The Bible warns that,
“… the love of money is the root of all
sorts of evil”
(1 Ti. 6:10)
So, just when you think you have just about seen
it all, something even more shocking turns up. Like this…
Either global bankers are seducing Islamic dictators, or vice versa.
they are seducing each other at the same time, the result will be the same:
Islamic/Shari’a banking is coming to the United States and other western
nations, thanks to global banks such as Citigroup, HSBC, Deutsche Bank,
Morgan Stanley and Goldman Sachs.
With Great Britain now pledging to become the Islamic banking center of the
world, the stampede by all global banks to enter the world of Islamic
banking is well underway.
Western banking met Islam many decades ago, but only began to sleep with her
a few years ago. Since then, it is has become a wanton and open affair.
The implications for the west, and especially for the United States, are
staggering. Because all Islamic banking products must be created and offered
according to strict Shari’a law, global banks are doing for Islam what it
could never do on its own: give legitimacy to Shari’a and infiltrate it into
the fabric of western society.
What is Islamic
Simply put, “Islamic banking and finance” creates, sells and services
products that are in strict accordance with Shari’a. In the Islamic culture,
it is referred to as “Shari’a finance” and covers the practices of banking,
investment, bonds, loans, brokerage, etc.
To insure Shari’a compliance, banks must hire Shari’a scholars to review and
approve each product and practice as “halal”, the Muslim equivalent of
kosher in Judaism. Because there is a shortage of such scholars, there is
competition between banks to find the best expert to sit on their boards of
directors. This provides the highest legitimacy to each ruling because it is
made at the director rather management level.
It should be noted that most of these scholars are from the school of
radical Wahhabi/Salafi Shari’a in Saudi Arabia and elsewhere, holding views
diametrically opposed to the basic values of Western civilization.
Shari’a finance has many differences from orthodox banking: Notably, it
cannot charge interest (usury) and it calls for alms giving (zakat). It also
calls for avoidance of excessive risk and may not be associated in any way
with gambling, drinking alcohol, eating pork, etc.
Zakat demands a tithe of 2.5 percent of revenue be donated to Islamic
charity. If western banks follow this rule, their contributions will be
staggering. It is certain that a portion of this money will end up in the
hands of radical Muslims who are sworn to destroy the U.S. and replace its
government with Shari’a law.
Shari’a finance is a recent phenomenon. There were very few Islamic banks
prior to 1980.
However, with the Khomeini revolution in Iran in
1979, Shari’a was summarily imposed throughout Iran and Shari’a finance took
The dark side of
Shari’a is the legal and judicial system of Islam that is brutally imposed
on many Islamic countries in the middle east. It is the specific embodiment
of the totalitarian ideology practiced by the Taliban, Iranian Mullahs and
Shari’a is perpetuated by claiming to have its roots in the Koran, but in
fact it is mostly the product of rulings and dictates made by Islamic
scholars and caliphs over several centuries.
Preparing for Stoning
For non-Muslims, Shari’a is best known for its
medieval, harsh brutality. Many rulings handed down by Shari’a courts have
shocked the western world, for instance:
The December, 2007 “teddy bear” case in
Sudan, where a British teacher was sentenced to 40 lashes and a year in
jail for allowing her students to name their teddy bear “Mohammad.”
Islamic mobs demonstrated in the streets and called for her execution.
The November, 2007 case where a 19 year old
gang-rape victim in Saudi Arabia received a sentence of 200 lashes for
riding in the car with her rapists.
In 2006, a 34 year-old mother was forcibly
raped and ultimately tried and convicted of adultery, and was ordered to
be stoned to death.
Shari’a demands total and unquestioned
Its subjects are told that Shari’a is given by
Allah and that whatever befalls them (good or bad) is Allah’s will. To
question a judgment under Shari’a (right or wrong) is to question Shari’a
itself and will only bring harsher punishment. If a person receives harsh
punishment for something they didn’t do, the rationale is that Allah could
and would have prevented it if that had been his will. This fatalistic and
deterministic approach allows Shari’a rulers to get away with virtually any
thing that enters their head.
To the average western mind, Shari’a is no more
than a medieval, barbaric code that somehow survived to the 21st century. It
flies in the face of western law, philosophy, Liberty and freedom.
However, it is the vehicle used to call for the
complete destruction of the west and in particular the United States of
America, which then will be replaced by Shari’a dictatorships.
How the banking rocket
At the behest of corporate trade moguls, numerous Free Trade Zones (FTZ’s)
were created throughout the Islamic world that were full of windfall
For instance, the Dubai International Financial Centre (DIFC),
is a 110 acre free trade zone that was founded in 2004 in Dubai, UAE.
the DIFC website, participants will enjoy,
"zero tax rate on income and profits, 100
per cent foreign ownership, no restrictions on foreign exchange or
capital/profit repatriation, operational support and business continuity
Not surprisingly, Morgan Stanley’s application
was one of the first approved by the Dubai Financial Services Authority to
operate within the DIFC.
The director-general of the DIFC Authority, Dr. Omar Bin Sulaiman,
welcomed Morgan Stanley by stating,
“This is a testimony to our status as an
international financial centre of repute. Morgan Stanley is a highly
reputed organization and to have them here at the DIFC is a vindication
of our strategy to create a world-class financial hub for the region.
