Australian Islamist Monitor

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“Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance companies, and tells Citigroup, American International Group and HSBC Holdings which insurance policies, accounts and bonds they can sell to devout Muslims. ..banks can't find enough scholars steeped in the teachings of Muhammad to accommodate the demand for new bonds that conform to Shariah law.
Without men like Yaquby to bless the borrowings, none of the $US70 billion of Islamic debt outstanding can be traded and companies would have been unable to sell any of the $US17 billion in new offerings last year, according to Standard & Poor's and Bloomberg.
The world's top five banks by assets - Zurich-based UBS, HSBC and Barclays in London, Paris-based BNP Paribas and Citigroup in New York - have Islamic units. CIMB Group in Kuala Lumpur is the biggest underwriter of sukuk this year followed by Standard Chartered in London, Barclays and Citigroup”.

A recent construct from the 1970s, “Sharia finance has skyrocketed and is now the fastest growing segment of international finance with some 400 banks participating in it and close to a billion dollars under management…. Western financial institutions and even governments have eagerly jumped in the fray and most large Western banks today offer some Islamic financial products.”

So what is Sharia finance? Alexiev says the main details are kept hidden, as “ a deliberate policy” as “ revealing the philosophy and detailed prescriptions of the obscurantist medieval doctrine called Sharia to potential investors.. would almost certainly cause a backlash against the whole concept of Islamic finance and put its very legitimacy in question…. Sharia is reactionary to the core and completely at odds with modern norms of human rights, political freedoms and international relations. It mandates, for instance, the killing of homosexuals, apostates from Islam and those guilty of adultery …. It openly discriminates against women and infidels, considers slavery legitimate, and posits offensive military Jihad against the non-Muslims as a religious obligation….  Sharia tenets permit Muslims to lie to the infidels and to bribe them to convert to Islam. It is because of its extremist nature that Sharia has become the rallying cry and core ideology of radical Islam today…. Islamic finance has very little to do with finance and everything to do with Islam. And not just any kind of Islam, but the most radical, fascist-like interpretation of the Islamic religion that has increasingly become the dominant idiom in the Muslim world. ….it is a hateful, millenarian ideology much like Nazism and communism that ultimately hopes to destroy Western civilization by whatever means necessary.”

Apparently Islamic finance was “invented in the middle of the 20th century by the two patron saints of radical political Islam, Abul Ala Mawdudi of Pakistan and Sayyid Qutb of Egypt” and.”was essentially a bogus concept from its inception, since it is virtually impossible to transact financial operations in the absence of interest and at least some speculation and uncertainty.. There is nothing bogus about the objectives of Sharia finance, however. It has steadfastly pursued two main goals: aiding and abetting Islamic extremism and terrorism and legitimizing Sharia as an instrument of promoting radical Islamist ideology. From the first Islamic bank founded in 1975, the Islamic Development Bank (IDB), which transferred hundreds of millions of dollars to HAMAS to support suicide bombing, to the notorious terror financier Al-Taqwa Bank and the Islamic banks and charities run by the Golden Chain group of Saudi billionaires funding al Qaeda and the like, Islamic finance has served as the life-support system for radical Islam worldwide.”

“Sharia finance has two additional highly troubling aspects. All institutions offering Islamic products are required to hire Sharia advisors to certify that they are Sharia-compliant… these experts, like the Muslim Brotherhood¹s Sheikh Yusuf Qaradawi, are radical Islamists trained and indoctrinated in the Wahhabi or Deobandi-controlled Sharia faculties in Saudi Arabia, Pakistan and elsewhere. They are the intellectual driving force behind the hateful Wahhabi/Salafi ideology of Islamism and the leading theological enablers of extremism and terrorism. By hiring such people… Western banks become unwitting sponsors of radical Islam. Second (and no less troubling) is the matter of zakat, or almsgiving, in Sharia finance…. According to the Koran, there are eight categories of deserving zakat beneficiaries and four of them… fall under the category of  financial jihad, which essentially permits and legitimizes zakat distribution to extremist and terrorist organizations.. Whether they know it or not, these eager converts to Sharia finance end up becoming, at best, unwitting dupes, and at worst, willing fellow-travelers of the Islamists promoting it.”