their involvement with Shari’a Finance.

The action challenges the United States government’s broad policy and practice of approving, endorsing, promoting, funding, and supporting Shari’a-compliant financial products and business plans, such as Takaful Insurance. The governmental policy and practice conveys a message of endorsement and promotion of Shari’a-based Islam and its religious beliefs and an accompanying message of disfavour of and hostility toward Christianity and Judaism and their religious beliefs in violation of the Establishment Clause.

As US history reveals, the Nation was founded upon values that acknowledge the importance of religion, respect for the right of conscience, and respect for the free exercise of religion. These values, which are Christian values, are enshrined in the religion clauses of the First Amendment.

The Shari’a-based Islamic religious practices and activities that the government-owned AIG engages in — activities that are funded and financially supported by American taxpayers, including the plaintiff, who is forced to contribute to them — are antithetical to the Nation’s values, customs, and traditions with regard to religious liberty, religious tolerance, and the proscriptions of the First Amendment. These government-funded activities not only convey a message of disfavour of and hostility toward Christians, Jews, and those who do not follow or abide by Islamic law based on the Qur’an or the teachings of the Prophet Mohammed, but they also embody actual commercial practices which are pervasively sectarian and which disfavour Christians, Jews, and other ‘infidels’, including Americans.

The entire lawsuit is outlined here, and Cranmer’s readers and communicants will note that the case is being heard in the Thomas More Law Center.

His legacy endures and it is a wonder that it remains associated with issues of conscience and religious liberty.


Anonymous shaven-headed tattooed knuckledragger said...

We must eradicate Shariah in all its forms from the civilised world

18 December 2008 at 09:15  
Blogger Bob said...

I studied Islamic financial instuments when working in London a few years ago.

From what I could gather most are a complete con and not at all Islamic. They are complicated, to disguise the fact that they are not 'Islamic' and only approved by certain Imams/strands of Islam. I wonder why?

For readers not familier with the subject I will try and make a simple illustration.

If a farmer borrows money to grow a crop from a western bank the interest he pays is for the risk of printing the money. If his crop fails he goes bust and the bank reposseses his farm, if his crop is good he repays the loan. Bank wins every time.

In Islamic finance the bank would lend him the money but as it cannot charge interest will take a share in the profit, or loss. A good crop everyone makes money, a bad crop everyone shares in the loss.

Obviously trying to make western financial instruments mimic this type of finance is impossible, hence most Islamic financial instruments are bollocks.

18 December 2008 at 09:45  
Blogger Christian-Jedi-Alliance said...

Your Grace should be more concerned with matters closer to home. The “disestablishment" of the Church of England, and the sanctioning thereof by Herr Dr Williams!

Personally I can't wait to see the back of it so Christianity can once again grow in the United Kingdom.

18 December 2008 at 10:07  
Blogger Cranmer said...

Mr Christian-Jedi-Alliance,

His Grace is fully aware of the Archbishop's latest pronouncement. It is a poorly-kept secret that Mr Blair appointed him to oversee the process of disestablishment in England because of his manifest success in leading the Welsh along this path.

18 December 2008 at 10:52  
Blogger Little Black Sambo said...

Delighted that you still use the good old word "plaintiff", deleted from the legal vocabulary by patronizing numbskulls.

18 December 2008 at 17:32  
Anonymous John Reid said...

Blair your Grace doing his master's(pope) work in destroying the COE by installing a Druid and Romanist in Williams

18 December 2008 at 18:59  
Blogger Christian-Jedi-Alliance said...

Ah the shroud of the Dark Side has fallen, the clone war has begun.

His grace will know that He was sacrificed on the Eve of Osara, and that last war begun on such a day most esteemed suitable for sacrifices.

Pay note to this date.

18 December 2008 at 19:00  
Anonymous shaven-headed tattooed knuckledragger said...

Bishops say Europe needs more mosques

18 December 2008 at 20:28  
Anonymous Sabina said...

Islamus Delenda Est.

18 December 2008 at 21:42  
Anonymous some bloke said...

My limited understanding is that Moslems get around their dislike of interest, " usury ", by taking temporary possession of your property as security for their loan and then charging you rent for that property over the loan period.
In this way I read that half of Whitehall is in hock to the Arabs until we repay some debt or other back to them.

Bob 18 December 2008 09:45
said "A good crop everyone makes money, a bad crop everyone shares in the loss. Seems fair enough to me, perhaps we should give it a try.

19 December 2008 at 02:04  

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