[Letter to South China Morning Post]
Why doesn’t John Tsang just give up on Islamic Finance? (“No Islamic Bonds despite 4-year push", Business, October 29). He’s failed to tap the market, so now he wants to give them tax breaks. Give us a break, Mr Tsang!
The article states that Sharia-compliant, or sukuk, bonds prohibit interest, or investments in pork, tobacco and casinos. But it’s worse than that. They also prohibit investments in companies or products that benefit non-Islamic religions; any project that promotes equal rights for women and gays; any western defence industries (but not Muslim ones); any western books, films, TV and radio. And, of course, they prohibit investment in any company having links with Israel. In short, they are egregiously discriminatory. And I would argue that such discrimination is illegal by Hong Kong’s laws.
More: Islamic finance products have been linked with funding to terrorist organisations. A portion of Sukuk moneys have to go to Islamic charities, and charities such as the Holy Land Foundation have been linked (eg in the 911 Commission Report) to funneling of money to organisations with terrorist links.[*]
Sharia Finance was first promoted by the radical Pakistani Islamist Sayyid Al-Mawdudi in the 1960s and is promoted today by Islamists like Al-Qaradawi as being “Jihad with money”. [*]
Is this what we want to promote in Hong Kong? Is this the way Hong Kong taxpayers’ money should be spent? Giving tax breaks to a radical Islamist agenda to increase the reach of Sharia, including through terrorism? Giving tax breaks to discriminatory -- possibly illegal -- Sukuks?
Surely, Mr Tsang, it is far better to sup from Dim Sum bonds than to suck up to Sukuk.
Peter F
Hong Kong
[*] http://thebattleoftours.blogspot.com/2010/06/letter-to-simon-crean-and-nick-sherry.html#more
Why doesn’t John Tsang just give up on Islamic Finance? (“No Islamic Bonds despite 4-year push", Business, October 29). He’s failed to tap the market, so now he wants to give them tax breaks. Give us a break, Mr Tsang!
The article states that Sharia-compliant, or sukuk, bonds prohibit interest, or investments in pork, tobacco and casinos. But it’s worse than that. They also prohibit investments in companies or products that benefit non-Islamic religions; any project that promotes equal rights for women and gays; any western defence industries (but not Muslim ones); any western books, films, TV and radio. And, of course, they prohibit investment in any company having links with Israel. In short, they are egregiously discriminatory. And I would argue that such discrimination is illegal by Hong Kong’s laws.
More: Islamic finance products have been linked with funding to terrorist organisations. A portion of Sukuk moneys have to go to Islamic charities, and charities such as the Holy Land Foundation have been linked (eg in the 911 Commission Report) to funneling of money to organisations with terrorist links.[*]
Sharia Finance was first promoted by the radical Pakistani Islamist Sayyid Al-Mawdudi in the 1960s and is promoted today by Islamists like Al-Qaradawi as being “Jihad with money”. [*]
Is this what we want to promote in Hong Kong? Is this the way Hong Kong taxpayers’ money should be spent? Giving tax breaks to a radical Islamist agenda to increase the reach of Sharia, including through terrorism? Giving tax breaks to discriminatory -- possibly illegal -- Sukuks?
Surely, Mr Tsang, it is far better to sup from Dim Sum bonds than to suck up to Sukuk.
Peter F
Hong Kong
[*] http://thebattleoftours.blogspot.com/2010/06/letter-to-simon-crean-and-nick-sherry.html#more
