Does Islamic company selling ‘Sharia-compliant mortgages’ control Asbury Park NJ boardwalk?

1452718428836Fox News, by Tommy De Seno, Jan. 13, 2016:

With ISIS committing acts of terror on 4 continents, and President Obama importing refugees from their home territory, now is a bad time to offer interest-free Sharia Law mortgages in America, but that’s exactly what one company is doing.

The beach town of Asbury Park, New Jersey has undergone a slow-grinding redevelopment for the better part of 30 years.   Bereft of money in 2007, the city sold millions of dollars worth of storied boardwalk buildings including Convention Hall to a private company — Madison Marquette.  Madison Marquette also owns concert venues near the boardwalk like the famed Stone Pony.  They are positioned in expensive retail properties across America in California, Ohio, Washington, D.C., Florida and more.

What few know is that Madison Marquette is owned by an Islamic company rooted in the Middle East; a company whose other subsidiary specializes in “Sharia Law Compliance” and lures Sharia-following Muslims to 23 states with interest-free home mortgages.

The parent company is Capital Guidance Corporation, whose managing director Amer Hammour is also CEO of Madison Marquette.  Hammour was born in Syria and educated in Lebanon, France and the U.S.  Another wholly-owned subsidiary named Guidance Financial Group, run by Mohamad Hammour with help from Amer Hammour, was formed to enter the burgeoning “Islamic Financial Market.”  Capital Guidance states its “main vehicle” for doing business in the U.S. is Madison Marquette, and controls $5 billion in assets.

Guidance Financial maintains a “Shariah Supervisory Board.”  This board counsels in financial matters to ensure compliance with the controversial Muslim value system known as “Sharia.”

For the uninitiated, Sharia is a set of Islamic laws dating back to the 7th century, still used in whole or in part in Muslim countries like Saudi Arabia, Sudan and Yemen.  Sharia contains the notoriously brutal social and penal rules that Al Qaeda, ISIS, Boko Haram and other terrorists wish to impose on the West, including America.

Under Sharia, women are chattel of men, and if convicted of adultery are stoned to death [Warning: Graphic], can be punished if raped, suffer “honor killings” and  “female genital mutilation.”  Homosexuality is punishable by death by stoning ordropping them from great heights.  Stealing is punished by having a hand chopped off  [Warning: Graphic] while apostasy and blasphemy will get you beheaded.

Sharia also has strict business rules rooted in religious texts like the Koran and Hadith. For instance, it is prohibited to charge or pay interest, which they call riba.  Sharia compliance is so complex that barely 100 Islamic scholars are recognized to opine on it, and they have set up a profitable cottage industry as “Sharia compliance advisors,” including in America.  Guidance Financial is a world leader in this area.

Guidance Financial’s “Sharia Supervisory Board” is chaired by Sheik Muhammad Taqi Usmani, who sits on dozens of Shariah boards around the world.  Usmani is part of the Deobandi movement, whose madrassas inspired the creation of the Taliban in Afghanistan, and for whom Usmani tried to set up a Sharia banking system. In 2013 he issued a fatwa against the Pakistani government for assisting the U.S. in the fight against Afghan terrorists.

His support for the Taliban against the U.S. did not get him in as much hot water as when his book, “Islam and Modernity” was translated into English in 2006. It’s been reported Usmani was on the Sharia Board of the Dow Jones Islamic Fund Index, who cut ties with Usmani and scrubbed his name from their media materials after his radical writings were published.

In his book, a questioner asked Usmani if it was necessary to commit Jihad against a Western country, if Muslims were already free to practice and preach Islam there.

Usmani answered that the right to practice and preach Islam wasn’t good enough.  Muslims must break the “grandeur and domination” of non-believers in the West, as dominance gives a psychological advantage.  He then cited the Koran, thusly:

Here, killing is to continue until the unbelievers pay Jizyah [a Muslim tax on non-Muslims], after they are humbled or overpowered.  If the purpose of killing was only to acquire permission and freedom of preaching Islam, it would have said “until they allow for preaching Islam.”  But the obligation of Jizyah and along with it the mention of their subordination is a clear proof that the purpose is to smash their grandeur, so that the veils of the domination should be raised and people get a chance to think over the blessings of Islam.

