Yet another sukuk (Islamic bond) is in trouble. Like the Nakheel sukuk nearly 3 years ago, this issue is from a company in the United Arab Emirates, though this one is based out of Abu Dhabi, rather than Dubai. The company is Dana Gas, a major natural gas exploration and production company. There are questions as [...]
Linked below is an article by a financial jihadi posing the question “Is Islamic finance a failure?” As you might expect, the answer turns out to be “no,” which, given the author’s background should come as no surprise. This is a common tactic of the financial jihadis; build a straw man and then proceed to [...]
Perhaps if the UAE hadn’t looked the other way on so many dual-use imports into Iran for years and years, they wouldn’t be under so much pressure today. With the imposition of the latest international economic sanctions against Iran and the UAE being under pressure from Washington to enforce them, Tehran’s trade ties with the [...]
United Arab Emirates shopping mall developer Majid Al Futtaim has appointed HSBC and Standard Chartered to structure its planned sukuk program. http://arabia.msn.com/business/companies/af/2011/november/10402047/dubais-maf-picks-hsbc-sta.aspx
Nakheel has returned to the scene of the crime so to speak. As we have reported previously, the Dubai-based real estate company, which defaulted on a massive sukuk (Islamic bond) in 2009, is issuing a new sukuk now. Not surprisingly, investors are very skeptical; the brand new “bond” is already trading at a discount to [...]
Though the typically cheerleading article linked below doesn’t provide a detailed explanation (no surprise there), Moody’s has assigned a negative outlook on a major Islamic bond offering by a Shariah-compliant bank in the UAE, site of some of the most infamous sukuk defaults over the years… The outlook on FGB’s ratings is negative and therefore [...]
Returning to the Scene of the Crime: Nakheel settling claims
On July 1, 2011 · In Defaults, Dubai, Dubai Investment Group, Islamic Bonds, Nakheel, Shariah Bonds, SUKUK, UAE
Back in 2009, the Dubai real estate entity Nakheel was the biggest in a rash of defaults on Islamic bonds (also known as sukuk). Nakheel is still working to settle the claims of creditors two years later and wants to issue yet another sukuk as part of a settlement. And to top it all off, [...]
Gulf states are working towards the creation of a single Sharia board for the region’s Islamic financial institutions, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC’s Sharia committee and chairman of the Sharia Coordination Committee of the Islamic Financial Institutions in the UAE. Speaking at the launch of Hawkamah Institute’s policy brief on [...]
WikiLeaks: Financial support estimated at $100 million a year was making its way from Gulf Arab states to fund “holy war”; children recruited. Islamic charities from Saudi Arabia and the United Arab Emirates financed a network in Pakistan that recruited children as young as eight to wage Jihad. A US diplomatic cable published by WikiLeaks said financial [...]
Richard Thomas: Candidate for Dhimmi of the Year
On April 25, 2011 · In Dubai, Islamic Banking, Islamic Finance, Shariah Banking, Shariah Finance, UAE, United Kingdom
Islamic finance is gradually building momentum across the world and will likely lead the re-emergence of the global financial industry from the recent crisis. However, the industry needs a level playing field to achieve its potential, said Richard Thomas, Chief Executive of London-based Gatehouse Bank, in a recent interview with Gulf News. http://gulfnews.com/business/banking/islamic-finance-could-lead-banks-recovery-1.798592
The world’s first Shariah-compliant movie fund, which is set to film and produce its own Hollywood-style story of a UAE hero, has reached more than $40m in just four weeks, the fund’s manager has told Arabian Business. Funding for Antar: The Black Knight is expected to reach $85-90m by April, half of which will come [...]
The UAE Central Bank said on Sunday it had started issuing the country’s first Islamic certificates of deposits (ICDs) as part of a plan to create a new investment tool for Shariah-compliant banks in the country. The Central Bank said it held an auction to sell one-week and 12-month ICDs on Wednesday, adding that they [...]
Reuters continues to shill for Shariah, this time by whitewashing the role of women in Shariah Finance
On September 30, 2010 · In Emirates, Human Rights under Shariah, Islam, Islamic Banking, Islamic Finance, Islamic Law, Saudi Arabia, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah Law, Thomson Reuters, UAE, Women's Rights Under Shariah Law
Reuters published a curious article today which, like much of what the former news agency pens about Shariah Finance, reads more like a marketing piece than a news article. This time Reuters is celebrating the role of women in Shariah Finance, speculating that they could play a much larger role than they are now… Recent [...]
Despite the obvious spin in this news story, Ajman Bank, the first Shariah-Compliant bank in the emirate of Ajman, posted a loss during the first half of 2010. The “good” news is the loss wasn’t as big as their loss in the first half of 2009. http://www.emirates247.com/business/corporate/ajman-bank-losses-shrink-28-to-dh15-97m-in-h1-2010-08-04-1.274909?
