Birmingham-based Islamic Bank of Britain has launched a new Sharia-compliant electronic International Money Transfer Service.
The service, the first of its kind, operates from the bank’s branch in Coventry Road, Small Heath.
The bank said it guaranteed all the funds would be handled and transferred in the proper manner.
The transfer service is aimed at bank customers who want to transfer money electronically from their IBB bank account to the bank account of a foreign beneficiary.
One can only hope that IBB has the proper methods in place and exercises the proper vigilance to prevent these transfers from involving money laundering and transfers to groups associated with Jihad.
We have to say, we are skeptical–not that IBB doesn’t conform to regulations on such matters, but rather that the regulatory environment currently in place is sufficient to police transfers of funds to entities in countries like Pakistan, Saudi Arabia, and elsewhere that are involved in Jihad.
There are so many ways that an Islamic entity can be involved in support of Jihad. So many “charities” have supported Jihad over the years and almost all the Jihadist terrorist organizations have divisions that perform public works that it is almost a house of mirrors that regulators are hopeless to navigate.
We cannot help be concerned when we see that electronic money transfers are now being modified to comply with Shariah. After all, Shariah commands that Muslims pay zakat and that a portion of that zakat go to supporting those who are waging violent Jihad…