Usmani made two other points consequential to the West.  First, he said if Muslims do not posses the capability of “Jihad with Power” then agreements can be maintained “until power is attained.”   Second, he opined that imperialism by conquering other lands was a legitimate goal of Islam.

Adding it all up, Sheik Usmani said Muslims should come here, obtain power then launch jihad by killing us.  After they destroy our culture (grandeur), they will spare those who agree to pay a tax and submit to Islam.  The survivors will have the status of a dhimmi.

No wonder Dow Jones ended their relationship.  Capital Guidance has not.  Usmani is still on Guidance Financial’s website as chair of their Sharia board and Usmani lists the same affiliation on his website.

Of course for Usmani’s idea of attack to work in America, he would first need to settle Muslims here who are devoutly committed to Sharia.   Well…

Be introduced to another Guidance Financial project – Guidance Residential – which gives interest free Sharia-compliant mortgages to buy homes in 23 states, including New Jersey.  They are luring people who wish to follow Sharia and already closed 8,000 loans around the country.  Who is chair of the Shariah Board for Guidance Residential?   The same Sheik Usmani who advised Muslims to lay in wait and kill us.  Guidance Residential held training seminars for Imams in Berkeley California to school them in Sharia, using videos of Sheik Usmani.

President Obama sent Governor Chris Christie a letter telling him some of the 10,000 Syrian refugees he’s bringing to America will be in New Jersey.  Syrians culturally grew up with Islamic Law written into their Constitution (1973 and 2012 versions), and codified a  form of Sharia into a statute on marriage, divorce, inheritance, and custody.

Homeland Security Secretary Jeh Johnson admitted terrorists my try to exploit Obama’s refugee settlement program.

Won’t Sharia compliant mortgages attract them if they do?

Not all Muslims follow Sharia, but all Islamic terrorists claim to. Filtering the good from the bad is hard, so Sharia mortgage applications should be a red flag.

We are all looking for possibilities of terrorists in America and 9/11 was a failure to connect the dots.

Our mantra now is, “If you see something, say something.”  So here is what needs to be said:

Asbury Park is a very diverse city where no one stands out.  If terrorists are looking for a place to lay in wait to commit jihad, as Sheik Usmani suggested they do, Asbury Park is now magnetized to attract them. An Islamic controlled company runs the beachfront and will help with a Sharia mortgage.

Cozy.

A perfect storm of jihadi possibility, even if the parent company and the local Madison Marquette office don’t intend it.

Are terrorists already here?  An ISIS terrorist supporter was arrested in Asbury Park in 2015.

What reliance shall we place on “screening” for terrorists?  The San Bernardino killer was screened but laid in wait. Jihadists have the advantage when hiding in a group as big as 10,000, as it only took 19 men to conduct the 9/11 attack, 8 in Paris, 2 in Boston and 1 at Fort Hood.

Discovering those laying in wait is hard and Sharia adherence may present the only clue the FBI and CIA can follow. They should.

With ISIS now committing a Christian genocide, complete with beheadings and crucifixions, even of children, this is no time to countenance an immigration policy that enables terrorists to infiltrate our country by gaming our screening process just so politicians can feel good about themselves. Let’s not attract them with interest free mortgages, either.

Enjoying a day at Asbury Park’s boardwalk shouldn’t require a terrorist risk assessment.

Tommy De Seno contributes to ricochet.com and is the editor ofwww.JustifiedRight.com. An attorney and proud Catholic, he hails from Asbury Park, N.J.

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For more on Sharia compliant finance see the CJR archives:

https://counterjihadreport.com/?s=shariah+compliant+finance&submit=Search

Yale Establishes Islamic Law Center Thanks to $10M from Saudi Sharia-Banker, Alleged Bin Laden Financier

Amr Dalsh / REUTERS

Amr Dalsh / REUTERS

Breitbart, by JORDAN SCHACHTEL, Sep. 13, 2015:

Saleh Abdullah Kamel, a Saudi banker who is now worth billions of dollars thanks to his success with Sharia-compliant financing, has donated $10 million to Yale University as part of a successful effort to build an Islamic Law Center at the Ivy League school.

