Islamic Bank of Britain Promotes Zakat
On May 19, 2013 · In Britain, Islamic Banking, Islamic Finance, Jihad, Shariah Banking, Shariah Finance, Terror Funding, United Kingdom, Zakat
One of the most troubling and controversial aspects of Shariah-Compliant Finance is the system of zakat that plays a key role for Shariah-compliance. Zakat is a system of tithing in Islam, except that it goes way beyond what Westerners think of as “tithing” or “alms giving.” While some in the Shariah Finance industry deny that [...]
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 [...]
Despite the combined efforts of Islamist regimes in the Islamic world and the appeasing government in the United Kingdom, Shariah-Compliant Finance has yet to take off in Britain. In fact, it’s struggling and financial firms are abandoning it. One reason is that the weapon of choice in Shariah-Compliant Finance, sukuk, also known as Islamic bonds [...]
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which lists the Jihadist Shariah scholar Mufti Taqi Usmani as the chair of its Shariah Advisory Board, will hold its annual conference in Bahrain this year… http://www.ameinfo.com/kfh-bahrain-sponsors-aaoifi-annual-sharia-conference-337986
Sovereign Sukuk to Push Shariah Bond Market
On February 17, 2013 · In Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, Shariah Finance, Sovereign Wealth Funds, SUKUK
The Sukuk (Islamic bond) market is expected to grow by 30 percent in 2013, led by sovereign sukuk that will continue to dominate, due largely to new countries that will issue sukuk, according to a report from Kuwait Finance House (KFH). Sovereign issuers led the market share in 2012 despite a record amount of corporate [...]
Ratings Firm Confirms Negative Outlook for Malaysian/Indian Telecom Sukuk
On February 16, 2013 · In India, Indonesia, Islamic Bonds, Islamic Finance, Malaysia, Shariah Bonds, Shariah Finance, SUKUK
RAM Ratings Services Bhd has reaffirmed its negative outlook for Binariang GSM Sdn Bhd’s senior sukuk and junior sukuk ratings. Sukuk are also referred to as “Islamic bonds” and “Shariah Bonds.” Binariang GSM Sdn Bhd is an investment holding company with interests in telecommunications company Maxis Bhd and Aircel Ltd – India’s seventh largest mobile operator – and PT Axis Telekom Malaysia, the fifth [...]
By Cliff Kincaid Apparently on the defensive over its unorthodox entry into the U.S. media market, Al Jazeera has hired a high-powered lobbying firm on Capitol Hill to stave off an investigation of the curious transaction with former Democratic Vice President Al Gore. The firm, DLA Piper, represented Al Jazeera in the acquisition of Gore’s [...]
Gulf Nations to Continue Shariah-Compliant Sukuk Push
On February 13, 2013 · In Abu Dhabi, Bahrain, Creeping Shariah, Dubai, Emirates, Gulf Cooperation Council (GCC), HSBC, Islamic Bonds, Islamic Finance, Islamization, Kuwait, Oman, Qatar, Shariah Bonds, Shariah Finance, SUKUK
HSBC Bank, perhaps the West’s most shameful pimp for Shariah-Compliant Finance, and a serial violator of Treasury regulations regarding Iran sanctions, is reporting that the market for Shariah-Compliant bonds (known as sukuk or Islamic bonds) is set to break records in 2013 thanks to the proliferation of issues from Gulf states. Mohammed Dawood of HSBC [...]
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 [...]
Sukuk Issuance Hit $131 Billion in 2012
On January 12, 2013 · In Creeping Shariah, France, Germany, Islamic Bonds, Islamic Economics, Islamic Finance, Islamization, Sharia Compliant, Shariah Bonds, Shariah Finance, Shariah Law, SUKUK
KFH Research reports that Shariah-compliant bond (sukuk) issuances reached $131 billion during 2012, a 54% increase over 2011. As we have reported previously on SFW, sukuk are fast becoming the weapon of choice for promoting Shariah through Shariah-Compliant Finance. Here is how that works: • As we know from historical records and contemporary statements from [...]
