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Bailing Out Shariah Law
Earlier this month, as the New York-based insurance giant benefited from $153 billion in tax-supported bailout funds, it launched a business unit offering Shariah-compliant insurance products in the U.S.
For the first time, homeowners' insurance policies "compliant with key Islamic finance tenets" will be marketed to Muslims in America.
"We are pleased to offer socially responsible solutions to this segment of the domestic market," the near-bankrupt AIG announced in a press release, explaining that the Islamic market represents "an important and emerging growth opportunity for AIG."
But there's little that is "socially responsible" about Shariah law, which regulates the "takaful" insurance AIG is selling, along with other Islamic finance.
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