“Mr. Kamel’s extraordinary generosity will open up exciting new opportunities for Yale Law School and for the entire university, said Yale President Peter Salovey. “The Abdullah S. Kamel Center for the Study of Islamic Law and Civilization will enhance research opportunities for our students and other scholars and enable us to disseminate knowledge and insights for the benefit of scholars and leaders all over the world.”

Professor Anthony Kronman, a new co-director of the Islamic Law Center, said of the school’s new addition:

“The contemporary challenges of Islamic law are broadly relevant to political events throughout the entire Islamic world and those are developments that are watched by a much larger audience of people who in many cases have not much knowledge at all of the history and traditions of Islamic law.”

“It’s the responsibility of universities to teach and instruct and that obligation applies with particular force where an issue or a subject tends to be viewed in an incomplete or inadequate or even caricatured way. There the responsibility to teach and enlighten is even stronger,” he added.

Noticeably left out of the press release is the fact that Mr. Kamel’s Dallah Al Baraka Group, for which he is the Chief Executive, has been investigated by U.S. officials for bankrolling al-Qaeda’s operations worldwide.

Moreover, the bank was founded by former al-Qaeda chief Osama Bin Laden along with a group of Sudanese jihadists, the State Department has alleged, according to the Wall Street Journal.

And in the 1998 New York City trials of al-Qaeda members, witnesses testified that Mr. Kamel’s bank had previously transferred hundreds-of-thousands of dollars to al-Qaeda to help them buy an airplane, the report stated.

Additionally, Kamel’s father’s name appears on the “Golden Chain,” a list of alleged al-Qaeda funders that was confiscated by Bosnian authorities after raiding an al-Qaeda front group in 2002.

The new Yale Islamic Center becomes the latest of many Saudi-funded influence operations on American university campuses throughout the continental United States. Some more notable Saudi-funded campus outfits include the $20 million Prince Alwaleed Islamic Studies Program at Harvard University and the $20 million Prince Alwaleed bin Talal Center for Muslim-Christian Understanding at Georgetown University. More Saudi-backed Professorships and Islamic Centers have made their way to Columbia University, Rice University, the University of Arkansas, University of California in Los Angeles, the University of California/Berkeley, and countless other institutions.

Also see:

University president Peter Salovey added that the gift, announced once day before the anniversary of the Sept. 11 attacks, was particularly timely because of the “changing relationship between the United States and states in the Middle East.”

Why is ISIS Minting It’s Own Currency?

0 (2)CSP, By Kyle Shideler, Nov.14, 2014:

The media was fascinated this week by reports that the Islamic State (ISIS) is moving to produce its own currency, which is intended to be produced in gold, silver and copper denominations. Vox.com did an “explainer”on the subject, and CNN brought on former U.S. Treasury official Jimmy Gurelé to discuss the move. Gurelé noted:

“The difficulty, of course, with that kind of money is you can’t just put that money in shoe boxes and place it under your mattress. It has to enter into the financial system at some point in time. So I think the Treasury needs to be focusing on banks — banks in Qatar for example, and in Kuwait — that may be the recipients and handling money for ISIS.”

Which is true, if ISIS viewed itself as either a traditional terrorist organization looking to employ violence for political change, or if it was an insurgency attempting to establish a modern, western style nation-state. But they aren’t, and analyzing their behavior from these perspectives is ultimately a waste of time.

The primarily motivator for ISIS behavior is strict adherence to and imposition of shariah law, and in particular to the law as it was practiced by the Salaf Al-Salih, the original companions of the Mohammed. Given this, a reversion to a precious metal standard makes complete sense for a number of reasons, not the least of which is that many other shariah requirements involve payments which are calculated in traditional Caliphate coinage- the gold Dinar and the silver Dirham- or by the traditional measurement by weight-the daniq. These requirements include the imposition of Jizya (tribute) and kharaj (land) taxes upon non-believers, calculations for Zakat (annual tithe) etc.

For example, the medieval Shafi’ jurist Abu al-Hasan Ali Ibn Muhammad Ibn Habib al-Mawardi in his “The Ordinances of Government” one of the most respected works on the Caliphate and how it is to be organized notes that, “The tribute [Jizya] and the land tax [Kharaj] are two God-sanctioned payments that must be made to Muslims by the unbelievers,” although no one set amount is agreed upon by shariah jurists, either medieval or modern. Al-Mawardi writes:

Abu Hanifa (founder of the Hanafi School of jurisprudence) classifies those liable to it (the jizya) into three groups: the rich, who pay forty-eight dirhams; the average, who pay twenty-four dirhams; and the poor, who are charged twelve dirhams. In this way he sets an upper and lower limit to it, allowing no room for discretion by those in authority, while Malik (founder of the Maliki school) leaves the matter entirely up to them. Al-Shafi’i sets the minimum at one dinar, nothing less than which may be taken.

When ISIS took control of Raqqa, the group set about instituting the jizya in just such a manner as described by Al-Mawardi. According to the UK Telegraph:

Christians are obligated to pay Jizya tax on every adult male to the value of four golden dinars for the wealthy, half of that for middle-income citizens and half of that for the poor,” their decree said. “They must not hide their status, and can pay in two installments per year.” Four dinars would amount to just over half an ounce of gold, worth £435 at current prices.

And while it is tempting to view the Islamic State as engaged in some kind of brutal “renaissance faire”, playing at living life in the manner of medieval Muslims, they are certainly not alone in their desire to institute the jizya. For example, during the reign of the Muslim Brotherhood in Egypt, prior to its overthrow, reports were made that Muslim Brotherhood members were extracting the Jizya in some areas. The Washington Times reported at the time:

According to Fr. Yunis Shawqi, who spoke yesterday to Dostor reporters in Dalga, all Copts in the village, “without exception,” are being forced to pay the tax. “[The] value of the tribute and method of payment differ from one place to another in the village, so that, some are being expected to pay 200 Egyptian pounds per day, others 500 Egyptian pounds per day,” Mr. Shawqi said, according to the translator. In some cases, families not able to pay have been attacked. As many as 40 Christian families have now fled Dalga, Mr. Ibrahim reported.

Hamas has also threatened to establish the Jizya if it should succeed in establishing a Palestinian state, and protection rackets demanding the jizya from Christians under threat of violence are well known throughout the Middle East.

In addition to the jizya, the desire to return to a traditional, shariah compliant, currency system based on gold and silver is also far more pervasive then one might otherwise assume.

For example, the former prime minister of Malaysia Dr Mahathir Mohamad has been aleading advocate for the Islamic world to return to the gold dinar and silver dirham system. In addition to Malaysia, Iran , and Indonesia have hinted at accepting a return to such a currency standard, and firms focused on providing gold dinars are in place in South Africa, The United Kingdom, Pakistan, and the United States. The dinar movement is only one aspect of a far wider effort to establish shariah compliant finance, a topic about which our sister blog Shariah Finance Watch, covers in far greater detail.

The point of drilling down on this relatively minor point regarding the Islamic State’s currency, is that ISIS behaves in matters both large and small in a manner widely understood to be consistent with shariah law, and efforts to establish the shariah take place both violently, as ISIS has done, as well as non-violently, while the end objective remains the same.

London’s Drive to Become the Sharia Finance Capitol of the World

shariah-uk-APBy Katie Gorka:

London is pushing to become the Western capitol for sharia finance in spite of the many potential ​dangers​.

This past November, London hosted the 2013 World Islamic Economic Forum. Speaking at that event, Prime Minister David Cameron said: “I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.” In February, London hosted the Euromoney Islamic Finance Forum, where then-Financial Secretary to the Treasury Sajid Javid MP ​said​: “…almost every international Islamic contract will touch London – or a London-based firm – in some way.”

Now, London is preparing to become the first Western nation to issue an Islamic bond, or sukuk. The business potential is vast, with the shariah-complaint banking sector at an estimated $1.3 trillion and growing, according to the Global Islamic Financial Review. But the potential ​risks​ are manifold, and London should be asking itself whether the​ d​angers outweigh the profits​.