Dubai is often viewed as a gateway to commerce for much of the Middle East. Historically, Dubai has served as the trading crossroads between East and West. Now, according to the emirate’s ruler, Dubai will become a leading center of Shariah-Compliant Finance. As is the norm in Shariah Finance, the government will be doing the [...]
The purpose of Shariah Finance is to promote Shariah. The chief weapon for achieving that over the past 2 years has been what is known as the Islamic bond, or sukuk. Sukuk are increasingly being used on both sides of the credit market. When Islamic nations and companies want to raise money in the credit [...]
The Wall Street Journal Weighs In On Al Goreeza: Inconvenient Truths About Al Jazeera…and about Dow Jones too
On January 8, 2013 · In Al Jazeera, Bahrain, DeLorenzo, Dow Jones, Dow Jones Islamic Market, Hamas, Investors Business Daily, Islamic Finance, Islamization, madrassas, Pakistan, Qatar, Saudi Arabia, Shariah Boards, Shariah Finance, Usmani, Wahhabism
We’re glad to see that the Wall Street Journal has weighed in on the nefarious aspects of Al Jazeera, echoing what we reported here on SFW last week: http://www.shariahfinancewatch.org/blog/2013/01/03/al-gore-sells-out-to-qatar-state-owned-al-jazeera-buys-current-tv/ It’s worth pointing out some of the highlights in the Journal’s article: …the network reflects the interests of the government that runs it—making it akin to [...]
Trouble in Shariah Finance Paradise?
On December 26, 2012 · In "Ethical Investment", Ahmadinejad, Iran, Islamic Banking, Islamic Finance, Shariah Banking, Shariah Finance, The Banker
As we have reported multiple times over the years, Iran dominates the world of Shariah-compliant finance. In fact, according to the UK-based publication The Banker, Iran has more Shariah-compliant assets under management and in Shariah-compliant financial institutions than any other nation on earth. Furthermore, the top Shariah-compliant financial institutions in the world are Iranian state-controlled banks. Iran [...]
More on Samar Ali, Tennessee’s Shariah Finance Specialist
On December 10, 2012 · In Creeping Shariah, Islamic Banking, Islamic Finance, Samar Ali, Shariah Banking, Shariah Finance, Tennessee
Over the summer, we reported on Samar Ali, an attorney specializing in Shariah Finance, who was appointed to an economic development position by the governor of Tennessee. http://www.shariahfinancewatch.org/blog/?s=Samar+Ali&submit.x=13&submit.y=2 Recently, Arnold Ahlert published more details on Ali and her family background at FrontPageMag.com… http://frontpagemag.com/2012/arnold-ahlert/a-sharia-financier-in-the-tn-governors-office/?utm_source=FrontPage+Magazine&utm_medium=email&utm_campaign=949dbe3deb-Mailchimp_FrontPageMag
Money Jihad Blog: World Bank Spends Our Money To Promote Shariah
On November 28, 2012 · In Da'Wah, Islamic Development Bank, Islamic Finance, Shariah Finance, World Bank
Another excellent posting over on the Money Jihad blog… The World Bank has agreed to collaborate with the Islamic Development Bank (IDB) “in the development of Islamic Finance,” according to the Arab News. http://moneyjihad.wordpress.com/2012/11/22/world-bank-spends-your-money-to-promote-sharia/
In Nigeria, a bank offering “interest-free” loans to poor farmers back in 2009 in conjunction with a Shariah court judge, is now under investigation for fraud. Readers may want to take note that Nigeria is being wracked by a violent jihad these days: http://vinienco.com/2012/11/26/twelve-christian-pastors-killed-muslims-nigeria/ http://vinienco.com/2012/11/26/muslim-suicide-bombers-kill-eleven-christians-attending-sunday-church-service-nigeria/ As has so often been the case, violent jihad is [...]
Signs of Cracks in the Sukuk Facade
On November 21, 2012 · In Dana Gas, Defaults, Islamic Bonds, Islamic Finance, Shariah Bonds, Shariah Finance, SUKUK
As we have reported repeatedly here on SFW, Shariah-compliant bonds–sukuk–are the emerging weapon of choice for promoting Shariah worldwide via Shariah-compliant finance. But sukuk are not without controversy and they have a jaded past, as rammed home recently with the troubled Dana Gas sukuk. Now, even some in the Islamic world are issuing words of [...]
