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Showing posts with label Sharia Banking. Show all posts
Showing posts with label Sharia Banking. Show all posts

Monday, April 6, 2009

Does AIG Bailout Violate Establishment Clause?

From OneNewsNow
By Chad Groening

A law firm that defends and promotes Christian heritage and moral values has responded to a U.S. Justice Department request to dismiss its lawsuit challenging the government's American International Group (AIG) bailout on the basis that it violates the Establishment Clause.

Islam crescent questionAs reported by OneNewsNow, in December the Thomas More Law Center filed a constitutional challenge to that portion of the "Emergency Economic Stabilization Act of 2008" that appropriated $40 billion in taxpayer money to fund and financially support the federal government's majority ownership in AIG. Spokesman Brian Rooney says his firm filed suit because AIG has a board that supervises insurance policies for Islamic customers so they will comply with Sharia law. That, says Rooney, violates the Establishment Clause.

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Wednesday, December 17, 2008

Lawsuit Filed Against Treasury Dept: Stop AIG Bailout Financing Terrorism

From The Thomas More Law Center

A federal lawsuit was filed this morning against U.S. Treasury Secretary Henry M. Paulson, Jr. and the Federal Reserve Board to stop all bailout funds from going to American International Group, Inc. (“AIG”). According to the lawsuit, the U.S. government, through its ownership of AIG, is not only violating the Constitution, but also promoting and financing the destruction of America using American tax dollars.

The basis of the lawsuit is that AIG intentionally promotes Shariah-compliant businesses and insurance products, which by necessity must comply with the 1200 year old body of Islamic canon law based on the Quran, which demands the conversion, subjugation, or destruction of the infidel West, including the United States. To help achieve these objectives and with the aid of federal tax dollars, AIG employs a three-person Shariah Advisory Board, with members from Saudi Arabia, Bahrain, and Pakistan. According to AIG, the role of its Shariah authority “is to review operations, supervise its development of Islamic products, and determine Shariah compliance of these products and investments.”

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Monday, February 18, 2008

Archbishop Vindicated. British Government Prepared to Say Yes to Sharia Law

From The Brussells Journal

Britain is to become the first Western nation to issue bonds approved by Muslim clerics in line with sharia law, which bans conventional loans involving interest payments as "sinful". The scheme would mark one of the most significant economic advances of sharia law in the non-Muslim world.

It will lead to the ownership of Government buildings and other assets currently belonging to British taxpayers being switched wholesale to wealthy Middle-Eastern businessmen and banks. The Government sees sharia-compliant bonds as a way of tapping Middle-East money and building bridges with the Muslim community.

But critics say the scheme would waste money and could undermine Britain's financial and legal systems. […] Other Western nations have been reluctant to issue Islamic bonds. In the United States the bonds are banned partly as a result of claims that the money could be linked to terrorism. […]

However, The Mail on Sunday has established that Chancellor Alistair Darling is ready to give the go-ahead to sharia-compliant bonds – known as "sukuk", an early Arabic form of cheque. Treasury officials have been working behind the scenes for months on the plan. […] Treasury officials say the aim is to attract big investors as well as making it easier for British Muslims to invest in National Savings products at banks and post offices. The Government has already backed Islamic car loans and mortgages.

Thursday, November 29, 2007

London Welcomes Sharia Banking

By The Brussels Journal
Created 2007-11-29 16:17

The FSA, the UK financial services regulator, has encouraged this growth [of Sharia banking] by providing an open and flexible regulatory environment, which accommodates both Islamic and non-Islamic financial institutions. It is the first European regulator to authorise a wholly Islamic bank. Other Islamic financial institutions have since been authorised. […]

FSA Chairman, Callum McCarthy, said: “Islamic finance is a fast growing force in the world economy and the FSA’s open and principle-based approach to regulation offers the right environment for it to flourish in the UK. There is huge potential for an expansion of Islamic offerings in the UK’s financial markets, which will in turn boost London’s position as an international financial centre.“We believe in a ‘no obstacles, no special favours’ approach when authorising new financial institutions and welcome the development of this market as it provides certain UK consumers with financial products that are in line with their beliefs.”