The Terror Finance Blog <http://www.terrorfinance.org/the_terror_finance_blog/>
Posted: 06 Nov 2008 06:07 PM CST
The U.S. financial crisis is attributable, in part, to a lack of transparency. If the government adopts Shari’a-based financing, our financial system will be rendered even more opaque. Such a policy also entangles American finance with Islamic law in violation of the First Amendment’s Establishment Clause which mandates separation of State from Church or Mosque.
The Organization of the Islamic Conference (OIC) created by the in 1969 for the purpose of “liberating Jerusalem and Al-Aqsa from Zionist occupation” is leading the charge for global expansion of Shari’a-based financing. The OIC High Commissioner for the Boycott of Israel coordinates the efforts of OIC’s fifty-seven member states to economically isolate the Jewish state, a blacklisting policy first declared by the Arab League Council on December 2, 1945. The boycott is enforced via the Damascus-based Central Boycott Office.
Congress unanimously condemned Saudi Arabia on April 5, 2006, (H.Con.Res.370) for its continued enforcement of the boycott in violation of commitments it made to the World Trade Organization in 2005. The U.S. Commerce Department’s Bureau of Industry and Security reported a 20% increase in Arab boycott requests in 2006 from the previous year. In June 2006, the Saudi ambassador admitted his country still enforced the boycott, and the Saudis participated in the 2007 boycott conference in .
Adopting Shari’a-based financing violates U.S. law which makes it illegal for American individuals or companies to cooperate with the Arab boycott, mandates reporting of boycott requests, and imposes civil and criminal penalties against violators.
Therefore, the American Center for Democracy and Dr. Rachel Ehrenfeld protest the Treasury Department’s plan to subject America’s citizens and its financial industry to Islamic rule in violation of the Constitution and U.S. law.