We were heartened to learn on Friday that the Kansas senate had followed the example of the Kansas House of Representatives by voting overwhelmingly in favor of American Laws for American Courts legislation there. American Laws for American Courts (ALAC) legislation was crafted to protect the constitutional rights of Americans against the incursion of foreign [...]
US Treasury Claims Sanctions Hitting Al Qaeda Hard
On May 11, 2012 · In Al Qaeda, Iran, Islamic charities, Jihad, Jihadist Groups/Individuals, Obama, Sanctions, Terror Funding, USA, Zakat
The US Treasury claims that its targeted sanctions program is hitting Al Qaeda and rogue nations, such as Iran, hard. We’ve no doubt that Iran, the world’s most active state sponsor of terrorism, has been substantially effected by sanctions and we would concede that Al Qaeda has no doubt been impacted in some way. But [...]
European Nations Fund Jihad Through Ransoms
On May 11, 2012 · In Al Qaeda, France, Islamic Law, Jihad, Jihadist Groups/Individuals, Shariah Law, Spain, Terror, Terror Funding, terrorism
Money Jihad blog has another excellent and important story up about ransom payments by European nations to Jihadists, Al Qaeda in the Islamic Maghreb (AQIM) in particular. Note especially the explanation with regard to ransom payments and Shariah in the Money Jihad posting. Note also that the amount of money paid by Spain and France [...]
One of the chief concerns about Shariah-Compliant Finance surrounds the use of Shariah advisors who end up controlling a great deal of money invested in Shariah-compliant instruments and institutions. Some of these advisors, such as Sheikh Yusuf al-Qaradawi and Mufti Taqi Usmani, have known ties to Jihadist terror groups. But even in the cases where [...]
Just in time for the victory by socialists, facilitated at least partially by Islamist backing, Shariah-Compliant Finance has entered the real estate market in France… La Française AM has launched the first Sharia compliant OPCI – collective real estate vehicles with simplified investment rules with leverage – into the French market as part of the [...]
According to a warning issued by the UN Security Council, the use of kidnapping for ransom by terrorist groups is on the rise, an indication that Jihadists in particular are supplementing their income from zakat and state sponsors of terror, such as Iran. In addition, the UN says that terrorists are making greater use of [...]
…if she is Shariah adherent, 1/40th of this will go to zakat…that’s $125,000. One of the eight acceptable destinations for zakat under Shariah is to “those fighting in the way of allah,” defined as those engaged in Islamic military operations who are not on any Army roster. http://www.chicagotribune.com/news/sns-mct-muslim-woman-gets-huge-award-in-workplace-20120505,0,6271844.story
Abu Sayyaf kidnappers have set a four-week deadline to be paid or they will behead Australian Warren Rodwell. It should be noted, though, that the original ransom demand of A$2 million has been reduced to A$460,000. http://stayingsafeabroad.blogspot.com/2012/05/philippines-abu-sayyaf-reduces-sets.html
A SENATOR has requested an official inquiry into whether Australian taxpayers are unknowingly funding a Palestinian terrorist organisation. In a letter sent to Foreign Minister Bob Carr last week, Victorian Liberal Senator Michael Ronaldson cited evidence collected by Israeli civil rights organisation Shurat HaDin, which alleges that the Union of Agricultural Work Committees (UAWC), based [...]
We have covered HSBC frequently here on SFW, but Forbes and Reuters have just broken a story that paints a picture of HSBC as a financial institution out of control when it comes to vigilance against money laundering. We first reported on HSBC’s deplorable money laundering policies almost a year ago when it was announced [...]
Seven people have been arrested in Britain on suspicion of funding overseas terrorism with money linked to smuggling of the stimulant khat. The arrests were part of an international probe into alleged terror fundraising and money-laundering. In a statement, Scotland Yard said the arrests were part of an investigation into a network suspected of illegally [...]
The U.S. Treasury Department’s point man on terrorist financing is off to the Middle East for nearly two weeks. Daniel Glaser, assistant Treasury secretary for terrorist financing, will travel to Saudi Arabia, Kuwait, Qatar, Israel and the United Arab Emirates. Glaser will talk with government and private sector officials about the threat of terrorist financing, [...]
This news story proves the adage that truth is indeed stranger than fiction. It seems that a US Department of Homeland Security Immigration and Customs Enforcement intelligence officer has been embroiled in serious financial impropriety. But wait, that isn’t even HALF the story. It gets much worse. This intelligence officer is a former colonel in [...]
One of the key aspects of a secure investment is liquidity. The ability to turn your investment to cash is considered a key component of mature financial markets. That’s why it is so important that sukuk, also known as Islamic bonds, lack liquidity, especially as compared to conventional bonds. Investors holding sukuk that get into [...]
Report: S&P to cut rating of Dubai’s DIFC Investments on Sukuk Refinancing Risk
On April 30, 2012 · In Defaults, DIFC, Dubai, Islamic Bonds, Shariah Bonds, Standard & Poor's, SUKUK, UAE
DIFC Investments LLC, which owns properties in Dubai’s tax-free financial center, may have its credit rating cut at Standard & Poor’s due to “heightened refinancing risk” on its $1.25 billion Islamic bond due in June. DIFC Investments “has little room for delays in its efforts to secure a bank loan and government support to refinance the sukuk,” the rating [...]
