But Who Will “Police” the Shariah Scholars?
On September 30, 2010 · In Islamic Finance, Islamic Law, Regulation, Sharia Compliant, Shariah Boards, Shariah Councils, Shariah Finance, Usmani
We came across this typically ridiculous article about the role of Shariah scholars in “policing” or “guiding” Shariah-Compliant Finance and decided to use it to illustrate the complete disconnect between the concept of responsible financial regulation in the Western world and that in the Shariah-dominated world. Dr Rusni Hassan, a shariah adviser to HSBC Amanah [...]
Spanish-based Allfunds bank has signed on to the financial jihad with their announcement that it has launched an “Islamic Services Unit.” The bank offers 80 Shariah-compliant funds to investors in Spain, Italy, Chile, Luxembourg, the United Kingdom and 17 other countries. Allfunds’ Islamic Services Unit was created with a fatwa issued by a Shariah advisory [...]
The Shariah finance standard-setting body AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) said it would overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny. Most Shariah-Compliant financial institutions are vying to attract the same small number of influential scholars to their boards, and some of [...]
Civil law and Shariah continue to butt up against each other, this time in Malaysia, where lawyers, bankers and Shariah scholars have had to assess the Shariah Finance industry where Sukuk holders rank in priority of payment when default occurs. A near-default in December of the dollar-denominated Sukuk from Dubai property developer Nakheel created fears [...]
Under the guide of “standardization” of practices, the Taqi Usmani-controlled Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is continuing its campaign to gain control of the Shariah Finance industry. We’ve covered this emerging development for several months here on SFW and it’s worth a review: http://www.shariahfinancewatch.org/blog/category/aaoifi/ The latest development in this regard is [...]
The link below will send you to an interview of an insurance executive in Pakistan. Much of the interview makes Takaful seem like just another form of insurance. But there is a stark warning sign in the preface to the Q&A which should put you on guard: “An independent Shari’ah Advisory Board chaired by Mufti [...]
A number of Islamic scholars and economic experts have underscored the need for an overhaul in the Kingdom’s zakat system in a way that would make it more effective and help realize the actual spirit and purpose of zakat in Islam. Of course, this is not altogether good news for the non-Muslim world and non-Jihadist [...]
Maybank Islamic, Asia-Pacific’s largest shariah bank, forecast strong financing and deposit growth on Monday but said the lack of business-savvy religious scholars was a challenge to expansion. This fits in with the growing movement to establish a centralized Shariah governing body, which would be outrageously powerful and probably also opaque… http://www.reuters.com/article/idUSSGE65D0C120100614
The central banks of Bahrain and the United Arab Emirates have called for “reform” of Shariah-Compliant Finance. But their idea of reform simply means more coordination and industry-wide standards by Shariah scholars (men like Sheikh al-Qaradawi and Mufti Usmani), not true reform. No where in their call for reform will you find increased transparency and [...]
Abu Dhabi Islamic Bank (ADIB), unveiled its new brand identity in line with its vision to become a top tier global Islamic financial services group and to deliver on its mission of providing “Islamic financial solutions for the Global community”. ADIB also introduces a new slogan that captures its commitment to provide world-class, ethical banking [...]
Andrew Cunningham of the Financial Times recently penned an column that would make any dhimmi proud. He actually sees the solution to Shariah Finance’s woes to be an expanded role “in the boardroom” for Shariah scholars. Worse yet, the context in which he made this proposal was in response to a Kuwaiti Shariah-Compliant company trying [...]
The link below contains a strong indictment of how Shariah Finance is practiced by many of the Shariah-Compliant firms in the world. Many, if not most, Shariah firms hire Shariah scholars to form boards to advise them on Shariah and make sure that their products and activities are Shariah-Compliant. This surprising source indicates that this [...]
We are very pleased to bring to SFW readers a submission from a financial insider who has seen the world of Shariah-Compliant Finance up close and personal, David Clark. David has spent several years structuring Shariah compliant finance deals. In this time he had access to the leading Islamic scholars and Shariah boards and learned just what a joke “Islamic finance” [...]
Oxford Analytica Continues to Shill for Shariah
On March 10, 2010 · In AAOIFI, Accounting, Creeping Shariah, Dubai, Islamic Banking, Islamic Bonds, Islamic charities, Islamic Economics, Islamic Finance, Islamic Law, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Courts, Shariah Finance, Shariah Law, Sudan, Syria, Terror, Terror Funding, terrorism, Usmani, Zakat
The economic consultancy Oxford Analytica has frequently used its space on Forbes.com to promote Shariah-Compliant Finance. We have pointed this out on SFW in the past: http://www.shariahfinancewatch.org/blog/?s=Oxford+Analytica Oxford Analytica has taken yet another step to promote financial jihad with an article on Forbes.com. This new article is so overrun with troubling and disturbing aspects that [...]
