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.
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.
1) Sharia-compliant financing must stop