Islamic Charities Revealed: Bankrollers of Terror
On March 16, 2013 · In Al Qaeda, Al-Haramain Islamic Foundation (AHIF), Ansar al-Sharia Tunisia (AST), Hamas, Islamic charities, Jemaah Islamiyah, Jihad, Jihadist Groups/Individuals, Kuwait, Lashkar e Taiba, Qatar, Qatar Charitable Society, Qatar Charity, Qatar Islamic Society, Revival of Islamic Heritage Society (RIHS), Saudi Arabia, Syria, Syrian Islamic Front (SIF), Terror Funding, Tunisia, Turkey, Turkish Humanitarian Relief Foundation (IHH), Zakat
Foreign Policy magazine recently published an excellent article on the role of Islamic charities in funding Jihadist terrorism, something we’ve been writing about here on SFW for several years now. Authors Daveed Gartenstein-Ross and Aaron Y. Zelin detail in the article how Islamic NGOs (Non-Governmental Organizations) are bankrolling terrorist organizations under the guise of “aid.” [...]
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 [...]
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 [...]
Kuwaiti Turkish Banking Firm Aims to Become First Shariah Bank in Germany
On November 30, 2012 · In Creeping Shariah, Germany, Islamic Banking, Kuwait, Shariah Banking, Turkey
Kuwait Finance House’s Turkish operation, Kuveyt Turk, has applied for a German banking licence and aims to become the first Shariah-compliant bank in Germany. The bank says that if their German venture is successful, they will expand to other European countries. Note that the bank aims to pursue non-Muslim depositors in Germany… Kuveyt Turk aims [...]
Bangladesh, Banking and Terrorism Financing
On November 28, 2012 · In Bangaladesh, Hawala, HSBC, Islamic Banking, Islamic charities, Jihad, Jihadist Groups/Individuals, Kuwait, Shariah Banking, Terror, Terror Funding, terrorism
“Some linkages between Islamic Banking and terrorist organizations have now been brought into the open, but the networks have not been dismantled.” Bangladesh has a long history of weakness on money laundering and the use of banks to funnel money to Jihadist terrorist organizations. The country is now on the verge of being blacklisted for [...]
“KFH” arrange in cooperation with Citigroup and HSBC the first Sukuk issuance for the Turkish Treasury of USD1.5 bln Kuwait Finance House ” KFH ” represented by its subsidiary, Liquidity Management House “LMH”, succeeded in arranging for Ijarah Sukuk for the Turkish Treasury amounting USD1.5bln for 5 ½ years, in cooperation with Citigroup and HSBC, where this is [...]
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
West Point Report: Haqqani network supported by “rich donors”
On August 28, 2012 · In Afghanistan, Al Qaeda, Drug trafficking, Emirates, Haqqani network, Islamic charities, Jihadist Groups/Individuals, Kuwait, Money Laundering, Pakistan, Qatar, Saudi Arabia, Sharia Compliant, Shariah Finance, Taqiyya, Terror Funding, Zakat
By way of CNN, we have still more evidence of financial support for violent jihad by wealthy Muslims in the Persian Gulf region. The Haqqani network is one of the most virulent Jihadist groups in Afghanistan and Pakistan and has been battling US troops for several years. It is closely allied with both Al Qaeda and [...]
More on NIG’s Sukuk Trouble
On July 24, 2012 · In Defaults, Islamic Bonds, Islamic Finance, Kuwait, National Industries Group (NIG), Shariah Bonds, Shariah Finance, SUKUK
As we reported yesterday, Kuwait’s National Industries Group has asked for a 4-year extension on repayment of its Islamic bond (sukuk). As might be suspected, NIG is in danger of becoming the next in line for the long line of defaults in the sukuk market. Moody’s is on the cusp on downgrading NIG’s rating: Moody’s [...]
Kuwait’s NIG asks for 4-year Extension on $475M Sukuk Issue
On July 23, 2012 · In Defaults, Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, Shariah Finance, SUKUK
The latest sign of trouble in the Islamic bond market… National Industries Group Holding (NIG), a Kuwaiti investment firm controlled by one of the country’s biggest family conglomerates, has asked creditors for a four-year extension on a $475-million Islamic bond, or sukuk, maturing next month. The request from NIG, part of the Kharafi Group, is [...]
