Yet another sukuk (Islamic bond) is in trouble. Like the Nakheel sukuk nearly 3 years ago, this issue is from a company in the United Arab Emirates, though this one is based out of Abu Dhabi, rather than Dubai. The company is Dana Gas, a major natural gas exploration and production company. There are questions as [...]
Though the typically cheerleading article linked below doesn’t provide a detailed explanation (no surprise there), Moody’s has assigned a negative outlook on a major Islamic bond offering by a Shariah-compliant bank in the UAE, site of some of the most infamous sukuk defaults over the years… The outlook on FGB’s ratings is negative and therefore [...]
Nakheel PJSC, the developer of palm- shaped islands off Dubai’s coast, is in preliminary talks with Nasdaq Dubai to list Islamic bonds. Nakheel was the debtor involved in the multi-billion dollar Dubai World Sukuk debacle in late 2009 in which creditors were asked to “stand still” and extend maturities on Islamic bonds (Sukuk). The Dubai [...]
Abu Dhabi Islamic Bank (ADIB) has launched a new service to collect Zakat money through the bank’s ATMs. SFW readers may recall that zakat is a form of obligatory tithing in Islam–and one of the eight acceptable destinations for zakat under Shariah is to those who are “fighting in the way of allah.” This is [...]
Egypt’s National Bank for Development (NBD) said its net loss widened 4.7 percent in the first half of the year. The bank reported a net loss of 203.4 million Egyptian pounds in the period from December 31, 2009 to June 30, 2010, up from a loss of 194.2 million pounds in the same period last [...]
“Zakat Fund eyes to collect more than Dh72 million through this year’s campaign for generating annual Islamic charity (Zakat) as every Muslim is liable to allocate a particular amount of his annual savings as well as his asset for needy as per Shariah law.” “This years’ campaign would encourage the elderly to enhance the importance [...]
Official zakat contributions doubled in the first half of the year to just more than Dh15 million, according to figures announced yesterday. Donations soared from less than Dh8m in the same period last year. The number of people contributing to the Zakat Fund, the government body that distributes alms revenue, also rose by 25 per cent. [...]
The Ministry of Economy issued a law on the Islamic insurance system (Takaful) to regulate the work of Islamic insurance companies in the country. Under the new law, each insurance company should set up a Zakat fund in which zakat money would be deposited. http://gulfnews.com/business/general/law-to-regulate-islamic-insurance-1.647033
Sukuk “Alert”
On June 23, 2010 · In Abu Dhabi, Debt Bonds, Dubai, GE Capital, Indonesia, Islamic Bonds, Islamic Finance, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Pakistan, Saudi Arabia, Shariah Bonds, Shariah Finance, Sudan, Thailand
Official and private entities in Jordan, Indonesia, Abu Dhabi, Malaysia, Saudi Arabia, Qatar, Dubai, Luxembourg, Sudan, Pakistan, Kazakhstan, Lebanon, Kuwait, Thailand, Islamic Development Bank and General Electric (GE) all are contemplating or planning Sukuk (Islamic bond) offerings in the near future… http://www.bloomberg.com/news/2010-06-22/jordan-indonesia-islamic-development-bank-plan-sales-islamic-bond-alert.html
This article is from MoneyLaundering.com. It tends to overplay the amount of cooperation that the US is getting from the UAE in our opinion, but it also contains some good information. These particular lines are revealing of Dubai’s status as a financial rogue nation: “…every major” Dubai real estate project “has been, in part, financed [...]
Nearly nine years after the atrocity of the September 11th terrorist attack, the Port Authority of New York and New Jersey has opened bidding on One World Trade Center, and one of the highest bidders may have ties to the people responsible for the worst attack on U.S. soil. LINK to video fr0m Fox News: [...]
