Federal Judge Upholds Government Funding of Sharia-Compliant Financing
Thomas Moore Law Center Available at: http://www.newmediajournal.us/culture_wars/01262011.htm
Last week, Judge Lawrence P. Zatkoff, a federal district court judge in Michigan, dismissed a constitutional challenge to the US Government’s bailout of AIG, which used over a hundred million dollars in federal tax money to support Islamic religious indoctrination through the funding and promotion of Sharia-compliant financing (SCF). SCF is financing that follows the dictates of Islamic law.
The challenge was brought by the Thomas More Law Center (TMLC), a national public interest law firm based in Ann Arbor, Michigan, and co-counsel David Yerushalmi, on behalf of Kevin Murray, a Marine Corps veteran of the Iraqi War. TMLC filed a notice of appeal immediately after the ruling and will be seeking review of the decision in the US Court of Appeals for the Sixth Circuit.
Richard Thompson, President and Chief Counsel of TMLC, commented: “Judge Zatkoff’s ruling allows for oil–rich Muslim countries to plant the flag of Islam on American soil. His ruling ignored the uncontested opinions of several Sharia experts and AIG’s own website, which trumpeted Sharia-compliant financing as promoting the law of the Prophet Mohammed and as an ‘ethical product,’ and a ‘new way of life.’ His ruling ignored AIG’s use of a foreign Islamic advisory board to control investing in accordance with Islamic law.”
Continued Thompson: “This astonishing decision allows the federal government as well as AIG and other Wall Street bankers to explicitly promote Sharia law ─ the 1200 year old body of Islamic canon law based on the Koran, which demands the destruction of Western Civilization and the United States. This is the same law championed by Osama bin Laden and the Taliban; it is the same law that prompted the 9/11 Islamic terrorist attacks; and it is the same law that is responsible for the murder of thousands of Christians throughout the world. The Law Center will do everything it can to stop Sharia law from rearing its ugly head in America.”
The federal lawsuit was filed in 2008 against Secretary of the Treasury Timothy Geithner and the Board of Governors of the Federal Reserve System. It challenges that portion of the “Emergency Economic Stabilization Act of 2008” (EESA) that appropriated $70 billion in taxpayer money to fund and financially support the federal government’s majority ownership interest in AIG, which is considered the market leader in SCF. According to the lawsuit, “The use of these taxpayer funds to approve, promote, endorse, support, and fund these Sharia-based Islamic religious activities violates the Establishment Clause of the First Amendment to the United States Constitution.”
Through the use of taxpayer funds, the federal government acquired a majority ownership interest (nearly 80%) in AIG; and as part of the bailout, Congress appropriated $70 billion of taxpayer money to fund and financially support AIG and its financial activities, $47.5 billion of which was actually distributed to AIG. AIG, which is now a government owned company, engages in Sharia-compliant financing (SCF), which subjects certain financial activities, including investments, to the dictates of Islamic law and the Islamic religion. This specifically includes any profits or interest obtained through such financial activities. AIG itself publicly describes “Sharia” as “Islamic law based on the Quran and the teachings of the Prophet [Mohammed].”
Notes: Another incident of Islamophobia. Serious misconception and misunderstanding about Islam and Islamic finance. It is just a myth that Muslims are terrorist and Islamic finance supports terrorism. The European Union’s Terrorism Situation and Trend Report recorded that in 2010 there were 294 failed, foiled, or successfully executed terrorist attacks in 6 European countries. The majority of the attacks 237 of 294 were carried out by separatist groups, 40 terrorists schemes were pinned on leftist and anarchist terrorists and rightists were responsible for 4 attacks. Only 1 out of 294 attacks were done by Islamist. Can you believe it? It is just an illusion and a matter of unfair and biased media reporting.