Fort Walton Beach Council agenda — 03-09-2010 Regular — reading text

promoting Shariah -compliant finance portray it as just another form of " socially responsible" or " ethical" investing. They fail to explain to investors what Shariah is, much less its intimate connection to Islamic fundamentalism and violent jihad against the non -Muslim world. The post -9/ 11 investor ( Muslim and non -Muslim alike) has a material interest in knowing if this so- called " socially responsible," 19 Shariah, Law and `Financial Jihad': How Should America Respond? ethical" investment serves to legitimate, reinforce and perhaps underwrite a doctrine of war against the United States. To the extent that SCF transactions generate revenue streams —notably, via zakat and /or " purification" —that migrate to Islamic " charities," investors are also entitled to know the true character of the recipients and the purpos- es to which such funds will be placed. It is highly relevant, for example, that the three largest Muslim charities in the United States ( i. e., the Holy Land Foundation, Benevolence International Foundation, and the Global Relief Foundation) have been shut down after the government determined they were funding terrorist organizations. Proliferation of SCF products in the United States U. S. financial institutions are increasingly introducing SCF counterparts to the traditional products they have on offer. For example, SCF bonds (sukuk), SCF mutual funds, SCF mortgages, SCF insurance, SCF hedge funds and SCF Real Estate Investment Trusts ( REITS) have recently been introduced or are expected to be launched in this country by the end of 2008. Sukuk are by far the most common, with total issuance aggregating $ 37. 7 billion in the 2007 third quarter —a growth of 110. 7 percent over the previous year. Seven years ago, the total yearly number was just $ 336 million. Some U. S. financial institutions, such as Merrill Lynch and Citibank, received large investments from sovereign wealth funds from Islamic countries following the sub -prime mortgage crisis. Significantly, at the same time these U. S. financial institutions were creating Shariah- compliant products. Key institutional drivers of this SCF market are: 1. specialized law firms such as King and Spalding, Patton Boggs, Gibson Dunn, and Gersten Savage; 2. Shariah consulting firms such as Shariah Capital; 3. Shariah Index Providers such as Dow Jones, HSBC, S & P and FTSE; 4. accounting firms, 5. software providers, and 6. global banking institutions such as Barclays, Merrill Lynch, UBS, Deutchebank, Morgan Stanley Capital, Citibank, UBS and Goldman Sachs. 20  Chapter 4: The Shariah Advisors hariah advisors are the key element in the infrastructure of Shariah- Compliant Finance ( SCF). Understanding the role of Shariah finance advisers is essential to understanding how SCF works.' The Shariah scholars employed as SCF advisors are not simply the peo- ple who enable Shariah -Compliant Financial transactions. In fact, they have de facto control over capital and credit flows associated with SCF. Interestingly, there are very few SCF advisors today, perhaps fewer than one hundred of them in the entire world. Of these, approximately two dozen are considered the " rock stars" of the industry— individuals who not only are recognized Shariah authorities but who read and speak English and have some knowledge of finance. Typically, each one of these preeminent advi- sors sits on between 20 and 25 Shariah boards, garnering substantial incomes. One of the " rock stars" can easily command $ 50,000 per year from each of the boards on which he sits. In this fashion, SCF financial institutions are underwriting —and, thereby, enabling —some of the worst Jihadists in the world. Very few of them have any credentials in economics or finance. Most have been educated in the madrassas and Shariah studies programs of Saudi Arabia, Pakistan, Malaysia or Egypt's Al Azhar University. Naturally, these SCF authorities are adherents to Shariah and, therefore, seek to transform America —and, indeed, the world —into an Islamic state. The following brief biographies of several of the most prominent SCF advisors underscore the folly of allowing such men to play a decisive role in Western financial markets. Sheikh Yusuf al-Qaradawi Sheikh Qaradawi is an Egyptian Islamic scholar and one of the most prominent Islamists of the past few decades. A well -known Muslim Brotherhood member, a television preacher and a theoretician of jihad, he is considered a top spiritual authority by most Sunni Islamist organizations and movements. He is particularly influential among Islamists in the Western world as chairman of the European Council on Fatwas and Research and the International Association of Muslim Scholars. Background Qaradawi was born September 9, 1926 in Egypt. He became a follower of Hassan al -Banna and also joined the Muslim Brotherhood in his youth, s Sources for Chapter 4 will be included with the whitepaper " Profiles of Shariah Advisors" by Alex Alexiev, to be released for publication August 2008 at http:// www c. enterforsecuritypolicy.org. 21 The Shariah Advisors and was arrested several times by Egyptian government authorities between 1949 and 1961 because of his activity in the Muslim Brotherhood. Qaradawi moved to Qatar in 1964 and has been residing there ever since. He was banned from the United States in 1999 and from the United Kingdom in 2008. Qaradawi' s religious education is extensive. He received his PhD. from Al Azhar University in Cairo in 1973. His dissertation was about "Zakat and its influence in the Solution of Social