Tag Archive | "Islamic banking"

Islamic Banking gets monumental legal boost

Tags: , , , ,


When Britain declared its inten­tion in 2006 of becoming the global center for Islamic banking, few took notice. It was just too surreal.

What would happen if dis­putes arose? How would you col­lect against a defaulted debt? Without an enforce­able legal system, Islamic banking was per­haps just a dream.

Today, how­ever, that all changed.

On Sep­tember 14, 2008, The Times (UK) dis­closed a huge loop­hole in the enforce­ment of Islamic/shari’a law in Britain.

Although Britain has allowed Islamic courts to operate since August of 2007, com­pli­ance to rul­ings was vol­un­tary and non-enforceable in British courts.

With a prophetic state­ment in July, 2008, the lord chief jus­tice (head of the judi­ciary), Lord Phillips, stated that shari’a could be used to settle mar­ital and finan­cial dis­putes, but he gave no details on how this would take place along­side British law.

Now it is revealed that if rul­ings issued by existing Islamic courts are viewed as arbi­tra­tion, then they are binding and enforce­able under Britain’s Arbi­tra­tion Act of 1996.

The trap is sprung.

Many Brits are expressing their out­rage, including one offi­cial who said, “I think it’s appalling. I don’t think arbi­tra­tion that is done by shari’a should ever be endorsed or enforced by the British state.”

Appalling or not, there may be nothing that can be done to stop it.

The fact that Lord Phillips talked specif­i­cally about “finan­cial dis­putes” gives a clue as to the source of this ini­tia­tive: Global banks who issue Islamic banking prod­ucts need an enforce­able legal system to pro­tect their prop­erty and rights.

Shari’a law is the Islamic legal code and system that has roots in the Koran but that was devel­oped over a long period of time by reli­gious leaders and scholars in order to con­trol Islamic society.

The August Review pre­sented a paper ear­lier this year titled “Global Banks Embrace Islam.” It declared

“Western banking met Islam many decades ago, but only began to sleep with her a few years ago. Since then, it is has become a wanton and open affair.

Par­tic­i­pating banks include Cit­i­group, HSBC, Deutsche Bank, JP Morgan Stanley and Goldman Sachs.

Since global banks have all but destroyed the western banking system, it is no wonder that they are pan­dering to the Islamic world where money is flowing faster than the oil can be pumped out of the ground.

Islam and global banking are mutu­ally par­a­sitic: Islam and Shari’a law is val­i­dated on a global basis, thus fur­thering it’s oft-stated goal of com­plete global sub­mis­sion to Islam. The global bankers ride the back of the reli­gious beast to achieve their New World Order.

 

 

 

 

 

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

Global Banks Embrace Islam

Tags: , , , , , ,


By Patrick Wood

The Bible warns that “the love of money is the root of all sorts of evil” (1 Ti. 6:10) So, just when you think you have just about seen it all, some­thing even more shocking turns up. Like this…

Either global bankers are seducing Islamic dic­ta­tors, or vice versa. Even if they are seducing each other at the same time, the result will be the same: Islamic/Sharia banking is coming to the United States and other western nations, thanks to global banks such as Cit­i­group, HSBC, Deutsche Bank, Morgan Stanley and Goldman Sachs.

With Great Britain now pledging to become the Islamic banking center of the world, the stam­pede by all global banks to enter the world of Islamic banking is well underway.

Western banking met Islam many decades ago, but only began to sleep with her a few years ago. Since then, it is has become a wanton and open affair.

The impli­ca­tions for the west, and espe­cially for the United States, are stag­gering. Because all Islamic banking prod­ucts must be cre­ated and offered according to strict Sharia law, global banks are doing for Islam what it could never do on its own: give legit­i­macy to Sharia and infil­trate it into the fabric of western society.

What is Islamic banking?

Simply put, Islamic banking and finance cre­ates, sells and ser­vices prod­ucts that are in strict accor­dance with Sharia. In the Islamic cul­ture, it is referred to as Sharia finance and covers the prac­tices of banking, invest­ment, bonds, loans, bro­kerage, etc.