Reader Tim alerted us over the weekend to the fact that Muft Taqi Usmani is no longer listed as chief of HSBC’s Shariah Advisory Board. http://www.hsbcamanah.com/amanah/about-amanah/islamic-banking/shariah-supervision Note, however, that Usmani’s son is now listed as a member of this body. The younger Usmani is considered antiseptic enough for Western financial institutions and has no known [...]
Here on SFW, we have profiled a particularly evil Shariah scholar named Taqi Usmani: http://www.shariahfinancewatch.org/blog/2009/05/06/who-controls-shariah-compliant-finance-the-shariah-scholars-of-course/ Among many other things, Usmani is the chief of the Shariah advisory board for HSBC: http://www.shariahfinancewatch.org/blog/2009/02/27/hsbcs-shariah-man/ Usmani is a bad man, an enemy of the West, a Jihadist to the core. In fact, now that his Jihadist philosophy is becoming [...]
Are We Financing Our Own Demise?
On March 4, 2010 · In "Ethical Investment", AAOIFI, Hezbollah, Human Rights under Shariah, Human Rights under Shariah Law, Iran, Islamic charities, Islamic Finance, Islamic Financial Services Board, Islamic Law, Islamic schools, Jihad, madrassas, Qaradawi, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Councils, Shariah Finance, Shariah Law, Takaful, Taliban, Terror Funding, Usmani, Zakat
Gadi Adelman and the intrepid Joy Brighton have just published an outstanding analysis of Shariah-Compliant Finance over on the Financial Security Matters site. Please take the time to read it and pass it on to your friends and associates: http://www.familysecuritymatters.org/publications/id.5632/pub_detail.asp
Saudi Zakat for Jihadist Terrorists
On March 1, 2010 · In Al Qaeda, Islamic charities, Jihad, Salafism, Saudi Arabia, Shariah Boards, Terror, Terror Funding, terrorism, Wahhabism, Zakat
Regular readers of SFW know that one of the chief concerns that never seems to get addressed by the financial media or Western promoters of Shariah-Compliant Finance is the issue of money finding its way into the hands of Jihadist terrorist organizations, such as Al Qaeda, HAMAS, Lashkar-e-Taiba and others. Shariah-Compliant financial institutions must donate [...]
Islamic finance needs regulation: experts
On February 18, 2010 · In Dubai, Islamic Finance, Shariah Boards, Shariah Finance, Terror, Terror Funding, terrorism, Usmani
Linked below is an article from Reuters which is covering a Reuters-sponsored event promoting Shariah-Compliant Finance. On its face, it appears to be calling for something good and positive: regulation of Shariah Finance to prevent another Dubai debacle. But a closer inspection of the facts reveals that this is simply a call for more foxes [...]
More on AAOIFI’s moves to seize control of Shariah Finance
On January 27, 2010 · In AAOIFI, Islamic Economics, Islamic Finance, Sharia Compliant, Shariah Boards, Shariah Finance
SFW has published a half dozen articles on the shadowy financial jihadist organization AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions) and its growing influence in the world of Shariah Finance. http://www.shariahfinancewatch.org/blog/category/aaoifi/ AAOIFI employs notoriously hateful Shariah scholar Mufti Taqi Usmani and counts representatives of the central banks of known terrorist sponsors Iran, Sudan [...]
AAOIFI moves to seize control of Shariah Finance
On January 20, 2010 · In AAOIFI, Accounting, Bahrain, Creeping Shariah, Da'Wah, Islamic Finance, Sharia Compliant, Shariah Boards, Shariah Councils, Shariah Finance, Usmani
In a move that is being hailed by the Western financial media as a positive development, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a series of standards and procedures for Shariah-Compliance. http://www.reuters.com/article/idUSLDE60J0WF20100120?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401 It is hoped that the AAOIFI will “harmonize” standards across the industry. If only Western journalists had bothered [...]
Westlaw Joins the Financial Jihad
On December 18, 2009 · In AAOIFI, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Councils, Shariah Finance, Usmani
Westlaw Business, part of Thomson Reuters, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) today announced their agreement to provide current standards and other Islamic finance industry information for global business law professionals within the Westlaw Business Islamic Finance Center. Does Westlaw know who they are getting in bed with? Are they [...]
