U.S. COMPANIES AND ISLAMIC LAW
October 13, 2005
If Islamic investors want to abide by Islamic law (sharia) on financial investment, nothing prevents them from doing so. But there is no reason for American banks, businesses and investment firms to introduce Islam or any other religion into the U.S. capital markets, says Rachel Ehrenfeld, director of the American Center for Democracy, and Alyssa A. Lappen, a freelance journalist.
Both say it is time for the United States to limit financial transactions involving American companies to governance by secular laws. The swelling oil revenues of the Gulf states have created demand from those markets for U.S. investments in banks, real estate and individual stocks. In their urgent desire to find new markets, Americans have opened the door to Islamist expansionism.
- The Dow Jones Islamic Markets index and Islamic U.S. banks and financial products cater exclusively to Muslims and advance the Islamic impetus to impose sharia-governed banking on the West.
- Michael J. T. McMillen, a partner at Dechert, and a pioneer in the burgeoning Islamic banking a finance market, aggressively solicits and accommodates sharia compliant transactions.
They advise American legislators, regulators and businessmen to follow the lead of Ontario's Premier Dalton McGuinty. The Islamic Institute of Civil Justice applied to arbitrate civil cases in the Muslim community according to sharia.
On September 11, McGuinty declared: "There will be no Shari'a law in Ontario. There will be no religious arbitration in Ontario. There will be one law for all Ontarians." He went on to explain that Ontarians will always have the right to seek advice from anyone in matters of family law, including religious advice, but religious arbitration will no longer be deciding matters of family law.
Source: Rachel Ehrenfeld and Alyssa A. Lappen, "U.S. Companies and Islamic Law," Washington Times, October 6, 2005.
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