National Security Blog: AIG Defies U.S. Taxpayers by Promoting Sharia in America By Jeffrey Imm

For the third month in a row, AIG is in the news regarding its promotion of Sharia-compliant finance (SCF) products, which promote the Islamic supremacist, segregationist ideology of Sharia. For a company struggling with its financial survival, it remains astounding that AIG would want to incite its American taxpayer owners by promoting products that are based on an Islamic supremacist political ideology. In October 2008, I wrote how the U.S. government gave an $85 billion loan to AIG, without demanding divestment of its business ventures reselling Sharia mutual trusts and its AIG Takaful division selling Sharia-based insurance. In November 2008, I wrote about how the U.S. government purchased $40 billion in AIG stock, making you as a taxpayer, an owner of a company promoting Sharia through such businesses. [more...]

Bailed-out AIG offers Islamic insurance to U.S.Company sells Shariah-compliant policies after massive taxpayer-funded cash grab

By Chelsea Schilling, WorldNetDaily

"After American International Group Inc, or AIG, reached two major bailout agreements totaling $152.5 billion in taxpayer dollars, the company is stepping up its dealings with Islamic finance by offering Shariah-compliant homeowners insurance to the U.S. – outraging critics over AIG's support of a '"discriminatory ideology, that is against equality, and that is against liberty.'"

"Specifically, while American taxpayers are loaning money to AIG and hold 80 percent equity interest in the company, AIG owns a Shariah-compliant insurance company, offering accident, health, motor, personal contents, property and casualty insurance coverage. "

"Now Risk Specialists Companies, Inc., or RSC, a subsidiary of AIG Commercial Insurance, is introducing its Shariah-compliant Takaful Homeowners Policy to the U.S., according to a Dec. 1 AIG announcement. The new insurance is said to be the 'first installment' in a 'series of Shari'ah-compliant (Takaful) product offerings in the U.S.'"

"The Shariah-compliant policy is underwritten through RSC member company A.I. Risk Specialists Insurance, Inc., in conjunction with Lexington Insurance Co. and in association with AIG Takaful Enaya."

"'Takaful' is based on Quranic principles of 'Ta'awon' -- or mutual assistance. The term originates from the Arabic word 'Kafalah,' meaning "joint guarantee." Similar to mutual insurance, where policyholders own a stake in the organization, members of a Takaful group pool their resources to help the neediest member, and losses are divided among them."

"Cooperation is key in the system, and proponents often point to Surah Al-Maidah, verse 2 of the Quran, to explain the concept. It states: 'Help ye one another in righteousness and piety, but help ye not one another in sin and rancor.'"

"According to Ernst & Young's 2008 World Takaful Report, the Shariah-compliant insurance had an estimated $5.7 billion global market in 2006 with more than 130 providers. The market is estimated to exceed $10 billion by 2010."

"'The introduction of Takaful products in the U.S. represents an important and emerging growth opportunity for AIG Commercial Insurance,' President Matthew F. Power of Risk Specialists Companies, Inc. said.'We are pleased to offer socially responsible solutions to this segment of the domestic market.'"

"Unlike mutual insurance, Takaful includes Shariah-compliant stipulations. It prohibits investment in companies that violate Islamic law by selling or promoting products such as alcohol, tobacco, pornography, gambling and even pork. Critics claim Shariah-compliant businesses are even opening doors to U.S. funding of Islamic extremism."

"Jeffrey Imm of Family Security Matters and the Anti-Jihad League of America has written extensively on the subject, warning that AIG would expand its Shariah products in the U.S. He has even created a petition demanding the Federal Reserve, Securities Exchange Commission and Department of the Treasury require AIG to divest itself of its Shariah businesses. [more...]

See petition at: http://www.petitiononline.com/stopaig/petition.html