The article linked below from Bloomberg is about Alwaleed’s decision to sell off his jumbo jet, but the bigger story embedded here is his decision to refocus his fortune back home in Saudi Arabia and the Middle East, which almost certainly means Shariah-compliance… Prince Alwaleed Bin Talal Al Saud, the world’s 15th-richest person, sold his [...]
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 [...]
Note that this mechanism is essentially a convoluted construct to replicate interest payments, without calling them interest payments… The Islamic Bank of Britain has reported a 63% rise in take-up of its home financing products for the first three quarters of 2012. The growth in demand for the Sharia-compliant bank’s alternative to mortgages was fuelled [...]
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 [...]
“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 [...]
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 [...]
Standard & Poor’s, one of the most prominent names in the Western financial world has formed an alliance with the world’s most prominent Wahhabi Islamic supremicist organization to establish a new Shariah-compliant investment index. The new S&P COMCEC 50 Sharia Index has been established in partnership with the Organization of Islamic Cooperation (OIC), an organization [...]
Does Your Financial Institution Participate in Shariah Compliant Finance?
On June 26, 2012 · In AAOIFI, AIG, Amana Funds, Arcapita, Bank of New York-Mellons, Barclays, Bloomberg, BNP Paribas, Citigroup, Clearstream Banking SA, Companies, Credit Suisse, Creeping Shariah, Deloitte Touche Tohmatsu, Deutsche Bank, Dhimmitude, DIC, DIFC, DIFX, Dow Jones, Dow Jones Islamic Market, Financial Institution, fiqh council of north america, Fitch, GE Capital, Goldman Sachs, Guidance Financial, HARVARD, HSBC, IFSB, IIFM, IIIT, Islamic Banking, Islamic Finance, ISRA, KPMG, Merrill Lynch, Moody's, Moody's Investor Service, NASDAQ, NatWest Bank, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah insurance, Shariah Mortgage, Standard & Poor's, Standard Chartered, Thomson Reuters, UBS, UBS Bank, University Islamic Bank
The most common requests we receive here at SFW are questions as to whether banks or brokerage houses “are Shariah-compliant?” As a result of these numerous inquiries, for the past several weeks, we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance. [...]
Shariah Finance Watch editor briefs Congressional staffers on Shariah-Compliant Finance
On June 8, 2012 · In "Ethical Investment", AIG, Al Qaeda, Amana Funds, Center for Security Policy, Creeping Shariah, Da'Wah, Dow Jones, Dow Jones Islamic Market, Elena Kagan, Hamas, HARVARD, Hezbollah, Hizb ut-Tahrir, Holy Land Foundation, HSBC, Interest, Investors Business Daily, Iran, Islam, Islamic Banking, Islamic charities, Islamic Economics, Islamic Finance, Islamic Law, Islamization, Jihad, Jihadist Groups/Individuals, Malaysia, Money Laundering, murabaha, MURAHABA, Muslim Brotherhood, Obama, OIC, purification, Qaradawi, Qatar, Regulation, Saudi Arabia, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah in Academia, Shariah insurance, Shariah Law, Shariah Mortgage, Sovereign Wealth Funds, Sudan, Takaful, Taliban, Terror, Terror Funding, terrorism, The Banker, U.S. Policymakers, UAE, United Kingdom, USA, Usmani, Usury, VIDEOS, Wahhabism, Zakat
Recently we had the opportunity to brief staff members from 10 Congressional offices on the threat of Shariah Finance. The briefing was recorded and we have posted the full 1-hour briefing here for SFW viewers… Shariah Compliant Finance and Financial Jihad
On June 1, 2012, the U.S. Court of Appeals for the Sixth Circuit ruled that a federal taxpayer lacks “standing” to challenge the government’s use of taxpayer funds to support sharia-based activities. The case, which is captioned on appeal as Murray v. United States Department of Treasury, et al., was brought by American Freedom Law Center [...]
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 [...]
We suppose that when you live under an atheist, communist system, it makes no difference to you whether the food is halal or haram. Add in a dash of capitalism and presto! You get a foothold for Shariah-compliance in a city-state with virtually no Muslim population. Such is the nature of the petrodollar driven Islamic [...]
Here we have two important links that touch on themes that we have covered extensively over the years: Zakat, Jihad and Shariah-Compliant Finance. The first article from the excellent Gates of Vienna blog, points out that one of the destinations of zakat (tithing in Islam) is “those fighting in the way of allah…” http://gatesofvienna.blogspot.com/2012/04/on-zakat-and-jihad.html The [...]
A firm called Ethical Asset Management in the UK is launching a Sukuk fund for individual investors. This is fairly unremarkable, but the designation “ethical” is worth commenting on. Ethical is a subjective term. To most Westerners, there is little or nothing ethical about Shariah. On the contrary, many of the tenets of Shariah are [...]
