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 [...]
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 [...]
Egypt still considering IMF loan
On January 8, 2013 · In Egypt, Interest, International Monetary Fund, Islamic Law, Muslim Brotherhood, Shariah Law, Usury
Back in August we reported that Egypt was contemplating taking out an IMF loan in an attempt to right the country’s shaky financial condition. At the time we pointed out that a $4.8 billion loan from the IMF was not likely to be Shariah-compliant… http://www.shariahfinancewatch.org/blog/2012/08/30/between-a-rock-and-a-hard-place-egyptian-muslim-brotherhood-struggles-with-idea-of-imf-loan/ Well, here we are over 4 months later and the [...]
Al Gore Sells Out to Qatar: State-Owned Al Jazeera Buys Current TV
On January 3, 2013 · In Al Jazeera, Al Qaeda, Hamas, Iran, Islam, Islamic charities, Islamic Law, Jihad, Jihadist Groups/Individuals, Lashkar e Taiba, Qaradawi, Qatar, Salafism, Shariah Law, Taliban, Terror, Terror Funding, terrorism, Wahhabism
Al Gore has sold his failing Current TV television network. The buyer is none other than Al Jazeera, the infamous Islamist television network based out of Doha, Qatar (more on Qatar very shortly). Gore released an interesting statement along with the announcement of the sale: “Current Media was built based on a few key goals: [...]
“Extremism” on the Rise in Zanzibar–Thanks to Saudi Money and Islamic Charities
On December 31, 2012 · In Abu Dhabi, Al Qaeda, Dubai, Islam, Islamic charities, Islamic Law, Islamic schools, Islamization, Jihad, Jihadist Groups/Individuals, madrassas, Salafism, Saudi Arabia, Shariah Law, Sudan, Tanzania, Wahhabism, Zakat, Zanzibar
The Financial Times has an important article about the influx of Salafi Islam in the island region of Tanzania known as Zanzibar. The article doesn’t draw any of the correct conclusions about what is happening there, but it contains enough clues to build a picture. For folks who don’t remember, Tanzania is one of the [...]
US Treasury Blacklists Al Qaeda-linked Jihadist Rebels in Syria
On December 27, 2012 · In Al Qaeda, Islamic Law, Jihad, Jihadist Groups/Individuals, Sanctions, Shariah Law, Syria, Terror, Terror Funding, Uncategorized
The US has blacklisted an Al Qaeda-linked rebel group in Syria, declaring that “extremists” could play no role in building a future for the Syrian people. The move against the Al Nusra Front came as the Obama administration recently recognized the new Syrian National Coalition as the “legitimate representative” of the Syrian people. The problem [...]
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 [...]
One of the challenges facing the Shariah Finance industry is a shortage of qualified Shariah scholars to serve as “advisers” to Shariah-compliant financial institutions. Not only is their a shortage of Shariah scholars, but many of the existing Shariah scholars are very old. Sheikh Youssef al-Qaradawi and Mufti Taqi Usmani are examples of the old [...]
UK Clothier Enforces Shariah Law Among All Employees
On November 19, 2012 · In Britain, Creeping Shariah, HALAL, Islamic Law, Shariah Law, United Kingdom
This is a story that has been going viral on the web. The memo depicted in this post speaks for itself, but essentially what Boo Hoo (the name of the business) is doing is enforcing Shariah law at the expense of the rights of its non-Muslim employees. This is becoming more common all the time. [...]
A regime-affiliated religious foundation in Iran has boosted $500,000 the bounty it had offered for the killing of British author Salman Rushdie to $3.3 million from $2.8 million, after protests around the world over alleged insults to the prophet Muhammad, who is considered holy in the Islamic world. The 15 Khordad Foundation reportedly will pay [...]
Al Shabaab collecting zakat in Somalia
On August 31, 2012 · In Al Shabaab, Islamic Law, Jihad, Jihadist Groups/Individuals, Shariah Law, Somalia, Terror Funding, Zakat
The Al Qaeda-affiliated Jihadist organization Al Shabaab is reported to be collecting zakat from the citizenry of Somalia to help finance its terror campaign. News reports claim that Al Shabaab is “extorting” this money on the pretense that it is for the “needy” and then are turning around and using it for military activities, but [...]
The Egyptian Muslim Brotherhood wanted to have control of Egypt for 80 years and now they finally have it. Only problem is, things look a lot different from the seat of power than they do from the outside. Egypt is in terrible financial condition, in large part due to the fact that the Muslim Brotherhood [...]
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 [...]
A report in Pakistani media indicates that one of the Islamic world’s most notorious charities has been making appeals for zakat funds using Twitter. Jamaatud Dawa is considered the political arm of Lashkar-e-Taiba, the Jihadist terrorist organization that carried out the 2008 Mumbai terrorist attack. In fact, in 2008, after the Mumbai attack, the United [...]
