Thursday, September 18, 2008



FOR IMMEDIATE RELEASE - As the world teeters on recent financial news, we gather here today with a very stern and prolific call to all of humanity. Indeed in this day and age a call such as this will seem ludicrous and many may claim it as even terroristic. but as the international monetary system comes crashing before our eyes and the workers on the ground that have helped to create this mess wonder if they too will ever be able to play the same casino cards again that they have been playing over the most recent economic era; we meet here to tell all that the international economic system has entered a terminal phase and that the longer radical changes are prevented from formulating a viable alternative, the more people across the globe will be affected by the inevitable recessions, hyperinflation and international economic blowout. Unfortunately, in times like these the poor and oppressed suffer the most and so we stand here today to call you to the only way out: the solution is to formulate a global system modeled on the tenants of Islam.
The basis of Islamic finance is the religion of Islam, submission to one God. Such submission, for the believer, requires adherence to the divine rules and rules derived from the interpretation of divine sources, in every aspect of his or her life including in the financial sphere. Sharia-compliant assets worldwide are worth an estimated $500 billion and have grown at more than 10 per cent per year over the past decade, placing Islamic finance in a global asset class all of its own. In the Gulf and Asia, Standard & Poor's estimates that 20 per cent of banking customers would now spontaneously choose an Islamic financial product over a conventional one with a similar risk-return profile. This growing market is a safe bet for investors for numerous reasons. Islamic finance has in recent times been developed as a response to specific prohibitions provided for in Islamic law. These prohibitions are agreed upon by the scholars and derived from specific verses in the Quran or specific authentic hadith:
Interest, riba, usury and the like – the Shari’ah abhors the concept of money on its own making money. Therefore, interest, riba, usury and the like are prohibited. Allah the most high says, “Those who devour usury will not stand except as stand one whom the Evil one by his touch hath driven to madness. That is because they say: ‘Trade is like usury,’ but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (the offence) are companions of the Fire: They will abide therein (for ever).” (the Quran 2:275).
Gharar or uncertainty – it is authentically reported from the Sunnah that the Messenger of Allah (may peace and blessings be upon him) forbade uncertainty; for example, the Prophet said, “Whoever buys foodstuffs, let he not sell them until he has possession of them” (reported in the hadith collection of Bukahri).
· Gambling or speculation (maysir) – the Shari’ah prohibits speculation. The prohibited speculation under the Shari’ah is not general commercial speculation, which is normally evident in most commercial transactions. Rather, it is one involving an effortless gain similar to a gambling scheme or activity. Allah the most high says, “O ye who believe! Intoxicants and gambling, (dedication of) stones, and (divination by) arrows, are an abomination, of Satan's handwork: eschew such (abomination), that ye may prosper.” (the Quran 5:90).
These prohibitions surely would have prevented the deregulated, sub-prime mortgage based, derivative and speculation driven catastrophe unfolding before our eyes today. We ask you to research the Islamic system and do something with your life that will establish an alternative to the ivory tower, Tower of Babel model whose idolatrous characteristics have defined the political economies of Babylon, Egypt, Greece, Rome, Britain, other empires and are exemplified contemporaneously the United States corporatist, neo-fascist models.
There is a need to return to a non-speculation driven system that utilizes finance, economic technology, and innovation to fund the development of a society rather than to create elite classes who upon their failure are bailed out with the people’s tax dollars. The era of the Post-Bretton Woods financial system witnessed a reliance on a floating exchange rate, speculation-driven, neo-colonialism that is far from coming to an end and is simply coming home to roost. However, the elite’s dominance can be righteously challenged by a populace that takes on the masters (international financiers and transnational corporations). We call on humanity to research and understand the principles of Islam, many of which are compatible with the principles of the American System of Political Economy such as
·protecting industry through selective high tariffs (especially 1861–1932) and some include through subsidies (especially 1932–70)
· government investments in infrastructure creating targeted internal improvements (especially in transportation)
· a national bank with policies that promote the growth of productive enterprises
These principles that built America must now be reinserted into the global economy to take away neo-feudalist trends (A.K.A globalization). Shariah Compliant Finance offers that solution and tangible alternatives can be developed to the present system, now in a flux, that will inevitably have to consume its own population this time in order to stay alive before turning to invest in authoritarian Middle Eastern regimes, oppressive China, and colonialist caste-based India. As Muslims, it is our duty to call on all to become aware of the present catastrophe and potential dark-age facing humanity. We call on all to contribute to the Islamic system that, upon further and more specific analysis by those economically inclined, offers the solution for mankind. We must develop truly revolutionary changes to the economic order. This includes massive populist revolts that will emancipate the human capital and natural resources of the Muslim world from Western imposed dictators that continue to squander the wealth of the Muslim nation. Mankind must then utter the dinar and dirham, backed initially in oil, gas, gold, and silver to take control over the world’s wealth, issue development bonds (sukook) and expand the infrastructure of the entire world through modern mechanisms very similar to the American Experiment over its first 150 years of emancipation from British monarchy, which it unfortunately has haphazardly stumbled back into conflict with today.

No longer can we live in a self-centered modality which breeds utter contempt for fellow man. We must learn to reward innovation but balance the narcisstic tendencies of wealth and power by inserting universal principles that can develop the quality of life for all against systems that oppress the majority and reward the rich. This recent crisis creates an opportunity to work for a viable alternative system and to come to the truth that is the message of Allah as delivered to His last and final Messenger Muhammad through the Quran as perceived by the righteous men and women that are so few in the universe today. We call you to Islam and to leave the lie that is Wall Street. Come to REAL ISLAM in its totality and make the world a better place.


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