It is widely known that much of the funding for Jihadist terrorist organizations, such as Al Qaeda, Hamas, Abu Sayyef and Jemaah Islamiyah come from private donations to Islamic charities through zakat payments, a system of tithing in Islam. The Saudi government claims that they are virtually powerless to stop this activity, something that makes [...]
Congressional Report: Hezbollah has “several thousand” donors in the USA
On March 25, 2012 · In Hezbollah, Iran, Islam, Islamic Banking, Islamic charities, Islamic Finance, Islamic Law, Jihad, Jihadist Groups/Individuals, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah Law, Terror, Terror Funding, terrorism, U.S. Policymakers, USA, Zakat
A report issued by the House Homeland Security Committee indicates that Hezbollah has a large and threatening presence inside the USA and is successfully raising funds inside the USA to support its Jihad. Among the findings outlined in the report which are particularly relevant for SFW readers: • Counterterrorism officials consider Hezbollah fundraising cells to [...]
The intrepid and illustrious Joy Brighton weighs in on Goldman Sachs’ ridiculous foray into the world of Shariah-Compliant Finance. This is an excellent article that regretfully we previously overlooked… Excerpt and LINK: In September 2011, Goldman Sachs announced it would issue a $2 billion Shariah Compliant Islamic Bond derivative known as a “Sukuk” to finance [...]
Money Jihad Blog: Why Minneapolis’s shariah loans must end
On February 24, 2012 · In Creeping Shariah, Islamization, Minnesota, murabaha, MURAHABA, Sharia Compliant, Shariah Mortgage
This is an excellent piece from an excellent blog that all SFW readers should be visiting on a regular basis. This particular entry is especially important as several folks we have spoken with view the Minneapolis program as “no big deal.” It is a big deal and the good folks at Money Jihad blog do [...]
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 [...]
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 [...]
Maybe the only thing worse than getting in bed with the financial jihadists is to get in bed with the financial jihadists, only to find out they don’t want you. That may be the situation Goldman Sachs finds itself in with regard to its Islamic bond (sukuk) program. It seems Goldman got the blessing from [...]
Egyptian Islamist Parties Declare Stock Exchange Shariah-Compliant
On December 27, 2011 · In Creeping Shariah, Egypt, HALAL, Islamic Finance, Muslim Brotherhood, Sharia Compliant, Shariah Finance
The imposition of Shariah in Egypt as part of the so-called “Arab Spring,” has entered the financial realm, with the Islamist parties declaring the Egyptian Stock Exchange to be “Shariah-Compliant…” Egypt’s political powers expressed their support for the Egyptian Stock Exchange at a press conference Monday, as the Islamist parties, which dominate parliament, pointed out [...]
South Africa appears to be preparing to issue Islamic bonds (sukuk) in the near future, as the country’s central bank has asked private banks for proposals for such a venture. South Africa has a relatively small Muslim population, so there can be little doubt that the instigation behind this move comes from outside the country, [...]
Craziness for Profit: Shariah Scholar/Advisor Mufti Taqi Usmani Blames Commodities Markets for Financial Crisis
On November 24, 2011 · In Dow Jones, Economic Crisis, HSBC, Islamic Economics, Islamic Finance, Islamic Law, Sharia Compliant, Sharia Videos, Shariah Boards, Shariah Finance, Shariah Law, Usmani
At SFW we have covered Mufti Taqi Usmani extensively over the years. He has long been considered one of the most prominent and influential Shariah scholars in the world of Shariah Compliant Finance. According to many observers, critics and market participants alike, Usmani is the Shariah finance [...]
Correcting The New Misinformation on Islamic Charities Funding Jihadist Terrorism
On October 17, 2011 · In Abdurahman Alamoudi, Abu Sayyaf, Al Qaeda, Al Shabaab, Bin Laden, Hamas, Hezbollah, Holy Land Foundation, Islam, Islamic charities, Islamic Development Bank, Islamic Law, Islamic Relief, Jemaah Islamiyah, Jihad, Jihadist Groups/Individuals, KindHearts, Lashkar e Taiba, Money Laundering, Muslim Brotherhood, Pakistan, Phillipines, Qaradawi, Salafism, Saudi Arabia, Sharia Compliant, Shariah Law, Somalia, Taliban, Terror, Terror Funding, terrorism, Wahhabism, Zakat
The Guardian in the UK has come out with an article (“Counterterrorism laws taking their toll on humanitarian action”) critical of US counterterrorism efforts that are designed to prevent the funneling of money to Jihadist terrorist groups, especially in Gaza and Somalia, two hotbeds of Jihadist terrorist activity. When ever we see misguided and ignorant [...]
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 [...]
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 [...]
Here we go again: Zakat goes to fighters
On August 25, 2011 · In Islamic charities, Islamic Law, Jihad, Sharia Compliant, Shariah Law, Terror Funding, Zakat
One of our favorite pastimes here at SFW is to uncover internet articles and postings which reveal the true nature of zakat–the uses of zakat that the financial jihadists would just as soon not have us kafirs learn about. We have found numerous references over the years to zakat being used to fund Jihadists. Here [...]
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 [...]
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