An Extremely Important Article on Shariah-Compliant Finance from Congressman Allen West
On June 22, 2012 · In Al Qaeda, Allen West, Creeping Shariah, Guidance Financial, Hamas, Hezbollah, HSBC, Investors Business Daily, Islamic charities, Islamic Finance, Islamic Law, Islamization, Jihadist Groups/Individuals, Qaradawi, Shariah Boards, Shariah Courts, Shariah Finance, Shariah Law, stealth jihad, Terror Funding, U.S. Policymakers, UBS, UBS Bank, Usmani, Zakat
Investor’s Business Daily and Congressman Allen West have teamed up overnight to publish an extremely important op ed penned by Congressman West on the subject of Shariah-Compliant Finance. In his column, Congressman West points out virtually all of the major concerns surrounding Shariah-Compliant Finance and laments that it has received no critical scrutiny from US [...]
WorldNetDaily has a new report out this morning about the American Freedom Law Center’s continuing legal fight over AIG’s takaful division, which is effectively subsidized by the US taxpayer due to the massive federal bailout of AIG over 3 years ago… http://www.wnd.com/2012/06/battle-against-taxpayer-funded-shariah-escalates/?cat_orig=us The federal government has effectively been able to ignore the US constitution in [...]
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
Regular, long-time readers of SFW may recall a posting from almost exactly 2 years ago in which it was announced that an attorney who had specialized in Shariah Finance had been appointed as a White House fellow by President Barack Obama: http://www.shariahfinancewatch.org/blog/2010/06/23/shariah-compliant-finance-specialist-joins-white-house-as-fellow/ The attorney in question is named Samar Ali. At the time she was [...]
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 [...]
Irish Attorney: “Financial shock would never have happened under shariah”
On May 21, 2012 · In "Ethical Investment", Defaults, IRELAND, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Islamization, Shariah Banking, Shariah Bonds, Shariah Finance, Shariah Law, SUKUK, Uncategorized
Every once in a while we come across a story that is really outrageous. Some or outrageous because they are inaccurate. Others are outrageous because they are simply offensive. Today we bring to you an article from John King, an attorney with one of Ireland’s most prominent law firms, in which he makes the case [...]
We were heartened to learn on Friday that the Kansas senate had followed the example of the Kansas House of Representatives by voting overwhelmingly in favor of American Laws for American Courts legislation there. American Laws for American Courts (ALAC) legislation was crafted to protect the constitutional rights of Americans against the incursion of foreign [...]
European Nations Fund Jihad Through Ransoms
On May 11, 2012 · In Al Qaeda, France, Islamic Law, Jihad, Jihadist Groups/Individuals, Shariah Law, Spain, Terror, Terror Funding, terrorism
Money Jihad blog has another excellent and important story up about ransom payments by European nations to Jihadists, Al Qaeda in the Islamic Maghreb (AQIM) in particular. Note especially the explanation with regard to ransom payments and Shariah in the Money Jihad posting. Note also that the amount of money paid by Spain and France [...]
…if she is Shariah adherent, 1/40th of this will go to zakat…that’s $125,000. One of the eight acceptable destinations for zakat under Shariah is to “those fighting in the way of allah,” defined as those engaged in Islamic military operations who are not on any Army roster. http://www.chicagotribune.com/news/sns-mct-muslim-woman-gets-huge-award-in-workplace-20120505,0,6271844.story
One of the chief concerns about Shariah-Compliant Finance has to do with zakat, the system of tithing in Islam that so often involves the funding of Islamic charities which in turn distribute money to violent Jihadist terrorist organizations, particularly HAMAS and Lashkar-e-Taiba. Proponents of Shariah Finance act as if this concern is completely unfounded and [...]
The Taliban have appealed for donations on one of their websites, to finance the Jihad against non-Muslims. Complete with telephone hotlines and email addresses, the appeal was posted on a Taliban website asking Muslims worldwide to help the rebels in what they say is a “Jihad”, or a holy war, against non-Muslim “invaders”. … “In [...]
A zakat controversy is brewing in Indonesia. For those who do not know, zakat is a form of tithing in Islam and is one of the five pillars of Islam. Westerners have concerns about zakat–especially as to how zakat interacts with Islamic charities and Shariah-compliant finance–because Shariah states that a portion of the zakat can [...]
ICNA: Zakat for Jihad
On April 15, 2012 · In Holy Land Foundation, ICNA, IIIT, Islam, Islamic Law, Jihad, Jihadist Groups/Individuals, Shariah Law, Terror Funding, USA, Zakat
The Islamic Circle of North America (ICNA) was identified as a Muslim Brotherhood organization in the Holy Land Foundation prosecution, the largest successful terrorism financing prosecution in US history. Recently, ICNA announced that they are embarking upon a $3 million propaganda campaign to promote Shariah in America: http://www.centerforsecuritypolicy.org/p18956.xml?genre_id= ICNA has a division called ICNA Relief, [...]
Al-Haqiqah in Arabic, a web site published by the opposition France-based Syrian National Council for Truth, Justice, and Reconciliation, on 9 April publishes a 1,300-word “exclusive” report saying that Al-Faruq Battalion, which is affiliated with the opposition Free Syrian Army (FSA), is imposing Jizyah (an extra tax imposed on non-Muslims living under Muslim rule) on [...]
Imams yesterday expressed their concern over the poor knowledge the Muslim community in the country has for zakat (tithe) and reminded Muslims of their Islamic obligation by paying the zakat harta once they meet the requirements. It is clear that the knowledge of the muslim community about the zakat laws is still relatively low, said [...]
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