the dissident frogman

Article copy

Tragically, in the process of leaping out of the scalding subprime frying pan, Wall Street is heading directly into a fire that promises, if anything, to be more devastating than the present disaster. Incredibly, it bears all the hallmarks of subprime with respect to a lack of transparency, a systematic failure to disclose and an utter absence of due diligence, good governance and accountability. The next "what" is called Shariah-Compliant Finance (SCF). (...) Like subprime, it is a black box, in which management and investors alike are told to trust in the experts. In this case, the experts are Shariah authorities who are accorded exclusive responsibility for determining whether investments are "pure" (halal) and therefore acceptable, or "impure" (haram) and not. (...)

[...] these authorities are, unsurprisingly, adherents to Shariah. A number of them explicitly embrace its call to jihad (including a former senior member of the Dow Jones Islamic Index, Sheik Taqi Usmani). This "holy war" is to be waged where possible through violent means, where necessary through "soft" means like Shariah-Compliant Finance. For this reason, such Islamists call SCF "financial jihad."

(...)

David Yerushalmi, a litigator specializing in securities law and an expert on Shariah, produced a riveting legal memorandum (...) examining the civil and criminal exposure inherent in Shariah-Compliant Finance [Acrobat PDF — DF]. His conclusion: banks and investment houses offering SCF products may be enabling or engaging in the following: racketeering, antitrust activity, securities fraud, consumer fraud and/or material support for terror.

What makes Shariah-Compliant Finance even more dangerous than subprime is that, in its effort to legitimize and institutionalize Shariah in America, it is advancing a criminal conspiracy whose purpose is the violent overthrow of the United States Constitution and government in favor of Islamic rule. That would make it sedition.