Man Convicted in US of drug-running for Al Qaeda
On November 28, 2011 · In Al Qaeda, Colombia, Drug trafficking, Jihad, Jihadist Groups/Individuals, Terror Funding
Oumar Issa, who was arrested in Ghana in December 2009 at the request of the United States, and subsequently transported to New York faces up to 15 years in jail after pleading guilty to trafficking cocaine to fund the activities of Al-Qaeda. http://www.google.com/hostednews/afp/article/ALeqM5j-w0aaJr_wBd2GXHCGZJAHCDg–g?docId=CNG.ec13fa2d970e9e385e80aacbafe95753.e81
The European Union widened sanctions against Syria in a push to end a violent crackdown on opponents of President Bashar al-Assad, adding 18 people including senior military and intelligence officials to its blacklist. The EU measures, approved by the bloc’s 27 governments yesterday, impose asset freezes and a travel ban on people who are said to [...]
UN Monitoring Group to Call for Sanctions Against Al Shabaab
On November 28, 2011 · In Al Shabaab, Sanctions, Somalia, Terror, Terror Funding, terrorism, United Nations
The United Nations special envoy for Somalia says a Security Council-appointed monitoring group will recommend sanctions against the al-Qaida linked militant group al-Shabaab. http://www.voanews.com/english/news/africa/UN-Monitoring-Group-to-Recommend-al-Shabab-Sanctions-133846953.html
Hezbollah is often referred to as the “A” team of terrorist organizations, with capabilities, support and financing unsurpassed in the world of jihad. In fact, many analysts in the US military, intelligence and law enforcement communities worry more about Hezbollah than they do about Al Qaeda. It has been known for decades that Hezbollah works [...]
Deutsche Bank: Shariah-Compliant Finance may double in assets by 2016
On November 28, 2011 · In Deutsche Bank, Islamic Bonds, Islamic Finance, Shariah Bonds, Shariah Finance, SUKUK
The global debt crisis may help Islamic finance nearly double to $1.8 trillion in assets by 2016 as stagnant corporate lending pushes institutions to seek alternative financing to traditional methods, according to a report by Deutsche Bank. http://www.reuters.com/article/2011/11/15/islamic-growth-deutschebank-idUSL5E7MF1Q920111115
The International Islamic Liquidity Management Corporation, a cooperative institution set up by the Islamic Financial Services Board and supported by ten Islamic nation central banks, is set to issue an Islamic bond in the next six months. The ILMC’s main objective is to develop short-term financial instruments to enable financial institutions to maintain liquidity in [...]
During July-October 2011 when floods devastated Pakistani towns and villages, especially in the Sindh province, the outlawed terrorist organization Lashkar-e-Taiba, the Jihadist group responsible for the bloody 2008 terrorist attack in Mumbai, India, organized camps to provide food and shelter for the flood victims. These relief camps were organized under the banner of Lashkar-e-Taiba’s charity [...]
The governors of central banks and monetary authorities of the Organization of Islamic Cooperation (OIC) member countries met in Kuala Lumpur this month to discuss “Central Banking and Financial Sector Development.” Central to the discussion was the potential role of Shariah-compliant finance in contributing to economic growth and financial stability. Many myths have been propagated about [...]
Turkey: Fitch rates upcoming Asya sukuk as junk
On November 25, 2011 · In Fitch, Islamic Banking, Islamic Bonds, Shariah Banking, Shariah Bonds, Turkey
Fitch Ratings has assigned Asya Katilim Bankasi A.S.’s (Asya) forthcoming Sukuk issue a ‘B+(exp)’ expected rating. The final rating is contingent upon receipt of final documentation conforming to information already received by Fitch. Asya was incorporated in Turkey in 1996 as a financial institution to provide interest-free banking services and trades on the Istanbul stock [...]
Iran to issue $5 billion in Islamic bonds for South Pars oil and gas project
On November 25, 2011 · In Al Qaeda, Hamas, Hezbollah, Iran, Islamic Bonds, Islamic Law, Shariah Bonds, SUKUK, Terror Funding
Iran, the world’s foremost state sponsor of Jihadist terrorism and a country that is building nuclear weapons in defiance of United Nations resolutions, is set to issue $5 billion in sukuk (Islamic bonds) to finance its huge South Pars offshore oil and gas field. Five billion dollars in bonds will be issued in the current [...]
Shariah Finance Certification Tied to Jihadist-led Organization
On November 25, 2011 · In AAOIFI, Islamic Finance, Shariah Boards, Shariah Councils, Shariah Finance
A UAE-based firm named Ethica has become the industry leader “for accredited training and certification in Islamic finance.” Experts say that what probably sets Ethica apart is that their 4-month Certified Islamic Finance Executive™(CIFE™) certification is the only 100% AAOIFI-compliant, 100% online Islamic finance program in the market today. AAOIFI stands for the Accounting and [...]
