Shari'ah Bailout Bucks

Um, this didn't come up in the talks with Congress.

AIG, the company of magicians that turned its bailout from $60 billion to $150 billion almost over night, is taking some of that money to become more Islamofriendly.

Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, is introducing what it says is a first in the U.S.: a homeowners insurance product that is compliant with key Islamic finance tenets and based on the concept of mutual insurance.

So we know the "A" in "AIG" doesn't stand for "assimilation".

The Takaful home policy is the first installment in Lexington Takaful Solutions, a series of Shari'ah-compliant (Takaful) product offerings in the U.S.

It's one thing if they want to start a local credit union but something entirely different if an American company that just got fat on taxpayer money is tailoring any part of its business to make it "Shari'ah-compliant".

Takaful is similar to mutual insurance and cooperative risk sharing but there are key differences including a clear segregation of funds owned by participants and those owned by the insurance operations entity. Investments of funds are also restricted to avoid companies involved in entertainment, alcohol, pork and other elements prohibited by Islamic law.

I'm Catholic. Is AIG going to offer a policy backed by a mutual insurance company that promises not to invest in hospitals that perform abortions? Anyone? Bueller?

Didn't think so.

The big laugher:

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

Socially responsible solutions...

This is the same Shari'ah law that condones beheading, stoning, female genital mutilation and a variety of other "socially responsible" barbaric practices in different parts of the world, correct?

Your taxpayer dollars at work.

This money trail might lead us right off a cliff.

h/t: Atlas Shrugs

(More Stephen Kruiser mental wandering at America Needs Me)