Hong Kong has long been a major international financial center. When Communist China took over Hong Kong at the close of the 1990s, many observers feared that Hong Kong would withdraw from the capitalist world.
Fortunately, those fears have proven largely unfounded.
But now, Hong Kong appears to be taking a major step backward in terms of capitalism by moving to embrace Shariah-Compliant Finance, a system that brazenly seeks to replace capitalism with a system governed by a barbaric, primitive doctrine.
Central to Hong Kong’s plan to embrace Shariah is a proposal to change the city-state’s tax laws to give preferential treatment to Sukuk (Islamic bonds). This is a tactic that we’ve seen crop up in other countries; readers may recall that South Korea rejected just such a proposal last year.
But Hong Kong is unlikely to reject accommodating Shariah in the financial world. The intoxicating allure of petrodollars in the hands of those who seek to spread Shariah around the globe is just too much to resist for some…