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America Must Not Own a Sharia-Based Financial Business

November 10, 2008
by Jeffrey Imm

As Americans, we generally have choices as to what we own, especially when such ownership of financial support is against the values defined by United States as a nation. However, on November 10, 2008, the Federal Reserve and the Treasury Department decided that they were going to use American taxpayer money to buy ownership in something against America's values of equality and liberty -- by purchasing ownership in a company with a Sharia-Compliant Finance (SCF) based business.

As an American taxpayer, you are now a part owner in a business that promotes the Islamic supremacist Sharia ideology - whether you like it or not. Your tax dollars today are now being used for own part of a company with a Sharia-based business. This is the same Sharia ideology that was used by the Taliban in Pakistan today to murder a woman for adultery, the same Sharia ideology that was used to murder a 13 year old girl last week who was raped in Somalia, and the same Sharia ideology supported by the Taliban, Al Qaeda, and Islamic supremacists around the world. It is an ideology that is against the inalienable human rights of equality and liberty. It is an ideology that even the British courts have called "discriminatory."

But on November 10, 2008, the Federal Reserve announced that "it will purchase $40 billion of newly issued AIG preferred shares," which, as AP reports, will give "taxpayers an ownership stake in the company."

The Federal Reserve Board and the Treasury Department apparently believe that American taxpayers owning part of company with a business that promotes an Islamic supremacist ideology that is against equality, against liberty, and in support of discrimination, is a good thing for the American taxpayer.

Do you want to own a Sharia-based financial business promoting Islamic supremacism?

I first wrote about this subject on October 3, 2008 in an article titled "America Must Not Bail Out Sharia Finance." In that article, I pointed out how on September 16, 2008 that the Federal Reserve extended an $85 billion loan to AIG, and that the U.S. government was going to "receive a 79.9 percent equity interest in AIG." Less than a week after your government's September 16 bailout of AIG, AIG's Sharia-based business announced further expansion.

AIG's Takaful division has been selling Sharia-based insurance for over two years with a stated goal to sell such Sharia financial instruments in the United States. AIG SunAmerica, AIG Financial Services Corp, and other divisions of AIG also are dealers in Sharia mutual trusts.

Now part of this $85 billion loan to AIG (reducing it to $60 billion) has been converted into $40 billion of ownership of AIG stock - your ownership of AIG.  AIG's business includes its Takaful Sharia-based insurance business, its divisions promoting Sharia finance and Sharia mutual trusts. You own it. That's where your tax dollars are going today.

The decision to buy this $40 billion of AIG stock was made based on the bailout authorized under the "Emergency Economic Stabilization Act of 2008" (H.R. 1424). According to Section 104 of the legislation, "Financial Stability Oversight Board," it is the responsibility 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 to ensure that policies enacted under this legislation are "in the economic interests of the United States."

How is it in the economic interests of the United States to own part of a corporation with a business based on promoting a discriminatory ideology, that is against equality, and that is against liberty? How is it in the economic interests of the United States to own part of business that supports an Islamic supremacist practice that has been used to fund Jihad?

Why wasn't the first priority of considering a bailout to AIG two months ago a prerequisite that AIG must first divest itself of its Sharia-based businesses that promote Islamic supremacism? Why should one dollar (let alone $85 billion) go to any company who owns a business that promotes a supremacist ideology? The federal government was not confronted on this in mid-September 2008. Now, the government has interpreted Americans' silence on issue to be acquiescence. So now, incredibly, today you as a taxpayer own part of an Islamic supremacist Sharia-based financial business. Do you want to? Do you think this is proper for American's tax dollars?

Moreover, this may not be the end of such absurdities by the U.S. Treasury Department and the Federal Reserve. On November 6, 2008, the U.S. Treasury Department featured a training class for government employees to learn more about Sharia Finance, entitled "Islamic Finance 101," which a coalition of groups and individuals against Sharia have protested.

Imagine if such "finance" dealings had involved any other identity-based supremacist ideology - white supremacist, black supremacist, Aryan supremacist. Can you imagine the U.S. government funding with your tax dollars a business promoting white supremacism or any other supremacist ideology? More troubling, could you imagine the U.S. federal government owning part of a business promoting white supremacism or any other supremacist ideology? It would be a front page news story on every one of the major mainstream media outlets. There would be protests in the streets. There would be demands for the immediate resignation of those responsible.

But when your federal government purchases stock to own part of a business promoting Islamic supremacist ideology, it is not even a news story. There are no rallies. There are no demands for resignations. Such disgraceful, undignified silence is a dark day in America.

What type of federal government does America have that does not understand that supremacism is un-American? Fundamentally, absolutely, unequivocally un-American. What type of federal government does not understand that America was founded on and is based on the inalienable human rights of equality and liberty? What type of federal government leaders do we have that drive past the words hammered in marble that "All Men Are Created Equal," and don't understand the concept?

What American leaders and the American people must never forget is that the words "All Men Are Created Equal," does not come with any caveats or disclaimers. It is not "All Men Are Created Equal," except when it is inconvenient, unpopular, might upset supremacists, might raise the price of oil, or if we can just look the other way. The words are uncompromising. There is no Sharia exception, there is Islamic supremacist exception. There are no exceptions to the inalienable human right that "All Men Are Created Equal" - to all men and women. We hold these truths to be self-evident. We declare this as fundamental to the identity of the United States of America.

American human rights groups, American civil rights groups, and patriotic Americans everywhere have to take a stand on this latest disgrace. Our national honor has been besmirched long enough with those calling for "engagement" or "reconciliation" with Islamic supremacists. Now this latest indignity - American taxpayer dollars are funding the ownership of a company with a business in promoting Islamic supremacism.

We need to call for the following:
(a) The American people must call for the immediate freeze of all American taxpayer funds to AIG until it divests of its Sharia financial businesses.
(b) The American federal government must give AIG an ultimatum to divest itself of its Sharia business or the America federal government must divest all ownership in AIG.
(c) Those in the American federal government responsible for the bailout and purchase of AIG stock must resign, including the U.S. Secretary of the Treasury and the Federal Reserve Board Chairman.
(d) Leaders in the U.S. Senate and House of Representatives must lead a national investigation into Sharia-Compliant Finance (SCF) and Sharia financial businesses in America to end their ability to promote the Islamic supremacist ideology in America.

To that end, I ask you to support this petition that calls for the U.S. federal government to "end U.S. ownership" of Sharia-based financial businesses; the Anti-Jihad League of America will ensure that the Federal Reserve Board, the U.S. Department of Treasury, and our elected representatives see your support on this petition.

Fear No Evil.

[Postscript - see also Sources documents for additional reading and background information.]