New York Dem introduces bill to allow Islamic sharia financing

Sharia-promoting NY Democrat

via Brooklyn, NY – Lawmaker Wants to Attract More Islamic Investment — VosIzNeias.com. h/t JB

Brooklyn, NY – State Senator Kevin Parker announced a bill today to create an alternative bond market that would be permissible under Islamic law by creating alternatives to the traditional interest-based bonds.

Many Islamic societies use the alternative structure, known as “sukuk,” since Islamic law prevents the securing of interest-bearing bonds. Parker argues that opening up New York to sukuk would open the state’s bond market to a new kind of international investor.

“With the introduction of my legislation, New York leads the nation in fostering new investment opportunities to create jobs, reduce the cost of borrowing, and bring new entrants into New York’s bond markets,” Parker said. “As the historical hub for international commerce and finance, it is imperative we not only stay competitive, but lead in the global marketplace.”

He notes that nations like England, France and South Africa are already in the process of creating sukuk investment vehicles to encourage international investment.

And, his office notes that if the bill passes it will bring in a new, local class of investor that has traditional been left out.

“This legislation reverses an historic inequity where far too many New Yorkers have been unable to benefit from public-private partnerships with the State. I am proud that today, New York once again leads the nation in affording all citizens equal opportunity,” Parker said.

What new, local class of investor is Parker’s office referring to? What New Yorker’s have been unable to benefit from public-private partnerships with the State? Is he referring to Muslims? If they’ve been left out it’s because Muslims discriminate against financing options that aren’t Islamic. Further, if the State’s investment vehicles, even just one, must comply with Islamic sharia law – that is an entanglement question. He’s talking the Islamo-victim talk, but Kevin Parker didn’t come up with this idea – the question is, who did?

Parker is not exactly a savory character however as a recent NY Daily News article suggests, State Sen. Kevin Parker convicted of misdemeanor charges in beating of photographer. He has quite a history of thuggery in addition to his latest conviction:

Two years ago, an aide filed charges against Parker, claiming he pushed her during an argument and smashed her glasses. In 2005, Parker was accused of punching a traffic agent in the face. The charges were dropped after parker agreed to take anger management classes.

If he’s not Muslim now, he may be after a stint on Rikers Isle.

More posts on sharia finance here, and some excellent blogs that cover the topic on the lower left nav.