The emergence of Shariah-compliant Finance in Tunisia is hardly surprising given the emergence of the Muslim Brotherhood and Salafist factions in the wake of the so-called “Arab spring.” According to Reuters, Shariah-compliant finance could gain as much as a 40% marketshare in Tunisia. A poll in Tunisia indicates that 54% of respondents would switch their [...]
A British minister called for turning London into a global center for Shariah finance on the 69th anniversary of D-Day. “It’s about making Britain the preferred choice for the Muslim world to invest in and do business in,” senior Foreign Office minister Baroness Warsi claimed in a speech to the Oxford Center for Islamic Studies. “It is [...]
Turkey is fast becoming the “poster child” for Islamization and Shariah-Compliant Finance. This is no secret, in fact another post from earlier today pointed this out: http://www.shariahfinancewatch.org/blog/2013/05/31/shariah-banks-thrive-in-previously-secular-turkey/ We also came across another article about the emergence of sukuk, or Shariah-Compliant Bonds in Turkey. As we have pointed out on numerous occasions, sukuk are increasing the [...]
Shariah-compliant finance is a key component of the Islamization process and no where is this more apparent than Turkey, which, until just over a decade ago, was a largely secular nation. Today Turkey is ruled by an Islamist regime, the Gulenist movement is taking over its security services and, predictably, Shariah banks are popping up [...]
Arcapita, one of the most notorious Shariah-Compliant international conglomerates, with a major office in Atlanta, Georgia, is looking for money to it can complete a “Shariah-Compliant” bankruptcy, something that would be the first of its kind in the USA. Goldman Sachs Group Inc., which is already providing Arcapita $350 million in bankruptcy exit financing, is now seeking [...]
The article linked below contains a brief explanation of Shariah-Compliant mortgages here in the US… Shari’ah compliant mortgage financing has been available in the United States for over a decade. Research into how these mortgages are structured reveals the details behind this Islamic finance program and how it differs from the standard FNMA mortgage loan [...]
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 [...]
Lawfare to Attack Terrorism Financiers
On April 22, 2013 · In Islamic Banking, Jihad, Jihadist Groups/Individuals, lawfare, Shariah Banking, Terror, Terror Funding, terrorism
Many SFW readers are very aware that the Jihadists effectively use “lawfare” to suppress free speech in the West and to try to prevent any scrutiny of Islamic doctrine. Some of that lawfare has been directed against those who point out those who finance Jihad. The most notable example was the libel tourism lawsuit against [...]
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 [...]
Oman was formerly one of the last holdouts in the Middle East to incorporating Shariah-Compliant Finance and Shariah banking in its economy. That has slowly been changing and now the first Shariah bank, Bank Nizwa, has opened its doors in Oman. http://www.timesofoman.com/News/Article-5918.aspx?
Money Jihad blog’s short list of Shariah banks that fund terrorism
On January 8, 2013 · In Al Qaeda, Bangaladesh, Blogroll, Dubai Islamic Bank, Emirates, HSBC, Iran, Islamic Banking, Islamic charities, Jihad, Jihadist Groups/Individuals, Jordan, Pakistan, Saudi Arabia, Shariah Banking, Sudan, Terror, Terror Funding, terrorism, Zakat
Money Jihad blog is one of the most invaluable web sites in existence for anyone who is concerned with how Jihadist terrorism is supported and funded. That is why we link to it so frequently here on SFW. Money Jihad’s latest work is a prime example of why we like the blog so much: they have [...]
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 [...]
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 [...]
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
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 [...]
Lawsuit Against Arab Bank in Sniper Attack Dismissed
On November 28, 2012 · In Hamas, Holy Land Foundation, Islamic Banking, Islamic charities, Israel, lawfare, Shariah Banking, Terror, Terror Funding, terrorism
A lawsuit filed by a man injured by a terrorist sniper in Israel against Arab Bank for its role in funding HAMAS has unfortunately been dismissed. Money Jihad blog has an excellent synopsis of Arab Bank’s activities, which we can’t possibly improve upon: The judge’s ruling can be paraphrased as: Well, Arab Bank may have [...]
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 [...]
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 [...]
Singapore investors flock to Abu Dhabi Bank Sukuk Offer
On November 19, 2012 · In Abu Dhabi, Islamic Banking, Islamic Bonds, Shariah Banking, Shariah Bonds, Singapore, SUKUK, UAE
Here we have more confirmation that sukuk (Shariah-compliant bonds) are the weapon of choice in spreading Shariah finance around the world. Investors in Singapore are not known for their appetite for Shariah-compliant investments, but they seem to have warmed up to a sukuk issued by a major bank in the UAE… http://www.asiaone.com/A1Business/General%2BNews/Story/Mega%2Bsukuk%2Bissue%2Bcreates%2Bripples%2Bhere.html
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 [...]
Long-time readers of SFW may recall some posts from the past two years alluding to the fact that, despite a great deal of hype, Shariah-compliant banking is failing in the United Kingdom. For instance, in June of 2010, we posted a report from the Australian media quoting industry insiders in the UK admitting that Shariah-compliant [...]
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. [...]
Iranian TV: Shariah banking grows strong in Indonesia
On September 11, 2012 · In Indonesia, Indonesia Sharia Banking, Iran, Islamic Banking, Shariah Banking
It is no secret that Shariah banking is a growth industry in Islamic-dominated countries like Indonesia, the world’s most populous Muslim nation. And it is also no secret that the Shariah Finance and Banking industries have been hamstrung by a lack of qualified personnel–everything from a shortage of Shariah scholars to a shortage of rank [...]
South Africa’s First National Bank (FNB) finds itself in urgent need of a whole new set of Shariah scholars to man its Shariah advisory board after its previous board resigned en masse in a dispute with management. Not surprisingly, given the opaque nature of Shariah-Compliant Finance, details about the dispute are sketchy, but they appear [...]
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.
Qaradawi’s Qatar Islamic Bank to float $1.5 billion Sukuk
On August 30, 2012 · In Islamic Banking, Islamic Bonds, Qatar, Shariah Banking, Shariah Bonds, Uncategorized
Islamic bonds, properly known as “sukuk” are increasingly becoming the favorite product of Shariah-Compliant Finance. In fact, we’re starting to see more and more Western nations and financial institutions involved in sukuk simply because wealthy Muslim individuals and institutions, armed with massive amounts of petrodollars, are insisting on Shariah-compliance for financing activities. Qatar Islamic Bank [...]
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