DAR AL HARB - THE WEST: THE BACK DOOR OF CHRISTENDOM HAS BEEN OPENED TO SHARI'AH LAW BY THE GREED, STUPIDITY & IGNORANCE OF WESTERN BANKS

Banks are helping sharia make a back-door entrance
TAREK FATAH

Special to Globe and Mail Update

It seems only yesterday that Premier Dalton McGuinty declared: "There will be no sharia law in Ontario." Many of us, who witnessed the medieval nature of manmade sharia laws in our countries of birth, heaved a sigh of relief back in September of 2005. We thought this was the end of the attempt by Islamists to sneak sharia into a Western jurisdiction. We were wrong.

The campaign to introduce sharia is back. Last time, the campaign took a populist approach, invoking multiculturalism. This time, the pro-sharia lobby is dangling the carrot of new niche markets and has the backing of Canada's major banks. Such icons of the corporate world as Citibank NA, HSBC Holdings PLC, and Barclays PLC have endorsed sharia banking and have started offering Islamic financing products to a vulnerable Muslim population.

In May, 2007, The Globe reported that "Several Canadian financial institutions are preparing sharia-compliant mortgages, insurance, taxi licensing and investment funds to help serve the country's fastest-growing part of the population." Recently, the Toronto Star's business section reported that an unnamed bank may offer sharia loans as early as this summer; Le Journal de Montreal disclosed that Canada Mortgage and Housing Corporation(CMHC) was also getting in on the act. Stephanie Rubec, spokesperson for the CMHC, said the Crown corporation had launched a tender worth $100,000 to study Islamic mortgages for Muslim Canadians. Could she be oblivious to the fact that almost all Muslim Canadians currently have home mortgages through banks and don't feel they are living in sin? In fact, CMHC has gone a step further: It has quietly entered into a partnership with a Saudi company, AaYaan Holdings, to develop sharia-compliant mortgage-lending systems.

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Read the whole thing and now think about all those billions of dollars that Merrill Lynch & Citibank recently received (because of their cash crunch) from the MIDDLE EAST...

Ohhh yeah, this article may be about CANADA but SHARI'AH FINANCE HAS JUST GOTTEN ENTRY INTO THE AMERICAN FINANCE INDUSTRY...



Pertinent Links:

1) Banks are helping sharia make a back-door entrance