Shariah Law coming to a local bank near you!
Posted by: The BoBo // Category: A Nation at Risk, America, Politics, Religion, globalization
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h/t to Tapline for finding this! I wonder why we aren’t hearing about this in the regular media? Considering that stupid assed bailout gave Paulsen all the freakin’ power in the world – I suppose he’s trying to keep this under wraps. If this goes through – this could send ripples through all of our financial systems in America.
Treasury Dept. submits to Shariah law
By Frank J. Gaffney, Jr.
The U.S. Treasury Department is submitting to Shariah — the seditious religio-political-legal code authoritative Islam seeks to impose worldwide under a global theocracy.
As reported in this space last week, Deputy Secretary of the Treasury Robert Kimmitt set the stage with his recent visit to Saudi Arabia and other oil-rich Persian Gulf states. His stated purpose was to promote the recycling of petrodollars in the form of foreign investment here.
Evidently, the price demanded by his hosts is that the U.S. government get with the Islamist financial program. While in Riyadh, Mr. Kimmitt announced: “The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis.”
“Islamic banking” is a euphemism for a practice better known as “Shariah-Compliant Finance (SCF).” And it turns out that this week the Treasury will be taking officials from various federal agencies literally to school on SCF.
For those of you who don’t understand what SCF is – essentially – it is the complete opposite of our current financial system. SCF is ruled by Islamic rule. Interest on earnings is banned because it is considered “usury” which is illegal in Shariah law. The other thing that is also against Shariah law and embedded in SCF is risk taking as that is considered as “greed.”
If SCF is implemented throughout our financial systems – you can forget about the stock markets or any other risk taking venture. Additionally, any vehicle that earns you interest on your money will be outlawed. Here’s more from that article:
The department is hosting a half-day course entitled “Islamic Finance 101″ on Thursday at its headquarters building. Treasury’s self-described “seminar for the policy community” is co-sponsored with the leading academic promoters of Shariah and SCF in the United States: Harvard University Law School’s Project on Islamic Finance. At the very least, the U.S. government evidently hopes to emulate Harvard’s success in securing immense amounts of Wahhabi money in exchange for conforming to the Islamists’ agenda. Like Harvard, Treasury seems utterly disinterested in what Shariah actually is, and portends.
If you are not familiar with Wahhabism – this is the most strictest and most radical form of Islam. These are the followers that translate the Koran literally! Believe me – we DO NOT want Wahhabi money circulating through our financial systems under SCF.
I searched around – and – this is the ONLY other article that is out there even reporting on this:
Islamic Banking: Steady in Shaky Times
And..from that article comes this:
Rather than lend money to a home buyer and collect interest on it, an Islamic bank buys the property and then leases it to the buyer for the duration of the loan. The client pays a set amount each month to the bank, then at the end obtains full ownership. The payments are structured to include the cost of the house, plus a predetermined profit margin for the bank.
Sharia-compliant institutions also cannot invest in alcohol, pornography, weapons, gambling, tobacco or pork.
This completely changes the way we buy homes, land, and investing in this country. At this time, when you buy a home through a mortgage – you are at least the owner of that home and property unless you default. Under this SCF – you cannot call yourself a homeowner. You have to follow whatever rules the bank decides in order to live in that home since the bank actually owns the land and the home.
We need to let everyone out there know what is going on up there in our Treasury department. There is no way in hell I’m ever going to allow Shariah law to get a foothold in this country! This is especially dangerous when you consider this would ripple all the way down to your local bank.
When you take it another step further – this would affect the way we conduct business in America. If you are a small business and need a loan to stay afloat – what rules do you think you would need to follow in order to get that loan? Do you think you might have to “sell” your business to the bank for the duration of the loan?
This would mean the death of our free-market capitalist system. Given the fact that Obama hates capitalism and Jessie Jackson has stated that Obama would be less friendly to Israel and will begin to open his arms to the Muslim world – do you think it is possible he would approve of this?
Think about it!
Now – go here – this is everything you need to know about the problems with Shariah Compliance Financing:
Shariah Finance Watch: Exposing the Risks of Shariah Finance
Sphere: Related ContentTags: Banking industry, capitalism, financial industry, free-market, home ownership, interest, investing, Obama, Robert Kimmitt, SCF, Shariah law, Shariah-Compliant Finance, Treasury, US Treasury Department, Wahhabi, Wahhabism, Washington Post
November 8th, 2008 at 3:48 am
[...] At the very least, the US government evidently hopes to emulate Harvard’s success in securing immense amounts of Wahhabi money in exchange for conforming to the Islamists’ agenda. Like Harvard, Treasury seems utterly disinterested in … Original post [...]
Reply to » Shariah Law coming to a local bank near you!
November 8th, 2008 at 11:34 am
Man…I cannot WAIT for this….since the election is over with, I’ve been really bored by the news…this should ‘spice’ things up….
phuckpoliticss last blog post..Who I wish was President
Reply to phuckpolitics
November 8th, 2008 at 11:54 am
Well, I doubt we would actually switch our financial system over to Shariah Law, though it is always the role of the public to be a watchdog of our government. As far as going overseas to study how other nations handle their economy, I have no problems with that. There could always be a process that works which we’ve never considered before that would be easily incorporated into our system. I think Paulson should also head over to study the Swiss system as well.