Shariah Comes to Ireland Via the Financial World
On November 21, 2012 · In Creeping Shariah, IRELAND, Islamic Finance, Islamization, Malaysia, Shariah Finance
The financial jihad has come to Ireland, something that will not come as a surprise to regular readers of SFW. Still, the ascent of Shariah in Western Europe via Shariah-Compliant Finance is something to which we must never grow accustomed. It is truly the modern day Trojan horse… Islamic finance company Amanie Advisors is to [...]
Shariah Finance Dawah Continues Apace in Britain
On November 13, 2012 · In Britain, Creeping Shariah, Da'Wah, Islamic Banking, Islamic Finance, Shariah Banking, Shariah Finance, United Kingdom
One of the worst kept secrets in the world of Shariah Finance is the fact that, despite great efforts on the part of financial jihadists with obsequious assistance from British political leaders, demand for Shariah-compliant financial products and banking is lacking. Nevertheless, the Shariah Finance industry is continuing its dawah operations there… Sharia finance to [...]
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 [...]
HSBC is getting rich. They’re getting rich off of connections to Saudi Arabia and their deep involvement in the Shariah-compliant bond market (known as sukuk). It seems that nobody underwrites sukuk for the Saudis like HSBC does. This is the same HSBC that has been fined a billion dollars for its illegal business with Iran. [...]
King & Spalding advises on NIG sukuk repayment… http://mideast.legalbusinessonline.com/news/breaking-news/exclusive-king-and-spalding-advises-on-nig-sukuk-repayment-sources/109050
Shariah Finance to Establish Foothold in Germany
On August 31, 2012 · In Creeping Shariah, Germany, Islamic Banking, Islamic Finance, Islamization, Shariah Banking, Shariah Finance, Turkey
…with the dutiful help of Ernst & Young and Norton Rose law firm… Turkey’s Kuveyt Turk investment fund, which operates under the principles of Islamic sharia law, plans to open its first German branch in October. The first branch in Germany will be opened in Frankfurt with the assistance of Ernst & Young and the [...]
Mastercard: The Credit Card of the Ayatollahs
On August 30, 2012 · In Interest, Iran, Islamic Banking, Islamic Finance, Islamic Law, Shariah Banking, Shariah Finance, Usury
According to Shariah scholars, Shariah-compliant Muslims are not supposed to pay or receive interest. Nevertheless, many Muslims around the world have credit cards. The Shariah-observant Muslims get around the ban on interest by paying off their balances every month so as not to incur interest charges. But a lot of Muslims use credit cards just [...]
Sukuk continue to be the main weapon of Islamic financial imperialism. This was illustrated recently by a major sukuk offering from First Gulf Bank in the UAE that attracted investors from Asia, Europe and the USA… http://www.cpifinancial.net/news/post/15461/first-gulf-bank-comes-first This is how Shariah-Compliant Finance infiltrates the world financial system and desensitizes Westerners to the perils of Shariah.
“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 [...]
How Zakat Funds Jihad
On August 28, 2012 · In Al Qaeda, Hamas, Islamic charities, Islamic Finance, Islamic Law, Jihad, Jihadist Groups/Individuals, Shariah Finance, Shariah Law, Terror Funding, Zakat
From time to time SFW provides links to primary sources which affirm the use of zakat funds to support violent jihad. For new readers who are unfamiliar with the term “zakat,” it is a form of tithing in Islam. Individuals, as well as businesses, are required to pay it. Muslims who are able to do [...]
First it was HSBC, which was fined $1 billion for knowingly looking the other way on transactions involving Iran. Then it was Standard Chartered, which was fined $340 million. Now it’s Deutsche Bank’s turn. Can we now say that the Shariah Finance promoters COMMONLY do business with terrorist regimes in violation of US sanctions? And [...]
First it was HSBC, now it’s Standard Chartered too. Both big banks did business with the world’s foremost sponsor of Jihadist terrorism in violation of US sanctions. There is something else that both of these banks have in common: they are both extremely active in promoting Shariah-Compliant Finance in the West. Shariah Finance Watch has [...]
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