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Wednesday, December 23, 2015

Islamic banking could be big boost to Canada's finance industry and Jihad funding?

Islamic banking could be big boost to Canada's finance industry and Jihad funding? (Metro).

Islamic banking is being touted as the next big thing for Canada's financial services sector, but experts say it's up to the new federal government to demonstrate that it welcomes Shariah-compliant investments.

"It's absolutely fundamental that the Canadian government signal that, in fact, it is open to Islamic finance," says Walid Hejazi, an associate professor at the University of Toronto’s Rotman School of Management.

They could do so either by issuing sukuk — Islamic bonds — or by making a public statement, Hejazi says, noting that the previous government was on record as saying it welcomed such investments.

"If there is a risk that a change in government is going to change its view on that kind of investment, that spooks investors," he said. "So the government must be clear to say . . . 'We're open to Islamic finance, we welcome it,'"

Islamic finance — which bans interest payments and investments in gambling, pornography, weapons, alcohol, tobacco and pork — is a fast-growing niche in the financial services industry.

"The whole idea or the concept is to avoid people becoming buried in debt because, back in the days of the Prophet, ... when people weren't able to pay their debt they were enslaved or exploited," he said.

MFS : They make sure not to mention that Islamic banking is also subject to Zakat which by Islamic law will be used to finance Jihad. So Canada might end up financing the assault on its own Charter of rights.

Hmmm......Islamic banking is subject to Zakat = 2.5% of surplus wealth that a company has possessed for a full lunar year.

More on Zakat and Jihad can be read here at Money Jihad.

The most authoritative source for such information is a book which is available on Amazon called “The Reliance of the Traveler, A Classic Manual of Islamic Sacred Law.” That book has a whole section devoted to the rules of zakat, including “THE EIGHT CATEGORIES OF RECIPIENTS.”  On page 272, section h8.17, one category is labeled:
The seventh category is those fighting for Allah, meaning people engaged in Islamic military operations for whom no salary has been allotted in the army roster (O: but who are volunteers for jihad without remuneration). They are given enough to suffice them for the operation, even if affluent; of weapons, mounts, clothing, and expenses (O: for the duration of the journey, round trip, and the time they spend there, even if prolonged. Though nothing has been mentioned here of the expense involved in supporting such people’s families during this period, it seems clear that they should also be given it).
This passage, from this widely-used Shariah text seems to have been written expressly about zakat payments to charities which have funded Al Qaeda, HAMAS, Hezbollah and the Taliban. Note from the passage that such payments are meant specifically for irregular forces who are not part of any army roster, which describes terrorist/guerilla/insurgent groups exactly. Note that they are meant for “Islamic” military operations and not secular groups (i.e. HAMAS and not the Popular Front for the Liberation of Palestine-General Command). Note that such payments are made even if the recipient is affluent…like Osama Bin Laden. And, finally, the families of fighters are to be taken care of, such as payments by Saddam Hussein and Saudi princes to families of Islamikaze bombers in Gaza and the West Bank.

All too often, the destinations of zakat payments are to Jihadists, simply because Shariah mandates it.
Maybe that is why so many Islamic charities have been implicated in terrorism financing.
While conducting research recently we came across more evidence of zakat funding jihad. The popular Islamic web site “” contains the following passage:
Specified Accounts of Zakat
“The alms are meant only for the poor and the needy and those who are in charge thereof, those whose hearts are to be reconciled; and to free those in bondage, and to help those burdened with debt, and for expenditure in the way of Allah and for the wayfarer. This is an obligation from Allah. Allah is All-Knowing, All-Wise.”
(Al-Qur’ān – 9:60) 
The verse presents eight different heads of Zakat funds. Be it a collective system of Zakat collection and distribution or an individual himself or herself doing this, one should spend the Zakat money only on the specified accounts.

The first category of Zakat recipients is of fuqara, those who depend for their sustenance on others. They include orphans, destitute widows, the disabled, unemployed and old. 
Second, masakeen – those who are in greater distress than the ordinary poor people. They are both self-respecting and poor. 
Third, ‘those employed to administer them’. 
Fourth, to provide succour for and to rehabilitate the reverts to Islam. 
Fifth, to secure the emancipation of slaves or release of the unjustly jailed persons. 
Sixth, to the debtors who would be pauper if they were to pay off all their debts from their available resources. Such debtors do not include those who incur heavy debts either as a result of their extravagance or their spending on evil purposes. 
Seventh, fi sabilillah signifies the struggle to establish the Islamic system of life on earth.  
And, eighth, a traveller is entitled to receive help out of Zakat funds if he needs such help during his journey.
Note that this passage actually identifies two possible destinations for zakat that could be interpreted as supporting violent jihad:
The 5th destination includes the emancipation of those “unjustly” imprisoned. This could certainly be interpreted to mean jihadis who have been captured and jailed by infidel forces and authorities.
Then, of course, we have the well-known 7th destination, which is expressed here as supporting those attempting to establish the Islamic system of life on earth…in other words those working to impose Shariah.

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