Correcting The New Misinformation on Islamic Charities Funding Jihadist Terrorism
On October 17, 2011 · In Abdurahman Alamoudi, Abu Sayyaf, Al Qaeda, Al Shabaab, Bin Laden, Hamas, Hezbollah, Holy Land Foundation, Islam, Islamic charities, Islamic Development Bank, Islamic Law, Islamic Relief, Jemaah Islamiyah, Jihad, Jihadist Groups/Individuals, KindHearts, Lashkar e Taiba, Money Laundering, Muslim Brotherhood, Pakistan, Phillipines, Qaradawi, Salafism, Saudi Arabia, Sharia Compliant, Shariah Law, Somalia, Taliban, Terror, Terror Funding, terrorism, Wahhabism, Zakat
The Guardian in the UK has come out with an article (“Counterterrorism laws taking their toll on humanitarian action”) critical of US counterterrorism efforts that are designed to prevent the funneling of money to Jihadist terrorist groups, especially in Gaza and Somalia, two hotbeds of Jihadist terrorist activity. When ever we see misguided and ignorant [...]
Halal (conforming to Islamic rules) food is seeing double-digit growth the world over and even in Italy – due to rising interest by companies in the sector – it could soon become normal to find ”Islamically correct” labelled products on supermarket shelves. http://www.emg.rs/en/news/world/166437.html
A Syrian-American restaurant owner named Jamal Roman in Baton Rouge, Louisiana has been sentenced to 53 months in prison on a variety of fraud, bribery and tax evasion charges. What is also buried in the press release from the FBI below, is the fact that he also sent $700,000 to Syria, in violation of US [...]
Two Minnesota women, Amina Farah Ali and Hawo Mohamed Hassan, accused of funneling money to a terror group in Somalia, talked about collecting money for al-Shabab, supporting fighters instead of other charities and the possibility that FBI was listening in on their conversations, according to hours of recorded phone calls played for jurors. The calls include recordings [...]
Affin Investment Bank in Malaysia has distributed just over $800,000 in zakat funds to the “armed forces.” One of the acceptable destinations for zakat funds according to Shariah is to those fighting in the way of Allah. Usually this is meant to apply to irregular combatants not on the army roster, but in this case, [...]
Over the years, Iranian leaders have criticized capitalism and called for a worldwide economic and financial system based on Islam. Now, Iran’s Supreme Leader, Ayatollah Ali Khamenei, who holds the real power in Iran, has taken common cause with the grungy Occupy Wall Street protesters, claiming that they will bring down American capitalism… Supreme Leader [...]
In 2009, a rash of Sukuk defaults, culminating in the huge Nakheel default in Dubai, rocked the market for Islamic bonds, or Sukuk. Creditors in the Dubai World and Nakheel reorganizations all took significant haircuts, with certificate holders in the latter receiving a hybrid of cash and future bonds in compensation. Now, a supposedly rehabilitated Nakheel [...]
Another Sukuk, another downgrade. RAM Ratings has downgraded the long-term rating of Sarawak Power Generation Sdn Bhd’s Serial Sukuk… http://ae.zawya.com/story.cfm/sidZAWYA20111012090744
Standard & Poor’s Ratings Services assigned its ‘BB+’ long-term foreign currency issue rating to the proposed issue of benchmark-sized global Sukuk trust certificates by Perusahaan Penerbit SBSN Indonesia II, a fully-owned special purpose vehicle of the Republic of Indonesia. According to S&P’s ratings scale, BB is below investment grade and thus termed “junk.” http://cpifinancial.net/v2/News.aspx?v=1&aid=9719&sec=Islamic%20Finance
14 More Arrested in Iranian Bank Fraud Case
On October 12, 2011 · In Ahmadinejad, Investment Scams, Investment Swindles, Iran, Islamic Banking, Shariah Banking
In recent weeks, we’ve been following the story of the bank fraud scandal that could embroil Iran’s president. This is a significant scandal for those of us who follow Shariah Banking because Iran reports that all of the banks within its borders are Shariah compliant. The financial jihadists have been selling Shariah compliance to the [...]
