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Myrick, Wolf Smack AIG's New Shariah Financing
Financial giant AIG's decision to offer a shariah-compliant insurance program is drawing heat in court and on Capitol Hill. AIG is operating today with help from a $40 billion taxpayer bailout.
According to the Insurance Journal, an AIG subsidiary's shariah-compliant homeowner's insurance plan is the first of "a series of Shari'ah-compliant (Takaful) product offerings in the U.S." Companies involved in entertainment, alcohol and pork would not be eligible for investment from program funds.
In a letter dated Thursday to AIG board chairman Edward Liddy, U.S. Reps. Sue Myrick (R-NC) and Frank Wolf (R-VA) note that, for all its seeming appeal, shariah financing is used by terrorist groups from Al Qaida to Hamas to route money because it is difficult to track its flow. Calling the American people "de facto stockholders in your company," the two members of Congress bluntly warned AIG to be careful if it should continue its Shariah plan.
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