Islamic bonds, properly known as “sukuk” are increasingly becoming the favorite product of Shariah-Compliant Finance. In fact, we’re starting to see more and more Western nations and financial institutions involved in sukuk simply because wealthy Muslim individuals and institutions, armed with massive amounts of petrodollars, are insisting on Shariah-compliance for financing activities.
Qatar Islamic Bank is one of the largest Shariah-compliant banks outside of Iran. It is of particular significance in that the chairman of its Shariah supervisory board is none other than Sheikh Youssef al-Qaradawi, the Muslim Brotherhood’s ideological mentor and the Sunni Islamic world’s most prominent Shariah scholar.
No one illustrates the concerns associated with Shariah-Compliant Finance quite like Qaradawi.
First of all, he is banned from entering the US, France and the UK for his ties to terrorist organizations. In 2001, Sheikh Qaradawi was the chairman of the Shariah Advisory Board of Bank al-Taqwa, which was shut down by the United Nations and the US Treasury Department for funneling large amounts of money to several Jihadist terrorist organizations, including Ayman al-Zawahiri’s Egyptian forerunner of Al Qaeda. Much of the money came through a Shariah-Compliant real estate firm in New Jersey and the money was funneled to the terrorist groups as zakat payments to charities.
Last year, the US Treasury Department designated the Union of Good, an umbrella group of 57 charities run out of Saudi Arabia, as a terrorist entity. Qaradawi runs the Union of Good.
Qaradawi has provided the doctrinal basis for Islamic charities and zakat funding violent Jihad for everyone in the world to see:
“The meaning of Jihad in our present time particularly refers to striving to liberate Muslim lands from the grip of the disbelievers who usurped them and imposed on them their own laws in lieu of the Divine Law. Those disbelievers may be Jews, Christians or both or even pagans, who follow no particular religion at all. Disbelievers are all alike.
Capitalists, Communists, Westerners, Easterners, People of the Book and pagans are by no means different from one other. They should all be fiercely fought if they attempt to occupy any part of the Muslim land. This duty falls on those closest to the occupied land, who should be aided by those closest to them, who, in turn, ought to be aided by those closest to them, till it becomes incumbent on all Muslims to take part in Jihad.
Muslims have never been more severely afflicted than they are nowadays. Many of their lands have been captured by the disbelievers, on top of which is Palestine that has fallen victim to corrupt Jews. Similarly, Kashmir has been dominated by pagan Hindus. Chechnya and other Islamic states have fallen in the grip of pagan tyrannical communism.
Retrieving these lands, freeing them from the clutches of atheists and their twisted laws is the joint responsibility of all Muslims. Declaring Jihad to save our land is an Islamic obligation.
If war is waged anywhere to achieve this goal, namely to free the occupied lands of the laws and the tyranny of disbelievers, it is undoubtedly a case of Jihad for the sake of Allah. It thus needs to be financed from the money of Zakah, the amount of which is to be decided based on the total sum of the charity, the requirements of Jihad as well as the degree of the need of other potential recipients of charity. This is all to be decided by reliable scholars, if they are to be found.”
Qaradawi has written extensively in support of “martyrdom” operations (suicide bombings) against Israelis and Americans. And here are Sheikh Qaradawi’s views on women’s rights:
“Beating is not suitable for every wife; it is suitable for certain wives and for other wives it is not. There is a woman who cannot agree to being beaten, and sees this as humiliation, while some women enjoy the beating and for them, only beating to cause them sorrow is suitable…”
In the financial realm, back in October 2008, Qaradawi called for Islamic finance to replace capitalism. In 2006, he told the BBC that he liked to refer to Shariah-Compliant Finance as “jihad with money,” because “allah teaches us to fight our enemies” with weapons and our money.
The fact that a horrible man like Qaradawi is the top Sunni Shariah scholar should speak volumes to the world about Islam. The fact that Qatar Islamic Bank employs him as the chair of their Shariah Advisory Board, certainly speaks volumes about the people associated with that bank, including the emir of Qatar. The fact that Qatar Islamic Bank is also the largest Shariah-compliant bank and was just selected bank of the year and they employ a Jihadist at their bank should tell us all we need to know about Shariah-Compliant Finance.
Finally, Qaradawi is a vicious ant-semite and admirer of Adolf Hitler: