Friday, March 20, 2009

Sharia Investments

I don't have a lot to say about this story; Diana West, in her latest article, is glad that people are starting to wake up to President Obama's socialist agenda, at least in regards to the outrage over the AIG bonuses. After all he's continued the Bush administrations policy of giving AIG bailout money.

But, in Wests opinion, what people should really be upset about are some of AIG's funds witch conform to Sharia law.
The nationalization of AIG is forcing the American taxpayer to support a very different kind of toxic asset. I refer to AIG's promotion of Sharia (Islamic law) in its Takaful division, the Sharia-compliant insurance sector of AIG. Since we the people own 80 percent of AIG, we the people now promote Sharia, too.

Don't believe me? Takaful insurance, our very own AIG Takaful Web site explains, "avoids prohibited elements in accordance with the Sharia law," adding: "We do not invest in anything that is haram (prohibited under Sharia). We do not borrow, lend or enter into any financial transaction that is unIslamic."
Apparently this particular issue has caused West to discover the value of separating Church and State. But I think West would like to see Islam separated from everything possible. At any rate this isn't too hard to understand. There are people who want to invest money in investments that confirm to Islamic principles; AIG has created funds to cater to those people. It is no different than funds created to conform to a wide variety of ideas and belief systems; there is a niche and AIG filled it.

I wonder what West thinks a real American government would do - require those funds be shut and the money returned to the clients, I guess. Because the existence of and any accommodation of Islam, in the slightest, is a threat to all of us.

1 comment:

Random Goblin said...

Yeah, this kind of thing pops up every now and again and it's completely asinine. Not having Sharia-compliant investments means not making money off of Middle Eastern investors. That's just stupid. Middle Eastern investors have hobs of money from the oil business--no small amount of it thanks to us--and they are simply not going to invest in financial products that do not comply with Sharia financial laws.

It's not even an accommodation. It is taking their money, pure and simple.