Regular readers of SFW know of the concerns over zakat, a form of tithing in Islam that is at least partially authorized–and in some cases mandated–to go to those waging jihad for allah. Our latest essay on this subject can be found here:
Obviously, this only tells half the story.
The other side of the concern here is the connection between zakat and Shariah-compliant finance and/or Shariah banking.
The essay linked below about the zakat system in Malaysia makes the connection for us. It is buried deep in the article, but it can be found.
The essay speaks to the zakat obligations of Muslim depositors and then mentions in passing that some banks pay the zakat on behalf of the depositor, absolving them of the obligation on those savings…
If the bank has paid zakat on behalf of the depositor, he need not pay any further. This service is available at Lembaga Tabung Haji and Bank Islam.
This is clear evidence that Shariah-compliant financial institutions are involved directly in zakat payments, which we know often partially go to supporting jihad.
Why is Wall Street not more worried about this?