Global Finance Magazine honors Genocide’s Bankers with an Award
On October 10, 2011 · In Hamas, Islamic Banking, Islamic charities, Shariah Banking, Sudan, Terror Funding, Zakat
From the “what the heck were they thinking?” category comes the news that the New York-based Global Finance Magazine has bestowed an honor on the Islamic Republic of Sudan’s Al Salam Bank. The award was “Best Bank in Sudan, ” not a significant one to be sure, but there are plenty of reasons why Global [...]
Islamic governments are lining up to support the Sukuk market. For instance, like other nations, Malaysia has granted special tax advantages for Sukuk offerings, essentially crowding out conventional forms of financing. The Islamist movement keeps rolling in the financial world… http://www.businessweek.com/news/2011-10-07/malaysia-gives-tax-deduction-for-sukuk-sales-for-3-yrs-from-12.html
Sukuk are taking over
On October 9, 2011 · In Defaults, Gulf Cooperation Council (GCC), Islamic Bonds, Shariah Bonds, SUKUK
Three and a half years ago, the very future of Sukuk (Islamic bonds) was in question when Mufti Taqi Usmani, a prominent Shariah scholar, declared most of them haram, or non-Shariah-compliant. Despite this, the Sukuk market survived, though it then suffered a setback when several Sukuk offerings experienced missed payments and defaults in 2009. Today, [...]
Last week we posted a link to an article about a brewing banking scandal in which Iranian President Ahmadinejad has been implicated… http://www.shariahfinancewatch.org/blog/2011/10/06/huge-financial-scam-weakens-irans-ahmadinejad/ CNN has an article with some additional details that we did not see covered elsewhere: A commission of the Majlis have decided to order an investigation of Ahmadinejad’s office to look further [...]
SFW readers may recall that back in February, Qatar shuttered the Shariah-compliant divisions of international banks operating in the tiny Gulf kingdom. What this meant was that only institutions that are completely Shariah-compliant can operate in Qatar. Banks that only have Shariah-compliant divisions are forbidden. We blogged about this move twice before: http://www.shariahfinancewatch.org/blog/2011/02/10/qatar-moves-to-shut-down-shariah-compliant-divisions-of-international-banks/ http://www.shariahfinancewatch.org/blog/2011/06/07/qatar-islamic-bank-benefits-from-protectionist-policies/ We [...]
One of the overt objectives of the financial jihadists has always been to capture the assets of non-Muslims in Shariah-compliant investments and accounts. They have used a wide variety of methods to do so. For instance, Sheikh DeLorenzo, who is on several major Shariah advisory boards in the USA and abroad, has advocated for not [...]
Money Jihad: Hamas still raising money in Sudan
On October 8, 2011 · In Hamas, Islamic charities, Sudan, Terror, Terror Funding, terrorism, Uncategorized, Zakat
The State Department’s new “2010″ report on global terrorism revealed that “Sudanese officials continued to view Hamas members as representatives of the Palestinian Authority. Hamas members conducted fundraising in Sudan. Sudan hosts “centers for raising funds and Islamic Social Unions (Marakiz li-Jam’ al-Tabarru’at wa-Ittihadat Ijtima’iyyah Islamiyya)” and “Pro-HAMAS financial activity in Africa is centred in Sudan through the [...]
Flashback: Anwar Al-Awlaki’s 44 Ways of Supporting Jihad
On October 8, 2011 · In Al Qaeda, Al-Awlaki, Islamic charities, Jihad, Jihadist Groups/Individuals, Terror, Terror Funding, terrorism, Zakat
Now that Anwar Al-Awlaki has been killed by US forces, we thought we’d commemorate the event by reposting his famous manifesto, “44 Ways of Supporting Jihad.” Not surprisingly, 3 through 9 of the 44 ways were all about “financial jihad.” 3. Jihad with your wealth 4. Fundraising for the mujahideen 5. Financing a Mujahid 6. [...]