To insure Sharia com­pli­ance, banks must hire Sharia scholars to review and approve each product and prac­tice as halal, the Muslim equiv­a­lent of kosher in Judaism. Because there is a shortage of such scholars, there is com­pe­ti­tion between banks to find the best expert to sit on their boards of direc­tors. This pro­vides the highest legit­i­macy to each ruling because it is made at the director rather man­age­ment level.

It should be noted that most of these scholars are from the school of rad­ical Wahhabi/Salafi Sharia in Saudi Arabia and else­where, holding views dia­met­ri­cally opposed to the basic values of Western civilization.

Sharia finance has many dif­fer­ences from orthodox banking: Notably, it cannot charge interest (usury) and it calls for alms giving (zakat). It also calls for avoid­ance of exces­sive risk and may not be asso­ci­ated in any way with gam­bling, drinking alcohol, eating pork, etc.

Zakat demands a tithe of 2.5 per­cent of rev­enue be donated to Islamic charity. If western banks follow this rule, their con­tri­bu­tions will be stag­gering. It is cer­tain that a por­tion of this money will end up in the hands of rad­ical Mus­lims who are sworn to destroy the U.S. and replace its gov­ern­ment with Sharia law.

Sharia finance is a recent phe­nom­enon. There were very few Islamic banks prior to 1980. How­ever, with the Khomeini rev­o­lu­tion in Iran in 1979, Sharia was sum­marily imposed throughout Iran and Sharia finance took off.

The dark side of Sharia

Sharia is the legal and judi­cial system of Islam that is bru­tally imposed on many Islamic coun­tries in the middle east. It is the spe­cific embod­i­ment of the total­i­tarian ide­ology prac­ticed by the Tal­iban, Iranian Mul­lahs and Saudi Wahhabis.

Sharia is per­pet­u­ated by claiming to have its roots in the Koran, but in fact it is mostly the product of rul­ings and dic­tates made by Islamic scholars and caliphs over sev­eral centuries.

For non-Muslims, Sharia is best known for its medieval, harsh bru­tality. Many rul­ings handed down by Sharia courts have shocked the western world, for instance:Preparing for Stoning

  • The December, 2007 “teddy bear” case in Sudan, where a British teacher was sen­tenced to 40 lashes and a year in jail for allowing her stu­dents to name their teddy bear “Mohammad.” Islamic mobs demon­strated in the streets and called for her execution.
  • The November, 2007 case where a 19 year old gang-rape victim in Saudi Arabia received a sen­tence of 200 lashes for riding in the car with her rapists.
  • In 2006, a 34 year-old mother was forcibly raped and ulti­mately tried and con­victed of adul­tery, and was ordered to be stoned to death.

Shari’a demands total and unques­tioned sub­mis­sion. Its sub­jects are told that Shari’a is given by Allah and that what­ever befalls them (good or bad) is Allah’s will. To ques­tion a judg­ment under Shari’a (right or wrong) is to ques­tion Shari’a itself and will only bring harsher pun­ish­ment. If a person receives harsh pun­ish­ment for some­thing they didn’t do, the ratio­nale is that Allah could and would have pre­vented it if that had been his will. This fatal­istic and deter­min­istic approach allows Shari’a rulers to get away with vir­tu­ally any thing that enters their head.

To the average western mind, Shari’a is no more than a medieval, bar­baric code that somehow sur­vived to the 21st cen­tury. It flies in the face of western law, phi­los­ophy, lib­erty and freedom. How­ever, it is the vehicle used to call for the com­plete destruc­tion of the west and in par­tic­ular the United States of America, which then will be replaced by Shari’a dictatorships.

How the banking rocket took off

At the behest of cor­po­rate trade moguls, numerous Free Trade Zones (FTZ’s) were cre­ated throughout the Islamic world that were full of wind­fall conditions.

