“KFH” arrange in cooperation with Citigroup and HSBC the first Sukuk issuance for the Turkish Treasury of USD1.5 bln Kuwait Finance House ” KFH ” represented by its subsidiary, Liquidity Management House “LMH”, succeeded in arranging for Ijarah Sukuk for the Turkish Treasury amounting USD1.5bln for 5 ½ years, in cooperation with Citigroup and HSBC, where this is [...]
Saudi Sheikh Defends Charity Support for Jihadist Terror
On September 25, 2012 · In Islamic charities, Jihad, Jihadist Groups/Individuals, Saudi Arabia, Terror Funding, terrorism
There was already ample evidence that Saudi Arabia is not our ally in the war formerly known as the “war on terrorism.” Now we have even more evidence. A Saudi Sheikh named Saleh bin Abdulrahman Al-Hussein has written a report defending Saudi charities that fund terrorism. Lest you think that this guy is some obscure, nutty [...]
US anti-money laundering enforcement and regulation in chaos?
On September 25, 2012 · In HSBC, Iran, Money Laundering, Shariah Finance, Terror Funding, Uncategorized
The article linked below paints a disturbing picture of the status of the US government’s efforts to combat money laundering, especially where it applies to Iran, the world’s foremost state sponsor of Jihadist terrorism. Note in the article that it is mentioned that Stuart Levey, the former Treasury Department official charged with counterterrorism duties, is [...]
While this is not strictly directly related to Shariah Finance, we do find it rather curious. Perhaps the Iranian hackers do not realize that big Western banks like these have played a large role in facilitating Shariah-compliant finance in the West? Because they are actually targeting allies here in one sense…Note however, that the Iranians [...]
Pakistani Railways Minister Offers Al Qaeda $100,000 to Kill Mohammed Filmmaker
On September 24, 2012 · In Al Qaeda, Jihad, Jihadist Groups/Individuals, Pakistan, Taliban, Terror Funding
A Pakistani cabinet minister on Saturday offered a $100,000 reward for the death of the person behind the anti-Islam video made in the United States that has roiled Muslims around the world, even suggesting that Taliban and Al Qaeda militants could carry out the killing. Ghulam Ahmad Bilour, the federal railways minister, said at a [...]
Ireland’s Electricity Supply Board, the largest utility in Ireland–and one that was set up by an Act of the Irish government–is considering issuing a Sukuk (a Shariah-compliant bond). This is no doubt designed to attract petrodollars from the Middle East, which increasingly requires Shariah-compliance, something that was not the case less than a generation ago. [...]
When the Muslim Brotherhood came to power in Egypt with the cooperation of Salafist allies, they pledged to promote Shariah-compliant finance, especially in the country’s stock exchange. The Islamization of Egypt begins apace, as evidenced by the violence-laced rioting in the streets in recent days. But that Islamization is also characterized by the emergence of [...]
Bloomberg, a leader in financial news and information, continued to demonstrate its commitment to the barbaric, medieval code of Shariah with its announcement of a new Sukuk (Shariah-compliant bond) index in Malaysia. The timing of this is especially ironic given the fact that Bloomberg depends on freedom of speech, freedom of the press and free [...]
In a market galvanised by central bank action in the US and in Europe, strong appetite for emerging market bonds have eroded the pricing advantage enjoyed by sukuk over conventional paper say origination bankers, at a time when yield-starved Islamic investors have started to become more selective. The shift might carry significant implications for the [...]
This report comes as no surprise. Jordan’s parliament has made changes to tax laws to accommodate sukuk (Shariah-compliant bonds), paving the way for Shariah finance to move into the kingdom… A long-awaited law allowing Jordan to issue sukuk has been cleared by both houses of its parliament, paving the way for the government to tap [...]
HSBC is getting rich. They’re getting rich off of connections to Saudi Arabia and their deep involvement in the Shariah-compliant bond market (known as sukuk). It seems that nobody underwrites sukuk for the Saudis like HSBC does. This is the same HSBC that has been fined a billion dollars for its illegal business with Iran. [...]
Two Kentucky men who provided material support to Al Qaeda to be sentenced in December
On September 18, 2012 · In Iraq, Jihad, Jihadist Groups/Individuals, Terror, Terror Funding, terrorism
The two Kentucky men who admitted to conspiring to send weapons, cash and explosives to al-Qaida will be sentenced together. 30-year-old Waad Ramadan Alwan was scheduled to be sentenced next month in federal court in Bowling Green. But now he’ll have to wait until December. Alwan’s co-defendant, 24-year-old Mohanad Shareef Hammadi, also pleaded guilty. The [...]
Yesterday we reported that a bonyad charitable foundation in Iran had increased its bounty on author Salman Rushdie’s head by $500,000 from $2.8 million to $3.3 million. Today comes the news that the Ayatollah that heads that charity has tied the fatwa on Rushdie to the latest episode in the Islamic world involving a film [...]
U.S. Treasury Sanctions Hezbollah Leaders for Support for Syria
On September 17, 2012 · In Hezbollah, Jihad, Jihadist Groups/Individuals, Sanctions, Syria, Terror, terrorism, U.S. Policymakers
The Treasury Department announced on Thursday, September 13 additional sanctions against Hezbollah’s leadership in Lebanon for its support of the Syrian Assad regime. The obvious question here is: WHY ARE THERE ANY MORE SANCTIONS LEFT TO IMPOSE OF HEZBOLLAH’S LEADERS??? What has the US Treasury Department been doing for the past 30 years if there [...]
A regime-affiliated religious foundation in Iran has boosted $500,000 the bounty it had offered for the killing of British author Salman Rushdie to $3.3 million from $2.8 million, after protests around the world over alleged insults to the prophet Muhammad, who is considered holy in the Islamic world. The 15 Khordad Foundation reportedly will pay [...]
Turkey will soon issue a lira-denominated sukuk (Islamic bond), on the heels of its dollar-denominated sovereign sukuk, which was facilitated by HSBC and CitiGroup. http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=337737
Iranian TV: Shariah banking grows strong in Indonesia
On September 11, 2012 · In Indonesia, Indonesia Sharia Banking, Iran, Islamic Banking, Shariah Banking
It is no secret that Shariah banking is a growth industry in Islamic-dominated countries like Indonesia, the world’s most populous Muslim nation. And it is also no secret that the Shariah Finance and Banking industries have been hamstrung by a lack of qualified personnel–everything from a shortage of Shariah scholars to a shortage of rank [...]
Egypt’s Prime Minister, Hisham Qandil, a career bureaucrat with a history of sympathy for the Muslim Brotherhood–who was also educated at Utah State and North Carolina State–has called for economic changes to solve Egypt’s largely self-inflicted financial woes. Among the measures underway: the issuance of sukuk, also known as Shariah bonds: A sukuk issuance would [...]
Report: Hezbollah funding Jihadist terrorism with bogus medicine
On September 10, 2012 · In Drug trafficking, Hezbollah, Jihad, Jihadist Groups/Individuals, Terror Funding
The Jihadists are constantly looking for new sources of funding to wage their war against kafirs. And they are actually quite resourceful and creative in their quest. Money is the lifeblood of terrorism. We know that one method that has been used to fund jihad is through zakat payments to Islamic “charities.” Now, Hezbollah has [...]
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