March 13, 2009
From Rep. Sue Myrick
Shariah-compliant finance (SCF) is increasingly being pushed as a viable way for our financial system to overcome its current problems. According to a recent Finanical Times article, Islamic banks are being encouraged by leaders to participate in "missionary work" in the West as a way to promote Shariah finance.
Insurance giant AIG received $153 billion in tax-payer dollars from the financial rescue package in September, and yet it continues to offer Shariah-compliant products. In December Rep. Myrick and Rep. Frank Wolf sent a letter to the company warning them that Shariah-backed funds can easily end up financing terrorism.
SCF requires business/banks who are engaged in Shariah transactions to contribute Zakat, or a 2.5% donation to Muslim charity. While this sounds good, al-Qaeda was able to receive between $300 and $500 million from Zakat contributors who used a web of charities and front companies to funnel money through Islamic banks. We have also seen this in the US as Zakat was sent to the Holy Land Foundation, which was convicted by a federal court for sending the funds to Hamas.
SCF is the antithesis to capitalism by prohibiting interest transactions, such as ATM fees or mortgage fees. It prohibits uncertainty and speculation, such as futures trading. It is also forbidden to invest or trade with businesses involved in commodities such as alcohol, pork products, and anything Shariah "scholars" deem "haram," or forbidden. Is this the direction we want to see our financial system to go?
Keeping Tax Dollars Out of Terrorist Hands
Last week, Rep. Myrick joined with Rep. Steve Rothman and Rep. Mark Steven Kirk in a press conference to call on the United Nations Relief and Works Agency for Palestinian Refugees to increase its accountability and transparency.
The US is the largest contributor to this UN organization, yet it refuses a public audit of its financial history. Ever more troubling is that the group openly trains and employs Hamas leaders, the Palestinian terrorist group. Under the 1961 U.S. Foreign Assistance Act, US funds cannot support terrorism.
Click to hear Rep. Myrick's comments on the transparency of UNRWA
Terrorists Wear 9/11 as a "badge of honor":
In recently declassified documents, the Guantanamo Bay detainees accused of organizing the 9/11 attacks wear the accusations of their involvement as "badges of honor". The document, known as The Islamic Response to the Government's Nine Accusations, is in response to the indictments by the US for the 9/11 attacks.
Click to read the original government report, and the response.
(More) Questions about CAIR
Rep. Frank Wolf continues to investigate the questionable relationship between the FBI and the Council on American-Islamic Relations (CAIR). After his questions remained unanswered for over a month, Rep. Wolf received a hand-delivered letter which only partially answered one of the ten questions he asked the FBI. CAIR is an unindicted co-conspirator in an ongoing Hamas-fundraising investigation by the FBI. Why does the Bureau refuse to answer questions about its relationship with this organization?
Click to read more
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