News item: On Sunday, Arab News reported, “The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis, Robert M. Kimmitt, US deputy secretary of the Treasury, said at a press conference held at the US Embassy here yesterday.” The newspaper went on to note that “[Kimmitt] said that experts in the US Treasury Department are currently learning the important features of Islamic banking.”
As it happens, for the better part of a year, we at the Center for Security Policy have spent a fair amount of time trying to teach U.S. Treasury Department and other government “experts” about what is euphemistically called “Islamic banking,” but better known as Shariah-Compliant Finance (SCF). In meetings with Secretary Kimmitt and other top Treasury officials, my colleagues and I have presented them with all they really need to know about the “important features” of this growth industry.
Specifically, we shared with them a detailed legal memorandum written by one of our experts – David Yerushalmi, an attorney specializing in securities law who is deeply knowledgeable about the comprehensive theo-political-legal code that authoritative Islam calls Shariah. Mr. Yerushalmi’s memo makes a compelling case that there is both civil liability and criminal exposure associated with SCF.
This is so because, at its core, Shariah is sedition: It explicitly espouses the violent overthrow of all secular governments and constitutions – including those of the United States – in favor of a global Islamic theocracy. The Yerushalmi memo makes clear that Shariah advisors – who play a central role in this industry as it falls to them to determine whether transactions are Shariah-compliant or not – and/or the companies that employ them appear to be involved in one or more of the following: racketeering, anti-trust violations, consumer and securities fraud or material support for terror.
Frank Gaffney Jr. is the founder and president of the Center for Security Policy and author of War Footing: 10 Steps America Must Take to Prevail in the War for the Free World .
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