The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) plans to monitor Islamic finance products.
AAOIFI “will screen products and services offered by the industry for Shariah compliance.”
AAOIFI describes itself as an autonomous corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry.
AAOIFI would screen products of all Islamic financial institutions, including those which are not members of AAOIFI and in countries where its standards are not mandatory.
SFW has reported before on AAOIFI and no organization exemplifies Shariah-Compliant Finance than this organization.
It bears repeating here that the chairman of its Shariah Advisory Board is none other than the vicious Jihadist, Mufti Mohammed Taqi Usmani:
Usmani needs no introduction to regular readers of SFW, but we’ll give the Reader’s Digest, condensed version here.
We have covered these aspects extensively on SFW, but they are worth going into again. Here are some of the highlights of Usmani’s career that Dr. Alchaar and the AAOIFI decided weren’t important for investors to know about:
To be sure, Usmani is one of the most prolific Shariah scholars in the world of finance. He receives compensation from dozens of banks and investment firms, including Saudi American Bank, Citi Islamic Investment Bank, and Guidance Financial Group in the USA.
Before cashing in with the private sector, Usmani was a Shariah judge on the Supreme Court of Pakistan for 20 years.
Usmani is also a complete Jihadist.
In September 2001, Usmani was part of a small delegation of clerics known to be sympathetic to the Taliban in Afghanistan and travelled there to ostensibly convince Mullah Omar, the leader of the Taliban, to turn over Osama Bin Laden to the United States. Information leaked later by some of the clerics present at the meeting indicates that the delegation may have, in fact, tried to stiffen the Taliban’s will to resist.
Usmani is a prolific writer in Urdu, Arabic and English, having published dozens of books and countless articles.
Among his books available in English is a vitriolic attack on Christianity called “What is Christianity” and a broadside against the West and modernity called “Islam and Modernism.”
Here is one particularly revealing quote from “Islam and Modernism:”
“Killing is to continue until the unbelievers pay jizyah (subjugation tax) after they are humbled or overpowered.”
Usmani is well-known for his uncompromising views on the mandatory nature of conducting offensive jihad against non-Muslims “in order to establish the supremacy of Islam” worldwide.
Usmani also complained bitterly at the lack of martyrs to combat American forces in Iraq:
“No one is found having any desire of Shahadah (martyrdom). How many mothers are there who want to sacrifice their sons for the cause of Islam? How many sisters are there who want to say goodbye to their brothers departing to wage jihad against non-believers?”
Usmani referred to Americans in Iraq as “stinking atheists” and “the worst ever butchers and vultures of the world”who are “clawing off the flesh of bodies of innocent Iraqi Muslims.”
According to what Usmani has said and written, aggressive jihad against unbelievers is an Islamic obligation and, as such, does not need any justification.
“For a non-Muslim state to have more pomp and glory than a Muslim state itself is an obstacle, therefore to shatter this grandeur is among the greater objectives of jihad.”
For Taqi Usmani, offensive jihad can be postponed for a time only in cases when the Muslims in question are not strong enough to battle or otherwise challenge the infidels. And so, he advises the Muslims to live peacefully in countries like Britain, for instance, but only until they gain enough power to carry out jihad.
Under Pakistani dictator General Zia al-Haq (1977-1988), himself a zealous advocate of Shariah, Usmani played a key role in the introduction of the Shariah-based punishment code known as the Huddud Ordinance, as well as blasphemy laws and other Shariah injunctions, to the huge detriment of Pakistani justice and civil liberties.
This man, Mufti Taqi Usmani, will now be, at least temporarily, the chief watchdog of the Shariah-Compliant Finance industry.