Yet another sukuk arrangement seems to have gone awry, this one in Malaysia. Printing company Dawama Sdn Bhd missed a sukuk payment and has been downgraded by Malaysian Rating Corp Bhd (MARC). During the round of defaults that plagued sukuk issuers in 2008-2009, most of the problems surfaced in the Persian Gulf region. It is too early [...]
Oman central bank rules out Shariah advisory board
On October 7, 2011 · In Islamic Banking, Islamic Finance, Oman, Shariah Banking, Shariah Boards, Shariah Finance
The good news is that Oman is not establishing a centralized Shariah advisory board inside its central bank. Such a board could quickly become very powerful–too powerful. The bad news, of course, is that Shariah Compliant Finance has made its way to Oman, an historically modern country not held back by Shariah. http://www.ameinfo.com/277083.html
Australia is about to get their first Shariah-compliant equity fund and the fund distributor is already busy touting the fund to capture money from non-Muslims by fraudulently claiming that his fund is “socially responsible.” We’ve covered much of this before on SFW, but it never hurts to refresh ourselves to debunk the notion that Shariah-Compliant [...]
Amina Farah Ali and Hawo Mohamed Hassan (pictured) were not even subtle about raising money for Jihad in Somalia. Evidently, they went door to door asking for donations for the Al Qaeda-affiliated Jihadist terror group Al Shabaab. Al Shabaab is the group that recently set off a car bomb in Somalia that killed 100 or more [...]
Typical Propaganda on Islamic Bonds from Saudi State-Controlled Media
On October 7, 2011 · In Britain, China, Creeping Shariah, Defaults, Economic Crisis, France, Germany, Hong Kong, Islamic Banking, Islamic Bonds, Islamic Finance, Islamization, Japan, Saudi Arabia, Shariah Banking, Shariah Bonds, Shariah Finance, Singapore, South Korea, SUKUK
The article linked below has to be taken with a large grain of salt since it comes from the Saudi Gazette. There is nothing even resembling a free, independent press in Saudi Arabia and the Saudi royals have a huge vested interest in promoting Shariah-Compliant Finance both in the kingdom and globally. Not surprisingly, this [...]
Huge financial scam weakens Iran’s Ahmadinejad
On October 6, 2011 · In Ahmadinejad, Investment Scams, Investment Swindles, Iran, Islamic Banking, Islamic Finance, Shariah Banking, Shariah Finance
According to the authoritative British periodical The Banker, Iran dominates the world of Shariah-Compliant Finance. The two largest Shariah-Compliant financial institutions in the world are Iranian state-controlled banks. Moreover, according to The Banker, Iran is the only nation on earth that claims that 100% of the financial assets in its banks and other institutions [...]
Grover Norquist’s Relationships Should Give People Pause
On October 6, 2011 · In Abdurahman Alamoudi, Al Qaeda, Hamas, Hezbollah, Islam, Jihad, Terror, Terror Funding, terrorism
Congressman Frank Wolf of Virginia has done America a great service in pointing out for the official congressional record the troubling ties of political operative Grover Norquist. Norquist’s financial ties to convicted Jihadist terror financiers are both shocking and suggestive that he should have no place in the political process in America… Wolf questioned Norquist’s [...]
Shariah Finance Sets Sights on Turkey
On October 4, 2011 · In Islamic Banking, Islamic Bonds, Islamic Finance, Shariah Banking, Shariah Bonds, Shariah Finance, SUKUK, Turkey
One of the few overwhelmingly Islamic nations that has so far not embraced Shariah-Compliant Finance is Turkey. Despite efforts by Islamist elements in the country, only 5% of banking assets in Turkey were Shariah-compliant at the end of 2010. So it seems curious in a way that the Islamic media would proclaim that Shariah finance [...]
Promoters of Shariah Compliant Finance have often exaggerated and even fabricated the benefits of Shariah-Compliant Finance. They have declared it “ethical” despite all of the sukuk defaults, the zakat money finding its way into terrorist hands and the large shariah-compliant financial institutions that have even been sanctioned due to their ties to terrorism. Sometimes, the [...]
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