Official zakat contributions doubled in the first half of the year to just more than Dh15 million, according to figures announced yesterday. Donations soared from less than Dh8m in the same period last year. The number of people contributing to the Zakat Fund, the government body that distributes alms revenue, also rose by 25 per cent. [...]
A big portion of certificates of deposits (CDs) issued by the UAE Central Bank is held by Shariah banks… Though the total CDs with the UAE Central Bank as at end-March 2010 amount to Dh68.5 billion, more than Dh20bn are held by Shariah banks which do not stand to get paid against that as Islamic [...]
The UAE Central Bank is said to be working on a Shariah-compliant liquidity window to help Islamic banks access their short-term funding needs. http://www.business24-7.ae/banking-finance/banking/uae-to-set-up-fund-for-islamic-banks-2010-06-30-1.261326?
The Ministry of Economy issued a law on the Islamic insurance system (Takaful) to regulate the work of Islamic insurance companies in the country. Under the new law, each insurance company should set up a Zakat fund in which zakat money would be deposited. http://gulfnews.com/business/general/law-to-regulate-islamic-insurance-1.647033
This article is from MoneyLaundering.com. It tends to overplay the amount of cooperation that the US is getting from the UAE in our opinion, but it also contains some good information. These particular lines are revealing of Dubai’s status as a financial rogue nation: “…every major” Dubai real estate project “has been, in part, financed [...]
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 [...]
Beleaguered UAE mortgage lender, Tamweel may be acquired by Dubai Islamic Bank, the UAE’s largest Shariah-compliant lender. http://www.kippreport.com/2010/06/dubai-islamic-bank-may-acquire-tamweel/?
In a move that certainly cannot be considered surprising, the United Arab Emirates’ central bank has announced the creation of a new certificate of deposit that will comply with Shariah. The move will allow Shariah banks access to liquidity instruments that heretofore have been unavailable because conventional CDs are inherently violative of Shariah prohibitions against [...]
Shaikh Mohammad Bin Rashid Al Maktoum, the man who rules Dubai, has issued a decree regulating the endowment sector’s (Waqf), income and expenses in compliance with Shariah laws. Endowment funds include educational Waqf endowment, Islamic Affairs Waqf, endowment fund for orphans and needy people, health endowment fund, social care fund, charity fund, and family endowment [...]
Sauds Continue to be at Center of Terror Financing
On May 7, 2010 · In Al Qaeda, Dubai, Jihad, Pakistan, Saudi Arabia, Terror, Terror Funding, terrorism, UAE, Yemen
A trial under way in Indonesia, the world’s most populous Muslim nation, of a Saudi Arabian accused of financing a militant group illustrates the challenges involved in shutting loopholes exploited by the terrorist factions and their shadowy facilitators on a global scale. Ali Abdullah is charged with providing 54 million rupiah — about $6,000 — to [...]
Sharjah Islamic Bank Donates Millions to Zakat in UAE
On April 12, 2010 · In Abu Dhabi, Islamic charities, Islamic Finance, Islamic Law, Shariah Finance, Terror Funding, UAE, Zakat
Sharjah Islamic Bank (SIB) has donated AED 5 million to the Abu Dhabi Zakat Fund. While there is no published evidence that the Abu Dhabi Zakat Fund supports Jihadist terrorism, there are two facts which make the combination of Shariah-Compliant Finance and zakat particularly worrisome in this case: 1. Shariah law lists “those fighting for [...]
Dubai Financial Market set to create Islamic benchmark
On April 1, 2010 · In Dubai, Islamic Finance, Islamic Index, Sharia Compliant, Sharia Products, Shariah Finance, UAE
The Dubai Financial Market (DFM) is planning to launch an Islamic index in the near future. While the purpose of this index is certainly a nefarious one, the promotion of Shariah Finance, it may also serve a helpful purpose. If the list of Shariah-compliant companies who make up the index are published (and they might [...]
A lottery by any other name…look closely at the photo. Do you think mom looks like her daughter? http://www.zawya.com/story.cfm/sidZAWYA20100317071017/National%20Bonds%20February%20millionaires%20committed%20to%20saving%20%20
To follow up a story we’ve already reported on twice, the UAE’s efforts to infiltrate Australia with Shariah Finance, we found an article which describes these activities vividly. Nearly two years ago, at an Economic Conference in Kuala Lumpur, Malaysia, several high ranking ministers from Islamic nations released a statement encouraging the “Islamic finance” industry [...]
Abu Dhabi Islamic Bank, the UAE second’s largest Shariah compliant bank, said yesterday that its board will consider allowing foreign investors to own stakes in the business. http://www.7days.ae/storydetails.php?id=90392%20%20%20%20&page=local%20news&title=ADIB%20mulls%20…
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