by Christopher W Holton
One of the chief concerns from Shariah-compliant finance is that it can be, and has been, used to put people at ease about the true nature of shariah and the threat that is poses.
Shariah-compliant finance is also a weapon that Islamists can use to force shariah upon non-Muslims.
Both of these aspects of shariah finance are displayed in an article posted this week on CNBC.com
“Islamic finance is becoming so attractive that even non-Muslims want in”
That is a headline that reads more like an advertorial than a news story.
Note the use of the term “Islamic” finance, which conceals that what we’re really talking about here is shariah–and specifically compliance with shariah.
Islamic finance complies with Sharia, or Islamic law, which prohibits earning interest and bars funding activities involving alcohol, pork, pornography or gambling
Again, a misleading quote filled with half-truths.
Islamic finance doesn’t just comply with shariah, Islamic finance IS shariah.
And shariah doesn’t just deal with “interest, alcohol, pork, pornography or gambling.” Shariah goes way beyond that. It is a legal-political-social-military-financial code that covers every aspect of its adherents’ lives. By only emphasizing the prohibitions against alcohol, pornography and gambling, financial jihadists often try to push Shariah finance as a form of ethical investing.
But they don’t like to talk about things like zakat, at least not when they’re being interviewed by gullible, friendly Western “journalists:”
The financial jihadists who are pushing shariah on the West also do not like to talk about the despicable treatment of women under shariah. And they especially avoid talking about the fact that shariah mandates that its adherents spread and impose shariah worldwide–by violent jihad if necessary.
In fact, the whole reason that shariah-compliant finance was invented was to promote shariah. And that is its main mission today.
Why don’t journalists ask questions or research this stuff?
The non-speculative nature of Islamic finance can help to ensure financial stability — a reason why it’s gaining traction globally, experts told CNBC
This statement is a real whopper and demonstrates that CNBC’s reporters are in fact NOT financially sophisticated or particularly curious.
For years the financial jihadists have tried to sell the bill of goods that shariah-compliant finance is safe and secure as compared to other investment categories.
Tell that to the creditors who held the shariah-compliant bonds (sukuk) of Dana Gas, which defaulted–or the several other shariah bonds that failed during the financial crisis of 2007-2009.
Shariah-compliant finance is based on Islamic law, but it cannot repeal the laws of economics and shariah investments and instruments are subject to the effects of the economic cycle just like everything else.
Too bad CNBC doesn’t seem to understand the economic cycle very well–or shariah for that matter.