Earlier this month, SFW brought to its readers a report on the possible motives of the Holder Justice Department not to prosecute CAIR (Council on American Islamic Relations) for its role in the Holy Land Foundation terrorism financing scheme: http://www.shariahfinancewatch.org/blog/2011/07/07/report-attorney-general-eric-holder-protected-hamas-linked-council-on-american-islamic-relations-for-political-reasons/ Over at Andrew Breitbart’s Big Government site, Tom Fitton of Judicial Watch, has an article about [...]
Each new day brings another story over the seeming clash of civilizations in Nigeria. Though it has not been reported separately and is not the primary subject of the article linked below, evidently, an organization calling itself the Supreme Council for Sharia in Nigeria has threatened to start a war if Nigeria does not adopt [...]
We’ve been watching developments in Nigeria closely as of late. Lamido Sanusi is that country’s central bank governor and, unfortunately, he is also a Shariah scholar of sorts. As we have reported previously, he is pushing hard for Nigeria to embrace Shariah-compliant finance and has pulled all sorts of strings to facilitate it. This has made [...]
Traditionally, the Arabian peninsula nation of Oman has been somewhat of a maverick in the Islamic world. It has largely escaped much of what troubles its neighbors and has not been an incubator for terrorism, like nations such as Saudi Arabia and Yemen. Historically, Oman has also had very good relations with the West. Now, [...]
Given the rash of sukuk (Islamic bond) defaults which occurred in 2009, it is no surprise that an insurance entity backing sukuk would crop up and one has: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a division of the Islamic Development Bank (IDB), will soon be tasked with providing insurance on [...]
Here is the latest development in the saga involving creeping Shariah and the effort to impose Shariah finance in Nigeria. If you recall, previously we reported on how the central bank chief in Nigeria is attempting to circumvent regulations to allow Shariah finance to gain a foothold in the west African nation. Then came reports [...]
Islamist Parties Pushing Shariah Economic Agenda
On July 18, 2011 · In Egypt, Islamic Economics, Islamic Finance, Islamic Law, Islamization, Shariah Finance, Shariah Law, Zakat
Unlike liberals, leftist or social democratic political parties, their Islamist counterparts are hardly defined by their economic perspective. Religious parties always built principles and guidelines around a religious-ideological axis, meaning economic ideology was never an immutable cornerstone of what they believed in, or ran on. But as Islamic parties inhale their first breaths as recognized [...]
Were you aware of their prominent position in promoting Shariah globally? Is this the kind of company you want to do business with? HSBC Amanah has recently won six awards, in recognition of its leading Islamic capabilities, from arranging Sukuk to structuring Islamic investments, providing custody services and trade financing. http://main.omanobserver.om/node/58387
Nakheel properties is pushing ahead with plans to issue Dh4.8 billion sukuk (Islamic bonds) on schedule this month after securing approval for its debt restructuring by all lenders. Quoting an unnamed senior source in Nakheel, the Sharjah-based Arabic language daily Alkhaleej said sukuk would be issued and managed by the German Deutsche Bank. Nakheel, the [...]
Al-Baraka Banking Group, the leading Islamic banking group based in Bahrain, announced the organization of the 32nd session of its annual symposium on Islamic economic system on Aug. 10-11 at the Jeddah Hilton. The symposium, to be held under the chairmanship of Saleh Kamel, chairman of Al-Baraka Banking Group, will discuss a number of emerging [...]
Islamic parties in Kurdistan are controversially claiming the right to receive alms, known aszakat, during the holy month of Ramadan as they struggle to raise revenue. They claim they can receive alms because of their Islamic ideology, while critics say political parties are not religiously entitled to monetary contributions from the public. Musa Habib, a Kurdistan [...]
Thomson Reuters has partnered with IdealRatings to provide a new Sharia-compliant index for Islamic financial investment. When you see an article published by the Reuters news agency covering Shariah finance, keep in mind that Reuters profits from the Shariah-Compliant Finance business… http://www.waterstechnology.com/buy-side-technology/news/2083893/thomson-reuters-idealratings-team-islamic-finance-index?
It is far from comforting when a supposed “ally” in the war on terror (Pakistan) sends its president to go visit the world’s foremost state sponsor of Jihadist terrorism (Iran) and he suggests that the two countries forge closer economic ties…This is especially disturbing given that Pakistan already produces nuclear weapons and Iran desires them… [...]
In what may be the most absurd outrage to date from the disgraceful Eric Holder Justice Department, there is now a motion afoot to free convicted Al Qaeda terrorist and Muslim Brotherhood operative Abdurahman Alamoudi. Abdurahman Alamoudi was convicted and sentenced to 23 years for his role in financing Al Qaeda and for his role (he [...]