The principle behind sharia-compliant finance is that certain types of transactions are considered un-Islamic. Notably, interest is not allowed, and funds cannot be spent on certain industries or products such as pork, alcohol, tobacco, gambling, and pornography. Islamic financial tools therefore “purify” individual Muslims by helping them adhere to a more orthodox version of Islam. But it does more: like the wearing of the veil for women, it strengthens their identity as Muslims and weakens their ties to the non-Muslim community. Islamic finance thereby serves to create a parallel society, with a distinct ​cultural​ and religious identity, rather than expanding and enriching the existing society.

For the United Kingdom, which is already struggling with no-go zones, numerous counts of domestic Islamist terrorism, and growing tension between its Muslim and non-Muslim populations, one has to ask whether strengthening Muslim identity as something apart from British identity is not a recipe for disaster.

A second concern with sharia finance is that it has been a proven source of direct financial assistance to those fighting for Islam. In order to be deemed sharia compliant, a financial institution must pay zakat (tithing): they must contribute an amount that is typically cited as 2.5% of gross​, although it can also be more. According to the Qu’ran (9:60), recipients of zakat include the poor, the needy, those who serve the needy, and to free the slaves, but recipients also include “those who fight in the way of Allah”; “people engaged in Islamic military operations for whom no salary has been allotted in the army, or volunteers for jihad without remuneration.” (Reliance of the Traveler, The Classic Manual of Islamic Sacred Law).

Within one year after the attacks of 9/11, the U.S. government blacklisted almost 180 Islamic banks, associations, and charities as financiers of terrorism. Moreover, recent studies have shown that the largest single source of funds for Islamic terrorism is zakat, which typically goes through the Islamic banking system. According to a 2002 report by Jean-Charles Brisard for the UN Security Council: “Al-Qaeda was able to receive between $300 million and $500 million” over a decade “through a web of charities and companies acting as fronts, with the notable use of Islamic banking institutions.”

Read more at Breitbart

Katie Gorka ​is the President of the Council for Global Security.​

Darryll Issa Shows Ignorance of Islam in Recent Donnelly-Kashkari Spat Over Sharia

darrell-issa-office-ap

Breitbart, By Pamela Geller, May 9, 2014:

California State Assemblyman Tim Donnelly, who is running for governor, recently pointed out that his rival Neel Kashkari “supported the United States submitting to the Islamic, Shariah banking code in 2008 when he ran TARP.”

The charge was true, but that didn’t stop the influential Republican Rep. Darrell Issa, chairman of the House Oversight and Government Reform Committee Chair, from furiously denouncing not Kashkari, but Donnelly – illustrating again what’s wrong with the right.

Issa raged: “There is no place in any public discussion for this type of hateful and ignorant garbage. As far as I’m concerned, this type of stupidity disqualifies Donnelly from being fit to hold any office, anywhere. Donnelly is no longer a viable option for California voters… There is no place in the Republican Party or in this race for someone like Tim Donnelly.”

Donnelly duly apologized. But he shouldn’t have. He was right. Did Darryll Issa even look into the charge? Or did he knee-jerk smear Donnelly? And who died and made Issa king of the Republican Party? Who is this uninformed loudmouth to say who is or isn’t welcomed into the Republican Party? Like Brody said in Jaws, we need a bigger boat. If every time someone touches the third rail – jihad and sharia – they get burned and turned on, then the Republicans are going the way of the Whigs.

It’s Issa who should be taken to the woodshed, not Donnelly. What was hateful wasn’t Donnelly’s statement but Issa’s response. What is ignorant is Issa’s complete lack of knowledge of sharia, TARP, and the taxpayer-funded sharia programs. Why should the American taxpayer legitimize and institutionalize the Sharia? Sharia finance is the pernicious effort to force the banking industry to conform to Islamic law. Sharia banking finances Islamic terror through zakat (Islamic almsgiving) and would destroy whole sectors of the American economy, as it prohibits investment in whole industries, including pork, alcohol, tobacco, and some forms of entertainment.

