HSBC is at it again
On February 20, 2012 · In HSBC, Islamic Banking, Islamic Bonds, Islamic Finance, Saudi Arabia, Shariah Banking, Shariah Bonds, Shariah Finance, SUKUK
One of the biggest promoters of Shariah-Compliant Finance in the Western world is HSBC. Investors in the West need to be aware of this so that they can make informed decisions as to where they conduct their business… http://arabnews.com/economy/corporatenews/article577396.ece
The Weekly Standard has published an article that was linked on Drudge today about German bank WestLB rolling out its Islamic Strategy Index Certificate. The value of the certificate is based on the value of the WestLB Islamic Deutschland Index, consisting of shares of ten German firms “whose business activities are consistent with the ethical rules of [...]
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
Many changes have come and are still set to come to Libya in the wake of the overthrow of Col. Moamar Qaddafi. A few we have seen already: • Al Qaeda flags flying over courthouses. • Promises of Shariah being imposed from new regime officials. • The emergence of Islamist political parties and the Muslim [...]
Shariah Banking Surfaces in Kashmir
On December 28, 2011 · In India, Islamic Banking, Islamic Finance, Kashmir, Pakistan, Shariah Banking, Shariah Finance
Kashmir has been the epicenter of Jihadist violence for years now. For those who do not know, Kashmir includes disputed territory between India and Pakistan and has been the site of armed conflict between the two countries on multiple occasions. Kashmir is one of the rallying causes for Muslims and some key Jihadist terrorist organizations [...]
Regular readers of SFW know of the concerns over zakat, a form of tithing in Islam that is at least partially authorized–and in some cases mandated–to go to those waging jihad for allah. Our latest essay on this subject can be found here: http://www.shariahfinancewatch.org/blog/2011/10/17/correcting-the-new-misinformation-on-islamic-charities-funding-jihadist-terrorism/ Obviously, this only tells half the story. The other side of [...]
As we have documented here on SFW for years, the financial Jihadists and their useful idiots in the Western world have proclaimed for years that Shariah-Compliance bestows some mysterious cloak of protection and stability. This assertion has grown to mythical proportions over the years, to the point where it is now almost taken for granted [...]
Turkey: Fitch rates upcoming Asya sukuk as junk
On November 25, 2011 · In Fitch, Islamic Banking, Islamic Bonds, Shariah Banking, Shariah Bonds, Turkey
Fitch Ratings has assigned Asya Katilim Bankasi A.S.’s (Asya) forthcoming Sukuk issue a ‘B+(exp)’ expected rating. The final rating is contingent upon receipt of final documentation conforming to information already received by Fitch. Asya was incorporated in Turkey in 1996 as a financial institution to provide interest-free banking services and trades on the Istanbul stock [...]
Indonesia is the world’s most populous Muslim nation but it has historically enjoyed a secular political and cultural tradition. In more recent years that has been changing. Jihadists are targeting Indonesia through violence, politics and finance. Shariah banking in particular has been growing at a rapid rate in Indonesia. Today, Indonesia ranks only behind Iran [...]
The Washington Times has published an op ed that points out that the US and the West have done a lousy job of enforcing sanctions already in place against Iran. Among the sanctions already imposed are restrictions against doing business with Bank Melli and Bank Sepah, two of the largest Shariah-compliant financial institutions in the [...]
Affin Investment Bank in Malaysia has distributed just over $800,000 in zakat funds to the “armed forces.” One of the acceptable destinations for zakat funds according to Shariah is to those fighting in the way of Allah. Usually this is meant to apply to irregular combatants not on the army roster, but in this case, [...]
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 [...]
Global Finance Magazine honors Genocide’s Bankers with an Award
On October 10, 2011 · In Hamas, Islamic Banking, Islamic charities, Shariah Banking, Sudan, Terror Funding, Zakat
From the “what the heck were they thinking?” category comes the news that the New York-based Global Finance Magazine has bestowed an honor on the Islamic Republic of Sudan’s Al Salam Bank. The award was “Best Bank in Sudan, ” not a significant one to be sure, but there are plenty of reasons why Global [...]
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 [...]
SFW readers may recall that back in February, Qatar shuttered the Shariah-compliant divisions of international banks operating in the tiny Gulf kingdom. What this meant was that only institutions that are completely Shariah-compliant can operate in Qatar. Banks that only have Shariah-compliant divisions are forbidden. We blogged about this move twice before: http://www.shariahfinancewatch.org/blog/2011/02/10/qatar-moves-to-shut-down-shariah-compliant-divisions-of-international-banks/ http://www.shariahfinancewatch.org/blog/2011/06/07/qatar-islamic-bank-benefits-from-protectionist-policies/ We [...]
One of the overt objectives of the financial jihadists has always been to capture the assets of non-Muslims in Shariah-compliant investments and accounts. They have used a wide variety of methods to do so. For instance, Sheikh DeLorenzo, who is on several major Shariah advisory boards in the USA and abroad, has advocated for not [...]
