GOLDMAN SACHS SUBMITS: ISSUES ISLAMIC BOND PROGRAM AS CONFORMING TO SHARIA LAW

Atlas Shrugged ^ | 1/3/12 | Pamela Geller

[RnMomof7]

Why should my taxpayer dollars be used to advance sharia finance? Goldman Sachs, one of the largest recipients of Obama's redistribution of taxpayer money, is going Islamic. Many of Obama’s cabinet and appointed czars are directly connected to Goldman Sachs.

The Muslim Brotherhood is dictating Obama's foreign policy, and now its financial policy as well.

Sharia finance prohibits investments in whole American sectors -- tobacco, pork, alcohol and some forms of entertainment. Further, 2.5% must go to zakat (Islamic charity aka jihad). I do not want my money going to advance jihad and starve American business.

Where is the separation of mosque and state?

We need hearings on taxpayer dollars being used to fund Islamic finance (thereby funding jihad and prohibition on whole American business sectors).

Goldman Defends Islamic Bond Program as Conforming to Sharia Law Advisor One Firm counters charges that funds could be used for purposes unlawful under Islamic rules A program begun by Goldman Sachs in October to offer a $2 billion sukuk that conforms to sharia law has been defended by an advisor to the firm. The program, registered with the Irish Stock Exchange and issued through a Cayman Islands-registered special purpose vehicle, Global Sukuk Co Ltd., was undertaken to issue a sukuk (Islamic bond program) based on murabaha, a cost-plus-profit arrangement that is compliant with Islamic law.

However, according to a Reuters report, there have been criticisms of the program from some analysts, who say Goldman might use the proceeds to lend money to clients who would have to pay interest; that would be against Islamic law. Other assertions are that the issue might not trade at par value on the Irish exchange, which also is a violation of sharia law.

If either charge is true, it could have detrimental effects on other financial institutions that might want to enter the field of Islamic finance, which has been largely unaffected by the turmoil in other markets and offers an opportunity for Western banks to raise money from its billions in investment funds. Islamic law, though, forbids the charging of interest and making money through pure speculation.

In May HSBC's Middle East unit Amanah became the first Western bank to issue a sukuk, with a $500 million Islamic bond that will mature in five years. French bank Crédit Agricole is also considering either issuing an Islamic bond or creating a broader sukuk program that could spawn several issues.

[RnMomof7]

Where is the separation of mosque and state?

Good Question

[Doogle]

....a lot of the serpents in the WH are ex Goldman cronies

[MestaMachine]

Insidious and evil.

[colorado tanker]

I thought Goldman had repaid all its TARP money?

I don't know what the big deal is. There are all kinds of special investment vehicles for specific industries or commodities. There are special funds for liberals or enviros that avoid certain investments.

If a capitalist investment bank can create a product to make money off muslims, why not?

[Doe Eyes]

Goldman Sachs repaid all of the TARP loans.

Taxpayers Earn +23% on Goldman Sachs TARP Repayment

[SERKIT]

If a capitalist investment bank can create a product to make money off muslims, why not?

You are kidding, right? Would we have have supported investments in the German war industry during WW2? Don't you see a problem with supporting jihad funding?

[colorado tanker]

Nothing in the article suggests Goldman will use the money to support jihad. They are in this to make a profit.

[livius]

Goldman is not doing jihad, but their Muslim clients most certainly will be. Would we have supported Hitler’s Germany through our investments...if he had demanded a special (probably judenfrei) investment vehicle?

Conforming to the laws of a culture that wants to take you over is insane. People who have that amount of money will invest whether it’s sharia compliant or not, and US investment firms shouldn’t be groveling before our enemy.

[colorado tanker]

Godwin’s Law.

[M. Dodge Thomas]

Goodman isn’t GIVING the investors money, it’s TAKING money from investors (most or all of whom are presumably Muslim), and investing that money for them in Sharia compliant investments.

[Secret Agent Man]

I’ll say it I/don’t care if it gets pulled.

Fock Goldman Sachs.

[eyeamok]

What you never heard of Henry Ford and Joe Kennedy, or how about Ladybird Johnson during Vietnam. Maybe you should read up on how the Politically connected elitist’s have FUNDED AND SUPPORTED OUR ENEMIES DURING WAR TIMES before making that statement. The information is readily available.

[SERKIT]

....and we’ll also look the other way when banks launder drug/organized crime money. Yup, the Just Us Department and Eric The Coward will continue the tradition of doing nothing. Whether past history or current wrong-doing, it is still wrong. The Shari’a Creep is far more problematic than the history you cited.

[bayouranger]

The koranimals call it sukuk.

Saudi Arabia likely to roll out sukuk in 2012
On December 28, 2011 · In Islamic Bonds, Saudi Arabia, Shariah Bonds, SUKUK

Sukuk issues among quasi-government companies in Saudi Arabia have become quite popular. This is leading to reasonable speculation that the kingdom itself will issue sovereign debt in the form of sukuk in 2012.

It is our opinion that the Sauds will not do this out of necessity; there is no reason for the Sauds to have to use debt instruments to fund their national operations because of their oil wealth. The Sauds will do this to set the example for other nations and to give them added credibility when the OIC (Organization for Islamic Cooperation) goes to nations such as South Africa, France, the UK, South Korea, the Philippines and others to suggest that they use the Shariah-compliant sukuk mechanism for their sovereign debt if they want access to that oil capital.

Watch this space…This will be the most common form of Islamic imperialism in the next five years.

http://www.zawya.com/story.cfm/sidZAWYA20111226042517/Is_Kingdom_heading_for_debut_sukuk_in_2012

[eyeamok]

I agree, FIRE THEM ALL

[LucyT]

Why should my taxpayer dollars be used to advance sharia finance? Goldman Sachs, one of the largest recipients of 0hbama's redistribution of taxpayer money, is going izlamic. Many of 0hbama’s cabinet and appointed czars are directly connected to Goldman Sachs.

The muzlim brotherhood is dictating 0hbama's foreign policy, and now its financial policy as well.

[snip]

I do not want my money going to advance jihad and starve American business.

Where is the separation of mosque and state?

We need hearings on taxpayer dollars being used to fund izlamic finance (thereby funding jihad and prohibition on whole American business sectors).

. . . . Article, then check out "izlamic imperialism" comment at # 14 .

.

[bitt]

dirty rotten scoundrels ping

[Alamo-Girl]

Thanks for the ping!

[combat_boots]

There isn’t one.

[null and void]

Nothing in the article suggests Goldman will use the money to support jihad. They are in this to make a profit.

Marx didn't quite have it right. We aren't selling them the rope we made to hang us.

We're funding their purchase (from China?) of the very scimitars that they will use to cut our throats.