Shariah Finance Watch explains that sharia-compliant finance “as monitored by paid Shariah law advisors to U.S. banking institutions must ‘purify’ certain return on investment (ROI) dollars that do not meet Shariah law standards. This money must be donated to Islamic charities – including some that promote Jihad and support suicide bombing. Investment disclosures state that these profits can be as high as 6% of profits of investments.”

That’s what Kashkari was selling when he spoke at a Treasury Department conference in 2008 that was intended to “inform the policy community about Islamic financial services, which are an increasingly important part of the global financial industry.” The conference’s stated purpose was to “provide government policymakers information about Islamic finance. The presentation materials from the conference discussed topics such as the source of Islamic finance, how Islamic finance works, and the market factors that caused its growth.”

The introduction of sharia finance in the U.S. has support at the highest levels. A recent lawsuit brought to light the fact that $153 million in taxpayer money has been spent on sharia-compliant finance. David Yerushalmi of the American Freedom Law Center (AFLC), who represented the anti-sharia plaintiff in that lawsuit, told me:

I take no position about what kind of governor Mr. Kashkari would make or indeed what kind of conservative bona fides he has in his brief. What I can say is that the U.S. Treasury under President Bush, during Mr. Kashkari’s deep involvement in TARP, actively promoted Sharia-compliant finance when it knew very well that this vehicle was being used not only to promote jihad, but also to effectively defraud Western investors by failing to disclose the Black Box that is Sharia. Mr. Kashkari might claim he was simply naive about the insidious and invidious nature of Sharia. That naiveté, though, becomes part of his resume for governor. But one thing I can say with absolute certainty: the Treasury Department he served knew exactly what it was doing. We uncovered documents during discovery where we learned that the Treasury was not merely promoting Sharia-compliant finance through its acquisition of AIG, but that it had been promoting Sharia as an international financing model leading up to the government’s takeover of AIG.

Confirming that is a statement from Deputy Secretary of the Treasury Robert Kimmitt, who said around the same time that this conference was held that “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.”

Nevertheless, Kashkari downplayed his involvement in the conference: “They were looking for a senior Treasury official to give the opening remarks at this conference, and I happened to be scheduled to be in the office that day.” He did acknowledge, however, that “these sorts of conferences were put on to help promote an understanding of how you can still have free market principles and open economics even in Islamic countries.” Really? Where? In which Islamic countries? His claim is false on its face.

Issa’s savage attack on Donnelly is yet another indication of how naïve and complacent establishment Republicans are about the threat of jihad and Islamic supremacism. Issa said this on Bill Maher’s show back in 2007:

One of the problems that we have as Americans in my opinion having traveled the region a little bit, is that we try to say Muslims as though it was one place. If you go to the Palestinian territories the one thing you’ll see is that for over 1000 years, Christians and Muslims have lived side-by-side… So we can talk about radical Islam, but we see no evidence out of it there. You go to Ethiopia, [where] you have some of the oldest Christians in the world and Muslims. They have a lot of problems in Ethiopia, we’ll endless[ly talk] about the problems in Ethiopia, except they look down on Somalia for their problems, but there is no question that religious tolerance of the two living side by side has not been about extremism, ‘convert or you’ll die.’

“No evidence” of “radical Islam” in the Palestinian territories? What is he smoking? There are churches in those areas because under Muslim rule the Christians were subjugated dhimmis, denied basic rights and paying jizya (poll tax) to the Islamic state. The Muslims let them live because they constituted their source of revenue for the state. That’s tolerance?

Clearly Darrell Issa knows nothing about Islam, sharia, or Islamic history.

In 2011, Issa co-sponsored the Hezbollah Anti-Terrorism Act (HATA), a bill to cut aid to the Hezbollah-led Lebanese government. However, he has also denounced “Israel’s wanton violation of Lebanese territory and its somewhat failed attempt to defeat Hezbollah.” He has even said, “You can’t end an idea or a terrorist organization by guns alone.” So does Issa suggest we roast marshmallows with Boko Haram? Al-Shabaab? Hamas?