Abu Dhabi Islamic Bank (ADIB), unveiled its new brand identity in line with its vision to become a top tier global Islamic financial services group and to deliver on its mission of providing “Islamic financial solutions for the Global community”. ADIB also introduces a new slogan that captures its commitment to provide world-class, ethical banking [...]
Sharjah Islamic Bank Donates Millions to Zakat in UAE
On April 12, 2010 · In Abu Dhabi, Islamic charities, Islamic Finance, Islamic Law, Shariah Finance, Terror Funding, UAE, Zakat
Sharjah Islamic Bank (SIB) has donated AED 5 million to the Abu Dhabi Zakat Fund. While there is no published evidence that the Abu Dhabi Zakat Fund supports Jihadist terrorism, there are two facts which make the combination of Shariah-Compliant Finance and zakat particularly worrisome in this case: 1. Shariah law lists “those fighting for [...]
Another UAE Sukuk Issuer Looks to “Restructure”
On March 31, 2010 · In Abu Dhabi, Debt Bonds, Defaults, Economic Crisis, Islamic Bonds, Shariah Bonds, SUKUK
Over the past two years, there have been numerous defaults on Islamic bonds (better known as Sukuk). In fact, default rates on Sukuk are apparently higher than those of conventional bonds. This is likely due to the higher fees associated with Sukuk which are arrived at from a series of convoluted machinations designed to keep [...]
Abu Dhabi Islamic Bank, the UAE second’s largest Shariah compliant bank, said yesterday that its board will consider allowing foreign investors to own stakes in the business. http://www.7days.ae/storydetails.php?id=90392%20%20%20%20&page=local%20news&title=ADIB%20mulls%20…
Moody’s Downgrades ANOTHER Sukuk Issuer
On February 1, 2010 · In Abu Dhabi, Debt Bonds, Defaults, Dubai, Islamic Bonds, Islamic Finance, Moody's, Moody's Investor Service, Shariah Bonds, Shariah Finance, SUKUK, UAE
Last week reported that Moody’s Investor Services had downgraded a Kuwaiti firm that had issued Sukuk (Islamic Bonds). http://www.shariahfinancewatch.org/blog/2010/01/27/another-sukuk-issuer-in-deep-trouble/ This weekend we were greeted with the news that Moody’s had downgraded yet another Sukuk issuer, this time a real estate development firm out of Abu Dhabi. If this is a harbinger of things to come, [...]
Dubai Debts Prompt Review of Shariah Finance
On January 14, 2010 · In Abu Dhabi, Debt Bonds, Defaults, Dubai, Economic Crisis, Islamic Bonds, Islamic Economics, Islamic Finance, Shariah Bonds, Shariah Finance, SUKUK
SFW has long maintained–and pointed out–that Shariah-Compliant Finance is in now way immune to market and economic forces and thus cannot provide a safe haven in the event of economic or financial crisis. We point this out because so many financial jihadists routinely commit fraud by claiming that Shariah Finance is protected by the principles [...]
Dubai’s golden sands lose their luster
On December 12, 2009 · In "Ethical Investment", Abu Dhabi, Debt Bonds, Defaults, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Investment Scams, Investment Swindles, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Jurisprudence, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Courts, Shariah Finance, Shariah Law, SUKUK, UAE
“Investors trapped by the financial storm in the United Arab Emirates are in unknown legal territory as they try to protect their billions.” (The Times, 10 December 2009) The Dubai default debacle demonstrates in stark detail how the lack of transparency and failure to disclose relevant facts make Shariah Finance risky. Long ago–decades ago–the rest [...]
A Shameless, Shallow Advertorial for Shariah Finance from Oxford Analytica and Forbes.com
On December 12, 2009 · In Abu Dhabi, Credit Dirivatives, Debt Bonds, Defaults, Derivatives, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Financial Institution, Hezbollah, HSBC, Investments, Iran, Islam, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Kuwait, Lebanon, Qaradawi, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah insurance, Shariah Law, SUKUK, Takaful, Taliban, Usmani
Malcom Forbes must be spinning in his grave. His namesake publication’s web site has published an article which basically promotes a financial and economic system which by its very nature seeks to replace capitalism and our free enterprise system: http://www.forbes.com/2009/12/10/islamic-finance-after-dubai-business-oxford-analytica-islamic-finance.html?feed=rss_business In fact, the article reads less like journalism and more like a press release from [...]