Oman central bank rules out Shariah advisory board
On October 7, 2011 · In Islamic Banking, Islamic Finance, Oman, Shariah Banking, Shariah Boards, Shariah Finance
The good news is that Oman is not establishing a centralized Shariah advisory board inside its central bank. Such a board could quickly become very powerful–too powerful. The bad news, of course, is that Shariah Compliant Finance has made its way to Oman, an historically modern country not held back by Shariah. http://www.ameinfo.com/277083.html
Typical Propaganda on Islamic Bonds from Saudi State-Controlled Media
On October 7, 2011 · In Britain, China, Creeping Shariah, Defaults, Economic Crisis, France, Germany, Hong Kong, Islamic Banking, Islamic Bonds, Islamic Finance, Islamization, Japan, Saudi Arabia, Shariah Banking, Shariah Bonds, Shariah Finance, Singapore, South Korea, SUKUK
The article linked below has to be taken with a large grain of salt since it comes from the Saudi Gazette. There is nothing even resembling a free, independent press in Saudi Arabia and the Saudi royals have a huge vested interest in promoting Shariah-Compliant Finance both in the kingdom and globally. Not surprisingly, this [...]
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 [...]
Shariah Finance Sets Sights on Turkey
On October 4, 2011 · In Islamic Banking, Islamic Bonds, Islamic Finance, Shariah Banking, Shariah Bonds, Shariah Finance, SUKUK, Turkey
One of the few overwhelmingly Islamic nations that has so far not embraced Shariah-Compliant Finance is Turkey. Despite efforts by Islamist elements in the country, only 5% of banking assets in Turkey were Shariah-compliant at the end of 2010. So it seems curious in a way that the Islamic media would proclaim that Shariah finance [...]
Money Jihad blog has posted two important articles over the past week regarding the Shariah-compliant alternative to conventional financing known as murabaha. One thing to remember about murabaha is that, almost invariably, these arrangements cost the borrower more than conventional financing would. Money Jihad compares murabaha to “rent-to-own” deals in the US. We think the comparison is [...]
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 [...]
The indispensable people over at The Investigative Project on Terrorism are reporting that the Obama Justice Department have reached a settlement with a Shariah-compliant financial institution being investigated for involvement in terrorism financing and tax evasion. The Islamic Investment Company of the Gulf (IICG) was part of a web of financial institutions with ties to [...]
Some REALLY Bad Ideas on How to Solve America’s Debt Problems
On August 9, 2011 · In Creeping Shariah, Da'Wah, Debt Bonds, Defaults, Economic Crisis, Fatwa, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamization, MEDIA, Media, Nakheel, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance, Shariah Law, stealth jihad, SUKUK, U.S. Policymakers, USA, Usmani, Usury, Zakat
Not surprisingly, the financial jihadists are promoting Shariah as the solution to America’s debt problems. We’ve seen this before. Back in 2008, in the wake of the subprime mortgage debacle and near-financial meltdown, the financial jihadists insisted that Shariah-compliant finance would have avoided the whole mess. Then, in 2009, defaulting on sukuk (Islamic bonds) just [...]
Emotions are running very high in Nigeria and the issue of the country’s central bank governor insisting on introducing Shariah-compliant banking is front and center in a clash of civilizations within the African nation… At a time when the Nigerian polity is on fire and the Islamic radicalism is the celebrity of death, one wonders [...]
Each new day brings another story over the seeming clash of civilizations in Nigeria. Though it has not been reported separately and is not the primary subject of the article linked below, evidently, an organization calling itself the Supreme Council for Sharia in Nigeria has threatened to start a war if Nigeria does not adopt [...]
We’ve been watching developments in Nigeria closely as of late. Lamido Sanusi is that country’s central bank governor and, unfortunately, he is also a Shariah scholar of sorts. As we have reported previously, he is pushing hard for Nigeria to embrace Shariah-compliant finance and has pulled all sorts of strings to facilitate it. This has made [...]
Here is the latest development in the saga involving creeping Shariah and the effort to impose Shariah finance in Nigeria. If you recall, previously we reported on how the central bank chief in Nigeria is attempting to circumvent regulations to allow Shariah finance to gain a foothold in the west African nation. Then came reports [...]
Were you aware of their prominent position in promoting Shariah globally? Is this the kind of company you want to do business with? HSBC Amanah has recently won six awards, in recognition of its leading Islamic capabilities, from arranging Sukuk to structuring Islamic investments, providing custody services and trade financing. http://main.omanobserver.om/node/58387
Al-Baraka Banking Group, the leading Islamic banking group based in Bahrain, announced the organization of the 32nd session of its annual symposium on Islamic economic system on Aug. 10-11 at the Jeddah Hilton. The symposium, to be held under the chairmanship of Saleh Kamel, chairman of Al-Baraka Banking Group, will discuss a number of emerging [...]
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