We were heartened to learn on Friday that the Kansas senate had followed the example of the Kansas House of Representatives by voting overwhelmingly in favor of American Laws for American Courts legislation there. American Laws for American Courts (ALAC) legislation was crafted to protect the constitutional rights of Americans against the incursion of foreign [...]
A firm called Ethical Asset Management in the UK is launching a Sukuk fund for individual investors. This is fairly unremarkable, but the designation “ethical” is worth commenting on. Ethical is a subjective term. To most Westerners, there is little or nothing ethical about Shariah. On the contrary, many of the tenets of Shariah are [...]
The most prominent weapon in the financial jihadists’ arsenal is the sukuk, also known as the Islamic bond. Sukuk have taken off like wildfire in the Islamic world and they are being pushed out hard to the non-Muslim world. South Korea, the Philippines and Thailand are just three nations that have come under intense pressure [...]
The Islamic Development Bank, a Saudi-dominated financial proselytizing organization, is planning to launch a dollar-denominated sukuk, or Islamic bond. There are some key Western banks which are helping with this process and we thought that SFW readers may be interested in knowing who they are: BNP Paribas SA Deutsche Bank AG HSBC Holdings PLC Standard [...]
American Jewish Committee Shills for Shariah in AIG Case
On May 13, 2011 · In AIG, Da'Wah, Islamic Finance, Shariah Finance, Shariah insurance, Takaful, U.S. Policymakers, USA
It pains us to have to post this article, but this is one of the most misguided examples of bad policy that we have ever come across. The American Jewish Committee (AJC) has sided with the Treasury Department and against the Thomas More Law Center in the AIG suit, which seeks to address the fact [...]
The concept of insurance in Islam is a relatively new one. Conventional insurance contracts have been considered haram (unislamic). As a result, the financial jihadists concocted their new form of Shariah-compliant insurance, known as takaful. Despite their efforts, takaful has yet to gain wide acceptance in the Islamic world. As the article below details, the [...]
BigPeace.com has an important article posted that details how Shariah-compliant Arcapita bank has sponsored a PBS-produced movie called Cities of Light. The movie glamorizes the Muslim Jihad that occupied the Iberian peninsula (modern-day Spain and Portugal). This movie will be premiered at, of all places, the Virginia Military Institute. Arcapita employs Mufti Taqi Usmani as [...]
For some time now, SFW has documented the involvement of the financial media conglomerate Bloomberg in the Shariah-Compliant Finance industry. We have an archive of over 30 articles on the subject: http://www.shariahfinancewatch.org/blog/category/bloomberg/ Last week, with great fanfare, Bloomberg announced the release of its new “comprehensive Islamic finance platform,” which firmly places Bloomberg at the forefront [...]
New York-based AIG is looking to tap in to the $4 billion Shariah-compliant insurance, or takaful, market in Malaysia. AIG formed a joint venture with Alliance Bank Malaysia Bhd in January, four months after winning a licence from Malaysia’s central bank. There are 10 Shariah-compliant insurance companies in Malaysia, with US-taxpayer owned AIG owning two, [...]
Qatar Moves to Shut Down Shariah-Compliant Divisions of International Banks
On February 10, 2011 · In Al Jazeera, Barclays, Creeping Shariah, Doha, HSBC, Islamic Banking, Qaradawi, Qatar, Shariah Banking, Shariah Boards, Usmani
Hat tip to Creeping Sharia for this find… For years now SFW has warned big Western banks like HSBC, Standard Chartered and Barclays about the perils of dabbling in Shariah-Compliant Finance. Each of these banks, but HSBC in particular, has happily jumped in bed with the financial jihadists to get their piece of the Shariah-Compliant [...]
Federal Judge Upholds Government Funding of Shariah Law
On January 21, 2011 · In AIG, Creeping Shariah, Islamic Finance, lawfare, Sharia Products, Shariah Finance, Shariah insurance, Shariah Law, Takaful
Last week, Judge Lawrence P. Zatkoff, a federal district court judge in Michigan, dismissed a constitutional challenge to the U.S. Government’s bailout of AIG, which used over a hundred million dollars in federal tax money to support Islamic religious indoctrination through the funding and promotion of Sharia-compliant financing (SCF). http://nation.foxnews.com/justice/2011/01/20/federal-judge-upholds-government-funding-sharia-law
Judicial Watch Sues Mayor Bloomberg for Records On Ground Zero Mosque
On December 12, 2010 · In Bloomberg, CAIR, Ground Zero Mosque, Islamization, ISNA, Muslim Brotherhood
Attorneys for a public interest group that investigates and prosecutes government corruption filed a petition on Thursday with the New York State Supreme Court to compel New York City Mayor Michael Bloomberg’s office to comply with a Freedom of Information Law (FOIL) request regarding contacts between the Mayor’s office, Ground Zero Mosque Imam Feisal Abdul Rauf, and [...]
