A report in Pakistani media indicates that one of the Islamic world’s most notorious charities has been making appeals for zakat funds using Twitter. Jamaatud Dawa is considered the political arm of Lashkar-e-Taiba, the Jihadist terrorist organization that carried out the 2008 Mumbai terrorist attack. In fact, in 2008, after the Mumbai attack, the United [...]
The Pakistani Jihadist terrorist organization Lashkar-e-Taiba, which carried out the bloody Mumbai terrorist attack in India, funded one of the attacker’s year-long visit to Saudi Arabia to recruit young Indian men who were visiting in Saudi Arabia… Pakistan-based terrorist group Lashkar-e-Taiba financed the procurement of work permits by Mumbai terror attacks suspect Abu Jundal for [...]
Zakat Support for Madrassas
On July 27, 2012 · In India, Islamabad, Islamic charities, Islamic schools, Jihad, Jihadist Groups/Individuals, madrassas, Pakistan, Terror, Terror Funding, terrorism, Zakat
Madrassas have been in the news quite a lot lately, mostly associated with a ludicrous speech given by Congressman Andre Carson praising these Islamic schools as a model for education in the US. The reality, naturally, is far different. In the Islamic world, particularly in the Middle East and southwest Asia, madrassas are widely used [...]
A $75 million Islamic bond issue by the Development Bank of Kazakhstan, the first sukuk issued in the former Soviet Union, is likely to spur more issues in Central Asia’s largest economy, banking officials said on Thursday. The 240 million five-year Malaysian ringgit ($75.5 million) issue on July 18, which generates an annual payment of [...]
Here we have another obscure, but at the same time blatant, example of charity in Islam being used to fund violent Jihad… “…police on Thursday arrested four persons for allegedly motivating people to take part in the jihad and collecting charity for a banned organisation at a mosque, police sources said.” “A 9mm pistol, Rs35,925 [...]
The Wall Street Journal (WSJ) in its article, “Al Qaeda’s War for Syria,” cited officials from the US Treasury Department stating, “Al Qaeda in Syria (often operating as the “Al Nusra Front for the People of the Levant”) is using traffickers—some ideologically aligned, some motivated by money—to secure routes through Turkey and Iraq for foreign [...]
Americans are all-too familiar with the fact that Wall Street has fully embraced Shariah-Compliant Finance. The so-called titans of the financial world have prostituted themselves and their companies in attempts to gain access to petrodollars in the hands of individuals, governments and institutions that adhere to a doctrine that is diametrically opposed to everything American [...]
More on NIG’s Sukuk Trouble
On July 24, 2012 · In Defaults, Islamic Bonds, Islamic Finance, Kuwait, National Industries Group (NIG), Shariah Bonds, Shariah Finance, SUKUK
As we reported yesterday, Kuwait’s National Industries Group has asked for a 4-year extension on repayment of its Islamic bond (sukuk). As might be suspected, NIG is in danger of becoming the next in line for the long line of defaults in the sukuk market. Moody’s is on the cusp on downgrading NIG’s rating: Moody’s [...]
Kuwait’s NIG asks for 4-year Extension on $475M Sukuk Issue
On July 23, 2012 · In Defaults, Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, Shariah Finance, SUKUK
The latest sign of trouble in the Islamic bond market… National Industries Group Holding (NIG), a Kuwaiti investment firm controlled by one of the country’s biggest family conglomerates, has asked creditors for a four-year extension on a $475-million Islamic bond, or sukuk, maturing next month. The request from NIG, part of the Kharafi Group, is [...]
As U.S. senators digest a sharply critical committee report confirming massive international money laundering by global banking giant HSBC, the Internal Revenue Service is acknowledging receipt of a whistleblower claim from a former employee of the bank who presented 1,000 pages of evidence to WND six months ago, after local and federal authorities ignored him. A series [...]
Regular readers of SFW know that we are no fans of HSBC. After all, HSBC has been at the forefront of the financial jihad to facilitate Shariah-compliant finance on a global scale. Moreover, HSBC employed the Jihadist monster Mufti Taqi Usmani as the chair of their Shariah Advisory Board. Then, when the heat over that [...]
US Treasury: Gambian supermarkets funded Hezbollah
On July 16, 2012 · In Gambia, Hezbollah, Jihad, Jihadist Groups/Individuals, Money Laundering, Terror Funding
The Kairaba Shopping Centre, a gleaming, glass-fronted two-story building in Gambia’s Serrekunda beach resort, is the biggest supermarket in mainland Africa’s smallest nation. Its clientele of wealthy locals, tourists and expat workers set it apart from the mom-and-pop stores and local markets where most ordinary Gambians shop. But the US Treasury Department sees something more [...]