Darrell Issa is the latest illustration of what’s wrong with the Republican Party and of our increasingly serious need for a genuine opposition party in Washington.

Pamela Geller is the President of the American Freedom Defense Initiative (AFDI), publisher of PamelaGeller.com and author of The Post-American Presidency: The Obama Administration’s War on America and Stop the Islamization of America: A Practical Guide to the ResistanceFollow her on Twitter here. Like her on Facebook here.

 

Shariah Law: Good for Wall Street, Bad for Beverly Hills?

20140508_jaylenosultanprotest_LARGEFamily Security Matters , by Kyle Shideler:

In Beverly Hills, California, feminists, actors and celebrities were rallying outside the Beverly Hills Hotel, in order to protest its owner, the Sultan of Brunei’s, decision to institute harsh shariah law punishments, including the stoning of homosexuals and adulterers, and floggings and amputations for thieves and other violators of Islamic law.  TV star Ellen Degeneres announced a boycott of the Sultan’s hotels on twitter, and comedian Jay Leno, together with his wife Mavis, leader of the Feminist Majority organization, led a protest outside the hotel.  The Beverly Hills City Council is expected to pass a resolution against Brunei’s sharia laws, while the Beverly Hills Mayor Lili Bosse called the laws “so barbaric” that the city council felt forced to act.

Meanwhile in another part of California, Republican Assemblyman Tim Donnelly, running for the GOP gubernatorial nomination against former Bush Assistant Secretary of Treasury Neel Kashkari, took fire from California GOP officials for pointing out on Facebook that Kashkari had hosted a panel of Sharia law specialists at a Treasury Department meeting in 2008, arranged with Harvard University.

Donnelly was compared to Todd Akin, whose comments regarding rape and pregnancy, widely regarded as offensive, made national news during the 2012 Presidential campaign. Vice Chair Harmeet Dhillon said Donnelly’s remarks traded “on bigotry, racism, hatred of the other, hysteria.” Recently Representative Darrel Issa weighed in, calling Donnelly’s statement, “hateful and disgusting rhetoric,” that had no place.

Kashkari campaign spokesman Aaron McLear responded by saying, “The conference on Islamic Finance was designed to explore how free market principles could work in Islamic countries. It had nothing to do with changing America’s legal or financial systems.”

That explanation however appears to be less than accurate. In a copy of the seminar schedule, presentation topics included, “US regulation of Islamic financial institutions,” and the “US market for Islamic financial services.”

One presenter in particular is worthy of further scrutiny. Yusuf Talal Delorenzo, whose bio in the seminar schedule describes him as “a scholar of Islamic Transactional Law whose 30 year career was featured in an August 2007 front page story in The Wall Street Journal.”

The subject of Delorenzo’s talk was “Shariah Compliance.”

It fails to mention however that Delorenzo was a member of the Research Department of the International Institute for Islamic Thought (IIIT), as well as a member of the Fiqh Council of North America, part of the Islamic Society of North America. Both IIIT and ISNA are known to federal law enforcement as affiliates of the Muslim Brotherhood.

It was in this capacity, that Delorenzo was responsible for approving the translation of a manual of Shariah law called, “The Reliance of the Traveller: A Classic Manual of Islamic Law.”  Published in translation by Nuh Mim Keller in 1994 and reprinted as recently as 2011, the book contains not just shariah law as it regards finances, but the very same “barbaric” punishments that the Beverly Hills City Council found so outrageous as to require a resolution against it.

Included in Reliance are such legal requirements as stoning or lashes for those guilty of “Fornication or Sodomy.” It also calls for the death of homosexuals.

DeLorenzo’s participation in the review of Reliance of the Traveller raises questions about separation between Islamic finance and shariah criminal codes, as the book contains legal instructions on Trade, Inheritance, Marriage, Divorce as well as “Justice” under which the punishments for homosexuality and adultery are found.

Which raises the question of why media organs like the Los Angeles Times single out Jay Leno, Ellen Degeneres, Mayor Lili Bosse and the Beverly Hills City Council for their appropriate stand against Shariah law when it comes to Brunei, yet Donnelly’s raising of the issue of Kashkari’s participation in a Shariah law event, featuring a person with DeLorenzo’s background, is aggressively condemned.

