Shariah’s Black Box

[341] The Center for Security Policy is a Washington, D.C.-based non-profit policy think tank. See Center for Security Policy,

[342] Usmani Dossier, supra note 340.

[343] Mufti M. Taqi Usmani, Islam and Modernism 123-39 (2006).

[344] This work is an English translation and contains some grammatical, spelling, diction, and punctuation errors. Most of these errors have been left as they appear in the original. Only some quotation marks used in indented quotes have been removed.

[345] In the original, this verse was in Arabic. It is the infamous “Sword Verse” found at Qur’an, 9:5

[346] Jizyah is a special tax imposed on non-Muslims to establish their subjugation to their Muslim rulers. See generally Bat Ye’or, The Dhimmi: Jews and Christians Under Islam (1985).

[347] PBUH is an acronym for “peace be unto him” typically said following Mohammed’s name by Shariah adherent Muslims.

[348] The threat to Arcapita and therefore also to Caribou is that even commingled funds are subject to forfeiture under the anti-money laundering statutes which include the material support of terrorism as a predicate offense. See United States v. Tencer, 107 F.3d 1120, 1134-35 (5th Cir. 1997) (stating that all commingled funds in account were subject to forfeiture under § 982(a)(1), as “property involved” includes any property used to facilitate the money laundering offense).

[349] Arcapita, Arcapita Annual Report 2007, at 95, available at (last visited Feb. 1, 2008).

[350] Id. at 100.

[351] Press Release, News Corp., News Corp. Completes Dow Jones & Co. Acquisition (Dec. 13, 2007), available at (last visited Feb. 1, 2008).

[352] Dow Jones Indexes About Us Overview, (last visited Feb. 1, 2008).

[353] Id.

[354] Dow Jones Islamic Market Indexes Key Attributes, (last visited Feb. 1, 2008).

[355] Dow Jones Islamic Market Indexes Methodology Overview, (last visited Feb. 1, 2008).

[356] Dow Jones Islamic Market Indexes Shariah Supervisory Board, (last visited Feb. 1, 2008).

[357] In an article posted at the DJII Internet site, an important American Shariah authority and one of the DJII Shariah authorities, discusses the need for a Shariah advisory board for a fund that licenses the DJII index. The point of the entire article is to discuss all of the non-quantitative duties of a Shariah advisor in the selection and control of equities for investment. While one might accept his rationale for such supervision over the actual funds, if the DJII in fact utilizes a strictly quantitative protocol for selecting its “universe” of acceptable stocks, the question remains what useful purpose the DJII Shariah advisory board plays — other than window dressing for reputation. See DeLorenzo, supra note 22.

[358] See supra note 356.

[359] Id.

About David Yerushalmi

Mr. Yerushalmi is a lawyer specializing in litigation and risk analysis, especially as it relates to geo-strategic policy, national security, international business relations, securities law, disclosure and due diligence requirements for domestic and international concerns. David Yerushalmi has been involved in international legal and constitutional matters for over 25 years. David Yerushalmi is today considered an expert on Islamic law and its intersection with Islamic terrorism and national security. In this capacity, he has published widely on the subject including the principle critical scholarship on Shariah-compliant finance published in the Utah Law Review (2008, Issue 3). This work and the empirical investigation known as the Mapping Shariah project in America was the focus of a recent monograph published by the McCormack Foundation and the Center for Security Policy.