On February 27th, Financial Times Advisor featured an article about financial giant HSBC’s continued and growing embrace of Shariah-Compliant Finance.
According to the group, the new vehicles will aim to raise the profile of the sharia-compliant investment fund range in the UK significantly.
Andy Clark, managing director for UK and Mena wholesale at HSBC, said: "There is a general perception Islamic finance is only applicable to the Middle East. But demand is growing from the UK’s 1.3m Muslim population.
"For this reason, HSBC Global Asset Management plans to be at the forefront of offering to the UK market a comprehensive suite of investment products that meets sharia-compliant guidelines."
Today we would like to elaborate on HSBC’s connections in this area by focusing on the firm’s close ties to a creepy Mufti who has no business being associated with any respected Western financial institution.
HSBC has one of the most extensive Shariah advisory boards in the entire financial services industry. But our focus today is on the name atop HSBC’s Global Shariah Advisory Board: Muhammad Taqi Usmani.
To be sure, Usmani is one of the most prolific Shariah scholars in the world of finance. He receives compensation from dozens of banks and investment firms, including Saudi American Bank, Citi Islamic Investment Bank, and Guidance Financial Group in the USA.
Before cashing in with the private sector, Usmani was a Shariah judge on the Supreme Court of Pakistan for 20 years.
Usmani is also a complete Jihadist.
In September 2001, Usmani was part of a small delegation of clerics known to be sympathetic to the Taliban in Afghanistan and travelled there to ostensibly convince Mullah Omar, the leader of the Taliban, to turn over Osama Bin Laden to the United States. Information leaked later by some of the clerics present at the meeting indicates that the delegation may have, in fact, tried to stiffen the Taliban’s will to resist.
Usmani is a prolific writer in Urdu, Arabic and English, having published dozens of books and countless articles.
Among his books available in English is a vitriolic attack on Christianity called "What is Christianity" and a broadside against the West and modernity called "Islam and Modernism."
Here is one particularly revealing quote from "Islam and Modernism:"
"Killing is to continue until the unbelievers pay jizyah (subjugation tax) after they are humbled or overpowered."
Usmani is well-known for his uncompromising views on the mandatory nature of conducting offensive jihad against non-Muslims "in order to establish the supremacy of Islam" worldwide.
Usmani also complained bitterly at the lack of martyrs to combat American forces in Iraq:
"No one is found having any desire of Shahadah (martyrdom). How many mothers are there who want to sacrifice their sons for the cause of Islam? How many sisters are there who want to say goodbye to their brothers departing to wage jihad against non-believers?"
Usmani referred to Americans in Iraq as "stinking atheists" and "the worst ever butchers and vultures of the world" who are "clawing off the flesh of bodies of innocent Iraqi Muslims."
According to what Usmani has said and written, aggressive jihad against unbelievers is an Islamic obligation and, as such, does not need any justification.
"For a non-Muslim state to have more pomp and glory than a Muslim state itself is an obstacle, therefore to shatter this grandeur is among the greater objectives of jihad."
For Taqi Usmani, offensive jihad can be postponed for a time only in cases when the Muslims in question are not strong enough to battle or otherwise challenge the infidels. And so, he advises the Muslims to live peacefully in countries like Britain, for instance, but only until they gain enough power to carry out jihad.
Under Pakistani dictator General Zia al-Haq (1977-1988), himself a zealous advocate of Shariah, Usmani played a key role in the introduction of the Shariah-based punishment code known as the Huddud Ordinance, as well as blasphemy laws and other Shariah injunctions, to the huge detriment of Pakistani justice and civil liberties.
HSBC’s bio for Usmani erroneously claims that he advises Dow Jones. Usmani did advise Dow Jones at for years but, when his beliefs and writings were brought to light, he abruptly disappeared from their Shariah Advisory Board, as explained by Paul Sperry.
Usmani’s Jihadist roots were too much for Dow Jones, but evidently not for HSBC.
HSBC describes itself as the "world’s local bank." Does your local bank employ any Jihadists?