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Sharia-Compliant Finance: How Not to Solve the Financial Crisis
by Christopher Holton
Over the past several weeks, political and financial analysts alike have offered many ideas on how to deal with the effects of the subprime mortgage debacle and the ongoing global financial crisis.
One of the most recent suggestions came from the Jihadist community. Actually, it was not as much a "suggestion" as it was a threat. As reported on the Family Security Matters blog on Sunday, October 12th, a leading Jihadist suggested that capitalism be replaced by an "Islamic economic system."
The threat came from Sheikh Yusuf al-Qaradawi, one of the world's most prominent scholars in the Jihadists' threat doctrine: sharia.
Often referred to in the West as "Islamic Law," sharia goes way beyond any other legal system. Sharia applies to every aspect of every Muslim's life, from what a Muslim is allowed to wear to economics. In fact, "Islamic economics" and "Islamic finance" are actually just euphemisms for sharia-compliant finance, since financial transactions referred to under such names are distinguishable only in that they must be in line with sharia principles and practices.
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