On March 27, 2010, Harvard University Islamic Finance Project hosted the Ninth Harvard University Forum on Islamic Finance. Islamic Finance, or "Sharia Compliant Finance" (SCF) is the fastest growing sector of international financial industry and was presented at Harvard as "ethical banking," or a possible responsible Islamic alternative to failed, Capitalist banking. It claims to modify financial practices for Muslims so they can obtain non-interest loans and engage in market investments that don't violate Sharia Law by assuming risk or investing in products and services opposed to Islamic morals.
Frank Gaffney, founder of the of the Center for Security Policy, and Robert Spencer of Jihad Watch, formed the "Coalition to Stop Sharia Finance," and have provided extensive research this topic. When the Treasury Department organized "Islamic Finance 101 Forum," the Coalition held a press conference to detail its concerns.
Frank Gaffney responded to a question from Al Jazeera about why the Coalition is opposed to a "government initiative originally requested by the Bush Administration that would bring trillions of dollars into strapped Western investment banks:"