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"Banks are helping sharia make a back-door entrance"

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By Michelle Malkin  •  January 25, 2008 11:23 AM

Tarek Fatah warns Canadians about sharia creep in the banking system–an issue raised here during the Dubai ports debacle.

Fatah:

It seems only yesterday that Premier Dalton McGuinty declared: “There will be no sharia law in Ontario.” Many of us, who witnessed the medieval nature of manmade sharia laws in our countries of birth, heaved a sigh of relief back in September of 2005. We thought this was the end of the attempt by Islamists to sneak sharia into a Western jurisdiction. We were wrong.

The campaign to introduce sharia is back. Last time, the campaign took a populist approach, invoking multiculturalism. This time, the pro-sharia lobby is dangling the carrot of new niche markets and has the backing of Canada’s major banks. Such icons of the corporate world as Citibank NA, HSBC Holdings PLC, and Barclays PLC have endorsed sharia banking and have started offering Islamic financing products to a vulnerable Muslim population…

…Dozens of Islamic scholars and imams now serve on sharia boards of the banking industry. Moreover, a new industry of Islamic banking conferences and forums has emerged, permitting hundreds of sharia scholars to mix and mingle with bankers and economists at financial centres around the globe. In the words of Mr. Saleem, who attended many such meetings, they gather “to hear each other praise each other for all the innovations they are making.” He gives examples of how sharia scholars only care for the money they get from banks, willing to rubberstamp any deal where interest is masked.

No sooner had CMHC announced its plans to study sharia-compliant mortgages, than an imam from Montreal’s Noor Al Islam mosque offered his services to Canada’s banks, claiming Muslims are averse to conventional mortgages because “it goes against their beliefs,” a claim that would not withstand the slightest scrutiny.

Other academics who have studied the phenomenon have reached similar conclusions. Two New Zealand business professors, Beng Soon Chong and Ming-Hua Liu of Auckland University, in an October, 2007, study on the growth of Islamic banking in Malaysia, wrote: “Only a negligible portion of Islamic bank financing is strictly ‘profit-and-loss sharing’ based. … Our study, however, provides new evidence, which shows that, in practice, Islamic deposits are not interest-free.” They concluded that the rapid growth in Islamic banking was “largely driven by the Islamic resurgence worldwide.”

And coming to America, too.

Flashback 2006: Muslim-only banks?
Flashback: Debbie Schlussel – Myths & Facts About the Islamic Bank

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Categories: Sharia