Just in time for the victory by socialists, facilitated at least partially by Islamist backing, Shariah-Compliant Finance has entered the real estate market in France… La Française AM has launched the first Sharia compliant OPCI – collective real estate vehicles with simplified investment rules with leverage – into the French market as part of the [...]
The U.S. Treasury Department’s point man on terrorist financing is off to the Middle East for nearly two weeks. Daniel Glaser, assistant Treasury secretary for terrorist financing, will travel to Saudi Arabia, Kuwait, Qatar, Israel and the United Arab Emirates. Glaser will talk with government and private sector officials about the threat of terrorist financing, [...]
Kuwait’s troubled Islamic investment firm International Investment Group (IIG) says it has reached an agreement with most of its creditors to restructure its $200 million sukuk (Islamic bond) issue. IIG defaulted on sukuk payments back in 2010. In the 2008-2010 period there was a rash of defaults on sukuk, which came as a shock to [...]
Another sukuk in trouble: Investment Dar had its Islamic bonds delisted from Nasdaq Dubai because the Kuwait-based owner of half of Aston Martin Lagonda Ltd. didn’t comply with the regulator’s disclosure requirements. The company also missed a payment on an Islamic bond (sukuk) in May 2009. The shares of Investment Dar were also delisted from the [...]
Jonathan Schanzer: Saudi Arabia’s Terror Finance Problem
On September 10, 2011 · In Al Qaeda, Islamic charities, Jihad, Jihadist Groups/Individuals, Kuwait, Qatar, Saudi Arabia, Terror, Terror Funding, terrorism, Wahhabism, Zakat
An excellent article from noted expert Jonathan Schanzer on Saudi Arabia’s citizens’ support for Jihad…Keep in mind that this is the same Saudi citizenry heavily involved in Shariah Finance, yet we are expected to believe that there is no threat of Jihadist terrorism benefiting from Shariah Finance… The Saudis produce, thanks to proceeds from the [...]
Al Qaeda’s Financial Ties to Iran Exposed
On August 8, 2011 · In Al Qaeda, Iran, Islamic charities, Jihad, Jihadist Groups/Individuals, Kuwait, Terror, Terror Funding, terrorism, Zakat
During the 2008 presidential campaign, the Obama campaign belittled Senator John McCain for alleging ties between Iran (which is Shiite-ruled) and Al Qaeda (which is a Salafist Sunni organization). At the time, your SFW editor wrote an article for National Review on the subject: http://www.nationalreview.com/articles/223992/iranian-entanglements/christopher-w-holton Now, more than three years later, Obama’s US Treasury Department [...]
Kuwait Ambassador to Brazil Yusuf Ahmad Abdul-Samad delivered to Director of Latin American Institute for Islamic Studies Dr. Mohammad Al-Rahdi a contribution made by Kuwait Zakat House, last week. The contribution was made at the Kuwait embassy in Brasilia, in presence of Executive Director of the institute Abdelbagi Osman. The meeting discussed activities of the [...]
Moody’s downgrades Kuwaiti Sukuk Issuer, NIG
On March 8, 2011 · In Defaults, Islamic Bonds, Kuwait, Moody's, Moody's Investor Service, Shariah Bonds, SUKUK
Moody’s Investors Service has downgraded to B2 from B1 the Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of National Industries Group S.A.K. (“NIG”), as well as the instrument rating for the $475m sukuk issued by NIG Sukuk Ltd. The outlook on the ratings remains negative. http://www.ameinfo.com/258031.html
Worldwide Sukuk issuance forecast to reach $30 billion this year
On August 25, 2010 · In Indonesia, Islamic Bonds, Kuwait, Malaysia, Saudi Arabia, Shariah Bonds, SUKUK
A report on Islamic banking issued by Kuwait Finance House (KFH) has said global issuance of Islamic bonds will reach $30 billion this year, up from $20 billion in 2009. According to the KFH report, the rising optimism over the health of the global economy as well the increasing popularity of Islamic banking products have [...]
Turkey’s first Sukuk offer oversubscribed
On August 25, 2010 · In Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, Shariah Finance, SUKUK, Turkey
Turkey’s first Islamic bond offering, from lender Kuveyt Turk, fetched a yield of 5.25 percent on Tuesday and was oversubscribed by investors. The sukuk, which was primarily bought by financial institutions, is the first sukuk ever out of Turkey and the first bank sukuk originating from Europe. In Turkey, the ruling AK Party has been [...]
