Since sharia-finance funds like the IMANX may invest in companies that are not completely halal — that derive their profit from interest or other sharia-prohibited activities — returns on investment in those companies must be purified by donating a portion of that ROI to charity. More often than not, it is people like Usmani who are paid lucratively to sit on sharia-finance boards in order to determine what charities will receive the sharia-finance institutions’ donations — and it’s a fair bet that the March of Dimes is not among them.
IMANX itself is owned and operated by the North American Islamic Trust (NAIT), an organization listed as an un-indicted co-conspirator by the Department of Justice in a recent terrorism-finance trial, and the proprietor of hundreds of radical mosques and Islamic institutions in the U.S., including some that have been closed down by the government as criminal enterprises.
The chairman of both NAIT and IMANX, Bassam Osman, has been the top executive of terrorist-funding organizations like the Quranic Literacy Institute (suspected financiers of Hamas whose assets were seized by the U.S. in 1998) and the Islamic Academy of Florida (founded by Sami al-Arian, a convicted financier of Palestinian Islamic Jihad, a terrorist criminal enterprise), and is a board member of other un-indicted co-conspirators like the Islamic Society of North America (ISNA). Is Dow Jones aware of all this? Is Rupert Murdoch? And if they are not, shouldn’t they be?
The IMANX marketing slogan is “Markets Fluctuate. Principles Don’t.” Judging by the ideological principles of those involved in its leadership, that is precisely what Wall Street — and the West — should fear.
The legitimization of sharia in the West and its gradual imposition in Muslim communities and beyond is a key objective of sharia finance, and there is no doubt it has already made huge strides. Indeed, the precedent of legal sharia-finance transactions was used by the hapless archbishop of Canterbury to buttress his argument that introducing sharia in the United Kingdom was unavoidable.
Given the reality of malignant Islamism now spreading into our own capital markets to the loud cheers of the same Wall Street masters of the universe who gave us sub-prime mortgage securitization, Americans have a right to ask: Where are the U.S. Treasury Department and the SEC, whose job it is to protect our markets? Given the outright fraudulent misrepresentation of the potential liabilities of sharia-finance funds under existing regulations, they should get involved soon.
– Alex Alexiev is vice president for research at the Center for Security Policy.