Through briefings, books, law review articles and op-eds, the Center exposed the US government’s role in endorsing and encouraging Shariah Compliant Finance (an obvious violation of the separation clause of the First Amendment), resulting in a lawsuit against the Treasury Department’s bailout of AIG, the world’s largest shariah-compliant insurance provider. The Center’s website shariahfinancewatch.org is the major online resource tracking shariah compliant finance legal liabilities and terrorism finance issues.
Divest Terror: In 2004, the Center published a study showing that eighty-seven of the 50 states’ major public pension funds held stocks of publicly traded companies then doing business with governments the State Department had identified as state sponsors of terrorism. The Center’ s ground-breaking publication and subsequent educational efforts with legislators around the country have resulted to date in 21 states taking action to divest some or all of those stocks from their pension funds. In 2009, the C enter briefed legislators in Florida about legislation ensuring that pension fund beneficiaries would be able to opt for terror-free investments– creating, thereby, a market for Wall Street to provide passively managed funds that are certified as “terror-free.” In 2011, Iowa and Utah became the latest states to enact such legislation.