Yesterday we reported that Dana Gas, the United Arab Emirates’ largest natural gas firm, was set to default later today on its $920 million sukuk, or Shariah-compliant bond. We cannot overemphasize the significance of this event. Sukuk have been controversial for some time based on several factors, but chiefly two: (1) Sukuk involve more fees [...]
More on the “End of the Line” for the Holy Land Foundation
On October 31, 2012 · In CAIR, Hamas, Holy Land Foundation, Islamic charities, ISNA, Israel, Jihad, Jihadist Groups/Individuals, Palestinians, Terror Funding
Two days ago we reported on the legal challenge to the Holy Land Foundation terrorism financing conviction and the fact that the US Supreme Court had denied the appeal: http://www.shariahfinancewatch.org/blog/2012/10/30/another-important-victory-the-holy-land-foundation-trial-redux/ The good folks at the Investigative Project on Terrorism published a similar report which we think is worth examining: The United States Supreme Court has [...]
As we alluded to here on SFW back in April and January, the UAE’s Dana Gas, which already had a jaded record when it comes to investment ethics, is NOT going to pay off its creditors under the Shariah-compliant bond (sukuk) arrangement as the fawning financial media had reported. http://www.shariahfinancewatch.org/blog/2012/04/30/uaes-dana-gas-looking-to-restructure-sukuk/ http://www.shariahfinancewatch.org/blog/2012/01/31/another-sukuk-in-trouble/ There is no sugarcoating [...]
Observers who follow such things know how important the Holy Land Foundation terrorism financing trial has been in uncovering the spread of both violent and civilizational jihad in the USA. For those who may not be familiar with the Holy Land Foundation trial, here is a very brief synopsis: The Holy Land Foundation was the largest Islamic charity in the [...]
Indian Police Probe Hizb ut-Tahrir Support for Terrorism
On October 25, 2012 · In Hizb ut-Tahrir, India, Jihad, Jihadist Groups/Individuals, Lashkar e Taiba, Terror Funding
Long-time readers of SFW may remember Hizb ut-Tahrir as the worldwide Islamist organization that held a convention in Chicago a few years ago dedicated to replacing capitalism with an “Islamic system.” Hizb ut-Tahrir claim to be peaceful. Indian authorities have an idea that they may not be so peaceful after all. In fact, they are investigating [...]
For years, Hamas, Hezbollah and Islamic Jihad have been raising funds through extortion and blackmail from Arab residents of the Latin countries and processing the funds through the tri-border area where Brazil, Argentina and Paraguay meet as well as, in more recent years, the Islamic “Cultural” Center on Margarita Island, Venezuela. [Hugo Chavez] has formed [...]
An investigation by Indian authorities into an August bomb attack in Pune, India has uncovered a significant Saudi connection to the deadly and infamous Jihadist terrorist organization, Lashkar e Taiba. That connection appears to center around a Saudi citizen named Fayyaz Kagzi: Asad travelled to middle-east, especially Saudi Arabia, several times to meet Kagzi and spent [...]
Hussein Fahs, who is considered Hezbollah’s CFO and head of the organization’s operational communications network, has reportedly fled Lebanon and defected to Israel…and he brought with him a considerable sum of money, along with documents and maps… It seems he may have been caught embezzling from the Jihadist terrorist group and decided that defecting to [...]
Given the heavy hand of Salafist Islam in the Persian Gulf region, this report should come as no surprise… Corporate and infrastructure issuers in the Gulf region may increasingly rely on sukuk, the Islamic equivalent of bonds, as a source of funding in coming quarters says a report titled “Sukuk Are Surpassing Conventional Bond Issuance [...]
Note that in the article linked below announcing the first sukuk (Shariah-compliant bond) offerings in Australia, the Wall Street Journal is practically acting like a cheerleader for Shariah Finance. Note also in the article that, in addition to Australia’s sole existing Shariah-compliant investment firm, the nation’s 4th largest conventional lender also has plans to offer [...]
The good folks at Money Jihad blog called our attention to this largely overlooked Jerusalem Post article in which it was revealed that one of the many anti-Israel groups masquerading as charities in the United Kingdom has let slip that it supports martyrdom operations. The name of the charity is Camden Abu Dis Friendship Association (CADFA). [...]
Long-time readers of SFW may recall some posts from the past two years alluding to the fact that, despite a great deal of hype, Shariah-compliant banking is failing in the United Kingdom. For instance, in June of 2010, we posted a report from the Australian media quoting industry insiders in the UK admitting that Shariah-compliant [...]
A New York federal judge who found Iran, the Taliban and Al Qaeda culpable in the 2001 terrorist attacks has approved a $6 billion default judgment against them. The order signed Wednesday by Judge George Daniels is largely symbolic, but it provides some hope the relatives of Sept. 11 victims can someday recover damages. A [...]
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