The recent notification by Kuwait’s International Investment Group (IIG) KSCC that it was not in a position to make the periodic payments due on July 12, 2010 on its $200 million exchangeable Sukuk (Islamic bond) issued in 2007 and which matures in 2010, once again turns the spotlight on the troubled market. This is the [...]
International Investment Group (IIG) of Kuwait said it is unable to pay $152.5 million to sukukholders who demanded immediate repayment after the Kuwaiti finance company defaulted on its $200 million Islamic bond. In April, IIG became the second Kuwait-based firm in a year to miss a sukuk payment. Investment Dar Co., owner of half of [...]
Loss-making Bahrain Islamic Bank, a Shariah-Compliant bank, plans to try to raise up to $143 million in a rights issue at a 37 percent discount, the first time a major Bahraini retail bank has sought fresh capital since the financial crisis. Bahrain Islamic’s shares, which rarely trade on Bahrain’s stock exchange, closed at 159 fils [...]
Sukuk “Alert”
On June 23, 2010 · In Abu Dhabi, Debt Bonds, Dubai, GE Capital, Indonesia, Islamic Bonds, Islamic Finance, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Pakistan, Saudi Arabia, Shariah Bonds, Shariah Finance, Sudan, Thailand
Official and private entities in Jordan, Indonesia, Abu Dhabi, Malaysia, Saudi Arabia, Qatar, Dubai, Luxembourg, Sudan, Pakistan, Kazakhstan, Lebanon, Kuwait, Thailand, Islamic Development Bank and General Electric (GE) all are contemplating or planning Sukuk (Islamic bond) offerings in the near future… http://www.bloomberg.com/news/2010-06-22/jordan-indonesia-islamic-development-bank-plan-sales-islamic-bond-alert.html
The GCC conventional bond market recorded a poor performance in the first quarter of 2010 amid Dubai-linked and broader sovereign debt fears, NCB Capital, the largest investment bank in Saudi Arabia and a subsidiary of National Commercial Bank, reported. Primary issuance fell by some 70 percent in value from the average of the previous three [...]
Islamic Bond market forecast to ride “rough patch”
On April 15, 2010 · In Debt Bonds, Defaults, Dubai, Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, SUKUK
FT’s Robin Wigglesworth continues to exhibit a lack of curiosity when it comes to Shariah finance… http://www.zawya.com/Story.cfm/sid20100414_8473_283
Most of Kuwait’s multibillion-dollar investment company industry could be wiped out by debt repayments on the finance houses’ leveraged investments made before the recession, senior bankers have warned. Read more at the Financial Times… http://www.ft.com/cms/s/87f5a690-1f19-11df-9584-00144feab49a,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F87f5a690-1f19-11df-9584-00144feab49a.html&_i_referer=
Islamic “megabank” to launch
On February 18, 2010 · In Bahrain, Financial Institution, Islamic Banking, Islamic Development Bank, Islamic Finance, Kuwait, Malaysia, Saudi Arabia, Shariah Banking, Shariah Finance
The creation of a planned Islamic investment megabank is in ‘fairly advanced stages’ and it will likely be launched in the next six to 12 months, an executive at a firm advising on the project said on Thursday. A plan to form the world’s largest sharia-compliant lender – which is being promoted by the chairman [...]
Kuwait Finance House, the emirate’s leading Islamic bank, said on Tuesday its 2009 profits dropped by 24 percent from the previous year due to the continued impact of the global financial crisis. This earnings report comes amid continued bogus claims by financial jihadists that Shariah-Compliance provides protection against that very same financial crisis… http://www.busrep.co.za/index.php?fArticleId=5336111&fSectionId=613&fSetId=662
Moody’s Investors Service has downgraded the Corporate Family (CFR) and Probability of Default Ratings (PDR) of Kuwait-based National Industries Group Holding S.A.K. (NIG) and the debt ratings on the USD 475 million sukuk issued by NIG Sukuk Limited to B1 from Ba3. These sukuk are basically “junk Islamic bonds.” So much for the idea that [...]
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