US and international sanctions against Iran have long been regarded as something of a joke by many observers. The idea that the US has had tough, tight economic sanctions against Iran has largely been a myth for years. The latest illustration of America’s leaky sanctions against the world’s foremost sponsor of Jihadist terrorism and proliferator [...]
The FBI issued a warrant for a man in Dearborn, Michigan named Ali Hammoud. The warrant was related to a case in which the proceeds from bootleg cigarettes went to the Jihadist terrorist group Hezbollah. It appears that the FBI may have gotten the wrong Ali Hammoud of Dearborn though…which prompts the question: Where is the Hezbollah [...]
Indonesia is the world’s most populous Muslim nation but it has historically enjoyed a secular political and cultural tradition. In more recent years that has been changing. Jihadists are targeting Indonesia through violence, politics and finance. Shariah banking in particular has been growing at a rapid rate in Indonesia. Today, Indonesia ranks only behind Iran [...]
Long time readers of SFW may recall the Jihadist organization Hizb ut-Tahrir from a conference the group held in June 2009 in Chicago. The theme of that conference was the replacement of capitalism with Islam and Shariah… http://www.shariahfinancewatch.org/blog/2009/06/21/hizb-ut-tahrir-jihadists-target-capitalism/ While conducting research, we came across an excellent blog of which we were previously unaware: Hizb ut-Tahrir Watch. [...]
Indonesian Sukuk Sales Slowest in 3 Years
On November 24, 2011 · In Indonesia, Islamic Bonds, Islamic Finance, Shariah Bonds, Shariah Finance, Standard & Poor's, SUKUK
It is usually very difficult to find objective news reporting on Shariah Finance. This is especially true of the Sukuk (Islamic Bond) market. The financial jihadists are hypersensitive about this sector and go to great lengths to ensure that the state-controlled media in their countries, as well as Western media outlets who have been bought [...]
Victims of the discriminatory wealth tax, who are all non-Muslim minorities, demand an apology from the state 69 years after legislation was passed by Parliament on Nov. 11, 1942, requiring non-Muslims to pay a much higher rate of tax to the state. http://www.todayszaman.com/news-262278-non-muslim-minorities-protest-wealth-tax-expect-apology.html This tax sounds an awful lot like the jizya, which is a [...]
Craziness for Profit: Shariah Scholar/Advisor Mufti Taqi Usmani Blames Commodities Markets for Financial Crisis
On November 24, 2011 · In Dow Jones, Economic Crisis, HSBC, Islamic Economics, Islamic Finance, Islamic Law, Sharia Compliant, Sharia Videos, Shariah Boards, Shariah Finance, Shariah Law, Usmani
At SFW we have covered Mufti Taqi Usmani extensively over the years. He has long been considered one of the most prominent and influential Shariah scholars in the world of Shariah Compliant Finance. According to many observers, critics and market participants alike, Usmani is the Shariah finance [...]
The Washington Times has published an op ed that points out that the US and the West have done a lousy job of enforcing sanctions already in place against Iran. Among the sanctions already imposed are restrictions against doing business with Bank Melli and Bank Sepah, two of the largest Shariah-compliant financial institutions in the [...]
Islamic bond (sukuk) sales from Turkey are picking up pace after the government changed its tax law. The government passed a law in February reducing the withholding tax on sukuk to 10 percent and exempted sales from value-added, stamp and corporate taxes. Legislation two months later exempted sukuk certificates with a minimum tenure of five [...]
Missouri man pleads guilty to attempting to finance Al Shabaab
On November 7, 2011 · In Al Shabaab, Jihad, Jihadist Groups/Individuals, Somalia, Terror, Terror Funding, terrorism
On Friday, in St. Louis, Missouri, Mohamud Abdi Yusuf pled guilty to providing material support to a foreign terrorist organization based in Somalia. According to court documents, from February 2008 through at least July 2009, the 31-year old Yusuf, conspired with others to provide money to al Shabaab, which was designated by the U.S. State [...]
United Arab Emirates shopping mall developer Majid Al Futtaim has appointed HSBC and Standard Chartered to structure its planned sukuk program. http://arabia.msn.com/business/companies/af/2011/november/10402047/dubais-maf-picks-hsbc-sta.aspx
The Jihad being waged by Jihadist insurgents on the island of Mindanao has scared away foreign investors. For instance, a group of Singaporean businessmen was supposed to scout Mindanao for possible suppliers of various agricultural products but violence involving the Moro Islamic Liberation Front (MILF) apparently caused them to cancel their trip. http://globalnation.inquirer.net/17287/fighting-in-mindanao-scares-off-foreign-investors
A U.S. citizen accused of trying to sneak out of the country to go on ‘jihad’ and provide al-Qaeda with money, GPS receivers and restricted U.S. military documents will stand trial today on terrorism charges in Texas. Prosecutors allege that Barry Walter Bujol Jr., 30, referred to al-Qaeda members as ‘brothers’ and said he wanted [...]
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