Androscoggin Bank, a prominent financial institution in Maine, has taken a dangerous step by becoming the first bank in the state to offer Islamic interest-free mortgage plans, aligning its services with the principles of Sharia banking.
RAIR Foundation (h/t Marvin W) While the bank asserts that this move aims to accommodate the growing Islamic immigrant community in the region, it has ignited a fiery debate surrounding the potential dangers and controversies associated with adopting such an Islamic financial system in the Western world.
While some may perceive Sharia law primarily in the context of personal religious practices, there are broader implications regarding the intersection of Sharia principles with government and finance. According to Islamic teachings, any government that limits the application of God’s Law is seen as an enemy of Allah and must be opposed. Islamic extremist groups share this perspective, and the establishment of Sharia as the governing system is considered a fundamental objective of such groups.
Islamic banking operates on a fundamentally different premise than conventional Western banking. The core principle of Sharia banking is the prohibition of usury, or interest (riba), which is regarded as haram or forbidden. Instead of charging interest on loans, Sharia-compliant financial institutions rely on profit-sharing arrangements, equity-based financing, and asset-backed transactions.
Critics of Sharia banking raise concerns about its implications in Western societies:
Conflict with Western Values: Sharia banking challenges the fundamental separation of religion and state in Western societies. It introduces a financial system based on religious principles that could compromise the secular nature of Western financial institutions.
Discrimination and Exclusivity: Sharia banking inadvertently fosters discrimination and exclusivity. While it pretends its intent is to cater to the Muslim community, non-Muslim customers face limited options or higher costs for their financial needs.
Regulatory Complexity: The complexity of balancing compliance with Sharia banking principles and existing financial regulations has raised opposition. This complexity exposes banks to regulatory challenges or violations.
Potential Influence of Extremist Ideology: Islamic banking has been associated with Islamic terrorists. Individuals with extremist views influence and operate within the Islamic banking sector.
Opposition to Religious Freedom: Sharia banking explicitly opposes religious freedom, freedom of conscience, and the free exchange of ideas.
Sharia banking adheres to specific dangerous and discriminatory Islamic ethical guidelines that impact various aspects of business operations:
Alcohol and Gambling: Sharia-compliant banks avoid investing in or providing financing to businesses involved in the production, distribution, or promotion of alcohol and gambling, considering these industries as haram (forbidden) due to their perceived negative social and moral impact.
Pork Products: Businesses dealing with the production or sale of pork products are also deemed incompatible with Sharia banking due to the impurity of pork in Islam.
Weapons and Defense: Sharia-compliant financial institutions refrain from financing companies involved in the production of weapons, especially if those weapons are intended for purposes they deem unethical or harmful,
Conventional Finance Institutions: Sharia banks avoid investing in or having financial ties with traditional financial institutions that charge interest (riba), as interest-based transactions are strictly prohibited in Islamic finance.
Androscoggin Bank’s move to introduce Islamic interest-free mortgages in Maine raises important questions about the intersection of Islamic finance with Western values and regulations. It is just the latest example of Westerners helping Muslims to conquer the West. This embracement of Sharia is another example of a cultural and civilizational jihad and the submission of a Western company, like Androscoggin Bank, to that jihad.
Every concession non-Muslims make to Islamic norms, and law is death by a thousand cuts to Western civilization, the rule of law, and the equality of all people.
2023 USA LIST OF AMERICAN ISLAMIC LENDERS FOR PERSONAL LOAN AND MORTGAGE FINANCING
- 1 Ijara Community
- 2 LARIBA
- 3 UIF
- 4 Ameen Housing
- 5 Guidance Residential
- 6 Jafari No-Interest Credit Union
- 7 Devon Bank
- 8 Barker Hedges Group
- 9 Halal Inc
- 10 Ansar Finance