 

 

Kyle Shideler is the Director of Research at the Endowment for Middle East Truth. He is a co-author of “Saudi Arabia and the Global Islamic Terrorism Network: America and the West’s Fatal Embrace,” and has been published in the InFocus, the quarterly journal of the Jewish Policy Center, and National Security Proceedings, the quarterly journal of the Center for Security Policy, as well asBigPeace.comThe American ThinkerFamily Security Matters and Frontpage Magazine. Kyle has briefed congressional staffers, law enforcement officers and intelligence officials on matters ranging from the Iranian nuclear program to Saudi influence operations. He blogs at http://www.emetonlineblog.com

Britain: “A World Capital for Islamic Finance”

sovereign-wealth-funds-are-also-more-cautious-about-investing-in-europeby Soeren Kern:

“I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.” — David Cameron, Prime Minister, Great Britain.

But critics say that British ambitions to attract investments from Muslim countries, companies and individuals are spurring the gradual establishment of a parallel financial system based on Islamic Sharia law. The Treasury also said some sukukIslamic bond issues may require the government to restrict its dealings with Israeli-owned companies in order to attract Muslim money.

The London Stock Exchange will be launching a new Islamic bond index in an effort to establish the City of London as one of the world’s leading centers of Islamic finance.

Britain also plans to become the first non-Muslim country to issue sovereign Islamic bonds, known as sukuk, beginning as early as 2014.

The plans are all part of the British government’s strategy to acquire as big a slice as possible of the fast-growing global market of Islamic finance, which operates according to Islamic Sharia law and is growing 50% faster than the conventional banking sector.

Although it is still a fraction of the global investment market — Sharia-compliant assets are estimated to make up only around 1% of the world’s financial assets — Islamic finance is expected to be worth £1.3 trillion (€1.5 trillion; $2 trillion) by 2014, a 150% increase from its value in 2006, according to the World Islamic Banking Competitiveness Report 2012-2013, published in May 2013 by the consultancy Ernst & Young.

But critics say that Britain’s ambitions to attract investments from Muslim countries, companies and individuals are spurring the gradual establishment of a parallel global financial system based on Islamic Sharia law.

British Prime Minister David Cameron announced the plans during a keynote speech at the ninth World Islamic Economic Forum, which was held in London from October 29-31, the first time the event has ever been held outside the Muslim world.

“Already London is the biggest center for Islamic finance outside the Islamic world,” Cameron told the audience of more than 1,800 international political and business leaders from over 115 countries.

“And today our ambition is to go further still. Because I don’t just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.”

 

UK Prime Minister David Cameron addresses the World Islamic Economic Forum in London on October 29, 2013. (Image source: 10 Downing St. Facebook page)

Cameron said the new Islamic bond index on the London Stock Exchange (LSE) would help stimulate fixed-income investments from Muslim investors — especially investors from oil-rich Persian Gulf countries — by helping them identify which listed companies adhere to Islamic principles.

Investors who practice Islamic finance — which is said to be structured to conform to a strict code of ethics based on the Koran and Sharia law — refuse to invest in companies that are linked to alcohol, gambling, pornography, tobacco, weapons or pork. Islamic finance also forbids collecting or paying interest and requires that deals be based on tangible assets.

Unlike conventional bonds, sukuk are described as investments rather than loans, with the initial payment made from an Islamic investor in the form of a tangible asset such as land. The lender of a sukuk earns money as profit from rent, as in real estate, rather than traditional interest.

Cameron says the British Treasury will issue £200 million (€235 million; $320 million) worth of sukuk as early as 2014. The objective is to enable the government to borrow from Muslim investors. The Treasury plans to issue fixed returns based on the profit made by a given asset, thereby allowing Muslims to invest without breaking Islamic laws forbidding interest-bearing bonds.

The Treasury also said some sukuk bond issues may require the British government to restrict its dealings with Israeli-owned companies in order to attract Muslim money.

Read more at Gatestone Institute