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U.S. lawmakers scold AIG over Shariah finance

December 19, 2008

Two conservative U.S. lawmakers have put the nation’s largest insurer on notice for marketing Islamic financial products in America, warning that they “support a radical political ideology.”

American International Group earlier this month announced it will be offering Shariah-compliant homeowners insurance in the U.S. Hit hard by the financial crisis, AIG is looking for new revenue sources, and sees Muslim finance as a high-growth segment of the insurance market.

“We are pleased to offer socially responsible solutions to this segment of the domestic market,” said Matthew Power, president of AIG subsidiary Risk Specialists Companies Inc.

But two Republican leaders in Congress say it’s a bad idea, and scolded the federally subsidized insurer for promoting a “Stone Age” legal code “championed by the Taliban and Osama bin Laden.” Teetering on bankruptcy, AIG has benefited from $153 billion in tax-supported bailout money.

For the rest of the story …..

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