For instance, the Dubai Inter­na­tional Finan­cial Centre (DIFC), is a 110 acre free trade zone that was founded in 2004 in Dubai, UAE. According to the DIFC web­site, par­tic­i­pants will enjoy “zero tax rate on income and profits, 100 per cent for­eign own­er­ship, no restric­tions on for­eign exchange or capital/profit repa­tri­a­tion, oper­a­tional sup­port and busi­ness con­ti­nuity facilities.”

Not sur­pris­ingly, Morgan Stanley’s appli­ca­tion was one of the first approved by the Dubai Finan­cial Ser­vices Authority to operate within the DIFC.

The director-general of the DIFC Authority, Dr. Omar Bin Sulaiman, wel­comed Morgan Stanley by stating,

“This is a tes­ti­mony to our status as an inter­na­tional finan­cial centre of repute. Morgan Stanley is a highly reputed organ­i­sa­tion and to have them here at the DIFC is a vin­di­ca­tion of our strategy to create a world-class finan­cial hub for the region. The oppor­tu­nity avail­able within the region, along with the state-of-the-art infra­struc­ture and the inter­na­tional reg­u­la­tory frame­work of the DIFC, pro­vides the ideal plat­form for insti­tu­tions such as Morgan Stanley to grow their busi­ness.” [Emphasis added]

DIFC and sim­ilar Free Trade Zones are a banker’s nir­vana into which global bankers have rushed head­long to estab­lish regional finan­cial centers.

And the payoff? A chance to enter and then dom­i­nate the Islamic banking industry. Such banking has over $1.5 tril­lion on the table today, and is growing at a steady and explo­sive rate of over 15% per year.

Good old western know-how

Under­standing that Islamic banking is a very recent phe­nom­enon is under­scored by the fact that its largest and most pres­ti­gious inter­na­tional con­fer­ence, World Islamic Banking Con­fer­ence (WIBC) has met for a mere 14 years. The most recent meeting just con­cluded in Bahrain and attracted over 1,000 banking del­e­gates from 35 countries.

David MullinsTwo years ago, the 12th annual WIBC (2005) con­fer­ence kicked off with the “Governor’s Table” ses­sion titled “Regulation & Busi­ness: Cre­ating a Frame­work for Islamic Banking & Finance to Thrive.” Panel member and speaker number two was Dr. David Mullins, CEO of Vega Asset Man­age­ment in New York.

Who is Mullins? He is in the white-hot core of inter­na­tional banking. Mullins was Vice Chairman and Gov­ernor of the Board of Gov­er­nors of the Fed­eral Reserve System under Greenspan during George H.W. Bush’s pres­i­dency. As gov­ernor, he rep­re­sented the Fed at meet­ings of the G-10 Gov­er­nors, the Inter­na­tional Mon­e­tary Fund, the Orga­ni­za­tion for Eco­nomic Coop­er­a­tion and Devel­op­ment, and the Bank for Inter­na­tional Set­tle­ments. Prior to that, he was the Assis­tant Sec­re­tary for Domestic Finance at the U.S. Depart­ment of the Treasury.

The next topic at the Governor’s Table was “Industry in Tran­si­tion: Trends & Inno­va­tions for Islamic Finan­cial Insti­tu­tions in an Increas­ingly Com­pet­i­tive Global Market,” where sev­eral speakers included Dr. Samuel L. Hayes III, Jacob Schiff Pro­fessor of Invest­ment Banking Emer­itus at Har­vard Busi­ness School. According to Hayes,

“The growing accep­tance among Mus­lims of Halal sav­ings and invest­ment prod­ucts over the past decade has been impres­sive. Con­se­quently, a number of con­ven­tional Western finan­cial insti­tu­tions have eagerly moved into this market as the array of invest­ment vehi­cles has broadened.”

The closed-door CEO Strategy Ses­sion was cen­tered around the McK­insey Com­pet­i­tive­ness Report, devel­oped in con­junc­tion with the WIBC by the very elite McK­insey & Com­pany based in New York.