Back on January 31 we reported that Dana Gas, which had issued a sukuk (Islamic bond) looked to be in trouble: http://www.shariahfinancewatch.org/blog/2012/01/31/another-sukuk-in-trouble/ Well, sure enough, Dana Gas has hired Blackstone, the world’s largest private equity firm, to restructure its sukuk set to mature in October… http://www.businessweek.com/news/2012-04-24/dana-gas-said-to-hire-blackstone-to-restructure-1-billion
Malaysia is doubtless a center of Shariah Compliant Finance, certainly the leader in Asia and the Pacific Rim. One of Malaysia’s largest Shariah banks is Maybank Islamic. Maybank Islamic is making moves to become a global force for Shariah. They are setting up shop in neighboring Singapore and Indonesia, but also have their sights set [...]
For at least the third time, Iranian President Mahmoud Ahmadinejad has launched a verbal broadside at capitalism, this time blaming it for the economic crisis in the West, the current trouble in Europe in particular. Previously, in September and November of 2009, Ahmadinejad was critical of capitalism: http://www.shariahfinancewatch.org/blog/2009/09/25/ahmadinejad-criticizes-capitalism/ http://www.shariahfinancewatch.org/blog/2009/11/12/iranian-president-mahmoud-ahmadinejad-blasts-free-market-capitalism-at-oic-economic-conference/ Ahmadinejad’s repeated attacks on capitalism are [...]
An International Conference on Islamic Funds and Investment opened this week in Karachi, Pakistan. According to the Pakistan Observer, among the large number of attendees were investors from the USA and Canada. The report indicated that some $1.3 trillion is invested in 650 Shariah-Compliant funds worldwide, including 230 in Saudi Arabia, 172 in Malaysia, 59 in [...]
They say that truth is stranger than fiction and this report from CNS News confirms it. The Obama administration now says that it has conducted outreach to the granddaddy of all Jihadist organizations in order to promote “small business.” The Obama administration says that it has talked with members of Egypt’s Muslim Brotherhood in order [...]
One of the chief concerns about Shariah-Compliant Finance has to do with zakat, the system of tithing in Islam that so often involves the funding of Islamic charities which in turn distribute money to violent Jihadist terrorist organizations, particularly HAMAS and Lashkar-e-Taiba. Proponents of Shariah Finance act as if this concern is completely unfounded and [...]
Islamic Development Bank proposes “Mega Islamic Bank”
On April 24, 2012 · In Creeping Shariah, Da'Wah, Islamic Banking, Islamic Development Bank, Islamization, OIC, Shariah Banking
The Islamic Development Bank (IDB), the financial jihad wing of the Organization for Islamic Cooperation (the world’s foremost Islamic imperialist organization), is planning something that sure sounds ominous: a “Mega Islamic Bank.” One of the stated purposes behind such an institution is to develop products to allow Shariah Finance to gain more ground in world [...]
The Islamist revolution is in full bloom in Libya (thanks to NATO, but we digress). Bloomberg out of Dubai, which is such a cheerleader for Shariah finance that they can’t be completely trusted to report facts, has published a report that indicates that ordinary Libyans are holding on to some $12 billion of cash, just [...]
Sukuk (aka Islamic bonds) are fast becoming the chief tool for spreading Shariah finance. Just a few years ago, few of our posts dealt with sukuk. Now most of them do. Sukuk are used as a means of imposing Shariah compliance on nations and entities wishing to participate in global debt markets. Russia, Thailand, the [...]
More Details on Funding for the Taliban
On April 24, 2012 · In Afghanistan, Al Qaeda, Hawala, Islamic charities, Jihad, Jihadist Groups/Individuals, Money Laundering, Taliban, Terror Funding, Uncategorized, Zakat
Not long ago we mentioned that the Taliban had gone online to raise money for their violent Jihadi activities. In that same post we mentioned that US intelligence sources had indicated that most of the Taliban’s financing sources remained intact since US forces engineered their overthrow way back in 2001. This continued financing provides one [...]
Shariah-Compliant Finance got off to a start of sorts in Egypt in the 1960s and 1970s, but a series of investment scams built up around the industry soured the populous on the concept. The ruling regime also discouraged the growth of Shariah finance in Egypt as they knew that it had been the artificial creation [...]
The Taliban have appealed for donations on one of their websites, to finance the Jihad against non-Muslims. Complete with telephone hotlines and email addresses, the appeal was posted on a Taliban website asking Muslims worldwide to help the rebels in what they say is a “Jihad”, or a holy war, against non-Muslim “invaders”. … “In [...]
We have good news and bad news. The good news is that the link below takes you to a good report that explains Sukuk, aka Islamic bonds. The bad news? The report was produced in Japan and it is clear that the Japanese have no problem complying with Shariah to get access to petrodollars…which is [...]
A zakat controversy is brewing in Indonesia. For those who do not know, zakat is a form of tithing in Islam and is one of the five pillars of Islam. Westerners have concerns about zakat–especially as to how zakat interacts with Islamic charities and Shariah-compliant finance–because Shariah states that a portion of the zakat can [...]
VTB Group, Russia’s second largest bank, is bailing on the US dollar. VTB is planning on conducting debt sales in China but, of greatest interest for our purposes, they are also looking at selling Islamic bonds, or sukuk, in Indonesia. What makes this doubly significant is that the Russian government controls VTB. “…in April last year [...]
Categories
