The good folks over at Jihad Watch have posted a very important story about the Saudi-controlled International Islamic Relief Organization, a terrorist NGO that funds Al Qaeda in Pakistan: From Jihad Watch: We consistently see the juxtaposition of armed jihad and social services in groups like Hamas and Hizballah, and other organizations in the Muslim world, [...]
The approval given by the Central Bank of Nigeria (CBN) for the operation of Islamic banking in the country is generating disquiet in the polity. Reasons for this are not difficult to fathom. The apex bank, apparently unimpressed by reservations expressed on the initiative in some quarters, last week, announced its approval in principle of [...]
Currently Greece faces a debt crisis that, apart from its obvious disastrous financial consequences both in a domestic and in a global scale, also raises security concerns related to terrorist networks of Islamist origin. In Athens, Greece, the Iranian Saderat bank is hosted, which is a U.S black-listed institution due to alleged links with Hezbollah. [...]
A State Department official admitted in a Congressional hearing that the Jihadist terrorist group Hezbollah is raising money in Venezuela, but the Obama administration continues to soft sell Hezbollah activities in the Western hemisphere… http://www.cnsnews.com/news/article/hezbollah-activity-venezuela-limited-fun
The Shariah-Compliant Finance industry is interested in tapping Middle Eastern oil money to help fund Thai infrastructure projects, which could help it gain a foothold in a market with only a small Muslim population. Southern Thailand has been wracked by an Islamic insurgency for several years: http://terrortrendsbulletin.wordpress.com/2009/03/14/thailand-the-war-youve-never-heard-of/ http://www.reuters.com/article/2011/06/29/islamicfinance-thailand-idUSL3E7HT0RE20110629
Pajamas Media’s Patrick Poole first broke the story of the Holder Department of Justice’s decision to quietly scuttle prosecutions against the Council on American Islamic Relations (CAIR) and its co-founder. The charges concerned financing of terrorism, and DOJ scuttled them despite the US attorney’s office in Dallas having spent close to a decade investigating them. The [...]
Rep. Frank Wolf, R-Va., asked the IRS Monday to investigate whether the Council on American-Islamic Relations (CAIR) has illegally received or solicited funds from foreign governments. The letter, sent to IRS Commissioner Douglas Shulman, was written in response to news that CAIR has lost its IRS tax exempt status for failing to properly file annual tax [...]
London bank launches key Shariah fund
On June 27, 2011 · In Britain, Islamic Banking, Islamic Equity Funds, Islamic Finance, Shariah Finance, United Kingdom
Bank of London and the Middle East (BLME) has announced the launch of a Sharia-compliant fund which targets institutional and high net-worth investors in Gulf countries. http://www.tradearabia.com/news/BANK_201006.html
Keep this in mind when choosing where to conduct your banking business… The global Islamic capital market is once again focused on Malaysia with the recent launch by Bank Negara Malaysia, the central bank, of its new Islamic monetary management instrument, the Bank Negara Monetary Notes-Istithmar (BNMN-Istithmar). At the same time, according to Islamic banking [...]
Note the typical tactic on the part of the financial jihadists to claim–falsely–that Shariah compliance is protection against economic and financial dislocation… CBN Governor, Mallam Sanusi Lamido Sanusi, and indeed other Islamic financial experts have touted NIB as the panacea for the ills of the overly capitalist driven financial systems of the world in the [...]
British Muslim Charged With Raising Funds for Jihadist Terrorism
On June 27, 2011 · In Al Qaeda, Al Shabaab, Bangaladesh, Britain, Jihad, Terror, Terror Funding, terrorism, United Kingdom
A British Muslim has been charged with three counts of raising funds for terrorism. Shabaaz Hussain, 27, from east London, is accused of providing money or property for terrorism purposes on 12 April, 6 July and 3 September 2010. He is also accused of playing a part in preparing for acts of terrorism in Somalia [...]
Hat tip to Creeping Sharia: http://creepingsharia.wordpress.com/2011/06/26/canadian-mosque-gets-sharia-compliant-loan-fails-to-pay-it-back/ A Halifax, Nova Scotia mosque and community center run by the Maritime Muslim Academy has had a lien placed on its assets by the architecture firm it hired to design the complex. The mosque was not financed in a conventional manner, since paying or receiving interest is haram under [...]
Nearly two years ago, SFW published an article in which we uncovered that a Kuwaiti real estate investment concern had successfully imposed Shariah on tenants of its facilities in Colorado by refusing to allow certain types of businesses to operate and activities to take place on their property: http://www.shariahfinancewatch.org/blog/2009/08/17/kuwait-islamic-bank-successfully-imposes-shariah-in-the-usa-courtesy-of-udr/ The article didn’t get any particular [...]
Accountants play a vital role in the world of finance. They are supposed to be the unbiased analysts and observers of data who help keep the rest of us from making egregious mistakes either based on emotion or because we simply lack the sophistication to decipher the numbers to fully understand a financial arrangement. Unfortunately, [...]
