DAR AL HARB/ISLAM: SHARI'AH COMPLIANT FINANCING

Sharia-compliant financing must stop
By DEROY MURDOCK, Scripps Howard News Service

Turn your clock back 70 years. Imagine that Wall Street banks and brokerages sold Nuremberg-compliant bonds and stock funds in 1938. American Nazi sympathizers bought financial instruments certified by Berlin-based advisors as free of "Jewish profits" from, say, Salomon Brothers and Bloomingdale's.

In turn, a percentage of such funds' gains underwrote pro-Nazi charities, like the German-American Bund, and similar organizations in the Fatherland, like the Hitler Youth.
Seventy years hence, an analogous outrage grows on Wall Street, only this time for real.

Sharia-compliant finance (SCF) is expanding among banks and securities houses eager to absorb the hundreds of billions of petrodollars cascading into the Middle East, thanks to $100-per-barrel oil. To lure this cash, financial companies increasingly offer vehicles that neither pay interest nor benefit from gambling, entertainment, alcohol, pork or anything considered "haram" or "un-kosher" in Islam. 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.

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Turn your clock back 1,300 years. According to the Koran, sharia means that, with disobedient women, men should "admonish them, and send them to their beds and beat them" (Koran 4:34). For those having sex outside marriage: "The fornicatress and the fornicator, flog each of them with a hundred stripes" (24:2). "Cut off the hands of thieves, whether they are male or female, as punishment for what they have done" (5:38). Instead of celebrating gay sex with parades and rainbow flags, "kill the one who does it, and the one to whom it is done" ("Reliance of the Traveler" -- Abu Dawud 4447). How do you handle an adulteress? "Khalid Walid came forward with a stone which he threw at her head, and when the blood spurted on his face, he cursed her" ("Reliance" -- Muslim 4206).

Western financiers have no business complying with this.

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Pertinent Links:

1) Sharia-compliant financing must stop