In a story that has not gotten a lot of coverage, Arab News reports that the World Bank and the Islamic Development Bank (IDB) have formally agreed to work together “in the development of Islamic Finance.
The World Bank and IDB signed “a Memorandum of Understanding to set out a framework for collaboration between the two parties and lend support to global, regional and country efforts in the development of Islamic Finance.”
Arab News also reports, “While Shariah-compliant banking is not widespread in the United States, Islamic financial institutions are making headway in gaining a foothold in North American banks to bring services to customers."
Sharia finance is banking and investing based on the Koran. Terrorism experts consider the spread of Sharia finance in the West to be “soft jihad.” Sharia-compliant finance requires donations to Muslim “charities,” most of which have some tie to terrorism or violations of human rights.
The Center for Security Policy reports that “the US Treasury Department has so far designated no fewer than 27 Muslim charities in the U.S. and worldwide as terrorism entities due to their funding of terrorist groups like Al Qaeda, Hamas and others.”
The biggest reason the West should have nothing to do with Sharia finance is because it is Sharia. Strict adherence to the Koran and Sharia is completely incompatible with human rights and democracy. If you don’t agree, watch this.
The World Bank has no business promoting and legitimizing Islamic finance. And the World Bank is supported in part by your tax dollars.
And a historical side note: The World Bank was founded by John Maynard Keynes and Harry Dexter White. White was a Soviet spy in the Roosevelt and Truman administrations. He killed himself in 1948 --it was a heart attack induced by an overdose of digitalis--after being uncovered and then testifying before the House Committee on Un-American Affairs, where he denied everything.
One more reason to be suspicious of the World Bank.