Sharia Compliant Banking in America
Since the 1970’s explosion of Middle Eastern Oil production, Muslim investment has been quietly infiltrating U.S. banking and home mortgage industries. While we weren’t paying attention Shariah compliant banking has gained an intimidating foothold in our financial markets. The popularity of Sharia complaint home mortgages is growing in the United States and now they are seeking to do business with non-believers.
Let’s examine the basic premise for Sharia compliant home mortgages. Islam forbids the charging or paying of interest (Riba). According to Sharia jurisprudence, Riba is considered one of the seven major sins right up there with having sex with you mother. Really. Given the importance of interest (both earned and paid) to our financial system, red flags should be flying all over America. After all isn’t Capitalism an enemy of Islam or is it the other way around?
Frank Gaffney, the Founder and President of the Center for Security Policy in Washington, D.C., has been outspoken on Shariah compliant finance in the United States. According to reports it has been suggested that Islamic transaction law is a subversive coordination that supports jihad. Given the well documented punishments ordered for breaking sharia law should America be incorporating this as a legitimate feature of its financial system?
Guidance Residential (www.guidanceresidential.com) is the largest Sharia compliant residential home financier in America. Guidance Residential is operating in over 23 states and growing. Upon visiting their website and clicking on the Fatawa selection field, I was comforted to find that all Guidance home financing products are certified by their Sharia Supervisory Board as compliant “with Islamic Transaction Law.” This may make Muslims comfortable, but this should be disconcerting (to say the least) for the future of American financial markets and more importantly American Law. Guidance Residential has plans to offer its sharia compliant financial products to all communities regardless of their faith.
What really concern me are the term “Shariah compliant” and all the fine print most mortgages fail to reveal. Perhaps we should ask Barney Frank if his baby Dodd/Frank covers Shariah compliant home lending practices or can we expect a catastrophic Islamic lending bubble burst in our economic future? Is Islamic transaction law predatory in nature? What kind of Shariah compliance will be necessary to satisfy the terms of a no interest loan to a non-believer?
Would it surprise you to know that many sharia compliant banks have received bail outs from our government? Did you know that Citibank, NA., Morgan Stanley, Merrill Lynch, Dow Jones & Co. Inc., Goldman Sachs Group are all sharia compliant banks doing business in the United States? Perhaps we should consider what financial institutions we patronize given they’re mysterious proclivities.
You may be wondering about the massive increases in Mosque construction in the United Sates. You don’t have to look any further than companies like Guidance. Guidance has been partnering with the American Islamic community for over a decade helping to make Mosque ownership a reality for the faithful. Who or what is the source of over 300 billion dollars in U.S. commercial and residential sharia compliant real estate purchases? Where are the SEC, the Department of Homeland Security and our Congress when we need them most? Probably sucking up to special interests again and ignoring what will be catastrophic consequences of more failed leadership.
It shouldn’t surprise you that one of the first sharia compliant banks in our nation Devon Bank is located in . . . Chicago! Each and every day one more frightening clue is revealed about Islam’s slow creep toward changing our Nations Laws. Will Americans remain silent while they’re financial system incorporates Islamic law into our American Dream? Perhaps a comprehensive investigation into the sources of these financial instruments should be pursued by our government. Or will Islamic subversion of U.S. law become as common as Obama’s tolerance of Muslim radicalism.