On Sunday, Arab News reported, "The U.S. government is currently studying the salient features of Islamic banking to ascertain how far it could be useful in fighting the ongoing world economic crisis, Robert M. Kimmitt, U.S. deputy secretary of the Treasury, said at a press conference held at the U.S. Embassy here yesterday." The newspaper went on to note that "[Mr. Kimmitt] said that experts in the U.S. Treasury Department are currently learning the important features of Islamic banking."
As it happens, for the better part of a year we at the Center for Security Policy have spent a fair amount of time trying to teach U.S. Treasury Department and other government "experts" about what is euphemistically called "Islamic banking" but better known as Shariah-Compliant Finance (SCF). In meetings with Mr. Kimmitt and other top Treasury officials, my colleagues and I have presented all they really need to know about the "important features" of this growth industry. (more)