Abu Dhabi Islamic Bank plans expansion throughout Asia
On December 8, 2009 · In Abu Dhabi, Indonesia, Islamic Banking, Islamic Finance, Malaysia, Shariah Banking, Shariah Finance, UAE
As if the United Arab Emirates had not done enough to the world financial system through the debacle of Dubai, now Abu Dhabi Islamic Bank has announced plans to expand its business throughout Asia. http://www.arabianbusiness.com/575493-adib-plans-expansion-throughout-asia
TIMELINE-Defaults: Islamic finance in uncharted territory
On November 6, 2009 · In "Ethical Investment", Abu Dhabi, Debt Bonds, Defaults, Dubai, Economic Crisis, Islamic Banking, Islamic Bonds, Islamic Finance, Kuwait, Saudi Arabia, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance
The dirty underside of Shariah-Compliant Finance… http://www.reuters.com/article/bankruptcyNews/idUSKLR44503820091105?rpc=401
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093275949
UAE Islamic banks’ profits decline
On August 11, 2009 · In Abu Dhabi, Dubai, Dubai Islamic Bank, Islamic Banking, Sharia Compliant, Shariah Banking
You have to read carefully to glean this information from the cheerleading article linked below, but profits at the various Islamic banks in the UAE which trade on the stock exchange are reported down (though you’d never know it from the headline): The Islamic banks listed, on the local stock markets, posted net profits of [...]
Mayfair Wealth Management launched a US$50m fund that will invest in distressed property in Dubai and Abu Dhabi… http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3146339&c=1
Another Shariah-Compliant bank turns in a dismal quarter of performance. We won’t hold our breath waiting for the promoters of Shariah to stop touting their economic system as the savior from the economic crisis… “Abu Dhabi Islamic Bank reported on Wednesday a 30-percent drop in its second-quarter net profit, dragged down by provisions against credit [...]
Shariah’s march continues with the introduction of a new Shariah-Compliant credit card in Abu Dhabi… http://www.gulfnews.com/business/General/10310977.html
Islamic markets tumble, Dubai floats conventional bond
On March 10, 2009 · In Abu Dhabi, Bahrain, Dubai, Dubai Islamic Bank, Egypt, Emirates, Islamic Banking, Islamic Finance, Qatar, Sharia Compliant, Shariah Banking, Shariah Finance, UAE
Despite all the sunshine being thrown about by promoters of Shariah-Compliant Finance in the West, the so-called “insulated” Islamic markets are tumbling in the Middle East. Monarchies in the Gulf have had to resort to injecting capital into their banking systems to prevent a crisis. This was done in Abu Dhabi and Dubai appears set [...]
Shariah-Compliant Finance is often represented as “ethical” investing. It looks like the ethics were thrown out at Dubai Islamic Bank. It seems that several executives with Dubai Islamic Bank defrauded their employer out of $791 million. Note that the attorney for one of the defendants says that his client “has not violated any applicable laws [...]
Daniel Greenfield has written an excellent piece about the third round of bailouts for CitiGroup. Here are a couple of highlights and a link: We are now seeing the third round of bailouts for Citigroup, after the US government already has taken a 36 percent stake in the bank. This makes the US government the [...]
Regular readers of SFW know that one of the chief concerns about Shariah-Compliant Finance is the system of tithing known as “zakat.” Shariah-Compliant banks provide a means by which Muslims can tithe their investment earnings and, in the case of one bank in the UAE, Sharjah Islamic Bank, they are using technology to enable customers to [...]
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