Linked below is an article from the Korea Times that explores an important aspect of the issues surrounding the movement to have the South Korean government issue sukuk, or Islamic bonds.

Opponents of this proposal have quite properly raised the concerns of zakat payments and the fact that zakat goes to Islamic charities and Islamic charities all-too-often fund Jihadist terrorist groups. In fact, according to the authoritative text of sacred Islamic law, “Reliance of the Traveler,” one of the eight approved destinations of zakat is to those fighting in the way of Allah. Moreover, it is a fact that dozens of Islamic charities have in fact been implicated in terrorism funding.

Furthermore, we have seen prospectuses for Sukuk in which the zakat and purification policies are spelled out and in fact they mention money going to Islamic charities.

So, when John A. Sandwick in the article linked below says that the notion is “silly” he either does so out of ignorance or perhaps some other unknown reason…

http://www.koreatimes.co.kr/www/news/biz/2011/03/123_82380.html

 

2 Responses to Islamic finance “expert” demonstrates ignorance of zakat

  1. It must be nice to be an idiot like Sandwick and still get paid a six or seven figure salary by some unnamed Swiss firm.

  2. shariahfinancewatch says:

    LOL

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