The opportunity available within the region, along with the
state-of-the-art infrastructure and the international regulatory
framework of the DIFC, provides the ideal platform for institutions such
as Morgan Stanley to grow their business." [Emphasis added]
DIFC and similar Free Trade Zones are a banker’s
nirvana into which global bankers have rushed headlong to establish regional
And the payoff?
A chance to enter and then dominate the Islamic banking
industry. Such banking has over $1.5 trillion on the table today, and is
growing at a steady and explosive rate of over 15% per year.
Good old western
Understanding that Islamic banking is a very recent phenomenon is
underscored by the fact that its largest and most prestigious international
conference, World Islamic Banking Conference (WIBC) has met for a mere 14
years. The most recent meeting just concluded in Bahrain and attracted over
1,000 banking delegates from 35 countries.
Two years ago, the 12th annual WIBC (2005) conference kicked off with the
“Governor’s Table” session titled “Regulation & Business: Creating a
Banking & Finance to Thrive.” Panel member and speaker number two was
Dr. David Mullins, CEO of Vega Asset Management in New York.
Who is Mullins?
He is in the white-hot core of international
banking. Mullins was Vice Chairman and Governor of the Board of Governors of
the Federal Reserve System under Greenspan during George H.W. Bush’s
As governor, he represented the Fed at meetings
of the G-10 Governors, the
International Monetary Fund, the Organization for
Economic Cooperation and Development, and the
Bank for International
Settlements. Prior to that, he was the Assistant Secretary for Domestic
Finance at the U.S. Department of the Treasury.
The next topic at the Governor’s Table was “Industry in Transition: Trends &
Innovations for Islamic Financial Institutions in an Increasingly
Competitive Global Market,” where several speakers included Dr. Samuel L.
Hayes III, Jacob Schiff Professor of Investment Banking Emeritus
at Harvard Business School.
According to Hayes,
“The growing acceptance among Muslims of
Halal savings and investment products over the past decade has been
impressive. Consequently, a number of conventional Western financial
institutions have eagerly moved into this market as the array of
investment vehicles has broadened.”
The closed-door CEO Strategy Session was
centered around the McKinsey Competitiveness Report, developed in
conjunction with the WIBC by the very elite McKinsey & Company based in New
In fact, McKinsey & Company was listed as a “Strategic Partner” of
the WIBC, alongside of global accounting firm Ernst & Young and the
consummate global investment banker, Goldman Sachs. (Remember that in 2005,
Secretary of the Treasury Henry Paulson was CEO and Chairman of
Another key speaker was Dr. Robert Kaplan, Baker Foundation
Professor at the Harvard Business School and acclaimed author of many
management books like Balanced Scorecard and Strategy Maps.
In a pre-conference press release, Kaplan
“I look forward to presenting to Islamic
banking leaders the latest ideas on strategy execution that delivers
performance breakthroughs. I will present how successful organizations
have built strategy maps around a common value proposition,
communicated to and motivated the workforce, and installed a new Office
of Strategy Management to sustain strategy execution.”
More recently, on December 6, 2007, the general
manager of the
Bank for International Settlements,
Malcolm Knight, addressed the
Islamic Financial Services Board Forum in
“Clearly, there is expanding demand for
these products, and a closely associated desire on the part of banks,
including non-Islamic banks, to provide Islamic financial services… The
broadening appeal of Islamic finance is also evident in the move by
large international banks and other private sector financial
institutions to provide Islamic financial services.”
Mullins, Hayes, Kaplan, McKinsey, Goldman Sachs,
Ernst & Young, Bank for International Settlements? Do you see the pattern?
The west is giving away the know-how, with gusto, to enable Shari’a
banking and guarantee its success throughout the world. And to what ends?
For one, Britain’s PM Gordon Brown has pointedly stated that he
intends to make London the Islamic finance capital of the world. Further, he
pledged that in 2008 the British government will issue its own “sukuk”, or
Shari’a compliant bonds. Yes, government debt issued as Shari’a
At the June 13, 2006 Islamic Finance Trade Conference in London,
"Today British banks are pioneering Islamic
banking - London now has more banks supplying services under Islamic
principles than any other Western financial centre."
Brown’s statements can only be taken as a
challenge by the New York banking establishment to beat him to the finish
line. It doesn’t matter who wins this race because the result will be the
Shari’a banking is quickly encircling the
globe and forcing a de facto acceptance of Shari’a law.
International bankers have long ago proven themselves to be completely
amoral when it comes to money.
They bankrolled the Bolshevik Revolution
in 1918 just as blithely as
they bankrolled Hitler in the 1930’s.
Fortunately for us, neither succeeded in conquering the world.
With Islam, odds of its succeeding are radically different.
To start with, there are already 1.6
billion Muslims in the world, and it is the fastest growing religion
Secondly, the spread of Islam is richly
financed by the oil that is extracted from mid-eastern countries.
Thirdly, Islam has already infiltrated
most of the west, especially in Europe.
And now, Islam has behind it the combined
support and encouragement of the entire global banking community.
The unholy alliance between Islam and global banking may be the final leg on
the age-old quest for global domination. Don’t be surprised at the silence
of the global elite the next time you hear Islamist mobs chant “Death to
America” – their goals are now intertwined.
Video Center, Islam/Shari'a on
The August Review