JEDDAH, 6 October — The General Council for Islamic Banks & Financial Institutions (GCIBFI) has expressed its “deep concern with, and great dismay over,” the sustained campaign of false allegations against the Islamic banking industry after the Sept. 11 terrorist attacks on the US.
“Following the terrorist assault on New York and Washington, the Islamic banking industry has become the target of a fierce and sustained campaign of false allegations. This campaign was characterized by misleading information and unfounded claims and statements that Islamic banks are funding and providing banking and financial cover to terrorist groups. In light of the responsibility it undertakes toward its member institutions, the GCIBFI would like to express its deep concern with, and great dismay over, this baseless and biased campaign against the Islamic banking industry,” Dr. Ezzzedine Khoja, secretary general of the GCIBFI, said in a statement.
“The GCIBFI stands by all Islamic institutions and scholars in rejecting all types and forms of illegal and terrorist acts which run against Islamic norms and values. The GCIBFI believes that it is grossly unfair and unjust to link Islam in general and the Islamic financial institutions in particular with terrorism and terrorist activities. It’s an undisputed fact that terrorism is an international phenomenon that’s felt and has prevailed in every civilization and society. We strongly denounce all attempts to smear the name and spoil the reputation of the Islamic banking industry by linking it with some terrorist groups or organized crime gangs. We feel that there are some invisible opponents who are endeavoring to mobilize the Western public opinion against Islam and its institutions by spreading hatred and malice among all human beings.
These groups seek to depict the crisis as a type of war between civilizations and hatred between the followers of different religions and beliefs.
“As a matter of fact, we all know that the Islamic financial institutions — wherever they exist — are organized financial entities. They operate in strict conformity with predefined standards, operational rules and generally accepted practices. Furthermore, Islamic banks are similar to their conventional counterparts in terms of conformity to the regulatory and supervisory rulings and directions of the monetary authorities and other related supervisory boards.
“In view of this, GCIBFI would like to emphasize that Islamic banks are always committed to compliance with the stipulations and conditions laid down by supervisory and regulatory authorities and always seek to meet transparency and disclosure requirements,” the statement added.