While some cities in Texas and other Southern states have been adopting ordinances that protect their citizenry from creeping Shariah-compliant practices, cities such as Seattle are taking the opposite approach.
Seattle’s Democrat Mayor Ed Murray was so concerned that Muslims and other residents weren’t buying enough homes in his city that he had a committee investigate how that could be rectified.
One of the committee’s recommendations: Banks need to offer “Shariah-compliant” mortgage loans for Seattle’s growing Muslim community.
Muslims are forbidden by their religious law, Shariah, from paying interest on loans so they must be offered loans structured in such a way that interest is not part of the package.
The 28-member committee recommended the city convene lenders and community leaders to explore options for increasing access to Shariah-compliant loans, the Puget Sound Business Journal reported.
“We will work to develop new tools for Muslims who are prevented from using conventional mortgage products due to their religious beliefs,” said Murray, at a recent press conference.
“More and more lenders are offering Shariah-compliant financing, according to a USA Today report,” the Journal reports. “The sector has grown to more than $1.6 trillion in assets worldwide over the past three decades, and analysts see potential for continued growth as the number of Muslims in the United States and Europe grows.”
The Obama administration, with the full support of Congress, is following an immigration policy that allows at least 100,000 Muslims into the country every year, according to U.S. Census data.
So financial-service companies see that as a business opportunity.
But those who see Shariah law as anti-Western and anti-American see the trend differently than banks and corporations.
“Such dangerously misguided efforts kowtow to, and abet, Islamic supremacism,” said Dr. Andrew Bostom, author of “Legacy of Jihad: Islamic Holy War and the Fate of Non-Muslims” and several other books about the history of Islam.
In his 1947 book, “The Economic Problem of Man and its Islamic Solution,” the great 20th century Islamic revivalist thinker Mawdudi conceived of the notion of Shariah-compliant finance as an innovative way to enforce the global supremacy of Islam and Islamic law, Bostom said.
“Mawdudi, who died in 1979, affirmed that the entire economic system had a ‘deep relationship with the political, judicial, legal, cultural and social system of Islam,’” Bostom said. “He further claimed, ‘all these are fundamentally based on the moral system of Islam.’”
Shariah thus applies the tenants of Islam to every area of life, not just religious life.
“Mawdudi concluded with an admonition that demanded Muslim acceptance, and global application of ‘this creed (Islam), this moral system and the whole of this code of life, completely as it is,’ because, he added, ‘the economic system of Islam, divorced from its source, cannot be maintained or administered in its purity for even a single day, nor will any appreciable advantage accrue from it if you take it out of its wider context and then seek to apply [it] to your life.’
“Shariah-compliant mortgages, and all aspects of so-called Shariah-compliant finance, should be rejected because they are vehicles for the promulgation of Islamic law, an integrated religio-political system antithetical to our most fundamental Western freedoms,” Bostom said.