By Frank J. Gaffney Jr. Suddenly, a new national debate is beginning about the national security, economic and other implications of Persian Gulf potentates using their petrodollars to buy up strategic American assets.
Most recently, the emir of Dubai's purchase at fire-sale prices of 4.9 percent of the largest U.S. bank, Citigroup, caused a level of unease not seen since he tried to buy his way into many U.S. port facilities.
Almost completely unremarked thus far has been a parallel - and in many ways far more insidious - effort to penetrate, influence and dominate America's capital markets: so-called "Shariah finance." Some estimates suggest an amount nearing $1 trillion is now being invested around the world under this rubric. If trends continue, all other things being equal, such funds may grow to many times that amount within a few years.
Shariah is, of course, the term used by adherents to the totalitarian ideology practiced by the Saudi Wahhabis, the Iranian mullahs and the Taliban to describe the all-encompassing theocratic code they use to justify repressive rule at home and to extend their dominance elsewhere. While often depicted by its promoters as Koranic in character, it is in fact largely man-made, the product of dictates and rulings by caliphs and scholars over many centuries.
Read more ...
Source: The Washington Times
Posts
