3 Shariah Finance: Securities Fraud?

Joy Brighton, MBA, Shariah Islamic Banking specialist, and ACT! for America Fellow, describes two US Lawsuits which expose the dangers of Shariah Finance. A Philadelphia lawsuit alleges that Middle East Shariah banks sent charity dollars to Al-Qaeda which paid for Sept 11th attacks. Another lawsuit against our US TSY alleges that taxpayer bail out money to AIG was used to create an Anti-American Shariah Insurance business, and violates

Hi i’m joy brighton columbia mba and former wall street trader the information presented here has been compiled by an international team of counter-terrorism national security and sharia law experts as well as human rights activists both muslim and non-muslim the formal concept of a sharia banking system was created in the 1970s by members of the muslim brotherhood

A radical islamic network which operates in 70 countries today the muslim brotherhood links together the taliban al-qaeda ahmadinejad and osama bin laden the glue that holds these groups together is sharia law why do these terrorist groups care about banking in the worth of dr zhudi jasser the president of the american islamic forum for democracy make no mistake

So-called sharia compliant financing is neither about religion nor about god sharia compliant finance only empowers muslim sharia law leaders whose real long-term vision is to impose sharia law on the world and recreate an islamic empire these leaders want to overpower capital free markets and create their version of an islamic economy bankers and business leaders

Are being duped ceos of citibank ubs aig hsbc dow jones mastercard and visa are buying into the false claim that sharia is a harmless religious law of islam without doing what seems to be the smallest amount of independent research american corporate pension funds are being told that sharia investments are interest-free as the quran requires socially acceptable

Ethical and a good way to diversify their portfolios first cherie investments are not interest-free nor are they less risky than traditional investments here’s a diagram which shows how a simple western bond is turned into a sharia bond you can see that interest is simply relabeled as rent or lease payments as money gets transferred from place to place this is

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Perfectly legal what you’re looking at is an investment called a derivative derivatives are risky for the same reason you’ve already figured out they’re very complicated banks and others are receiving 850 billion dollars of bailout taxpayer money why because citibank aig goldman sachs and others collectively owned trillions of dollars of these kinds of derivatives

They created them during the subprime mortgage boom and the prices of these risky derivatives went bust now look at the 2008 investment returns for sharia versus non-sharia investments the dow jones industrials were down nearly 32 percent and the dow jones islamic market of industrials were down nearly 39 percent sharia investments are not low risk nor are they

Truly interest-free next sharia investments are not socially acceptable just because some profits are donated to charity profits aren’t donated to just any charity they’re donated to sharia approved islamic charities here’s the definition of just one of the eight categories of sharia charity known as akat in arabic those fighting for allah meaning people engage

In islamic military operations for whom no salary has been allotted in the army or volunteers for jihad without remuneration they are given enough to suffice them for the operation even if affluent so according to sharia law feeding and clothing jihadis is a charitable cause this explains why 27 islamic charities have been designated by the u.s government as

Sponsors of terror the most recent offender the holy land foundation a texas based islamic charity shut down in november of 2008. take another look at that derivative do you notice the top circle collecting charity how much money might be going to these charities the oasis fleming sharia fund reported in 2006 that approximately six percent of its profits were

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Being donated to charities there are over one trillion dollars of sharia investments managed by banks around the world today you do the math it’s very possible that billions of dollars each year are being donated by sharia banks to terror organizations finally islamic investments are not ethical because there’s more to an islamic investment than just a ban on

Alcohol or gambling here’s a prospectus for the hsbc amana sharia mutual trust which says what this fund can and can’t invest in some of the businesses not permitted are liquor wine casinos pornography insurance gambling pork processing and interest-based banks or finance associations that’s some of the businesses what may have been left off this list well

Here are industries and products that are banned in a pure sharia islamic economy western music selected books film radio and television financing of christian jewish buddhist hindu sikh or any non-islamic house of worship publication of bibles or religious books for any faith except islam leadership education programs for women health and welfare services

For homosexuals investment in western defense birth control and contraceptives non-islamic products and services and transportation companies that ship any of these banned products it’s important to note that sharia imams hired by banks like citibank and hsbc can add to this list at their discretion what investment is absolutely permitted under sharia law oil

Our research shows that sharia mutual funds are more invested in overseas oil companies than traditional mutual funds shuri investments are not interest-free they are not socially acceptable and they are not ethical how can u.s companies legally describe it this way this is not just a question of false advertising this is a question of national security because

While americans are learning that sharia investments are all good al qaeda released a video in february 2009 saying that western capitalism must be replaced with sharia banking and an islamic economy here is a conference calling for the fall of capitalism and the rise of islam this must be happening in saudi arabia or dubai right wrong this conference took place

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On july 17th just outside chicago at the oak lawn hilton hotel and was held by a group called hizbu terrier his boot terrier is a global jihadist organization with one million members operating in 40 countries his bhutaria has been named as an illegal terror group in syria libya and saudi arabia but not in america how can this be now look how hezbou terrier

Advertised the same conference in malaysia with the statue of liberty with her head cut off this organization is calling for the overthrow of our government by replacing capitalism with sharia finance why are islamic terror groups so focused on replacing capitalism with sharia finance what’s the connection why are all the facts in this video not disclosed on

Bank websites and marketing materials where is the sec and the us treasury and why aren’t they enforcing existing u.s security laws which demand full disclosure if you’re concerned about what you’ve heard there is a way for you to take action and it’s simpler than you think a good place to start is to join act for america a grassroots lobby with nearly 60 000

Members and 300 chapters across the nation act for america is combating the growing threat of radical islam through education information action alerts citizen action and lobbying as you read emails from act for america you’ll learn more about creeping sharia in this country you’ll receive action alerts in which you can easily pick up the phone or send an email

Make your voice heard there’s power in numbers sign up for act for america.org today

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#3 Shariah Finance: Securities Fraud? By ACT for America