Islamic Development Bank could raise $500m bond (sukuk)
The Jeddah, Saudi Arabia-based Islamic Development bank will soon issue a $500 million sukuk or Islamic bond issue.
This is rather controversial in Shariah Finance circles since Mufti Taqi Usmani issued an opinion last year declaring that most such instruments are in fact NOT Shariah-compliant and are unislamic. That opinion, along with the world economic downturn and a rather high default rate on sukuk, caused the market to dry up substantially in recent months.
But, as they say, “money talks,” and the Sauds evidently want to push sukuk, so now the Islamic Development Bank will push a major bond issue out to the marketplace, as reported by Kuwait Times:
This is of course, not the end of the story, not by a long shot.
First of all, we would like to point out that Islamic Development Bank is being assisted in this issue by some familiar names:
HSBC: if you recall, the hateful Jihadist Mufti Taqi Usmani sits atop HSBC’s Shariah advisory board.
BNP Paribas: this bank is one of our least favorite on the face of the planet. Not only is BNP Paribas up to its eyeballs in Shariah finance, they are also extremely cozy with the Ayatollahs in Iran. In fact, BNP Paribas is the only financial institution on the Center for Security Policy’s Divest Terror Initiative Dirty Dozen list.
What landed BNP Paribas on that list is the fact that they are the most active foreign bank in Iran and have financed some $2+ billion in projects which provide corporate life support to the Ayatollahs who sponsor terrorism, build nuclear weapons and slaughter their own people in the streets.
It should also be pointed out that BNP Paribas was implicated in the disgraceful UN Oil for Food program which aided Saddam Hussein’s regime in Iraq. The bank was probed by Britain’s MI6 and MI5 intelligence agencies for allegedly misusing funds and transactions related to the UN’s Iraq Oil-for-Food program and at a November 2004 hearing in the House International Relations Committee, at least three instances were revealed where BNP Paribas reassigned letters of credit from U.N.-approved relief sponsors to illegal third parties.
In short, BNP Paribas is a bad bank. We urge everyone who cares about what is right and preserving liberty and freedom to avoid BNP Paribas like the plague that they are. And while you’re at it, you might want to give HSBC and DB the boot as well.
But, believe it or not, this story does not even end there.
Now we get to the Islamic Development Bank (IDB) itself. IDB is a gargantuan institution dominated by Saudi Arabia and based out of Jeddah, which is the most important non-holy city in that country, much more important than Riyadh.
IDB was founded in December 1973 by the Organization of the Islamic Conference (OIC). The date is important because this was just on the heels of the Yom Kippur War and the Arab Oil Embargo. IDB was founded with the purpose of increasing Muslim economic clout around the world. The suddenly skyrocketing oil prices and petro-wealth in the Middle East gave rise to the concept of using economic clout to increase the influence of Islam around the world.
It should also be noted that, not coincidentally, well-financed, international Islamic terrorist organizations began surfacing in the same era of new-found wealth.
So, the Islamic Development Bank has been a key cog in the worldwide Islamist movement. Just take a look at some of the institution’s main shareholders:
Saudi Arabia: ruled by Shariah; Wahhabism is the official state religion; state sponsor of terrorism; breeding ground for Jihadist terrorists.
Sudan: ruled by Shariah; ruling regime has its roots in the Muslim Brotherhood; officially declared state sponsor of terrorism by US State Department; regime has committed genocide, killing hundreds of thousands of innocent civilians.
Libya: rogue nation ruled by dictator Colonel Moamar Khadafy. Former sponsor of terrorism and proliferator of WMD.
UAE: smuggling point for prohibited technology into Iran.
Iran: ruled by Shariah; world’s foremost sponsor of terrorism; enriching uranium in violation of international agreements and UN Security Council resolutions.
Pakistan: Pakistan’s ISI (secret intelligence service) basically gave rise to the Taliban and has cooperated with other Jihadist groups as well.
The fact that the Islamic Development Bank is a tool of the OIC should raise some serious red flags. The OIC is the organization behind the movement to stifle free speech in the name of religious rights worldwide. Basically, the OIC is using its political clout (57 nations in the UN) and economic muscle (oil wealth) to intimidate and ostracize those who would dare to criticize Islam.
And under this latest scheme, $500 million will be added to the kitty to help them do it.