Jihad, coming to your hometown, sooner or later… A Seattle man accused of plotting to attack a military recruiting station had filed for bankruptcy in May, but Abu Khalid Abdul-Latif was still able to buy weapons.“He stated that the money was being held by someone for him. He was saving up for religious travel,” U.S. [...]
From time to time, we here at SFW have been critical of The Economist. In the past The Economist has run what amount to advertorials for Shariah-Compliant Finance and even their more balanced articles have ignored the real concerns surrounding Shariah Finance. Then there was the time that The Economist lashed out at those Americans [...]
Poor financial decisions with a Chicago futures brokerage firm lost an alleged al-Qaeda operative with links to Osama bin Laden some $20 million dollars in just eight months, according to a lawsuit filed recently in Chicago by the U.S. Department of Justice. Federal officials said Abu al Tayyeb, through an associate, deposited nearly $27 million [...]
A U.S. District Judge sentenced Amera Akl of Ohio to just over three years in prison after she and her husband had pleaded guilty in May to their involvement in a plot to send money to Hezbollah. Akl reportedly told the judge that she knew that up to $1 million would be going to Hezbollah, [...]
Ireland has launched a misguided campaign to become the home of Shariah-compliant finance in Europe in an effort to rebuild its financial services sector. The Irish who are behind this move have no idea what they are inviting into their nation. In one generation, Ireland will no longer be recognizable under the yoke of Islamization. The country [...]
The Central Bank of Nigeria, CBN, yesterday announced minimum capital base requirements for Islamic banks. Critics faulted the central bank on the introduction of Shariah banking, pointing out that Nigeria is a secular state and the CBN Act does not empower the central bank to introduce Shariah banking. Faulting the central bank on the introduction [...]
Over at Money Jihad blog, they came across a direct solicitation from an Ugandan Islamic Charity asking for money to “fight Christians…” http://moneyjihad.wordpress.com/2011/06/20/muslim-charity-asks-us-for-money-to-help-to-fight-christians/
Donations to the Council on American-Islamic Relations (CAIR) no longer are tax deductible after the organization was purged earlier this month by the Internal Revenue Service. CAIR failed to file required annual reports, known as form 990s, detailing their revenues and expenses, for three consecutive years. Meanwhile, CAIR’s web site continues to solicit donations by touting them as [...]
The reason SCF is presented to the world as an “ethical” or “socially responsible” vehicle is not because Islamic Finance limits usury through interest-free products or provides bankers with halal ways and means to profit. The reason SCF is considered socially responsible is because it is a wealth redistribution scheme. One fortieth or 2.5% of the funds are [...]
The first Sharia-compliant pension fund has been launched in the UK. The fund which does not invest in companies that trade in guns, alcohol, gambling, tobacco or pornography, nor does it receive interest, has been launched by Pointon York and the Islamic Bank of Britain (IBB). Investors will be able to save in a self-invest [...]
Rasmala, a Dubai investment bank, has withdrawn its private equity fund as part of its restructuring efforts. The fund, which is Sharia-compliant, was launched last year and had targeted investment of US$300 million (Dh1.1 billion). Rasmala will now focus on single deals. “We felt in this private equity fund investors had less of an appetite [...]
Philippine authorities arrested a Malaysian “follower of Osama bin Laden” last week known as Abdul Aziz Usman Aziz Othman. Aziz is said to be the financial officer of a jihadist organization. He was well suited for such a task, having attended the University of Tennessee in the 1990s by studying accounting and finance there… http://moneyjihad.wordpress.com/2011/06/13/malaysian-terror-financier-studied-accounting-in-tennessee/
Just last week, SFW linked to a BBC video report on a new policy in the UK to cut off public funds to Muslim organizations that have been found to fund “extremism:” http://www.shariahfinancewatch.org/blog/2011/06/07/britain-to-cut-off-government-funding-to-islamist-groups-that-refuse-to-renounce-extremism/ Today, by way of the intrepid Melanie Phillips, we can provide more details on just how British public funds ended up in [...]
Yours truly was interviewed for the article linked below that was published by the American Banker. The article is disappointing. It wasn’t so much what the article says, but what it does not say that bothers me. I spent a great deal of time on the telephone with the author explaining the concerns over Shariah [...]
Gulf states are working towards the creation of a single Sharia board for the region’s Islamic financial institutions, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC’s Sharia committee and chairman of the Sharia Coordination Committee of the Islamic Financial Institutions in the UAE. Speaking at the launch of Hawkamah Institute’s policy brief on [...]
Muslim groups that refuse to renounce extremism will be cut off from government funding under revisions to counter terrorism policy. It is one of several changes to the “Prevent” strategy which will be announced by the Home Secretary Theresa May. Prevent was launched in 2007 to stop the growth of militant Islamism. Changes are likely [...]
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