An interesting post this morning from Tiberge at the Brussels Journal:
Some English-language Arabic news sources have covered this story. It is certainly not new — discussions about Islamic finance have been making headlines in the world of economics for a long time, but the French are inching closer to a definitive measure that will allow Islamic law to enter into the French legal framework. All this is happening with the support of President Sarkozy’s UMP.
The French Senate passed the bill on June 9. It was then that they introduced the amendment on Islamic “sukuk” that was to become the source of the Socialist opposition in the Chamber of Deputies three days ago, when the final vote was taken. Without that amendment it is likely that the Socialist deputies would have voted for the bill.
Here is a report from Le Point, dated September 17, that was probably the source for the English-language articles. It should be noted that this story has been largely ignored by the French MSM. It appears primarily at Le Point, but I could not find anything in Le Figaro (although that may have changed by now) […]
Read the whole article at the Brussels Journal for more details on how sharia-compliant finance has made its way into the heart of the Fifth Republic via the legalization of Islamic bonds, or sukuk.
Ever since 1789 the principle of laïcité, or the secularization of society, has been a paramount feature of French politics. Nicolas Sarkozy and his governing coalition have had to engage in some ingenious evasive maneuvers to portray Islamic finance as a secular institution.
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It’s interesting to observe that the Socialists are the main opponents of this project, despite the “unholy alliance” of the Left with the Islamists throughout most of Europe. Also notable is the fact that the Vatican has approved of the introduction of sharia-compliant instruments into Europe’s financial system.
Our betrayal by our leaders has been a complex one, and no single faction within the existing political establishment is free of complicity in the pre-emptive surrender to Islam.
It would also be worthwhile to emphasize the role of zakat — charitable giving as mandated by sharia — in Islamic finance. Zakat is part and parcel of sharia-compliant finance, and the huge amounts of money generated by zakat are one of the principle funding sources for Islamic terrorism all over the world.
The French parliament — and other legislative bodies across the Western world — would do well to remember this fact when considering the introduction of Islamic finance into the existing legal system.
Hat tip: TV.