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Shariah-Compliant Finance 101:
Shariah compliance means that a particular investment or financial transaction has been conducted or structured in a way considered “legal” or “authorized” pursuant to Islamic law. According to most financial institutions, Shariah compliance is achieved by the following:
• Interest: Avoidance of interest, through convoluted nominate contracts invented by Shariah authorities
• Risk: Avoidance of risk (uncertainty or speculation) as defined by Shariah authorities
• Banned Industries: Avoidance of prohibited (haram) industries including the pork and alcoholbeverage industries, entertainment, gambling, and interest-based financing, based on lists revised monthly by Shariah authorities
• Obligatory Contribution: Of 2 1/2% or more in an obligatory charitable contribution called “Zakat”
• Obligatory Donation of “Tainted” Revenue: “Purification” of a Shariah-compliant investment or
financial transaction that has been tainted with forbidden revenue, whether from interest, illicit
speculation such as trading in commodity futures, or a forbidden commercial enterprise such as the pork industry. These “tainted” funds must be purified by donating the revenue to an acceptable charity, selected by Shariah authorities. The recipients of these funds are currently not disclosed and the process is non-transparent. Shariah law obligates charitable donations to eight categories including one specifically for Jihad.
Shariah law obligates charitable donations to eight categories including one specifically for Jihad.
Originally posted by Nammu
Shariah law obligates charitable donations to eight categories including one specifically for Jihad.
I don't see any evidence for this at all. What's the charity called? What evidence does the author have that it funds Jihad?
For those of you following the lurch by the U.S. Treasury to attract as much Wahhabi-Jihadist cash as possible from the terror-sponsoring Jihad states of the Gulf all in the name of arresting our current finanical-credit crisis, you know that there is a pre-condition: Shariah compliance.
Go to our Related Posts link below to get a quick read backgrounder on all of this.
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