According to an article on the Muslim Brotherhood’s own web site, the use of zakat as a means to redistribute wealth will be a prominent feature of the new government’s taxation and welfare policies. What the article is careful to avoid, however, is the fact that zakat is also used to fund Jihad, referred to [...]
Transparent Baloney from the Muslim Brotherhood in Egypt
On December 28, 2011 · In Egypt, Islamic Economics, Islamic Finance, Muslim Brotherhood, Shariah Finance
Two days ago, we reported that the Muslim Brotherhood in Egypt had declared the Egyptian stock market to be Shariah-compliant. Today we are greeted with the news that the Muslim Brotherhood backs free markets. HA! “We have sought to reassure people that a free market in Egypt is the only way forward,” said Mahmoud Ghozlan, [...]
Many changes have come and are still set to come to Libya in the wake of the overthrow of Col. Moamar Qaddafi. A few we have seen already: • Al Qaeda flags flying over courthouses. • Promises of Shariah being imposed from new regime officials. • The emergence of Islamist political parties and the Muslim [...]
Shariah Banking Surfaces in Kashmir
On December 28, 2011 · In India, Islamic Banking, Islamic Finance, Kashmir, Pakistan, Shariah Banking, Shariah Finance
Kashmir has been the epicenter of Jihadist violence for years now. For those who do not know, Kashmir includes disputed territory between India and Pakistan and has been the site of armed conflict between the two countries on multiple occasions. Kashmir is one of the rallying causes for Muslims and some key Jihadist terrorist organizations [...]
Two years ago, this same outfit was calling for replacing capitalism with an “Islamic system of economics” based on Shariah. http://www.shariahfinancewatch.org/blog/2009/06/21/hizb-ut-tahrir-jihadists-target-capitalism/ Evidently, in Hizb-ut-Tahrir’s twisted logic, that fits in nicely with the Gold Standard…We’re skeptical of the connection…You pretty much need free markets for a true gold standard and Shariah-Compliant Finance is one of the [...]
Sukuk issues among quasi-government companies in Saudi Arabia have become quite popular. This is leading to reasonable speculation that the kingdom itself will issue sovereign debt in the form of sukuk in 2012. It is our opinion that the Sauds will not do this out of necessity; there is no reason for the Sauds to [...]
Over the past two years, it has become more and more apparent that the Islamic bond, referred to properly as “sukuk,” has become the financial instrument of choice for the Shariah Finance industry. This is especially true in the oil-rich Persian Gulf region, as the article below indicates. We can expect that the sukuk will [...]
Regular readers of SFW know of the concerns over zakat, a form of tithing in Islam that is at least partially authorized–and in some cases mandated–to go to those waging jihad for allah. Our latest essay on this subject can be found here: http://www.shariahfinancewatch.org/blog/2011/10/17/correcting-the-new-misinformation-on-islamic-charities-funding-jihadist-terrorism/ Obviously, this only tells half the story. The other side of [...]
Maybe the only thing worse than getting in bed with the financial jihadists is to get in bed with the financial jihadists, only to find out they don’t want you. That may be the situation Goldman Sachs finds itself in with regard to its Islamic bond (sukuk) program. It seems Goldman got the blessing from [...]
KPMG holds training on Shariah finance in Oman
On December 27, 2011 · In Accounting, Islamic Finance, Islamic Financial Services Board, Oman, Shariah Finance
KPMG, a leading international firm offering audit, tax, and advisory services recently organised a training at Crowne Plaza Hotel, Muscat, Oman on Shariah-compliant finance products and their accounting treatment. The objective of the training was to educate participants about the characteristics of various Sharia compliant financial products and how to deal with their accounting issues. [...]
Egyptian Islamist Parties Declare Stock Exchange Shariah-Compliant
On December 27, 2011 · In Creeping Shariah, Egypt, HALAL, Islamic Finance, Muslim Brotherhood, Sharia Compliant, Shariah Finance
The imposition of Shariah in Egypt as part of the so-called “Arab Spring,” has entered the financial realm, with the Islamist parties declaring the Egyptian Stock Exchange to be “Shariah-Compliant…” Egypt’s political powers expressed their support for the Egyptian Stock Exchange at a press conference Monday, as the Islamist parties, which dominate parliament, pointed out [...]
As we have documented here on SFW for years, the financial Jihadists and their useful idiots in the Western world have proclaimed for years that Shariah-Compliance bestows some mysterious cloak of protection and stability. This assertion has grown to mythical proportions over the years, to the point where it is now almost taken for granted [...]
In Somalia, Fears Over U.S. Wire Transfer Block
On December 24, 2011 · In Al Qaeda, Al Shabaab, Hawala, Jihad, Jihadist Groups/Individuals, Somalia, Terror, Terror Funding, terrorism
Over the past 18 months or so, SFW has covered the raising of funds by Al Shabaab terrorists in Somalia. These Al Qaeda-affiliated Jihadists have used several methods to raise money and they have been quite successful at it. They have used everything from extortion and intimidation to charity fronts collecting zakat. Some of this [...]
US government: Al Qaeda Faces Severe Financial Strain Due To Sanctions
On December 23, 2011 · In Al Qaeda, Jihadist Groups/Individuals, Sanctions, Terror, Terror Funding, terrorism
We’re usually rather skeptical of these claims that sanctions are impacting known terrorists, but there may be some truth to this report. On the other hand, the system of zakat going to Islamic charities that then send a portion to Jihadist groups has not ended in the Islamic world, nor is it likely to any [...]
A woman was indicted Wednesday on charges accusing her of sending money to Pakistan to help fund terrorist attacks against American troops. Oytun Ayse Mihalik funneled about $2,000 to a person in Pakistan over a three-week period beginning late last year, knowing the money would be used to prepare for and carry out attacks against the [...]
South Africa appears to be preparing to issue Islamic bonds (sukuk) in the near future, as the country’s central bank has asked private banks for proposals for such a venture. South Africa has a relatively small Muslim population, so there can be little doubt that the instigation behind this move comes from outside the country, [...]
Perhaps if the UAE hadn’t looked the other way on so many dual-use imports into Iran for years and years, they wouldn’t be under so much pressure today. With the imposition of the latest international economic sanctions against Iran and the UAE being under pressure from Washington to enforce them, Tehran’s trade ties with the [...]
The U.S. Department of State has authorized a reward of up to $10 million for information leading to the location of Ezedin Abdel Aziz Khalil, better known as Yasin al-Suri. Al-Suri is a senior al-Qaida facilitator and financier based in Iran. Operating under an agreement between al-Qaida and the Iranian Government, al-Suri moves money and [...]
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