By Christopher W. Holton
From time to time, we have pointed out attempts by the Shariah finance industry to portray themselves as somehow ethically superior to conventional finance.
We have also pointed out that this supposition is patently false.
We have pointed out that the largest Shariah-compliant banks in the world are Iranian state-owned banks that have been targeted by international sanctions for their activities facilitating Iran’s support for Jihadist terrorism and proliferation of weapons of mass destruction and ballistic missiles.
We have covered the see of red ink that emanated from defaults on Islamic Shariah-compliant bonds (sukuk).
We have covered the militant, hateful activities and statements from some of the world’s most prominent Shariah advisors, such as Sheikh Yusuf al Qaradawi and Mufti Taqi Usmani.
We fully expect the Shariah finance industry to spew forth with propaganda.
What we did not expect is that the US government, in the form of the taxpayer-supported Voice of America (VOA) to parrot that propaganda. But that’s what is happening right now.
A stream of major bank scandals has increased interest in “ethical finance,” which could benefit the Islamic banking sector.
Supporters argue the growing area of Islamic finance is more ethical because banks and businesses must undergo scrutiny to make sure they’re sharia-compliant.