HSBC is planning to add 1,000 staff members in its Personal Financial Services unit to support its growing Shariah-Compliant banking unit, Amanah.
HSBC Amanah is already the largest Shariah-Compliant Bank in the Western world and it came under a great deal of scrutiny when it was revealed that its then-chairman of its Global Shariah Supervisory Board, Mufti Taqi Usmani, was a Jihadist who endorsed violence against non-Muslims and likely had ties to the Taliban.
Mufti Usmani is no longer on HSBC Amanah’s Shariah Board, but, in a move of astonishing cynicism, HSBC merely replaced him with his son, Muhammad Imran Ashraf Usmani:
As regular SFW readers know, one of the chief concerns about Shariah-Compliant Finance is the system of Zakat which is inherent to it. Zakat is a form of obligatory tything in Islam in which 2.5% of net worth is required to be donated to the system of Zakat. The problem stems from the fact that, according to Shariah law, one of the eight destinations of Zakat is to “those fighting in the way of allah.” In fact, Sheikh Yusuf al-Qaradawi, the world’s foremost Sunni Shariah scholar, told the BBC back in 2006 that he disliked the term “donation” used to describe Zakat payments. He preferred “Jihad with Money” since Mohammed commanded Muslims to fight their enemies with their money as well as weaponry.
HSBC has bent over backwards to facilitate Zakat payments on their web site: