Why Are We Bailing Out AIG's SHARIA CREEP?

Why is the United States paying for Sharia creep? Less than a week after the government bailout of AIGas awarded an "international takaful (Islamic insurance) license" by the Malaysian government. AIG's American International has been selling Sharia-based "Islamic insurance" for at least two years, through its Takaful division with a stated goal to sell such Sharia financial instruments in the United States. AIG Sun America, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts. Read the full report below:

Should America Bail Out ‘Sharia’ Finance? Jeffrey Imm

On September 17, 2008, the U.S. News and World Report magazine reported on how the "Federal Reserve extended an $85 billion loan to American International Group to be paid back as AIG sells off some business in the biggest government takeover so far in the ongoing credit crisis." What the American public hasn't seen yet is what AIG is going to sell off in terms of its business. According to the September 16, 2008 press release by the Federal Reserve on this bailout, the "U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto the payment of dividends to common and preferred shareholders."

But while the U.S. taxpayers are loaning money to AIG and the U.S. holds a nearly 80% equity interest in AIG, no one in the government seems concerned that AIG is continuing to expand its Sharia finance business. Less than a week after the government bailout of AIG, Reuters reported on how AIG's unit American International Assurance Co (AIA) was awarded an "international takaful (Islamic insurance) license" by the Malaysian government. AIG's American International has been selling Sharia-based "Islamic insurance" for at least two years, through its AIG Takaful division, since its October 1, 2006 announcement, with a stated goal to sell such Sharia financial instruments in the United States. AIG Sun America, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts.

The AIG bailout came two days before Congressman Tancredo's introduction of the "Jihad Prevention Act" (H.R. 6975), which "would deny U.S. visas to advocates of 'Sharia" law, and expel Islamists already here." This House bill has been referred to the House Committee on the Judiciary. Yet as the AIG bailout shows, the challenge of Sharia is more than an immigration problem, and the U.S. federal government is not yet taking any action on Sharia finance. While we should be concerned about "Islamists" coming to the U.S. to promote Sharia, shouldn't we be really concerned that the U.S. taxpayers own a nearly 80% equity interest in a company promoting Sharia finance today? Shouldn't the first assets that AIG should have sold two weeks ago have been their Sharia finance businesses?

The day before the AIG bailout was being announced, the Center for Security Policy's (CSP) Frank Gaffney published his concerns about this growing financial institutional problem of "Shariah-Compliant Finance (SCF)" in an article entitled "Into the Fire." In his article, Mr. Gaffney references David Yerushalmi's study "Shari'ah's Black Box: Civil Liability and Criminal: Exposure Surrounding Shari'ah-Compliant Finance," which details the lack of financial transparency inherent in Sharia finance, and how such lack of transparency could lead to financial institutions being used to support terrorism and reverse money laundering. Moreover, as Mr. Gaffney, the current financial crisis will allow Islamist nations to buy "up engines of our capital markets for pennies on the dollar," and "[w]orse yet, they are, in the process, putting themselves in a position to promote Shariah-Compliant Finance and the seditious theo-political agenda it serves."

Sharia finance is not just "business." Sharia finance exists to promote an expansionist, supremacist ideology; it is not merely "business," but is "business with an agenda." As I addressed in my November 14, 2007 article "Dow Jones, Wall Street Journal, and Islamist Financing," organizations promoting Sharia finance have employed individuals such as former Dow Jones' advisor Mufti Muhammad Taqi Usmani, who have called for Jihad. As Alex Alexiev has stated, "far from being an innocent venture in free market capitalism, Islamic finance was conceived and is practiced as one of the key instruments of the militant Islamist movement in its struggle against the West." As reported by Alex Alexiev, Alyssa A. Lappen, Lt. Col. Jonathan D. Halevi, and others, Shariah finance zakat can be used to promote Jihad warfare. As addressed by Allyson Rowen Taylor and others, Sharia finance is anything but simply "business," as has been addressed inmultiple articles on this subject.

Role of the Emergency Economic Stabilization Act to Protect America's Interests

With the passage of the "Emergency Economic Stabilization Act of 2008" by the U.S. Senate and the U.S. House of Representatives (H.R. 1424), a key part of its implementation is described in Section 104 of the legislation, "Financial Stability Oversight Board." The Financial Stability Oversight Board is comprised of the U.S. Treasury Secretary, the Chairman of the Board of Governors of the Federal Reserve System, the Director of the Federal Housing Finance Agency, the Chairman of the Securities Exchange Commission, and the Secretary of Housing and Urban Development. This oversight board has the responsibility to ensure that policies enacted under this legislation are "in the economic interests of the United States.

As major financial organizations are receiving loans and other U.S. federal government bailouts, there have been no expectations set that they should be divesting their Sharia finance divisions and businesses. Why not? Certainly it is not the responsibility of American taxpayers to fund the efforts of financial organizations to promote Islamic supremacist financial instruments, any more than American taxpayers should be asked to fund any business that supports financial instruments that are geared exclusively to promote an identity-based supremacist ideology.

Under this Emergency Economic Stabilization Act of 2008, will this Financial Stability Oversight Board protect the American taxpayer from funding financial institutions that have or promote Sharia finance divisions?Clearly this did not happen with the September 16, 2008 bailout of AIG, where American taxpayer dollars are being used to fund a company supporting Sharia finance.Isn't it "in the economic interests of the United States," to ensure that U.S. taxpayer dollars are not being used to support divisions of financial organizations engaging in Sharia finance?

Congress and this Financial Stability Oversight Board should state that there are consequences to American taxpayers' support of such financial institutions, and a key consequence should be the elimination of Sharia finance that is rampantly supported among such financial institutions ranging from AIG's Takaful division to J.P. Morgan's MENA Islamic banking group (see page 6 of MENA brochure).

While dealing with the legitimate challenges of our financial problems and marketplace issues, the U.S. government has the responsibility to also protect America's interests and the tax dollars of the American public to ensure that they are not funding Sharia finance businesses, and not funding an ideology that calls for and funds Jihad (using Sharia finance zakat).

The American public must demand that U.S. government withholds financial support to those financial institutions that continue to undermine our national security interests by supporting Sharia finance.

Fear No Evil.

SHARIAH CREEP ! The Other AIG Scandal

This is worse than the AIG bonus Scandal. AIG's American International has been selling Sharia-based "Islamic insurance" for at least two years, through its Takaful division with a stated goal to sell such Sharia financial instruments in the United States. AIG Sun America, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts. Many of those trusts fund terrorism

Less than a week after the government bailout of AIG, Reuters reported on how AIG's unit American International Assurance Co (AIA) was awarded an "international takaful (Islamic insurance) license" by the Malaysian government. AIG's American International has been selling Sharia-based "Islamic insurance" for at least two years, through its AIG Takaful division, since its October 1, 2006 announcement, with a stated goal to sell such Sharia financial instruments in the United States. AIG Sun America, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts.

The AIG bailout came two days before Congressman Tancredo's introduction of the "Jihad Prevention Act" (H.R. 6975), which "would deny U.S. visas to advocates of 'Sharia" law, and expel Islamists already here." This House bill has been referred to the House Committee on the Judiciary. Yet as the AIG bailout shows, the challenge of Sharia is more than an immigration problem, and the U.S. federal government is not yet taking any action on Sharia finance. While we should be concerned about "Islamists" coming to the U.S. to promote Sharia, shouldn't we be really concerned that the U.S. taxpayers own a nearly 80% equity interest in a company promoting Sharia finance today? Shouldn't the first assets that AIG should have sold two weeks ago have been their Sharia finance businesses?  Source:Should America Bail Out ‘Sharia’ Finance?

,,,,,organizations promoting Sharia finance have employed individuals such as former Dow Jones' advisor Mufti Muhammad Taqi Usmani, who have called for Jihad. As Alex Alexiev has stated, "far from being an innocent venture in free market capitalism, Islamic finance was conceived and is practiced as one of the key instruments of the militant Islamist movement in its struggle against the West." As reported by Alex Alexiev, Alyssa A. Lappen, Lt. Col. Jonathan D. Halevi, and others, Shariah finance zakat can be used to promote Jihad warfare. As addressed by Allyson Rowen Taylor and others, Sharia finance is anything but simply "business," as has been addressed inmultiple articles on this subject. Source

The Thomas More Law Center has sued the treasury department to stop the bailout based on their Shariah finance division. The Treasury Department has filed a motion to dismiss. Below is the status of that lawsuit:

Richard Thompson, President and Chief Counsel of the Thomas More Law Center, commented, “Although widespread public anger has rightfully focused on bonuses AIG paid to top executives using taxpayers’ money, that anger would be at an even higher pitch if the public knew that our tax dollars were being used by AIG to promote Islam and Shariah law, which provides support for terrorist activities aimed at killing Americans and destroying America.”

In its motion to dismiss, the Department of Justice claimed that the government does not control AIG and that it provided billions of dollars in taxpayer money to AIG “to address what is possibly the worst financial crisis this country has encountered since the Great Depression.” In its response the Law Center pointed out that, while our federal government may be compelled to act in unprecedented ways during these difficult times, the crisis itself does not excuse the government from using tax dollars to promote the religion of Islam in violation of the Constitution. [ See the Law Center’s response here.]

The lawsuit, which was filed in December of last year in the U.S. District Court for the Eastern District of Michigan, is a constitutional challenge to that portion of the “Emergency Economic Stabilization Act of 2008” that appropriated $40 billion in taxpayer money to fund and financially support the federal government’s majority ownership interest in AIG, which engages in Shariah-based Islamic religious activities that are anti-American, anti-Christian, anti-Jewish. According to the lawsuit, “The use of these taxpayer funds to approve, promote, endorse, support, and fund these Shariah-based Islamic religious activities violates the Establishment Clause of the First Amendment to the United States Constitution.” [ See the complaint here.]

Continued Thompson, “Through this taxpayer-funded bailout, our own government is providing financial support to anti-American, Islamic activities. Make no mistake, there is a cultural jihad underway against our great nation, and I fear that our government is unwittingly complicit in it.”

The lawsuit was brought on behalf of Kevin Murray, a former Marine who served honorably in harm’s way in Iraq to defend our country against Islamic terrorists. Murray objects to being forced as a taxpayer to contribute to the propagation of Islamic beliefs and practices predicated upon Shariah law, which is hostile to his Christian religion. He is being represented by Law Center attorney Robert Muise and by David Yerushalmi, an associated attorney who is an expert in Shariah law and Shariah-compliant financing, as well as general counsel to the Center for Security Policy.

According to the lawsuit, 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 and expended an additional $40 billion of taxpayer money to fund and financially support AIG and its financial activities. AIG, which is now a government owned company, engages in Shariah-compliant financing 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 describes “Sharia” as “Islamic law based on the Quran and the teachings of the Prophet [Mohammed].”

As alleged in the lawsuit, with the aid of taxpayer funds provided by Congress, AIG employs a “Shariah Supervisory Committee,” which is comprised of the following members: Sheikh Nizam Yaquby from Bahrain, Dr. Mohammed Ali Elgari from Saudi Arabia, and Dr. Muhammed Imran Ashraf Usmani from Pakistan. Dr. Usmani is the son, student, and dedicated disciple of Mufti Taqi Usmani, who is the leading Shariah authority for Shariah-compliant finance in the world and the author of a book translated into English in 1999 that includes an entire chapter dedicated to explaining why a Western Muslim must engage in violent jihad against his own country or government. According to AIG, the role of its Shariah authority “is to review our operations, supervise its development of Islamic products, and determine Shariah compliance of these products and our investments.”

As further alleged in the lawsuit, an important element of Shariah-compliant financing is a form of obligatory charitable contribution called zakat, which is a religious tax for assisting those that “struggle [jihad] for Allah.” The amount of this tax is between 2.5% and 20%, depending upon the source of the wealth. The zakat religious tax is used to financially support Islamic “charities,” some of which have ties to terrorist organizations that are hostile to the United States and all other “infidels,” which includes Christians and Jews. Source

Suit to Stop US Funding of Sharia/Terror Finance via AIG Bailout

Why is the United States paying for Sharia creep? On one hand we are fighting a war against Islamic terror. AIG's American International has been selling Sharia-based "Islamic insurance" for at least two years, through its Takaful division with a stated goal to sell such Sharia financial instruments in the United States. AIG Sun America, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts. Many of those trusts fund terrorism.

Now the Thomas More Law Center is stepping in to protect America from its self. They have filed suit in federal court to stop the AIG Bailout because of their Sharia/Terror Financing:

Federal Lawsuit Filed Against Treasury Secretary to Stop AIG Bailout Financing of Terrorist Activities

ANN ARBOR, Mich., A federal lawsuit was filed this morning against U.S. Treasury Secretary Henry M. Paulson, Jr. and the Federal Reserve Board to stop all bailout funds from going to American International Group, Inc. ("AIG"). According to the lawsuit, the U.S. government, through its ownership of AIG, is not only violating the Constitution, but also promoting and financing the destruction of America using American tax dollars.

The basis of the lawsuit is that AIG intentionally promotes Shariah-compliant businesses and insurance products, which by necessity must comply with the 1200 year old body of Islamic cannon law based on the Quran, which demands the conversion, subjugation, or destruction of the infidel West, including the United States. To help achieve these objectives and with the aid of federal tax dollars, AIG employs a three-person Shariah Advisory Board, with members from Saudi Arabia, Bahrain, and Pakistan. According to AIG, the role of its Shariah authority "is to review [its] operations, supervise its development of Islamic products, and determine Shariah compliance of these products and [its] investments."

Of particular significance is the Pakistani Board member, Dr. Muhammed Imran Ashraf Usmani. Dr. Usmani is the son and devoted disciple of Sheik Mufti Taqi Usmani, the leading authority on Shariah financing who, in 1999, authored a book dedicating an entire chapter on why a Western Muslim must engage in violent jihad against his own country - even if Muslims are given equality and freedom to practice their religion and to proselytize.

The lawsuit was filed in the Federal District Court for the Eastern District of Michigan on behalf of Kevin J. Murray, a former Marine infantryman who served two tours of duty in Iraq. Murray is represented by the Thomas More Law Center, a national public interest law firm based in Ann Arbor, Michigan, and David Yerushalmi, an associated attorney who specializes in litigation and is an expert on Shariah law (http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1105101) and Shariah compliant financing. Mr. Yerushalmi also serves as general counsel to the Center for Security Policy in Washington, D.C.

According to the lawsuit, use of taxpayer funds to acquire ownership of a business that intentionally promotes, endorses, supports, and funds Shariah-based Islamic religious practices violates the Establishment Clause of the First Amendment to the U.S. Constitution.

Richard Thompson, President and Chief Counsel of the Thomas More Law Center, commented,

"This lawsuit not only raises significant constitutional issues, it also shines a light on serious national security issues that our own government has created by direct financial support and ownership of a business that supports anti-American, radical Islamic activities. Make no mistake, there is an internal cultural jihad underway against our great nation, and I fear that many of our political leaders are unwittingly complicit in it."

On September 11, 2001, Islamic terrorists, guided by principles of Shariah-mandated jihad against "infidels," attacked and killed thousands of innocent American civilians. Shortly thereafter, the U.S. went on the offensive by engaging Islamic terrorists overseas in Iraq and in Afghanistan. As in the past when our Nation faced great crisis, American servicemen were called to action, and Kevin Murray answered the call. From March to October 2003, Murray - a U.S. Marine - was deployed overseas in support of Operation Enduring Freedom and Operation Iraqi Freedom.

Yet today, Murray's federal tax dollars are being used to advance the very cause of global jihad he and his fellow servicemen were placed in harm's way to overcome. Shariah explicitly demands the murder of infidels like Kevin Murray and the destruction of the United States, which Murray took an oath to defend. Shariah is the same law that is used to justify beheadings, stonings, and amputation for petty crimes in places like Saudi Arabia, Iran, and Sudan, which Americans deplore.

Nevertheless, AIG acknowledges and boasts its promotion of Shariah law and Shariah-based business practices. AIG itself describes "Sharia" as "Islamic law based on the Quran and the teachings of the Prophet [Mohammed]."

"It is clear," said Thompson, "oil money is purchasing the sovereignty of the United States and whatever loyalty to America these greedy financial institutions, corporations, and universities have left. It's up to the American people to take back their country from those who so easily betray its interests."

The federal lawsuit challenges that portion of the "Emergency Economic Stabilization Act of 2008" that appropriated $40 billion in taxpayer money to fund and financially support the United States government's majority ownership interest in AIG, which engages in Shariah-based Islamic religious activities that are anti-Christian, anti-Jewish, and anti-American.

According to the lawsuit, through the use of taxpayer funds, the U.S. government acquired a majority (79.9%) ownership interest in AIG, and as part of the bailout, Congress appropriated and expended an additional $40 billion of taxpayer money to fund and financially support AIG and its financial activities. AIG, which is now a government owned company, engages in Shariah-compliant financing, 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.

An important element of Shariah-compliant financing is a form of obligatory charitable contribution called zakat, which is a religious tax for assisting those that "struggle [jihad] for Allah." The amount of this tax is between 2.5% and 20%, depending upon the source of the wealth. The zakat religious tax is used to financially support Islamic "charities," some of which have ties to terrorist organizations that are hostile to the United States and all other "infidels," which includes Christians and Jews.

The Holy Land Foundation for Relief and Development, recently convicted for providing material support to Islamic terrorist organizations, is an example of an Islamic "charity" that qualifies for receipt of the zakat. Thus, as a direct consequence of the taxpayer funds appropriated and expended to purchase and financially support AIG, the U.S. government is now the owner of a corporation engaged in the business of collecting religious taxes to fund interests adverse to the United States, Christians, Jews, and all other "infidels" under Islamic law

Continued Thompson, "This lawsuit is as much about protecting constitutional principles as it is about protecting our national security and preventing another 9/11 - whether it be overt through flying planes into buildings or covert through appropriating taxpayer money to fund an Islamic cultural jihad."

Source: Thomas More Law Center

Web Site: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1105101

Why is the US Bailing Out Rich Oil Sheiks ?

The banks are at it again.  According to some sources they are no claiming that the remaining $350 BILLION from the financial bailout will not be enough and they might need up to $500 BILLION on top of that. If they are not careful that might pile up to some REAL bucks.

Why are we considering giving the banking industry ANY money. When originally proposed we were told that if the banks didn't get the $700 BILLION in one week, the sky was going to fall.  Well they were given $350 in TWO weeks, didn't use it to get rid of bad loans and last time I checked the sky is still up there.

Beyond the question of need there is the question of who we are actually giving the money out to. All that money we gave to AIG went to help fund their Sharia Finance programs.

Then there is the fact that Banks like Citibank are largely owned by Rich Oil Sheiks. Citibank's largest share holder is the same Prince al-Waleed bin Talal of Saudi Arabia who owns big chunks of News Corp and Time Warner.

Why are we giving bailout money to the folks who helped to cause this economic downturn by TRIPLING the cost of oil?

Economic Jihad: $700 Billion Bail-Out Aids Oil Rich Arab Sheikhs
By Paul Williams Wednesday


Oh, you Muslims everywhere, sever the ties of their nation, tear them apart, ruin their economy, [and] instigate against their corporations.—Blind Sheikh Abdel Rahman, principal architect of the 1993 bombing of the World Trade Center 

Shares in Citigroup plummeted today to $5.07 - - their lowest level since the banking giant began receiving massive transfusions of cash from U.S. taxpayers. The company, according to the Wall Street Journal, is expected to post fourth-quarter losses in excess of $10 billion. 

The deteriorating condition is expected to cause Citigroup to sell its stake in Smith-Barney retail brokerage to Morgan Stanley. 

To most readers, such news is economic gibberish that is more apt to evoke a yawn rather a cry of alarm. 

Yet the situation within Citigroup is a tell-tale sign that Americans no longer are in control of their destiny and that the future of the country will not be controlled by President-Elect Barack Obama but rather by oil-rich Arabs. 

Citigroup which presents itself - - along with Well Fargo, J.P. Morgan Chase, and the Bank of America - - as one of the four leading financial institutions within the land of the free and the home of the brave. 

It has convinced U.S. government officials - - including Treasury Secretary Henry Paulson, President George W. Bush, and House Speaker Nancy Pelosi - - that its demise would wreck havoc for middle class Americans and financial devastation for lending agencies throughout the country. 

On the basis of this argument, Citigroup has become the principal beneficiary of the $350 million that has been spent under the Troubled Asset Relief Program. The megabank, thus far, has received $45 billion from Uncle Sam - - $20 billion in November and $25 billion in October. And now the firm is crying out for an additional transfusion of billions more in order to become financially solvent. 

Sure, it’s nice for Americans to help Americans and to take preventive measures against a full-scale depression. 

But the $45 billion shelled out to Citigroup may do little to aid the plight of Main Street Americans. 

The firm is not owned by U.S. bankers and businessmen but rather by the Abu Dhabi Investment Authority, a sovereign wealth consortium of oil-rich Middle Eastern countries, who gained control of the megabank in November 2007. Presently, the largest single shareholder is Prince al-Waleed bin Talal of Saudi Arabia. 

Prior to this buy-out by Abu Shabi, Citigroup was the First National Bank of New York, an American firm that pioneered the use 24-hour ATMs and the country’s largest issuer of credit and charge cards. 


Within a year of the take-over, the firm ran into a swamp of quicksand as a result of poor management and troubled mortgages in the form of collateralized debt obligation.
Why do the economic eggheads in Washington care if a consortium of rich sheikhs go belly-up? 

The answer lies in the fact that the only standard for U.S. currency remains oil. In 1971, President Richard Nixon eliminated the gold standard (the Bretton Woods System) in order to offset rampant inflation and a growing trade deficit. Nixon believed that such a measure was prudent since the gold coverage of the paper dollar deteriorated from 55% to 22% in 1970. He did not believe this drastic measure would cause the dollar to free-fall since its value remained linked to a tangible commodity: oil. The dollar remained the fiat currency for petro trading and, therefore, retained intrinsic value.
This would be all well and good as long as the Arab nations required U.S. military support for protection. 

But the need for protection, thanks in part to the removal of Iraqi dictator Saddam Hussein, is no longer a pivotal factor in Arab economics. And U.S. officials, including Bush and Obama, realize that a decision by OPEC to deal in euros would result in a valueless currency and an economic plight from which there would be scant chance of recovery.


“The Arabs have us over a barrel,” financial analyst Patrick Walsh maintains. “Should they decide like the Iranians and the Venezuelans to trade in euros, the trillions shelled out for the bail-out will have little or no impact on the recession and will only serve to further devalue the dollar.”


How has the $45 billion already allocated to Citigroup been spent? Perhaps it has served to prevent members of the Abu Dhabi Investment Authority from losing their harems or to enable them to sustain multi-million dollar losses in Monte Carlo. Or, better yet, maybe it has enabled the United States to retail its vassal status before the leaders of OPEC.


Small wonder the $700 billion is provided to banking firms, such as Citigroup, without accountability.