Just as we predicted, the collapse in the price of oil is making itself felt in the market for Shariah finance’s favorite instrument: sukuk, also known as Islamic bonds or Shariah bonds. This happened before in 2008-2009. The sukuk bubble may be bursting… Tumbling oil prices are battering Bahrain’s Shariah-compliant bonds. The Gulf nation’s dollar-denominated [...]
Al Shabaab seizes livestock from Somalis under system of zakat
The Jihadist terrorist group Al Shabaab says it collected $9 million worth of livestock as annual alms from Somali residents during 2014. In a video released online last week, the Jihadist group said it collected 6,500 camels, 100,000 goats and 2,500 cattle as annual alms to distribute to people who are suffering from drought in southern and [...]
Faced with Crisis, Russian Banks Jump To Shariah
Russian lenders are stepping up efforts to tap Islamic finance as international sanctions and a slump in oil prices push the world’s biggest energy exporter to the brink of a recession. Vnesheconombank, Russia’s state development bank, is seeking advice from lenders in the Middle East on how to sell its first Islamic bonds, the RIA Novosti state-news service reported [...]
Kuwait Finance House Continues Spread of Shariah Finance in Turkey
Kuwait Finance House (KFH) continues to facilitate the spread of Shariah finance in Turkey. They just inked a new $350 million banking and mortgage deal through their Turkish affiliate. Turkey continues to drift toward Islamization and away from the rest of NATO… http://ameinfo.com/blog/finance-and-economy/kfh-announces-successful-conclusion-350m-syndicated-club-murabaha-facility-kfh-turkey/
Gufran Ahmed Kauser Mohammed, 31, a naturalized U.S. citizen who once lived in California has been sentenced in Miami federal court to the maximum 15 years in prison after pleading guilty to providing thousands of dollars in support to U.S.-designated terrorist organizations. Fifteen years seems incredibly light for someone who funds Jihad. The US desperately needs [...]
BNY Mellon Joins the Financial Jihad
BNY Mellon has been appointed delegate, principal paying agent, registrar and transfer agent for a Sukuk launched by DIFC Investments LLC. A Sukuk is a Shariah-compliant bond. The joint lead managers on the issuance are Dubai Islamic Bank PJSC, Emirates NBD Capital, Noor Bank P.J.S.C. and Standard Chartered Bank. The Sukuk was assigned a BBB- credit [...]
How Jihad is Funded
The BBC has produced a report on the various ways several major Jihadist terror groups–Islamic State, Al Qaeda, Boko Haram, Al Shabaab and the Taliban–are funded. The report is not in-depth but it does cover most of the wave tops . The problem lies in the complete lack of mention of zakat, which is the [...]
Jamaat-ud-Dawa, the Islamic charity wing of the Jihadist terrorist group Lashkar e Taiba, has just held a major conference in Pakistan. The organization called for a Jihad against India, Israel and the United States and tied its charity relief work to converting hundreds of Hindu to Islam. About JuD’s increasing shift to relief efforts, senior [...]
Loretta Napoleoni, author of the excellent “Terror Incorporated,” has just conducted an excellent interview on the funding of Jihad. Her main message: Terrorism cannot persist without government funding: Generally what happens is that an armed organisation is bankrolled by a state or very wealthy organization or individual… Then, once the group has established itself, if [...]
Money Jihad Blog Details Pay to Al Qaeda Fighters in Iraq
This brief post on Money Jihad blog provides some insight into how Al Qaeda jihadi fighters were paid in Iraq. This is especially important and interesting since Al Qaeda in Iraq became the Islamic State, as it is known today… http://moneyjihad.wordpress.com/2014/12/14/rewind-wages-to-fighters-for-al-qaeda-in-iraq/
A report released this week demonstrates how Qatar plays a double game with the West – funding terrorist groups throughout the region while acting like an ally and responsible player on the world stage.The report, “Qatar and Terror Finance: Negligence,” is the first in a three-part series by The Foundation for Defense of Democracies and [...]
Last Days Film Visit lastdaysofivory.com to get informed and take action. Either we come together now to make these the last days of ivory-funded terrorism or we witness the last days of elephants in the wild.
More than two dozen jihadists have collected unemployment benefits while fighting in Syria alongside terror organization Isis, the domestic intelligence agency PET revealed. Denmark paid unemployment benefits to 28 people while they were waging war for the Isis terrorist group in Syria, the Danish intelligence service was quoted as saying on Thursday. http://www.thelocal.dk/20141127/danish-syria-fighters-on-benefits-while-fighting-for-isis [...]
