A European Central Bank Councilmember Asks Some Tough Questions About Islamic Finance
While not specifying all of the questions which need to be asked about Shariah finance, a member of the Governing Council of the European Central Bank has at least shown some skepticism about it.
Christian Noyer of France pointed out that “Islamic banks” pose risks to the financial system, many of them stemming from the role played by Shariah scholars.
While we’re not sure what Noyer was referring to, we would like to once again point out that two of the world’s most prominent Shariah scholars. Mufti Taqi Usmani and Sheikh Yusuf al-Qardawi, both of whom sit on several boards of Islamic financial institutions, are outright Jihadists with terrorist sympathies and ties to extremist groups. We think that having such men involved definitely poses risks.