Buried in the story linked below from Bloomberg news is the revelation that 2010 global sales of Sukuk are way below 2009 levels and even slightly below 2008 levels: Global sales of sukuk fell 29 percent to $13.7 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. [...]
Euromoney.com is once again giving out awards for compliance to the financial wing of the barbaric, medieval doctrine known as Shariah. They have a whole host of awards to dole out (no fewer than 19 awards in the field of “Islamic” finance), which probably indicates that these awards are a convoluted effort to drum up [...]
Incumbent Ohio treasurer Kevin Boyce has handed control of his office over to his top staffer, Deputy Treasurer Amer Ahmad, who has a habit of hanging around people who are well-known for ties to Islamic radicals and terrorists. Ahmad does so in his professional capacity, as well as in his personal life, choosing to attend an [...]
Kiplinger Shills for Shariah
On October 18, 2010 · In Amana Funds, Islamic Equity Funds, Islamic Finance, Islamic Law, Shariah Finance, Shariah Law, Uncategorized
It is usually a mistake to write about something you know nothing about. This is advice that Janet Bodnar of Kiplinger’s Personal Finance should follow. In a new column, she decided to praise the Amana group of mutual funds for adhering to Islamic law. We assume that Ms. Bodnar knows nothing about “Islamic law,” properly [...]
“Particularly since the meltdown of the western capitalist system, there has been an increasingly large focus on the virtues of Islamic finance. Today, there is no one single provider of information that caters to the Islamic finance market. So by Bloomberg being here, we are in the process of building out an Islamic finance product. [...]
Barclays Capital, the investment banking arm of London-based Barclays Plc, is offering Shariah- compliant repurchase agreements to allow Islamic banks and investors manage their funds. Barclays introduced the product worldwide two weeks ago and is focusing on clients in Malaysia and the Middle East. http://www.businessweek.com/news/2010-08-18/barclays-capital-offers-islamic-repos-in-1-trillion-market.html
Andrew McCarthy reports: American Taxpayer, Financial Jihadist
On August 14, 2010 · In AIG, Islamic Finance, Islamic Law, Islamization, Jihad, Qaradawi, Sharia Compliant, Shariah Finance, Shariah insurance, Shariah Law, Takaful, USA
Another superb article by Andrew McCarthy of National Review… Thanks to our takeover of AIG, we now are involved in Islamic finance. It is “financial jihad,” explained Yusuf Qaradawi, the Muslim Brotherhood’s sharia compass — and the man Feisal Rauf, the brains behind the proposed Ground Zero mosque, admires as “the most well-known legal authority [...]
Yesterday, SFW posted a disturbing article detailing Sheikh Yusuf al-Qardawi’s instructions on zakat (Islamic alms giving): http://www.shariahfinancewatch.org/blog/2010/05/07/more-definitive-proof-of-zakat-funding-jihad/ Some readers may be skeptical that the views of a man living in Qatar, as expressed to another man living in Egypt, would be relevant in the United States. Not only are Qaradawi’s views relevant because he is [...]
As we have stated previously, David Yerushalmi is one of our heroes at SFW. Mr. Yerushalmi has published the most important works extant on Shariah-Compliant Finance and he has taken it upon himself to stand up for freedom and the American way of life in filing a suit against the US Treasury Department for its [...]