Jihadists Continue to Use Welfare to Fund Terror
Taxpayers’ money is being claimed fraudulently and used by terrorists in countries such as Iraq and Syria, according to Terri Nicholson, from the UK’s Metropolitan Police’s counter-terrorism command unit… http://www.telegraph.co.uk/news/uknews/terrorism-in-the-uk/11256882/Jihadists-funded-by-welfare-benefits-senior-police-officer-warns.html
Islamic Relief Fails to Refute Terrorism Designation
As the excellent Money Jihad blog points out, Islamic Relief was recently designated a terrorist organization by the United Arab Emirates. The organization has been suspected of ties to terrorism for years. They of course deny the accusations, but they offer nothing in the way of evidence to back up their denials… http://moneyjihad.wordpress.com/2014/12/12/islamic-charitys-terrorism-denial-falls-short/
Two charity arms of the jihadist group, blamed for 2008 Mumbai attacks, are active in the Gaza Strip Pakistani militant group Lashkar-e-Taiba (LeT), accused of carrying out the 2008 Mumbai attacks, is now reportedly engaged in charity work in Gaza, the Middle East Media Research Institute (MEMRI)’s Jihad and Terrorism Threat Monitor found. According to [...]
The Shariah finance industry has been working hard to make inroads in East Africa. There are obstacles to this quest, including the fact that many businesses in the region don’t qualify as Shariah-compliant. The article linked below provides a vague, but not totally useless, guide to what might disqualify a business from being Shariah-compliant… http://www.businessdailyafrica.com/Why-top-exchange-stocks-are-unfit-for-Sharia-investment/-/539552/2550348/-/5b16swz/-/index.html [...]
Linked below is a page describing the F&C Responsible Sharia Global Equity Fund. This fund provides as with a “teaching moment” in that it illustrates the lack of disclosure rampant in the Shariah Finance industry and it also reveals a conflict of interest between Shariah and “responsible” investing. First of all, check out the description [...]
While conducting online research we came across this page featuring a series of propaganda videos on Shariah-compliant finance. Note in particular that some of the personalities featured in these videos are truly “useful idiots”–non-Muslim executives shilling for the enemy threat doctrine… http://www.quazoo.com/q/Sharia%20investment?tab=videos
OPEC-member Islamic nations are starting to feel the pinch of the falling price of oil–so much so that some, like Iran’s president, are making up conspiracy theories about it. Of course, conspiracy theories are nothing new in the Islamic world; they are in fact widespread. It should be noted that the true rise of Shariah [...]
Gruesome: Islamic State Raising Money Through Organ Harvesting
Surgeries take place within a hospital and organs are quickly transported through networks specialized in trafficking human organs. Mosuli said that the organs come from fallen fighters who were quickly transported to the hospital, injured people who were abandoned or individuals who were kidnapped. He said that organ sales yield large profits. A specialized mafia is engaged in these [...]
By now readers have no doubt heard that Interpol has issued an arrest warrant for Sheikh Yusuf al-Qaradawi. It is worth pointing out that Qaradawi was a driving force behind the early expansion of Shariah Compliant Finance and sits on the Shariah advisory boards of some of the world’s largest Shariah financial institutions, including the [...]
A MUST-read from the experts at Money Jihad blog: http://moneyjihad.wordpress.com/2014/11/24/10-tips-for-businesses-to-avoid-financing-terror/
Kenneth Rijock’s Financial Crime blog has a good article on HAMAS leadership using Turkey as a financial depository. Turkey has essentially become a state sponsor of terror. It is high time that it got called out for its role in supporting Jihad… http://rijock.blogspot.com/2014/11/wheres-12m-in-hands-of-khaled-meshaal.html
Kyle Shideler of the Center for Security Policy recently authored an excellent article on the Jihadist terrorist group HAMAS and its financial support through Muslim Brotherhood charitable organizations around the world… http://www.centerforsecuritypolicy.org/2014/11/12/hamas-second-wealthiest-terror-group-thanks-to-global-muslim-brotherhood/
The Islamists know that their financial position stemming from their oil wealth gives them great leverage over the West. Make no mistake, their intention is to apply that leverage whenever possible. This has been illustrated in an example of appeasement involving a Spanish soccer club. The soccer club Real Madrid has been compelled alter its world-famous logo [...]
Islamic Relief Worldwide (IRW) has been designated as a terrorist group by the United Arab Emirates, the second Middle Eastern country to do so within the past five months. In June, IRW was declared illegal by Israel for being a financial conduit to Hamas, and it was banned from operating in Israel and the West Bank. The [...]
Tightened security off Somalia’s coast aims to bankrupt al-Shabaab http://sabahionline.com/en_GB/articles/hoa/articles/features/2014/11/07/feature-01
The Pentagon is under fire for making a ransom payment to an Afghan earlier this year as part of a failed bid to win the release of Army Sgt. Bowe Bergdahl http://www.washingtontimes.com/news/2014/nov/19/inside-the-ring-ransom-paid-for-bergdahl/
German Intelligence Disputes Estimates of Islamic State Oil Income
A German intelligence report suggests estimates of the oil wealth of terror group the Islamic State are wildly overstated. Previously published estimates have suggested that the Islamic State, which controls large swathes of northern Syria and Iraq, could earn up to €3 billion a year from oil fields it controls. But a report from Germany’s Bundesnachrichtendienst (BND), the country’s foreign intelligence service, argues [...]
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