Over at Family Security Matters, Center for Security Policy Vice President Christopher Holton lays out why calls for Sharia-compliant finance in the wake of the recent banking crisis is more ominous than they might seem.
Holton reacts to last weeks comments from Sheikh Yusuf al-Qaradawi, who told a conference in Jerusalem last week that the economic crisis is an opportunity to "profit from the crisis to bring about the triumph of the (Islamic) nation, which holds the spiritual and material resources for victory."
Among those in Qaradawi's audience were Hamas chief Khalid Meshaal and a top adviser to Iran's spiritual leader Ali Khamenei. And Qaradawi, who the U.S. will not allow into the country, has issued fatwas justifying suicide bombing, including attacks on American soldiers in Iraq.
So what's that got to do with Islamic financing? Holton answers:
"Under sharia, there are eight approved forms of charity to which Muslims are expected to tithe through the system of zakat. Of those eight categories, four can be interpreted as supportive of violent jihad.
It is no wonder that the three largest Muslim charities (Holy Land Foundation, Benevolence International Foundation and Global Relief Foundation) in the United States were shut down due to ties to terrorism."
That's not all. Holton notes a number of overseas banks found to have worked with terrorists, including Bank Al-Taqwa, which allegedly handled millions of dollars tied to terrorist groups ranging from Hamas to Al Qaeda. Whether the concept catches on remains to be seen, but it's good someone is raising the alarm.