Since the 1970’s explosion of Middle Eastern Oil production, Muslim investment has been quietly infiltrating U.S. banking and home mortgage industries. While we weren’t paying attention Shariah compliant banking has gained an intimidating foothold in our financial markets. The popularity of Sharia complaint home mortgages is growing in the United States and now they are seeking to do business with non-believers.
Let’s examine the basic premise for Sharia compliant home mortgages. Islam forbids the charging or paying of interest (Riba). According to Sharia jurisprudence, Riba is considered one of the seven major sins right up there with having sex with you mother. Really. Given the importance of interest (both earned and paid) to our financial system, red flags should be flying all over America. After all isn’t Capitalism an enemy of Islam or is it the other way around?
Frank Gaffney, the Founder and President of the Center for Security Policy in Washington, D.C., has been outspoken on Shariah compliant finance in the United States. According to reports it has been suggested that Islamic transaction law is a subversive coordination that supports jihad. Given the well documented punishments ordered for breaking sharia law should America be incorporating this as a legitimate feature of its financial system?