Here we go again: Financial Times continues spread of the myth of “ethical” Shariah Finance
The financial jihadists have many enablers and useful idiots in the West who help them with their dawa’h mission to spread Shariah through economic imperialism.
One surfaced today in the Financial Times.
Like many in the financial media, the Financial Times has acted more like a cheerleader for Shariah Finance than as a responsible journalistic organization. There latest article on the subject (linked below) serves as more proof.
FT perpetuates the myth of Shariah Finance as “ethical” with this latest article, entitled “Islamic finance: Notion of stewardship imbues business ethics.”
The “notion” of Shariah Finance as “ethical” is certainly nothing new. In fact, Sheikh Youssef DeLorenzo, America’s foremost Shariah Finance scholar, has himself floated the idea of omitting references to “Shariah” and replacing them with “ethical” in investment literature and documents in non-Islamic countries.
This in and of itself is of course unethical, since investors have a right to know what doctrines and personnel govern their investment monies.
Then there is the whole problem of these Shariah scholars who control the industry, men who cannot be described as ethical in Western terms:
There is the Muslim Brotherhood’s Sheikh Youssef al Qaradawi, who has been banned from traveling to the UK and the USA for his ties to “extremism.” Then there is Mufti Taqi Usmani, the former Pakistan supreme court justice, who has called on Muslims to rise up in Jihad against the West as soon as they are strong enough to do so.
Swinging back to the financial world, how does FT explain the rash of defaults on sukuk (Islamic bonds) in the 2008-2009 period, which left creditors holding the bag, after having been assured that their “ethical” Islamic bond arrangements were insulated from all the “gambling” and uncertainty characteristic of the Western financial system that the financial jihadists so frequently criticize?
Finally, there is the 800-lb gorilla in the room. The largest Shariah-compliant financial institutions in the world are Iranian-state-owned banks, like Bank Melli (#1), Bank Saderat (#2), Bank Mellat (#5), Bank Tejarat (#8), and Bank Sepah (#11). These banks are under US and EU sanctions for their activities in support of jihadist terrorism and Iran’s nuclear and ballistic missile programs.
Exactly how do those Shariah banks fit into the Financial Times’ Shariah as ethical meme?