In Indonesia, members of Hizb ut-Tahrir, the Islamist organization that seeks the re-establishment of a global caliphate under Shariah law, recently held protests against higher fuel prices. SFW readers may recall that Hizb ut-Tahrir in America held a conference in Chicago a couple of years ago calling for an end to capitalism to be replaced [...]
Al Qaeda turns to hostage taking across Africa to raise revenue
On March 31, 2012 · In Al Qaeda, Algeria, Jihad, Jihadist Groups/Individuals, Nigeria, Terror, Terror Funding, terrorism, Tunisia
After years of limiting its kidnap operations to Mali, Niger, Mauritania, and occasionally Algeria and southern Tunisia, it would seem that al-Qaeda, through its Maghreb branch al-Qaeda in the Islamic Maghreb (AQIM) is currently attempting to expand its profitable “kidnapping trade” to other countries to locate new sources of funding. According to Algerian authorities, kidnapping [...]
U.S. District Judge George Daniels in Manhattan today said that Hezbollah, designated a terrorist group by the U.S. State Department, must pay the damages to insurers includingChubb Corp. (CB) that sought to recoup payments to business and property policyholders for losses from the attacks. The insurers won default judgments in 2006 against al-Qaeda and Hezbollah after [...]
State-Run Thai Islamic Bank to Issue Sukuk
On March 28, 2012 · In Islamic Banking, Islamic Bonds, Islamic Finance, Shariah Banking, Shariah Bonds, Shariah Finance, SUKUK, Thailand
A state-run Islamic bank in Thailand will soon issue an Islamic bond (sukuk). There are obviously a few aspects of this worthy of commentary: • Islamization has progressed enough in Thailand at this point that state-run banks are Shariah compliant. • The fact that Shariah Finance has taken hold in Thailand, a country with approximately [...]
The New York Times published a disturbing article today in which illustrates the emergence of Shariah Finance globally at the expense of conventional finance. While Western lenders are simply not lending these days, sukuk (Islamic bond) issuances are soaring. The long-term impact of this is negative for Western Civilization because it facilitates the acceptance in [...]
Another sukuk in trouble: Investment Dar had its Islamic bonds delisted from Nasdaq Dubai because the Kuwait-based owner of half of Aston Martin Lagonda Ltd. didn’t comply with the regulator’s disclosure requirements. The company also missed a payment on an Islamic bond (sukuk) in May 2009. The shares of Investment Dar were also delisted from the [...]
Shariah Finance Watch hears from Mr. Oliver Agha, a Shariah Compliant Lawyer
On March 27, 2012 · In AAOIFI, Christianity and Islam, Islam, Islamic Banking, Islamic Finance, Islamic Law, jizyah, Oliver Agha, Qaradawi, Shariah Banking, Shariah Boards, Shariah Councils, Shariah Finance, Shariah Law, Usmani
Recently, Shariah Finance Watch received the letter below in response to a posting we published on 31 January. (http://www.shariahfinancewatch.org/blog/2012/01/31/is-shariah-compliant-finance-a-failure-a-self-serving-answer-from-the-financial-jihadis/) To Whom It May Concern: I write to clarify certain facts and set the record straight in relation to an article published on-line and displayed on the website “Shariah Finance Watch” on January 31, 2012 [...]
In the wake of the Toulouse Jihadist terror attacks, French President Nicholas Sarkozy has barred Jihadist cleric Yusuf al-Qaradawi from visiting France. This should not come as a complete surprise, since Qaradawi is already banned from Britain and the USA. But many people are not aware of Qaradawi’s background and involvement in Shariah-Compliant Finance. Qaradawi [...]
The Jihadist organization, Hizb ut-Tahrir, whose goal is to re-establish the caliphate and have Shariah law imposed around the globe, has once again delved into the world of finance. Back in 2009, the organization called for the demise of capitalism to be replaced by an Islamic system of economics based on Shariah: http://www.shariahfinancewatch.org/blog/2009/06/21/hizb-ut-tahrir-jihadists-target-capitalism/ Now, Hizb [...]
Saudi Electricity Co., Saudi Arabia’s state-owned utility company, will aggressively market Shariah-compliant bonds to investors in non-Muslim nations around the world. This is part of an ongoing effort to have Shariah bonds, also known as sukuk, gain wide acceptance with non-Muslims around the world. At least some sukuk contracts involve zakat payments to Islamic charities, [...]
Over on Townhall.com, Daniel Mitchell has some details about how Mohammed Merah, who killed 3 French paratroops and several civilians, including schoolchildren in barbaric attacks, lived in France on the public dole. Unfortunately this seems to be typical, rather than an exception, as Mitchell points out with examples in his column. The Jihadis are using [...]
Congressional Report: Hezbollah has “several thousand” donors in the USA
On March 25, 2012 · In Hezbollah, Iran, Islam, Islamic Banking, Islamic charities, Islamic Finance, Islamic Law, Jihad, Jihadist Groups/Individuals, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah Law, Terror, Terror Funding, terrorism, U.S. Policymakers, USA, Zakat
A report issued by the House Homeland Security Committee indicates that Hezbollah has a large and threatening presence inside the USA and is successfully raising funds inside the USA to support its Jihad. Among the findings outlined in the report which are particularly relevant for SFW readers: • Counterterrorism officials consider Hezbollah fundraising cells to [...]
FATF, the world’s leading international watchdog for money laundering, terror funding, and financial standard setting, is concerned that Bangladesh hasn’t done enough to criminalize terrorist financing, and isn’t freezing suspect accounts. FATF is rightly concerned. Just take Islami Bank Bangladesh Limited as an example. IBBL is Bangladesh’s premier sharia bank, and it has used its wealth to [...]
Before he was killed by crack French security forces, the Jihadist terrorist Mohammed Merah claimed that he received funding for weaponry from inside and outside France. This makes sense since he was known to have multiple Colt 1911 .45 automatic pistols, an Uzi, a Sten gun and a riot shotgun in his possession. The Uzi [...]
Bank of America Merrill Lynch is reportedly facilitating the sukuk (Islamic bond) offering for a firm called Noble…We thought that SFW readers might want to consider these activities when deciding whether to do business with Bank of America Merrill Lynch… http://www.ifrasia.com/bonds-noble-ropes-in-trio-for-potential-debut-sukuk/21007629.article
The intrepid and illustrious Joy Brighton weighs in on Goldman Sachs’ ridiculous foray into the world of Shariah-Compliant Finance. This is an excellent article that regretfully we previously overlooked… Excerpt and LINK: In September 2011, Goldman Sachs announced it would issue a $2 billion Shariah Compliant Islamic Bond derivative known as a “Sukuk” to finance [...]
Testimony in a terrorism trial in Indonesia indicates that the late Al Qaeda chief Osama Bin Laden directly funded the bombing in Bali, Indonesia that killed 202, many of them Western tourists. Osama bin Laden gave the Jemaah Islamiyah $30,000 to carry out terror attacks in Southeast Asia, a key witness in the ongoing trial [...]
The Washington Institute for Near East Policy has published a good report on the Jihadist terrorist group Hezbollah’s (spelled in the report as “Hizballah”) criminal activities, their money laundering and finance activities in particular, which will no doubt be of interest to SFW readers. Here are some excerpts and a link to the full report: [...]
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