To quote a once famous hip hop artist KRS-One: “suicide it’s a suicide”.
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The story of Islamic finance in the United States uh to date has been a story of success…whether in the field of home financing or in the field of investing in the stock markets, mutual funds…in fact, a lot of the work, the real ground work for Islamic financial transactions around the world has taken place in boardrooms here in New York and around the country, we kind of led the way…
The video is an excerpt from Al Jazeera’s coverage of a 2009 Islamic finance conference in Washington, D.C. The gentleman interviewed is Shaykh Yusuf DeLorenzo, a member of Guidance Residential’s Sharia Supervisory Board. Interestingly, he grew up Anthony DeLorenzo in Massachusetts and as far back as 1999 has been known as the Sheik of Wall Street. In the video above, Tony claims to have been a driving force for Islamic finance in the U.S. and around the world and his credentials are well noted all over the internet. Here is what he told a group of fund managers and investment bankers attending an investment conference years ago:
“Praise to Allah, Lord of all the worlds, most merciful, most giving. Guide us on the right path, the path of those on whom You have granted Your blessing, not those on whom Your wrath has fallen…”
Did any of those fund managers know, or care, what Sheik Tony was saying? Because basically what he said was “guide us Muslims, but don’t guide the infidel non-Muslims”. That was ten years ago, so apparently no one heeded the warning.
More on Reston, Virgina-based Guidance Residential. A quick glance at their website reveals this image quite visibly as part of every page header on the site. Translated it states, “In the name of Allah”.
Imagine reference to some other god on some other banks website in another language. CAIR? ACLU anyone?
How else is Sheik Tony working the capitalist finance system? Guidance Residential’s website indicates that interest-free sharia loans can actually take advantage of the interest deduction allowed by the IRS. Could that be why one of their motto’s is Why Compromise? Really, why compromise when you can have interest free loans yet still get an IRS deduction on the interest you never paid.
Generally, the IRS considers a portion of the monthly payments and other costs in home acquisition financing to be tax-deductible. Please consult an independent tax advisor about your individual situation.
We’re sure there is much more information on Sheik Tony and Guidance and as it filters in we’ll include updates. Stay tuned.
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