Here is an article from The Times which absolutely illustrates the folly of Shariah-Compliant Finance!

The British Financial Services Authority (FSA) maintains a list of some 1,400 people and 500 entities linked to terrorist organizations and sanctioned nations, such as Iran. To help prevent funds from getting to terrorists and their sponsors, providing banking or other financial services to members of the FSA list can be a criminal offense and businesses are required to have sufficient controls in place to avoid this.

The US has a similar program run by our Treasury Department’s Office of Foreign Assets Control (OFAC).

Britain’s FSA has done some checking and, sure enough, despite the fact that the FSA provides financial services firms and banks with the list, many  financial institutions have insufficient  controls to prevent them doing business with terrorists.

There seems to be widespread confusion about the FSA list and how the policy should be enforced and, as a matter of routine, firms are not doing the necessary checks before a new account is opened, but, rather, in some cases, the checks are done weeks after the account has already been open and active.

In other words, compliance with the FSA regulations is a joke and the British financial services industry seems uninterested in complying with laws and regulations to keep money out of terrorists’ hands. 

Having been in the financial services industry for 13 years, I can assure you that today’s technology can accomplish these tasks readily and almost instantaneously. A list of 1,400 individuals and 500 businesses and organizations is tiny. I would bet dollars to donuts that these firms can slice and dice their databases any way they want when it comes to doing targeted marketing. Yet we are expected to believe that they just don’t have the capability to comply with FSA regulations which are to be applied to a small list that they are handed by authorities?

Hogwash.

Keep in mind that these same financial services folks are the ones who tell the  rest of us in the West that there is no threat of terrorist financing associated with Shariah-Compliant Finance, despite the fact that Shariah is our Jihadist enemies’ threat doctrine and it involves both zakat and purification payments to Islamic charities, scores of which have been discovered to funnel money to terrorist organizations, like HAMAS, Al Qaeda and Hezbollah.

As a man once said: “Pay no attention to the man behind the curtain…”

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6181992.ece

 

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