Thirty people will be tried in Iran in a $2.8 billion bank fraud case. Iran affirms that all of its banks are Shariah-compliant. So much for “ethical investing.” http://en.trend.az/regions/iran/1986097.html
14 More Arrested in Iranian Bank Fraud Case
On October 12, 2011 · In Ahmadinejad, Investment Scams, Investment Swindles, Iran, Islamic Banking, Shariah Banking
In recent weeks, we’ve been following the story of the bank fraud scandal that could embroil Iran’s president. This is a significant scandal for those of us who follow Shariah Banking because Iran reports that all of the banks within its borders are Shariah compliant. The financial jihadists have been selling Shariah compliance to the [...]
Last week we posted a link to an article about a brewing banking scandal in which Iranian President Ahmadinejad has been implicated… http://www.shariahfinancewatch.org/blog/2011/10/06/huge-financial-scam-weakens-irans-ahmadinejad/ CNN has an article with some additional details that we did not see covered elsewhere: A commission of the Majlis have decided to order an investigation of Ahmadinejad’s office to look further [...]
Huge financial scam weakens Iran’s Ahmadinejad
On October 6, 2011 · In Ahmadinejad, Investment Scams, Investment Swindles, Iran, Islamic Banking, Islamic Finance, Shariah Banking, Shariah Finance
According to the authoritative British periodical The Banker, Iran dominates the world of Shariah-Compliant Finance. The two largest Shariah-Compliant financial institutions in the world are Iranian state-controlled banks. Moreover, according to The Banker, Iran is the only nation on earth that claims that 100% of the financial assets in its banks and other institutions [...]
An Iranian businessman, Amir-Mansour Aria, has been accused of defrauding the world’s second largest Shariah-compliant bank out of $2.6 billion. SFW readers may recall us mentioning the bank, Bank Saderat, from time to time: http://www.shariahfinancewatch.org/blog/2009/08/12/shariah-compliant-finance-helps-terrorist-banks-in-iran/ Bank Saderat is second only to Iran’s Bank Melli on the list of largest Shariah-compliant financial institutions in the world. Iranian [...]
Hat tip to Creeping Sharia: http://creepingsharia.wordpress.com/2011/06/26/canadian-mosque-gets-sharia-compliant-loan-fails-to-pay-it-back/ A Halifax, Nova Scotia mosque and community center run by the Maritime Muslim Academy has had a lien placed on its assets by the architecture firm it hired to design the complex. The mosque was not financed in a conventional manner, since paying or receiving interest is haram under [...]
Chicago seems to be famous for two things these days: the presence of disturbing Jihadists and corruption. The story linked below combines those two elements. It seems three Muslim men, Salman Ibrahim, Mohammad Akbar Zahid and Amjed Mahmood, put together an investment swindle to illegally borrow money from Chicago banks and bilk investors out of [...]
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 [...]
Andrew Cunningham of the Financial Times recently penned an column that would make any dhimmi proud. He actually sees the solution to Shariah Finance’s woes to be an expanded role “in the boardroom” for Shariah scholars. Worse yet, the context in which he made this proposal was in response to a Kuwaiti Shariah-Compliant company trying [...]
Charles Ridley, a British citizen living in Bahrain, has been charged with massively defrauding Dubai Islamic Bank. He made an impassioned plea to defend himself in court in Dubai and actually quoted from the Koran in doing so. (Evidently, Mr. Ridley, despite living in the Middle East for many years, is ignorant of the fact [...]
A delegation of Arab “Islamic finance” experts has gone to India to try to convince that nation to embrace Shariah Finance…and they used their normal level of fraud to attempt to perpetrate this swindle…first comparing “Western capitalism” to “casino capitalism,” inferring, quite fraudulently, that Shariah-Compliant institutions were not impacted by the economic downturn and financial [...]
As we reported not long ago, one of the oldest banks in Kuwait, BKME, will soon complete the conversion process from legitimate, civilized finance to Shariah Compliance. Now we learn that in justifying this move, they are making claims about the durability of Shariah-Compliant financial institutions in the face of economic crisis: “Islamic banking is [...]
In the civilized world, this would be referred to as a “default.” But in the world of Shariah, it’s simply called a “standstill.” Creditors have little choice but to go along with the swindle that Dubai has perpetrated on them. Sooner or later, maybe Western financiers will discover that all of the added but often [...]
Dubai in retrospect: Don’t Blame Shariah!
On January 4, 2010 · In Debt Bonds, Defaults, Dubai, Economic Crisis, Investment Scams, Investment Swindles, Islamic Bonds, Sharia Compliant, Sharia Products, Shariah Bonds, SUKUK
The Dubai World default on sukuk, also known as “Islamic bonds,” was centered on financial products which were approved by Shariah scholars. Making investments Shariah-Compliant was supposed to protect investors from crisis and calamity. We heard and read such claims from financial jihadists over and over again after the Subprime collapse. But Shariah-Compliance not only [...]
Below is a link to an article that can only be described as absurd. The article on the Trade Arabia web site points out that “Islamic” Finance is spreading and growing by leaps and bounds. This much is true and that is quite an unfortunate reality for many reasons: • The purpose of Shariah Finance [...]
BBC: Islamic Finance is a Dishonest Business Run by Dishonest People
On December 16, 2009 · In "Ethical Investment", AAOIFI, Britain, Creeping Shariah, Defaults, Dubai, HSBC, Investment Scams, Investment Swindles, Islamic Banking, Islamic Bonds, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah Mortgage, Uncategorized, United Kingdom, Usmani
The BBC has published an article by Mr. John Foster, who used to be editor of “Islamic Business & Finance” magazine. The topic of the article is described by its title: “How Sharia-Compliant is Islamic Banking?” But it is not really the topic which makes the article interesting. It is the details which make it [...]
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 [...]
Just a few days ago, the Kuwaiti News Agency (KUNA) was proclaiming that Islamic banking was thriving in Lebanon. It appears that all is not actually so great in Lebanon when it comes to Islamic finance, but we won’t hold our breath waiting for KUNA to report this story. It seems Hezbollah has gotten its [...]
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