Daily Israel Report

Expert: Saudi Arabian Bankers Fueling Global Islamic Jihad

Director of the American Center for Democracy Rachel Ehrenfeld said at the J'lem Conf. that Saudi bankers are financing global terrorism.
By Talia Zarbiv
First Publish: 2/21/2008, 12:11 PM

Rachel Ehrenfeld, Director of the American Center for Democracy, said at the Jerusalem Conference Tuesday that Saudi Arabian bankers are the main financiers of global terrorism.

Corrupt “Sharia financing” banking practices - legal under Islamic law - are a fairly new phenomenon, Ehrenfeld said. They were first developed by the Muslim brotherhood in the 70s, following the financial power gained by Saudis during the oil boom.



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”Saudis are using money in order to corrupt the West, to fund terrorism, and eventually to take over the West,” said Ehrenfeld.  “For years, Saudi Arabia has been a main supporter of terrorism, both physically and financially, and their illegal activity is now causing many innocent investors to commit serious crimes without even the knowledge that they are doing so.”

According to Ehrenfeld, Saudi Arabian bankers have roughly $1 trillion ready to be invested through means of what she terms “financial Jihad.” The financial practices she refers to as “Sharia financing” are run according to Islamic law, governed solely by the Koran and with no distinction between public and private practices. “Legitimate financing goals are literally indistinguishable from immoral and illegal practices, causing unsuspecting companies and individuals to unknowingly fund terrorism.”
 
“Sharia financing means complete and total submission to Islamic bankers,” Ehrenfeld explained. “Investors give over all rights to choose what their money supports. They are virtually forced to divest from any company or concept that is not in agreement with Muslim ideology or belief, including any company that is even inconsequentially involved with Israel. Additionally, Saudi Arabian bankers have the right to list and delist companies as they please, without legitimate cause or legal course of action."

“Not surprisingly, these illegal banking practices do not have security, which comes at a very large price to investors, who are at great risk both of losing their money, endangering their shareholders, and being prosecuted by American banking laws, which strictly forbid the financial support of terrorism. Besides the money that is used to support Islamic agenda, 20% of funds are labeled ‘mandated charity’ and go directly to foreign companies in support of terrorism.”

Ehrenfeld warns: “They are expanding fast, and are now in more than 80 countries, and more than 300 financial institutions around the world. This is really spreading like wildfire.”