Islamic finance is a Trojan Horse: warning issued to UK government
At a launch of a new publication in the heart of the City of London, one of the world’s major finance centres, Bishop Michael Nazir-Ali and Tim Dieppe, attacked Islamic Finance which since its very beginnings in the 1970s now accounts for three trillion dollars of the global economy.
They described it as a Trojan Horse for the spread of Sharia law which would produce further segregation in society. The two men were launching ‘What’s wrong with Islamic Finance?’
They argued that Islamic radicals have been promoting Islamic Finance to make Islamic communities different from everyone else and to resist cultural globalisation. Though it claims to follow the Koran in not charging interest, in practice many of its products have the conventional equivalent of interest in all but name.
The British Government is uncritically committed to the policy that the UK should be the centre for Islamic finance as part of expanding London as a international finance centre. The UK has the largest number of courses in Islamic finance and is the only non-muslim country to issue an Islamic bond.
Tim Dieppe argued that Islamic finance increased the influence of Sharia law. Disputes can only be decided by Sharia judges, he said. He pointed to the example of Richmond House in Whitehall, London’s Parliamentary area, as an example of three government buildings transferred to a £200 million Islamic bond scheme. The buildings switched their ownership from British taxpayers to Middle Eastern businessman. Now the government has found that Richmond House must abide by the ‘no alcohol’ rule of Sharia law.
“Does the government not realise that the purpose is to create a separate financial system to resist integration and to benefit the cause of Islamic fundamentalism?” Dieppe asked.
Critics of Islamic Finance argue that charitable giving from the profits has been used as the single largest source of funds for terrorism – including over £300 million to Al-Qaeda over a decade. While western finance invests for profit, Islam invests for mission. Even in countries where Islam can freely be preached, the aim is to overpower and subjugate the country.
The booklet http://What is wrong with Islamic Finance? is published by Christian Concern and can be downloaded for free.