Goldman Sachs Submits: Issues Islamic Bond Program as Conforming to Sharia Law

for the MIGHTY ATLAS!!

Goldman Sachs Submits: Issues Islamic Bond Program as Conforming to Sharia Law

Why should my taxpayer dollars be used to advance sharia finance? Goldman Sachs, one of the largest recipients of Obama's redistribution of taxpayer money, is going Islamic. Many of Obama’s cabinet and appointed czars are directly connected to Goldman Sachs.

The Muslim Brotherhood is dictating Obama's foreign policy, and now its financial policy as well.

Sharia finance prohibits investments in whole American sectors -- tobacco, pork, alcohol and some forms of entertainment. Further, 2.5% must go to zakat (Islamic charity aka jihad). I do not want my money going to advance jihad and starve American business.

Where is the separation of mosque and state?

We need hearings on taxpayer dollars being used to fund Islamic finance (thereby funding jihad and prohibition on whole American business sectors).

Goldman Defends Islamic Bond Program as Conforming to Sharia Law Advisor One

Firm counters charges that funds could be used for purposes unlawful under Islamic rules

A program begun by Goldman Sachs in October to offer a $2 billion sukuk that conforms to sharia law has been defended by an advisor to the firm. The program, registered with the Irish Stock Exchange and issued through a Cayman Islands-registered special purpose vehicle, Global Sukuk Co Ltd., was undertaken to issue a sukuk (Islamic bond program) based on murabaha, a cost-plus-profit arrangement that is compliant with Islamic law.

However, according to a Reuters report, there have been criticisms of the program from some analysts, who say Goldman might use the proceeds to lend money to clients who would have to pay interest; that would be against Islamic law. Other assertions are that the issue might not trade at par value on the Irish exchange, which also is a violation of sharia law.

If either charge is true, it could have detrimental effects on other financial institutions that might want to enter the field of Islamic finance, which has been largely unaffected by the turmoil in other markets and offers an opportunity for Western banks to raise money from its billions in investment funds. Islamic law, though, forbids the charging of interest and making money through pure speculation.

In May HSBC's Middle East unit Amanah became the first Western bank to issue a sukuk, with a $500 million Islamic bond that will mature in five years. French bank Crédit Agricole is also considering either issuing an Islamic bond or creating a broader sukuk program that could spawn several issues.