From FrontPage Magazine:
Sharia Showdown on Wall Street
By Paul Sperry
Sheik Muhammad Taqi Usmani has been a rock star of the Islamic finance world, sitting on the sharia supervisory boards of no fewer than a dozen Islamic banks and financial institutions worldwide.
For nearly a decade, the mufti also has advised the Dow Jones Islamic Market Index, which licenses more than 25 stock funds that comply with Islamic laws forbidding certain Western-style investments. The venerable Dow Jones & Co. first retained him in 1999.
Usmani’s name is now missing from the Dow Jones website, where it had previously been prominently displayed. His bio and photo suddenly vanished without explanation.
Meanwhile, all references to Dow Jones disappeared from the website of the North American Islamic Trust, or NAIT, which runs a sharia-compliant mutual fund out of Burr Ridge, Ill.
For years the fund had been called the Dow Jones Islamic Fund. Dow had lent NAIT its good name under a licensing agreement.
But recently the trust felt compelled to rename its lead portfolio the “Iman Fund,” and amend several pages in its prospectus to remove all references to Dow Jones, as well as Usmani. Again, no explanation was offered.
What’s behind the mystery? It’s all been very hush-hush, but according to a high-level document I’ve obtained, along with interviews with company insiders, Dow Jones recently terminated NAIT’s license and dumped Usmani to protect its brand. The company, now under new management, no longer wants to be associated with either of them, especially after they received a spate of bad publicity this year.
Articles published on this webzine — as well as in the National Review, Investor’s Business Daily and the Washington Times, among other media — have called attention to Usmani’s fatwahs demanding that Muslims living in the West conduct or support violent jihad against infidels at every opportunity.
“Killing is to continue until the unbelievers pay jizyah (subjugation tax) after they are humbled or overpowered,” the radical Pakistani cleric wrote in his book, “Islam and Modernism,” which in 2006 was translated from his native Urdu into English.
Usmani advocates spreading sharia law in America and the West — the barbaric legal code that not only justifies holy war, but the stonings, floggings, amputations and even beheadings for petty crimes seen in Muslim nations such as Saudi Arabia, Iran and Sudan.
The aim of Muslims, he wrote, is to “take out people from the rule of people and put them under the rule of Allah.”
You can be sure Usmani will make a case as being a victim of criminal Islamophobia. About his obvious Infidel-a-Phobia, however, no one will say a word! No doubt the multicultural crowd will claim that the capitalist Dow Jone has overreacted and will urge us all to be more understanding. At any moment I expect to see a statement from CAIR (although they seem to have their own little problem right now), and the various Muslim associations in the US, condemning Dow Jones move. While you are expecting the usual reactions… don’t hold your breath waiting for the UN Human Rights Council to condemn Infidel-a-Phobia, or to declare it a crime like they did in the case Islamophobia.
More, Usmani has run a Pakistani madrassa that’s trained thousands of Taliban, according to the Washington-based Center for Security Policy.
Usmani is no longer employed by Dow Jones, which says it only recently learned of such “allegations.”
NAIT, which until a few months ago managed a $40 million Dow Jones portfolio, also has come under fire.
Allegedly, the trust is a Saudi-tied front for the pro-jihad Muslim Brotherhood that holds title to some of the most radical mosques in America.
The Justice Department last year named NAIT an unindicted co-conspirator in a terror money-laundering scheme to funnel more than $12 million to Hamas suicide bombers and their families under the guise of charity.
Dow has since revoked NAIT’s license.
No doubt some of the money Usmani has used to train his Taliban pupils has come from his Dow Jones earnings… Doesn’t anybody at Dow Jones bother to do background checks on their “experts” or on the organizations they license their brand to ?!?!?!? Why did Dow Jones have to wait 2 years before severing ties with this illustrious sharia investment expert and only did so under its new management? Is the chase for the almighty buck that more important than the long term survival of the west?
[...]
Indeed, sharia-compliant funds offer little transparency. They disclose neither the radical ties of the scholars who are advising and running them, nor the subversive tenets that dictate the structuring of the investments.
The prospectuses merely state the investments are “ethical” or “socially acceptable,” when in fact they’re grounded in a religious doctrine that threatens America and the West.
Lost in Wall Street’s scramble to grab management and other fees from these Islamic-compliant funds, which are growing fast thanks to Arab petrodollars, is that the funds must “purify” their returns by transferring at least 3% into Islamic charities, many of which funnel funds to terrorists.
So, the American financial community may unwittingly be helping our sworn enemy.Indeed, sharia-compliant funds offer little transparency. They disclose neither the radical ties of the scholars who are advising and running them, nor the subversive tenets that dictate the structuring of the investments.
The prospectuses merely state the investments are “ethical” or “socially acceptable,” when in fact they’re grounded in a religious doctrine that threatens America and the West.
Lost in Wall Street’s scramble to grab management and other fees from these Islamic-compliant funds, which are growing fast thanks to Arab petrodollars, is that the funds must “purify” their returns by transferring at least 3% into Islamic charities, many of which funnel funds to terrorists.
So, the American financial community may unwittingly be helping our sworn enemy.
Heeyy! If it makes a little money why knock it riiiight? Can somebody at Dow Jones explain that to the families of the 9/11 victims or the families of those fallen in Afghanistan?!?!?
Indeed, sharia-compliant funds offer little transparency. They disclose neither the radical ties of the scholars who are advising and running them, nor the subversive tenets that dictate the structuring of the investments.
The prospectuses merely state the investments are “ethical” or “socially acceptable,” when in fact they’re grounded in a religious doctrine that threatens America and the West.
Lost in Wall Street’s scramble to grab management and other fees from these Islamic-compliant funds, which are growing fast thanks to Arab petrodollars, is that the funds must “purify” their returns by transferring at least 3% into Islamic charities, many of which funnel funds to terrorists.
So, the American financial community may unwittingly be helping our sworn enemy.
Indeed, sharia-compliant funds offer little transparency. They disclose neither the radical ties of the scholars who are advising and running them, nor the subversive tenets that dictate the structuring of the investments. But, but, doesn’t that violate American investment rules, gentle reader? Sharia funds do not need to offer any transparency, after all, we are told they are the will of Allah! What are human made rules when compared to Allah’s will? Any of you infidels has a problem with that?
Dow Jones’ dumping of one of its top sharia advisers and licensees is a welcome setback to the burgeoning sharia-finance industry in America, which forbids investments in key businesses that drive our economy, including financial services, entertainment and aerospace-defense, as well as alcohol, tobacco and pork-related products.
It’s also a serious blow to the credibility of one of the world’s leading sharia-finance authorities, as well as that of America’s largest mosque landlord.
But the case merely points up the unknown risks associated with Islamic finance.
What other sharia advisers are closet jihadists lusting after the blood of infidels? What other Islamic investment funds may be steering money to terrorists with the imprimatur of one of Wall Street’s most respected institutions?
Indeed, what other sharia advisers are closet jihadists lusting after the blood of infidels? What other Islamic investment funds may be steering money to terrorists with the imprimatur of one of Wall Street’s most respected institutions? After all whatever it takes is allowed in the fight against the infidel, even taqyia - lies, disinformation even the Prophet (PBUH!) practiced it. Read the Quran! Above let’s not forget the real goal… as Sheik Usmani wrote in his book Islam and Modernism, “Killing is to continue until the unbelievers pay jizyah (subjugation tax) after they are humbled or overpowered,”
I just hope the multicultural crowd is OK with that…
Chaim
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Crossposted at: Freedom's Cost
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