Sentencing delayed for U.S. Muslim linked to Hamas charity
On December 17, 2009 · In Hamas, Islamic charities, Jihad, Qaradawi, Shariah Boards, Shariah Councils, Terror Funding, Zakat
Two of the chief concerns surrounding Shariah Compliant Finance are the issues of zakat and purification in which proceeds are donated to Muslim charities selected by Shariah Advisory Boards. With horrible people like Mufti Taqi Usmani (the “grand-daddy” of modern Islamic finance) and Sheikh Yussef al Qaradawi sitting on such boards, it is not hard [...]
The Virus Spreads to Mauritius
On December 16, 2009 · In Creeping Shariah, Da'Wah, IFSB, Islamic Finance, Islamic Financial Services Board, Mauritius, Shariah Boards, Shariah Finance
The tiny island nation of Mauritius is the latest to succumb to Shariah finance as the Bank of Mauritius has been named to the Islamic Financial Services Board (IFSB). The reason this is worth mentioning is that Mauritius is not an Islamic nation. The financial jihadists are striving to push Shariah finance and Shariah-compliant products [...]
BBC: Islamic Finance is a Dishonest Business Run by Dishonest People
On December 16, 2009 · In "Ethical Investment", AAOIFI, Britain, Creeping Shariah, Defaults, Dubai, HSBC, Investment Scams, Investment Swindles, Islamic Banking, Islamic Bonds, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah Mortgage, Uncategorized, United Kingdom, Usmani
The BBC has published an article by Mr. John Foster, who used to be editor of “Islamic Business & Finance” magazine. The topic of the article is described by its title: “How Sharia-Compliant is Islamic Banking?” But it is not really the topic which makes the article interesting. It is the details which make it [...]
Dubai’s golden sands lose their luster
On December 12, 2009 · In "Ethical Investment", Abu Dhabi, Debt Bonds, Defaults, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Investment Scams, Investment Swindles, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Jurisprudence, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Courts, Shariah Finance, Shariah Law, SUKUK, UAE
“Investors trapped by the financial storm in the United Arab Emirates are in unknown legal territory as they try to protect their billions.” (The Times, 10 December 2009) The Dubai default debacle demonstrates in stark detail how the lack of transparency and failure to disclose relevant facts make Shariah Finance risky. Long ago–decades ago–the rest [...]
A Shameless, Shallow Advertorial for Shariah Finance from Oxford Analytica and Forbes.com
On December 12, 2009 · In Abu Dhabi, Credit Dirivatives, Debt Bonds, Defaults, Derivatives, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Financial Institution, Hezbollah, HSBC, Investments, Iran, Islam, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Kuwait, Lebanon, Qaradawi, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah insurance, Shariah Law, SUKUK, Takaful, Taliban, Usmani
Malcom Forbes must be spinning in his grave. His namesake publication’s web site has published an article which basically promotes a financial and economic system which by its very nature seeks to replace capitalism and our free enterprise system: http://www.forbes.com/2009/12/10/islamic-finance-after-dubai-business-oxford-analytica-islamic-finance.html?feed=rss_business In fact, the article reads less like journalism and more like a press release from [...]
Shariah finance suffers growing pains
On December 10, 2009 · In Debt Bonds, Defaults, Dubai, Economic Crisis, Islamic Bonds, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, SUKUK, Tawarruq, Usmani
The Financial Times actually wrote a fairly balanced story on Shariah finance for a change. In the story linked below, FT’s journalist points out that Shariah-compliant financial institutions have proven just as vulnerable to the economic downturn and financial crisis as conventional counterparts. This, of course, flies right in the face of the propaganda being [...]
The Banker points out problems with Shariah Finance
On November 27, 2009 · In "Ethical Investment", Britain, European Union, Financial Institution, Iran, Islamic Banking, Islamic Finance, Islamic Law, Islamization, proliferation, Regulation, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Councils, Shariah Finance, Shariah Law, Terror Funding, The Banker, United Kingdom
The British publication “The Banker” has mostly been a cheerleader for Shariah Finance for several years and they have written an article which, while viewing Shariah Finance in a positive light, also points out some of its serious flaws: • “Greed and selfishness” exist in Shariah Finance just as they do in conventional finance. This [...]
IFSB to the Rescue!
On November 23, 2009 · In Islamic Economics, Islamic Finance, Islamic Financial Services Board, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Councils, Shariah Finance
The Islamic Financial Services Board is taking action that is being hailed as a positive move to “enhance the stability” of the Shariah Finance industry. We are underwhelmed. Back on November 5th we posted about this so-called respected organization (the IFSB), but it deserves repeating here: http://www.shariahfinancewatch.org/blog/category/islamic-financial-services-board/ If you like Jihad and terrorism, you’ll LOVE [...]
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