Muslim Brotherhood-dominated Egypt took one more step toward Islamization recently with the approval of a new law paving the way for the country to issue sukuk (Shariah-compliant bonds)… Egyptian president Mohamed Morsi has approved a law allowing the country to issue Islamic bonds the government hopes will help revive its flagging finances, Reuters has reported. [...]
In a sure signal of the direction that the Muslim Brotherhood seeks to take Egypt, a Shariah Finance specialist has been appointed as the country’s Finance Minister… The new Finance Minister, Fayyad Abdel Moneim, a relative unknown with a PhD in economics from Al Azhar University, is Egypt’s 5th finance minister since the revolution. He [...]
As we have reported previously on SFW, Egypt has been contemplating issuing Islamic bonds, known as sukuk,” to raise money for the country’s bleak fiscal picture. The Muslim Brotherhood wants to float Islamic bonds, not only for fiscal reasons, but also because they see it as a means of furthering the Islamization of the country. [...]
Throughout the world, the terms “sukuk,” “Islamic bond,” and “Shariah-Compliant Bond” are used interchangeably to describe a derivative security created by the Shariah Finance industry to expand Islamic participation in the credit markets. But in Egypt, which is now ruled by the Muslim Brotherhood, the parliament is playing word games in its quest for a [...]
Shariah-Compliant Finance Continues its Creep into Egypt
On February 11, 2013 · In Abu Dhabi, Creeping Shariah, Egypt, Islamic Banking, Islamic Finance, Islamic Law, Shariah Banking, Shariah Finance, Shariah Law
As anticipated, Shariah-Compliant Finance is making headway into the Egyptian financial system and economy. The latest evidence comes from the announcement that the Egyptian Electricity Ministry has inked its first ever Shariah-compliant financing contract with the help of National Bank for Development (NBD) and the Abu Dhabi Islamic Bank. The $110 million deal is the first [...]
There has been a considerable amount of attention on the new Muslim Brotherhood regime in Egypt. Some of that attention–not enough–has been focused on the inevitable decline of the Egyptian economy with the onset of Islamization. (Without enormous amounts of oil for foreigners of superior capability and intellect to exploit, every Islamist nation falls on [...]
Egypt still considering IMF loan
On January 8, 2013 · In Egypt, Interest, International Monetary Fund, Islamic Law, Muslim Brotherhood, Shariah Law, Usury
Back in August we reported that Egypt was contemplating taking out an IMF loan in an attempt to right the country’s shaky financial condition. At the time we pointed out that a $4.8 billion loan from the IMF was not likely to be Shariah-compliant… http://www.shariahfinancewatch.org/blog/2012/08/30/between-a-rock-and-a-hard-place-egyptian-muslim-brotherhood-struggles-with-idea-of-imf-loan/ Well, here we are over 4 months later and the [...]
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 [...]
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 [...]
The Egyptian Muslim Brotherhood wanted to have control of Egypt for 80 years and now they finally have it. Only problem is, things look a lot different from the seat of power than they do from the outside. Egypt is in terrible financial condition, in large part due to the fact that the Muslim Brotherhood [...]
“Ethical Investing” from Countries Overrun With Corruption?
On August 30, 2012 · In "Ethical Investment", Countries, Egypt, Indonesia, Iran, Iraq, Islam, Islamic Finance, Lebanon, Libya, Malaysia, Pakistan, Saudi Arabia, Sharia Compliant, Shariah Finance, Somalia, Sudan, Syria, Yemen
Transparency.org has publishes a Corruption Perceptions Index that rates the level of corruption in the world’s nations. The most recent year for which there is data is 2011. The results are instructive for observers of Shariah Compliant Finance. Shariah-Compliant Finance is often touted by the financial jihadists as “ethical” investment. There are a variety of [...]
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 Islamic Financial Services Board (IFSB) forecasts that the Shariah Finance industry will grow at a 15% annual rate over the next ten years. Meanwhile, HSBC, one of the leaders of the financial jihad in the West, points out that Shariah banking has grown at a 15% to 25% annual rate. As if to celebrate [...]
They say that truth is stranger than fiction and this report from CNS News confirms it. The Obama administration now says that it has conducted outreach to the granddaddy of all Jihadist organizations in order to promote “small business.” The Obama administration says that it has talked with members of Egypt’s Muslim Brotherhood in order [...]
Shariah-Compliant Finance got off to a start of sorts in Egypt in the 1960s and 1970s, but a series of investment scams built up around the industry soured the populous on the concept. The ruling regime also discouraged the growth of Shariah finance in Egypt as they knew that it had been the artificial creation [...]
A delegation of the Muslim Brotherhood recently went on a whirlwind tour of US governmental and private institutions and individuals. One of the organizations that the Ikhwan met with was the US Chamber of Commerce. If you are surprised, you shouldn’t be. The US Chamber of Commerce has a history of appeasement and outreach to [...]