In fact, McK­insey & Com­pany was listed as a “Strategic Part­ner” of the WIBC, along­side of global accounting firm Ernst & Young and the con­sum­mate global invest­ment banker, Goldman Sachs. (Remember that in 2005, Sec­re­tary of the Trea­sury Henry Paulson was CEO and Chairman of Goldman Sachs.)

Another key speaker was Dr. Robert Kaplan, Baker Foun­da­tion Pro­fessor at the Har­vard Busi­ness School and acclaimed author of many man­age­ment books like Bal­anced Score­card and Strategy Maps. In a pre-conference press release, Kaplan stated

“I look for­ward to pre­senting to Islamic banking leaders the latest ideas on strategy exe­cu­tion that delivers per­for­mance break­throughs. I will present how suc­cessful orga­ni­za­tions have built strategy maps around a common value proposi­tion, com­mu­ni­cated to and moti­vated the work­force, and installed a new Office of Strategy Man­age­ment to sus­tain strategy execution.”

More recently, on December 6, 2007, the gen­eral man­ager of the Bank for Inter­na­tional Set­tle­ments, Mal­colm Knight, addressed the Islamic Finan­cial Ser­vices Board Forum in Frank­furt, Germany:

“Clearly, there is expanding demand for these prod­ucts, and a closely asso­ci­ated desire on the part of banks, including non-Islamic banks, to pro­vide Islamic finan­cial ser­vices… The broad­ening appeal of Islamic finance is also evi­dent in the move by large inter­na­tional banks and other pri­vate sector finan­cial insti­tu­tions to pro­vide Islamic finan­cial services.”

Mullins, Hayes, Kaplan, McK­insey, Goldman Sachs, Ernst & Young, Bank for Inter­na­tional Set­tle­ments? Do you see the pattern?

The west is giving away the know-how, with gusto, to enable Shari’a banking and guar­antee its suc­cess throughout the world. And to what ends?

For one, Britain’s PM Gordon Brown has point­edly stated that he intends to make London the Islamic finance cap­ital of the world. Fur­ther, he pledged that in 2008 the British gov­ern­ment will issue its own “sukuk”, or Shari’a com­pliant bonds. Yes, gov­ern­ment debt issued as Shari’a compliant.

At the June 13, 2006 Islamic Finance Trade Con­fer­ence in London, Brown revealed,

“Today British banks are pio­neering Islamic banking — London now has more banks sup­plying ser­vices under Islamic prin­ci­ples than any other Western finan­cial centre.”

Brown’s state­ments can only be taken as a chal­lenge by the New York banking estab­lish­ment to beat him to the finish line. It doesn’t matter who wins this race because the result will be the same: Shari’a banking is quickly encir­cling the globe and forcing a de facto accep­tance of Shari’a law.

Con­clu­sion

Inter­na­tional bankers have long ago proven them­selves to be com­pletely amoral when it comes to money. They bankrolled the Bol­shevik Rev­o­lu­tion in 1918 just as blithely as they bankrolled Hitler in the 1930’s. For­tu­nately for us, nei­ther suc­ceeded in con­quering the world.

With Islam, odds of its suc­ceeding are rad­i­cally dif­ferent. To start with, there are already 1.6 bil­lion Mus­lims in the world, and it is the fastest growing reli­gion in his­tory. Sec­ondly, the spread of Islam is richly financed by the oil that is extracted from mid-eastern coun­tries. Thirdly, Islam has already infil­trated most of the west, espe­cially in Europe.

And now, Islam has behind it the com­bined sup­port and encour­age­ment of the entire global banking community.

The unholy alliance between Islam and global banking may be the final leg on the age-old quest for global dom­i­na­tion. Don’t be sur­prised at the silence of the global elite the next time you hear Islamist mobs chant “Death to Amer­ica” – their goals are now intertwined.