Standard Chartered Plc will start Islamic private banking services in Asia and CIMB Group Holdings Bhd. plans to roll out new products for the wealthy as they target rich Muslims in Asia… http://gulfnews.com/business/banking/banks-plan-shariah-assets-for-asian-millionaires-1.1049062
U.N.: Eritrea reduces financial support for al Shabaab
On July 16, 2012 · In Al Shabaab, Eritrea, Jihad, Jihadist Groups/Individuals, Terror, Terror Funding, terrorism
Eritrea has reduced its support for the al Qaeda-allied al Shabaab militant group in Somalia under international pressure, but still violates U.N. Security Council resolutions and remains a destabilizing influence, a U.N. report says. The U.N. Monitoring Group on Somalia and Eritrea, which investigates violations of an arms embargo on both nations, said in a [...]
Standard & Poor’s, one of the most prominent names in the Western financial world has formed an alliance with the world’s most prominent Wahhabi Islamic supremicist organization to establish a new Shariah-compliant investment index. The new S&P COMCEC 50 Sharia Index has been established in partnership with the Organization of Islamic Cooperation (OIC), an organization [...]
Note that the authorities reveal that charities and non-profit organizations are commonly used to fund terrorism, as we have covered extensively here on Shariah Finance Watch Recently, the National Police’s Densus 88 counterterrorism unit arrested five suspects in the case of the Surakarta church bombing. Among them was an Information Technology (IT) expert, Rizki Gunawan, [...]
The good folks at Jihad Watch have an extensive report posted today on a disguised form of jizya tax at work in Malaysia: It is open secret that most income tax paid to the Malaysian Muslim government comes from more prosperous, more entrepreneurial non-Muslims, despite them being less than half the population. http://www.jihadwatch.org/2012/07/infidels-funding-islam-a-primer-to-malaysias-disguised-jizya-system.html
Gatehouse Bank, a wholesale Shariah-Compliant investment bank, has completed the acquisition of a large building which houses the Scottish Ministers National Health Service. http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=333688
Sudan is one of the worst regimes in the world. They are guilty of genocide in the slaughter of black Africans, Christians and Animists and are the nation which hosted Hezbollah and Al Qaeda when the two terrorist organizations formed a training agreement in the 1990s. Today, Sudan is also among the leading nations pushing [...]
Al Qaeda financier arrested in France
On July 5, 2012 · In Al Qaeda, France, Iraq, Jihad, Jihadist Groups/Individuals, Terror, Terror Funding, terrorism, Tunisia
French counterterrorism police have arrested the administrator of a Jihadi website who is suspected of playing a key role in financing and recruiting for Al Qaeda and other terrorist groups in several countries. The suspect — whom prosecutors call a “formidable financier of the bloodiest terrorist groups’’ — was being questioned Tuesday by anti-terrorism judge [...]
Essentially what is happening here is that the Islamists are insisting on Shariah compliance before they will consider investing. And since they have so much oil wealth, non-Muslim countries are willing to sell out… • South Africa is preparing to launch sub-Saharan Africa’s first Islamic bond, paving the way for issues by other countries in [...]
The excellent organization United Against Nuclear Iran issued a report just before the Independence Day holiday on the role of Lebanese banks in providing funding for Hezbollah… UANI Reveals Lebanese State-Sponsored Iran/Hizballah Money Laundering Scheme that Fraudulently Supports Lebanon’s Sovereign Debt Market, Calls for Bondholder Divestment UANI Investigation Uncovers Scheme to Artificially Support Lebanon’s Sovereign [...]
The global Islamic finance and banking sector is pegged at $1 trillion with an estimated growth rate that is four times higher than conventional financial services, according to organizers of the upcoming International Islamic Finance Conference 2012. This will put the value of Shariah-Compliant assets at $5 trillion by 2016… http://www.ameinfo.com/islamic-finance-set-reach-5-trillion-304950
Of course “Islamic finance” isn’t just for Muslims as the article below mentions. That is a given, seeing as Shariah is the only form of religious law meant to apply to people of other faiths. Shariah finance is being pushed out to non-Muslims in Kazakhstan and Reuters is celebrating it as if it is a [...]
International Monetary Fund Managing Director Christine Lagarde called Egyptian President-elect Mohamed Mursi and reiterated that the IMF stands ready to support Egypt and looks forward to working closely with the authorities in Cairo. Muslim Brotherhood officials have said they plan to resume the previous government’s stop-and-start negotiations for a $3.2 billion IMF loan. Thus far there [...]
The spiritual leader of Stockton’s largest mosque faces deportation to his native Pakistan because he cheated on his taxes. Saeed Ur Rahman, imam of the Islamic Center of Stockton, was convicted by a federal jury in Sacramento last fall on two felony counts of tax evasion. His brother who also led the mosque was also [...]
HSBC wins the useful idiot award for the year for its work in facilitating the financial jihad through handling the most Shariah-compliant bond (sukuk) offerings. Coming in second in the competition was CIMB. If you do business with either of these financial institutions, you may wish to consider these activities when making future financial decisions. [...]
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