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 [...]
Readers of SFW may notice that we have devoted several posts in recent weeks to Nigeria. The chief of the central bank in Nigeria, Mallam Sanusi, is an unapologetic financial jihadist and describes himself as a “shariah scholar.” He has been pushing hard for Shariah banking and finance in Nigeria, so hard in fact, that he [...]
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 [...]
It’s not so newsworthy that foreign investors are interested in acquiring a 50% share of Bank Muamalat, a major shariah-compliant bank in Indonesia. But it is worth mentioning that Indonesia’s central bank has declared that no foreign investor will be permitted to alter the bank’s shariah-compliance platform. Note that when Shariah-compliant institutions invest in the West, [...]
Yesterday explosions rocked Mumbai, India, killing more than a score of innocent people. This is the latest in a series of attacks that have struck that city over the past two decades. There certainly is an economic cost to Jihadist terrorism and the Wall Street Journal points that out in a column published today… India’s [...]
Mallam Sanusi, the Shariah scholar who also unfortunately chairs the central bank of Nigeria and is championing Shariah Banking in that African nation, claims that Al Qaeda attempted to open a Shariah-Compliant bank in Nigeria in the 1990s but was turned down because it could not meet the licensing requirement. This claim is remarkable and [...]
Lately we’ve been watching the story of how Shariah Banking has begun to infiltrate Nigeria by bypassing the political process there and winning special regulatory concessions that conventional banks don’t enjoy. Now we offer an article that identifies the personality behind the financial Jihad in Nigeria, Lamido Sanusi, “a Shariah/Arabic scholar,” who heads Nigeria’s central bank [...]
The approval given by the Central Bank of Nigeria (CBN) for the operation of Islamic banking in the country is generating disquiet in the polity. Reasons for this are not difficult to fathom. The apex bank, apparently unimpressed by reservations expressed on the initiative in some quarters, last week, announced its approval in principle of [...]
Currently Greece faces a debt crisis that, apart from its obvious disastrous financial consequences both in a domestic and in a global scale, also raises security concerns related to terrorist networks of Islamist origin. In Athens, Greece, the Iranian Saderat bank is hosted, which is a U.S black-listed institution due to alleged links with Hezbollah. [...]
London bank launches key Shariah fund
On June 27, 2011 · In Britain, Islamic Banking, Islamic Equity Funds, Islamic Finance, Shariah Finance, United Kingdom
Bank of London and the Middle East (BLME) has announced the launch of a Sharia-compliant fund which targets institutional and high net-worth investors in Gulf countries. http://www.tradearabia.com/news/BANK_201006.html
Note the typical tactic on the part of the financial jihadists to claim–falsely–that Shariah compliance is protection against economic and financial dislocation… CBN Governor, Mallam Sanusi Lamido Sanusi, and indeed other Islamic financial experts have touted NIB as the panacea for the ills of the overly capitalist driven financial systems of the world in the [...]
Accountants play a vital role in the world of finance. They are supposed to be the unbiased analysts and observers of data who help keep the rest of us from making egregious mistakes either based on emotion or because we simply lack the sophistication to decipher the numbers to fully understand a financial arrangement. Unfortunately, [...]
Ireland has launched a misguided campaign to become the home of Shariah-compliant finance in Europe in an effort to rebuild its financial services sector. The Irish who are behind this move have no idea what they are inviting into their nation. In one generation, Ireland will no longer be recognizable under the yoke of Islamization. The country [...]
The Central Bank of Nigeria, CBN, yesterday announced minimum capital base requirements for Islamic banks. Critics faulted the central bank on the introduction of Shariah banking, pointing out that Nigeria is a secular state and the CBN Act does not empower the central bank to introduce Shariah banking. Faulting the central bank on the introduction [...]
The reason SCF is presented to the world as an “ethical” or “socially responsible” vehicle is not because Islamic Finance limits usury through interest-free products or provides bankers with halal ways and means to profit. The reason SCF is considered socially responsible is because it is a wealth redistribution scheme. One fortieth or 2.5% of the funds are [...]
Yours truly was interviewed for the article linked below that was published by the American Banker. The article is disappointing. It wasn’t so much what the article says, but what it does not say that bothers me. I spent a great deal of time on the telephone with the author explaining the concerns over Shariah [...]
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