Linked below is an article from Reuters which is covering a Reuters-sponsored event promoting Shariah-Compliant Finance.

On its face, it appears to be calling for something good and positive: regulation of Shariah Finance to prevent another Dubai debacle.

But a closer inspection of the facts reveals that this is simply a call for more foxes to watch the henhouse. Shariah Finance must be made to comply with the same standards of disclosure and transparency that the rest of the financial world is held to. Creating industry bodies will not accomplish this, nor does the industry want true transparency and regulation; it could never stand up to the scrutiny.

If there was true transparency, regulation and scrutiny of Shariah Finance, key players like Mufti Taqi Usmani (an outright Jihadist) could never be associated with a financial institution doing business in or with the USA. If there was true transparency, regulation and scrutiny of Shariah Finance, the system of zakat would be laid bare and reveal financial support for Jihadist terrorism.

http://www.reuters.com/article/idUSTRE61H3AT20100218?rpc=401&feedType=RSS&feedName=summitNews&rpc=401

 

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