Readers of SFW may notice that we have devoted several posts in recent weeks to Nigeria. The chief of the central bank in Nigeria, Mallam Sanusi, is an unapologetic financial jihadist and describes himself as a “shariah scholar.” He has been pushing hard for Shariah banking and finance in Nigeria, so hard in fact, that he [...]
A government official in Malaysia has stated that businesses and individuals should pay zakat, even though Malaysia has no laws requiring that they do so. There is definite basis in this admonishment in Shariah law. Consider this quote from “Understanding Islamic Law (Shari’a)” by Raj Bhala, published by LexisNexis and used as a text in [...]
Gulf Times out of Qatar has published a brief article on the basis in Islamic scripture for some of the policies and practices for Islamic commerce and finance. In reading this article, you can see the origin of the prohibition of short selling, insider trading, as well as a few other transgressions. Basically harmless stuff, [...]
The press in Pakistan are reporting that the governor of the country’s central bank, Shahid Kardar, has resigned. It was unclear exactly when or why Kardar, the governor of the State Bank of Pakistan, resigned, but some reports indicate that he had differences with the government on key policy issues. Pakistan is in a fiscal [...]
It hasn’t garnered much attention, but the Indonesian government failed to place a recent sukuk (Islamic bond) issue, supposedly because of high yields. There is no further explanation as to what this means. Note that the term “yield” is used in association with sukuk. This is symbolic of the fact that sukuk are really concoctions [...]
Though the typically cheerleading article linked below doesn’t provide a detailed explanation (no surprise there), Moody’s has assigned a negative outlook on a major Islamic bond offering by a Shariah-compliant bank in the UAE, site of some of the most infamous sukuk defaults over the years… The outlook on FGB’s ratings is negative and therefore [...]
It’s not so newsworthy that foreign investors are interested in acquiring a 50% share of Bank Muamalat, a major shariah-compliant bank in Indonesia. But it is worth mentioning that Indonesia’s central bank has declared that no foreign investor will be permitted to alter the bank’s shariah-compliance platform. Note that when Shariah-compliant institutions invest in the West, [...]
Yesterday explosions rocked Mumbai, India, killing more than a score of innocent people. This is the latest in a series of attacks that have struck that city over the past two decades. There certainly is an economic cost to Jihadist terrorism and the Wall Street Journal points that out in a column published today… India’s [...]
Matthew Bogdanos, a colonel in the United States Marine Corps, led the investigation into the looting of the Iraqi National Museum while serving in Iraq in 2003 and wrote about his experiences in his book, “Thieves of Baghdad.” He talks to CNN about why the loss of these treasures, often to terrorists and insurgents, is [...]
Malaysia is known as a bustling hub of Shariah Finance, but what many people do not realize is that they have implemented a system whereby non-Muslims pay higher tax rates to fund Islamic missionary projects. The good folks at Jihad Watch have the details… http://www.jihadwatch.org/2011/07/malaysias-dhimmis-fund-islamic-dawah.html
The Pacific Rim nation of Malaysia is still–by far–the largest issuer of sukuk (Islamic bonds) in the world, accounting for a whopping 72% of market value. The fact that the nations that dominate the rest of Shariah Finance–Iran and Saudi Arabia–along with the balance of Islamic nations, account for such a small percentage of sukuk [...]
…intelligence reports show Hezbollah has been financing training camps and propaganda operations in South America, according to U.S. officials. Their biggest boost came from an agreement signed in 2007 between Venezuelan President Chavez and Iranian President Mahmoud Ahmadinejad. The two leaders agreed to use part of a joint $2 billion investment fund to thwart what [...]
In a case that is sure to anger many Americans, Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced Friday that it has filed a lawsuit against the Department of Justice (DOJ) for failing to respond to its request for public records under the Freedom of Information Act (FOIA) (Judicial Watch v. [...]
As previous reports have indicated, despite pledges not to become overly involved in politics, the Muslim Brotherhood is wading into political waters in Egypt with both feet and part of their agenda is to promote shariah-compliant finance. This is a sensitive subject in Egypt since some Egyptian shariah scholars have historically viewed many of the [...]
Mallam Sanusi, the Shariah scholar who also unfortunately chairs the central bank of Nigeria and is championing Shariah Banking in that African nation, claims that Al Qaeda attempted to open a Shariah-Compliant bank in Nigeria in the 1990s but was turned down because it could not meet the licensing requirement. This claim is remarkable and [...]
Another former Gitmo resident turned Al Qaeda fundraiser
On July 5, 2011 · In Al Qaeda, Islamic charities, Jihad, Saudi Arabia, Terror, Terror Funding, terrorism, Yemen, Zakat
The good folks at Money Jihad blog came across a story we overlooked last month and, because it involves financing for Al Qaeda and a former Guantanamo prisoner, we felt it important to post it here. Hat tip to Money Jihad via Miami Herald… The State Department Thursday added a freed Guantánamo detainee to its [...]
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