Problems." He attended the AI -Azhar Theological Seminary. He obtained the High Preliminary Study ( equivalent to MA degree from the department of the Sciences of Qur' an and Hadith at the Faculty of Theology) in 1960. Previously, he had received the ' Ijaza of teaching from the Faculty of Arabic language in 1954, attended AI -Azhar Institutes for his primary and secondary stages, and joined the Faculty of Theology and got the `Aliyya certificate ( equivalent to BA degree at present) in 1952 -53. His professional experience includes work as a Professor at the University of Qatar, as Shariah Faculty Teacher ( khatib) and Writer at AI -Awgaf and AI- Azhar, and as Grand Mufti of the United Arab Emirates ( UAE). Qaradawi' s affiliations with Islamist Organizations are often in leadership positions: Member —Muslim Brotherhood President —The European Council for Fatwa and Research ( ECFR), Dublin, Ireland. President —Union of Good ( an umbrella group of 56 Muslim charities accused of funding Hamas terrorism), Saudi Arabia Founder and President— IslamOnline. com ( perhaps the most popular Islamist web site on the Internet) Chairman ( in absentia) —Board of Trustees of Islamic American University Faculty member —Islamic American University ( IAU) Founder and president —International Association of Muslim Scholars IAMS), Dublin, Ireland Host— "Shariah and Life" television program, Al Jazeera Television, Qatar Trustee/ Teacher— Muslim American Society ( MAS), Trustee/ Teacher— Islamic Circle of North America ( ICNA) Board of Advisors —Institute for Islamic Political Thought in the UK Dean — Islamic Department at the Faculties of Shariah and Education in Qatar 22 Shariah, Law and `Financial Jihad': How Should America Respond? Chairman —Islamic Scientific Councils of Algerian Universities and Institutions Affiliations with Shariah Finance Chairman —Shariah Advisory board of Bank AI- Taqwa, a Nassau - Bahamas registered Islamic bank which was declared a designated terrorist entity by the US Department of the Treasury in 2001 and closed down. Chairman —Shariah Advisory Board, Qatar Islamic Bank Chairman —Shariah Advisory Board, Qatar International Islamic Bank Member —Shariah Advisory Board, First Islamic Investment Bank of Bahrain. Ideology and Views Sheikh Qaradawi has issued hundreds of fatwas and opinions known for their advocacy of Jihad and support of suicide bombing and terrorism. Below is just a small sampling of his views: On Terrorism If everyone who defends his land and dies defending his sacred symbols is considered a terrorist, then I wish to be at the forefront of the terrorists. And I pray to Allah if that is terrorism, then 0 Allah make me live as a terrorist, die as a terrorist, and be raised up with the terrorists." On Suicide Bombings /Martyrdom Palestinian suicide bombings] are not in any way included in the frame- work of prohibited terrorism, even if the victims include civilians because Israeli society is of a colonialist, occupational, racist and [ plundering] nature." Allah Almighty is just; through his infinite wisdom he has given the weak a weapon the strong do not have and that is their ability to turn their bodies into bombs as Palestinians do. [ Suicide bombings] are weapons to which the weak resort in order to upset the balance because the power- ful have all the weapons that the weak are denied." I support the Palestinian cause. I support the resistance and the jihad, I support Hamas, the Islamic Jihad, and Hezbollah. I oppose the peace that Israel and America wish to dictate. This peace is an illusion. I support the martyrdom operations." We must plant the love of death and the love of martyrdom in the Islamic Nation." 23 The Shariah Advisors On War in Iraq All of the Americans in Iraq are combatants, there is no difference between civilians and soldiers, and one should fight them, since the American civilians came to Iraq in order to serve the occupation. The abduction and killings of Americans in Iraq is a [ religious] obligation so as to cause them to leave Iraq immediately." On Israel It is the duty of every Muslim to support this resistance against the Israeli enemy." It is incumbent on Muslims, wherever they may be, to shoulder their responsibility of defending Jerusalem and AI -Agsa Mosque. This is an obligation for them all. They are to jointly defend it, offering in the process their lives, their money and all they possess, or else they will be subject to Allah' s punishment." You can say that what is happening in Palestine is done by Israel with the help of America, or by America with the help of Israel, and there is no difference between them ...What is happening in Iraq is serving Zionism and Israel. The first to benefit from all of it is Israel ... Look for Israel, look for the Zionism —all of it is behind these events. You will find their hidden fingers behind many of the events." On Financial Jihad I like to call it jihad with money, because God has ordered us to fight enemies with our lives and our money." On Women and Jihad Women' s participation in the martyrdom [ suicide] operations carried out in Palestine given the status of the land as an occupied territory, in addition to a lot of sacrilegious acts perpetrated by the Jews against the sanctuaries is one of the most praised acts of worship." Also, the act is a form of martyrdom for the cause of Allah, and it entitles them, inshallah, to the same reward earned by their male counter- parts who also die in the cause of Allah." He said Muslim jurists have unanimously agreed that when the enemy attacks part of the Muslim territories, jihad becomes the duty of every