Reply to U.S. Common Sense
November 8th, 2008 at 12:24 pm
BobO this is scary stuff. Surely we haven’t digressed so much as a society that we have to start looking to the Middle East for answers to solving our banking crisis. The reason we are in this mess is because of a bunch of greedy bastards who need to be run out of town on a pole (or any other position on the pole you want to imagine). And if our illustrious leaders were planning on pulling this stunt behind our backs regardless of the banking crisis then that opens up a whole new can of worms (pun intended).
I posted an article a couple of months ago regarding a similar threat that could be headed to this country, (British Government Adopts Sharia Law). http://matt-speak.blogspot.com/2008/09/british-government-adopts-islamic-law.html Sharia Law, for those who do not know, is basically a guide for Muslims on how they should conduct themselves in their day-to-day lives. Of course, it is based on Islam. Well, in their infinite stupidity (just my opinion) the British government ceded power to Sharia courts in cases involving Muslim citizens. They are supposed to abide by common British law, but anyone who thinks this will happen is delirious. They will take advantage of the British governments generosity (stupidity) in giving them this power, and they will riot in the streets when the government tries to reign them in for abusing this power. Stupid, stupid, stupid. How long before the Jews, the Hindus or the freakin’ religious cults, for that matter, start demanding their own courts to decide the fates of their “citizens”. Isn’t this all reverse-racism?
These are both examples of what we could be facing soon in this country, BobO, and I am scared for our future. This is just nuts! What the hell ever happened to America leading the world, not following it like a bunch of cowards? Wait, now I remember…..”The type of change we need”……
Matts last blog post..Absurd Files: Nudity, Leap of Faith & Other News
Reply to Matt
November 8th, 2008 at 2:06 pm
Personally I find this quite scary. With banks pretty much nationalized, Obama and his boys wanting to take your 401k away and turn it into social security, raising capital gains taxes, increased corporate taxes, opposition to free trade agreements, and now this we are heading down a dangerous path. These sort of economic policies that our government and president elect are trying push through will not only seriously damage this country’s economic standing in the world but is really nothing short of disguised socialism. Notice that all these policies involve giving more money to the government or near complete control.
John Kaduks last blog post..Russia Starts Taking Advantage Of Obama
Reply to John Kaduk
November 8th, 2008 at 9:51 pm
Sorry about the repeat posts BobO. I had some strange things going on every time I tried to post, and it appeared I lost them, so I re-posted. Guess I didn’t lose them, after all. Oh well, I guess it gets my point across! LOL
Reply to Matt
November 9th, 2008 at 1:14 am
@Matt – no problem – it’s my Akismet spam blocker – it blocks everything that has at least 2 links – then I have to manually release them. I’ll just keep one so it doesn’t look like you really don’t know what you’re doing! LOL. But, you are right – it does get the point across.
@PP, John – when I first read this it really bothered the hell outta me. I surely hope our country does not go down this path. I’m keeping an eye on it. If it appears a bit hinky – I will most definitely point it out and will keep posting updates on it here.
Reply to The BoBo
November 9th, 2008 at 10:00 am
It gets scarier and scarier every day.
Sharons last blog post..Super Special Sunday – a New Look
Reply to Sharon
November 9th, 2008 at 12:44 pm
Indeed it does Sharon.
Reply to The BoBo
November 10th, 2008 at 5:03 pm
You are missing the point Bob… It is all about money ! As an American you should know that and that if you want the dough you have to o where it is… Thibk about all these muslim dollars that are not contributing to the US market economy…
We have a few of them here in the UK and the returns compared to normal banks are much better. Anyway, ask Bush, he has a few billion stasedh away in a Saudi bank…
And remember, when it come sto money, it has no odour and no religion…
rogers last blog post..Roman Catholic Priests must be “real” men
Reply to roger
November 10th, 2008 at 5:44 pm
@Howdy Roger! They say that money is the root of all evil. I’m sorry – but – I won’t follow the money back to those who would use that money to fund terrorism to attack us. I can guarantee that any bank or money lender in this country that takes funds through a sharia finance system will go out of business pretty quickly. 1 – since interest is banned – no one here is willing to put money in to a bank to have their money loaned out by that bank without earning interest on it. 2 – homeowners here pride themselves on actually owning their homes. If the bank owns the homes and property and also controls the rules regarding the use of that home – there aren’t any smart buyers that would agree to something like that.
The only ones who benefit under such a system are the Muslim bankers. Perhaps the Muslim communities here might like it – but – for those of us who are still Red, White, and Blue – it won’t fly. As soon as this really starts getting noticed by the general public – there will be a backlash from Americans that will shut this idea down.
As far as muslim money and not contributing to the U.S. economy – that’s fine by me.
Reply to The BoBo
April 14th, 2009 at 3:49 pm
One thing important to remember is that a Muslim doing business with an “Infidel” [non-muslim] is not only encouraged, but MANDATED to break the contract within seven years.
Reply to truthistold
April 14th, 2009 at 10:33 pm
@truthistold – thank you very much for providing that additional bit of information. I will be posting up some more on Sharia law shortly. Now with Obama in and with Koh in the State Department – it looks like we’re getting really close now.
Reply to The BoBo