With Egypt’s politics now dominated by Islamists, the country’s financial market have developed a love for Shariah-compliant products. “…with Islamists rising to power, banks will strictly abide by Shariah…” http://weekly.ahram.org.eg/2012/1092/ec1.htm
Western Financial Organizations Now Reaching Out to Muslim Brotherhood
On February 20, 2012 · In Egypt, Hamas, Ikhwan, Islamization, Jihad, Jihadist Groups/Individuals, Muslim Brotherhood, terrorism
The Wall Street Journal now has an article published entitled: “Muslim Brotherhood Looks West in Bid to Revive Egyptian Economy.” The article requires a subscription to the Journal, so not everyone who clicks on the link below will be able to read it. But suffice it to say that the West is engaging the Muslim [...]
According to an article on the Muslim Brotherhood’s own web site, the use of zakat as a means to redistribute wealth will be a prominent feature of the new government’s taxation and welfare policies. What the article is careful to avoid, however, is the fact that zakat is also used to fund Jihad, referred to [...]
Transparent Baloney from the Muslim Brotherhood in Egypt
On December 28, 2011 · In Egypt, Islamic Economics, Islamic Finance, Muslim Brotherhood, Shariah Finance
Two days ago, we reported that the Muslim Brotherhood in Egypt had declared the Egyptian stock market to be Shariah-compliant. Today we are greeted with the news that the Muslim Brotherhood backs free markets. HA! “We have sought to reassure people that a free market in Egypt is the only way forward,” said Mahmoud Ghozlan, [...]
Egyptian Islamist Parties Declare Stock Exchange Shariah-Compliant
On December 27, 2011 · In Creeping Shariah, Egypt, HALAL, Islamic Finance, Muslim Brotherhood, Sharia Compliant, Shariah Finance
The imposition of Shariah in Egypt as part of the so-called “Arab Spring,” has entered the financial realm, with the Islamist parties declaring the Egyptian Stock Exchange to be “Shariah-Compliant…” Egypt’s political powers expressed their support for the Egyptian Stock Exchange at a press conference Monday, as the Islamist parties, which dominate parliament, pointed out [...]
Al Qaeda released an online video to mark the 10th anniversary of the September 11th terrorist attacks, with messages from the late Osama Bin Laden and his successor, Dr. Ayman Al-Zawahiri. The message from Bin Laden warned Americans against ‘falling as slaves’ to the control of major corporations and claimed the ‘tyranny’ of capitalism had brought [...]
Islamist Parties Pushing Shariah Economic Agenda
On July 18, 2011 · In Egypt, Islamic Economics, Islamic Finance, Islamic Law, Islamization, Shariah Finance, Shariah Law, Zakat
Unlike liberals, leftist or social democratic political parties, their Islamist counterparts are hardly defined by their economic perspective. Religious parties always built principles and guidelines around a religious-ideological axis, meaning economic ideology was never an immutable cornerstone of what they believed in, or ran on. But as Islamic parties inhale their first breaths as recognized [...]
As previous reports have indicated, despite pledges not to become overly involved in politics, the Muslim Brotherhood is wading into political waters in Egypt with both feet and part of their agenda is to promote shariah-compliant finance. This is a sensitive subject in Egypt since some Egyptian shariah scholars have historically viewed many of the [...]
Cairo’s financial supervisory authority has approved a proposal for issuing Islamic bonds in a bid to attract further Arab investment. As the Muslim Brotherhood becomes more prominent in Egypt in the wake of the overthrow of the Mubarak regime, Egypt has changed its laws in such a way as to assure that Shariah-Compliant Finance becomes [...]
Via Money Jihad blog… http://moneyjihad.wordpress.com/2011/06/03/wealth-through-violence/
Note that the only way for Shariah-Compliant Finance to thrive in Egypt was for the original Jihadist terrorist group, the Muslim Brotherhood, to ascend to power: Although Egypt is considered the birthplace of Islamic finance, which adheres to Islamic principles banning interest and speculative trading, its growth has lagged due to past corruption scandals, while [...]
It comes as no surprise that the Muslim Brotherhood, the original modern Jihadist terrorist organization, which spawned Al Qaeda and formally founded HAMAS, is pushing for Egypt to use sukuk (Islamic bonds) for its sovereign debt… Egypt’s Freedom and Justice Party, set up by the Muslim Brotherhood to contest up to half the seats in [...]
In a development that illustrates the immense power wielded by Shariah scholars in the Islamic world, Muslim Brotherhood Sheikh Yusuf al-Qaradawi has issued a fatwa permitting Egyptians to skip going on hajj for a second time to use the money saved to donate to a special fund to help the Egyptian government’s fiscal woes. Qaradawi [...]
Egypt delays sukuk as financial jihad comes to South Africa and elsewhere
On April 12, 2011 · In Creeping Shariah, Egypt, Islamic Banking, Islamic Bonds, Islamic Finance, Islamic Financial Services Board, Kenya, Malaysia, Nigeria, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance, South Africa, SUKUK
The political unrest in Egypt has forced that country to delay setting up the structure for sukuk (Islamic) issuance, but the financial jihad is moving into Nigeria, Kenya and, most ominously, South Africa. The delay in Egypt will no doubt be short-lived, given the growing influence of the Muslim Brotherhood in the political power structure [...]
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