Unfortunately, Shariah-Compliant Finance continues its expansion. India’s first Shariah-Compliant mutual fund is gathering money right now.
It is important to analyze the implications of the expansion of Shariah-Compliant Finance. When Shariah-Compliant Finance expands:
• Shariah itself expands; remember, the very purpose of Shariah-Compliant Finance is to promote Shariah and at the World Islamic Economic Forum in March, Islamic leaders referred to Shariah-Compliant Finance as “missionary work.”
• The influence of authoritative Shariah scholars, such as the Jihadist Mufti Taqi Usmani of HSBC and Sheikh Yusuf al-Qaradawi will also grow.
• Zakat payments to Islamic charities such as the Holy Land Foundation, Benevolence International, Interpal, Union of Good, Ummah Welfare Trust, Jamaat –ud-Dawa, the Green Crescent and the 27 charities designated by the US Treasury Department as terrorist entities, will expand. Each of those charities, and many others, has funded terrorism. Hardly a week goes without a new report of an Islamic charity funneling money to Jihad. Why? Because Jihad is one of the expressed approved purposes of zakat in the first place.
http://in.reuters.com/article/businessNews/idINIndia-38952020090408