The Continuing AIG Hellstorm: Jihad Bailout and Money Laundering
On February 5, 2010 · In AIG, Islamic Finance, Islamic Law, Shariah Finance, Shariah insurance, Shariah Law, Takaful
An excellent update on the progress of this landmark legal battle from Benjamin Weingarten at Citizen Economists… http://www.citizeneconomists.com/blogs/2010/02/04/the-continuing-aig-hellstorm-jihad-bailout-and-money-laundering/
Barclays woos Muslims in Kenya by joining the financial jihad
On February 2, 2010 · In Barclays, Islamic Banking, Kenya, Sharia Compliant, Sharia Products, Shariah insurance
Barclays Bank has unveiled two new Shariah compliant products offered in Kenya. SFW readers may wish to take Barclays’ Shariah activities into account when making your own financial decisions… http://www.standardmedia.co.ke/business/InsidePage.php?id=2000002308&cid=14
Shariah finance: The deadly Jihadist weapon with a dollar sign
On December 31, 2009 · In Abul-Ala Mawdudi, AIG, Center for Security Policy, Citigroup, Creeping Shariah, Defaults, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Heros against Shariah, Islamic Banking, Islamic Bonds, Islamic charities, Islamic Economics, Islamic Finance, Islamic Law, Islamization, Jihad, Markets and Trends, Muslim Brotherhood, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance, Shariah insurance, Sovereign Wealth Funds, stealth jihad, SUKUK, Takaful, Terror Funding, Zakat
It is highly appropriate that SFW end 2009 by sharing the latest work from one of the true heroes of the Western world in the fight against Shariah: David Yerushalmi. Mr. Yerushalmi’s essay in the Washington Examiner provides both a primer for those unfamiliar with the issue of Shariah Finance, as well as an update [...]
U.S. taxpayers funding terrorism: the ties that blind
On November 17, 2009 · In AIG, Al Qaeda, Britain, Center for Security Policy, Citigroup, Creeping Shariah, fiqh council of north america, Heros against Shariah, Islamic charities, Islamic Finance, Islamic Law, Islamization, Jihad, Qaradawi, Saudi Arabia, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Councils, Shariah Finance, Shariah insurance, Shariah Law, stealth jihad, Takaful, Terror Funding, terrorism, U.S. Policymakers, United Kingdom, USA, Zakat
What would you think if it was proven beyond doubt your tax money is getting into the hands of terrorists, not altogether accidentally? How would you feel if you discovered that the dollar you paid in income tax had been channeled by the federal government through a bank bailout law to Citigroup which then ‘invested’ in [...]
BNP: Lack of Shariah Standards Limiting Islamic Funds
On September 15, 2009 · In BNP Paribas, Islamic Economics, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Finance
BNP is one of our least favorite banks. Not only are they a big promoter of Shariah Finance in the West, but they also are the banker of choice for the Ayatollahs in Tehran. Nevertheless, they have provided us with some useful fodder today. They are whining because they essentially can’t get a straight answer [...]
Middle Eastern Islamist regimes, awash in petrodollars, are now touting Shariah Finance as the key for renewed economic growth. What this amounts to is Islamic imperialism. Whereas in the past Saudi, Kuwaiti and other oil sheikhs in the 1970s began expanding their clout by investing in Western real estate and securities markets, today they have [...]
Islamic Development Bank could raise $500m bond (sukuk)
On July 9, 2009 · In Al Qaeda, BNP Paribas, Creeping Shariah, Da'Wah, Debt Bonds, Deutsche Bank, Divest Terror, HSBC, Iran, Islamic Banking, Islamic Bonds, Islamic Development Bank, Libya, Muslim Brotherhood, OIC, Saudi Arabia, Shariah Bonds, Sudan, SUKUK, Usmani
The Jeddah, Saudi Arabia-based Islamic Development bank will soon issue a $500 million sukuk or Islamic bond issue. This is rather controversial in Shariah Finance circles since Mufti Taqi Usmani issued an opinion last year declaring that most such instruments are in fact NOT Shariah-compliant and are unislamic. That opinion, along with the world economic [...]
Catastrophe – How Shariah Law Is Infiltrating The West
On July 8, 2009 · In AIG, Citigroup, Goldman Sachs, Islamic Finance, Islamic Law, Sharia Videos, Shariah Finance, Shariah Law
Dick Morris is one of the best-informed and shrewdest political observers and strategists in America. He has been an immensely helpful proponent of the Divest Terror Initiative to cut off corporate life support for the Ayatollahs and other terror sponsors. In his new book, Catastrophe, he now tackles Shariah-Compliant Finance. Below is an excellent 3 [...]
Shariah-Compliant insurance, also known as takaful, has been the subject of a considerable amount of scrutiny in recent months since the US Treasury took nearly full ownership and control of insurance giant AIG, which has an active takaful division. This is because the purpose of Shariah Finance–and Shariah-Compliant insurance–is to promote shariah and Islam. It [...]
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