Bib­li­og­raphy:

Sharia’s Trojan Horse
Islamic Finance or Financing Islamism? (.pdf file)
Islamic Eco­nomics: What Does it Mean?
Fed­eral Reserve speech to Islamic Finan­cial Ser­vices Industry Sem­inar
Fed speech on Reg­u­la­tion and Super­vi­sion of Islamic Banking
Islamic banking rises on oil wealth, drawing non-Muslims
How the West Came to Run Islamic Banks
12th Annual World Islamic Banking Con­fer­ence

Uni­ver­sity Islamic Finan­cial
Islam and Mammon, Timur Kuran

 

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

Premium Subscriber Access

Email:
Password:
Remember   

Forgot Password

People want to know…

faq

What is Globalization?

It is the col­lective effect of pur­poseful and amoral manip­u­la­tion that seeks to cen­tralize eco­nomic, polit­ical, tech­no­log­ical and soci­etal forces in order to accrue max­imum profit and polit­ical power to global banks, global cor­po­ra­tions and the elit­ists who run them. It is rapidly moving toward an full and final imple­men­ta­tion of Technocracy.

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

What is the Tri­lat­eral Commission?

Founded in 1973 by David Rock­e­feller and Zbig­niew Brzezinski, the Com­mis­sion set out to create a “New Inter­na­tional Eco­nomic Order”, namely, Tech­noc­racy. The orig­inal mem­ber­ship con­sisted of elit­ists (bankers, politi­cians, aca­d­e­mics, indus­tri­al­ists) from Japan, North America and Europe. Col­lec­tively, they have dom­i­nated and con­trolled trade and eco­nomic policy in their respec­tive coun­tries since at least 1974.

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

What is Technocracy?

Tech­noc­racy is a move­ment started in the 1930’s by engi­neers, sci­en­tists and tech­ni­cians that pro­posed the replace­ment of cap­i­talism with an energy-based economy. Orig­i­nally envi­sioned for North America only, it is now being applied on a global basis. Authors Aldous Huxley and George Orwell believed that Tech­noc­racy would result in a Sci­en­tific Dic­ta­tor­ship, as reflected in their books, “Brave New World” and “1984″.

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

What is Smart Grid?

Smart Grid is the national and global imple­men­ta­tion of dig­ital and Wi-fi enabled power meters that enable com­mu­ni­ca­tion between the appli­ances in your home or busi­ness, with the power provider. This pro­vides con­trol over your appli­ances and your usage of elec­tricity, gas and water.

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

Who is M. King Hubbert?

Hub­bert was a geo-physicist who co-founded Tech­noc­racy, Inc. in 1932 and authored its Tech­noc­racy Study Course. In 1954, he became the cre­ator of the “Peak Oil Theory”, or “Hubbert’s Peak” which the­o­rized that the world was rapidly run­ning out of carbon-based fuels. Hub­bert is widely con­sid­ered as a “founding father” of the global warming and green movements.

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

Who is R. Buck­min­ster Fuller?

A pio­neer in global eco­log­ical theory, Fuller (1895 – 1984) was the first to sug­gest the devel­op­ment of a Global Energy Grid that is today known as the Global Smart Grid. Fuller is widely con­sid­ered to be a “founding father” of the global green move­ment, including global warming, Sus­tain­able Devel­op­ment, Agenda 21, etc.

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)

Is the Venus Project like Technocracy?

The Venus Project, founded by Jacque Fresco, is a utopian, modern-day iter­a­tion of Tech­noc­racy. Like Tech­noc­racy, it scraps cap­i­talism and pro­poses that “a resource-based economy all of the world’s resources are held as the common her­itage of all of Earth’s people, thus even­tu­ally out­growing the need for the arti­fi­cial bound­aries that sep­a­rate people.” The appli­ca­tion of tech­nology is the answer to all of the world’s prob­lems, including war, famine and poverty.

VN:R_U [1.9.22_1171]
Rating: 0.0/5 (0 votes cast)