In the wake of last week’s horrific Jihadist terrorist attack in Boston, we have seen very little discussion as to the possible financial aspects of the Tsarnaev brothers’ Jihad. By all accounts, the Tsarnaevs were far from destitute. Yet there is no indication anywhere that they had jobs. They evidently had credit cards, so their transactions can [...]
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 [...]
US anti-money laundering enforcement and regulation in chaos?
On September 25, 2012 · In HSBC, Iran, Money Laundering, Shariah Finance, Terror Funding, Uncategorized
The article linked below paints a disturbing picture of the status of the US government’s efforts to combat money laundering, especially where it applies to Iran, the world’s foremost state sponsor of Jihadist terrorism. Note in the article that it is mentioned that Stuart Levey, the former Treasury Department official charged with counterterrorism duties, is [...]
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 [...]
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 [...]
…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
More Details on Funding for the Taliban
On April 24, 2012 · In Afghanistan, Al Qaeda, Hawala, Islamic charities, Jihad, Jihadist Groups/Individuals, Money Laundering, Taliban, Terror Funding, Uncategorized, Zakat
Not long ago we mentioned that the Taliban had gone online to raise money for their violent Jihadi activities. In that same post we mentioned that US intelligence sources had indicated that most of the Taliban’s financing sources remained intact since US forces engineered their overthrow way back in 2001. This continued financing provides one [...]
The report below is cause for concern. Philippine officials have fallen into the trap of dealing with the Islamic Development Bank (IDB) based out of Saudi Arabia. IDB is a gargantuan institution dominated by Saudi Arabia and based out of Jeddah, which is the most important non-holy city in that country, much more important than [...]
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 [...]
Standard & Poor’s Ratings Services assigned its ‘BB+’ long-term foreign currency issue rating to the proposed issue of benchmark-sized global Sukuk trust certificates by Perusahaan Penerbit SBSN Indonesia II, a fully-owned special purpose vehicle of the Republic of Indonesia. According to S&P’s ratings scale, BB is below investment grade and thus termed “junk.” http://cpifinancial.net/v2/News.aspx?v=1&aid=9719&sec=Islamic%20Finance
Money Jihad: Hamas still raising money in Sudan
On October 8, 2011 · In Hamas, Islamic charities, Sudan, Terror, Terror Funding, terrorism, Uncategorized, Zakat
The State Department’s new “2010″ report on global terrorism revealed that “Sudanese officials continued to view Hamas members as representatives of the Palestinian Authority. Hamas members conducted fundraising in Sudan. Sudan hosts “centers for raising funds and Islamic Social Unions (Marakiz li-Jam’ al-Tabarru’at wa-Ittihadat Ijtima’iyyah Islamiyya)” and “Pro-HAMAS financial activity in Africa is centred in Sudan through the [...]
Linked at the bottom of this post is a video that most sober folks will probably find strange. The six minute and forty-five second video is largely an anti-Jewish rant, but it is also something else. It is a sermon delivered by a Muslim Imam. In fact it is a segment of a sermon entitled [...]
Another Apologist Attempts to Rewrite History for Cat Stevens
On August 11, 2011 · In Al Qaeda, Bin Laden, Fatwa, Islamic charities, ISRA, Jihad, Qaradawi, Sudan, Terror, Terror Funding, terrorism, Uncategorized, Zakat
Most of SFW’s readers probably know who Cat Stevens is. He was a folk singer who converted to Islam in the late 1970s and changed his name to Yusuf Islam. At the time of his conversion, he swore off his music and devoted himself to his new-found faith. A few years later he found himself [...]
Each new day brings another story over the seeming clash of civilizations in Nigeria. Though it has not been reported separately and is not the primary subject of the article linked below, evidently, an organization calling itself the Supreme Council for Sharia in Nigeria has threatened to start a war if Nigeria does not adopt [...]
Luxembourg Puts Sukuk on Hold
On May 13, 2011 · In Islamic Bonds, Islamic Finance, Luxembourg, Shariah Bonds, Shariah Finance, SUKUK, Uncategorized
The tiny European/NATO nation Luxembourg is one of the wealthiest small nations on earth. As you probably expected, Middle Eastern petro-wealth has found its way into influencing Luxembourg’s policies. This includes pressure on the country to issue a sukuk (Islamic bond) for its sovereign debt. This week, Luxembourg decided not to issue a sukuk. We [...]
Al Qaeda called a ‘money making machine’ by British official–that’s not even HALF the story
On March 17, 2011 · In Al Qaeda, Hamas, Hezbollah, Islamic charities, Islamic Finance, Islamic schools, Jihad, madrassas, Money Laundering, Salafism, Saudi Arabia, Sharia Compliant, Shariah Finance, Taliban, Terror Funding, terrorism, Uncategorized, Wahhabism, Zakat
The article below from The Telegraph in Great Britain quotes a British Foreign Office director as describing Al Qaeda as a “money making machine,” due to Al Qaeda in the Islamic Maghreb’s practice of ransoming hostages for money. Evidently, Italy, Spain, Austria and Switzerland have all paid such ransoms to the Jihadist terrorist organization. This [...]
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 [...]
Kiplinger Shills for Shariah
On October 18, 2010 · In Amana Funds, Islamic Equity Funds, Islamic Finance, Islamic Law, Shariah Finance, Shariah Law, Uncategorized
It is usually a mistake to write about something you know nothing about. This is advice that Janet Bodnar of Kiplinger’s Personal Finance should follow. In a new column, she decided to praise the Amana group of mutual funds for adhering to Islamic law. We assume that Ms. Bodnar knows nothing about “Islamic law,” properly [...]
Qatar Islamic Bank, the leading Shariah-compliant financial institution in Qatar and owner of the largest Shariah-compliant banking network in the world, has been chosen as the Bank of the Year by the Arabian Business Awards. We at SFW are certainly not celebrating this occasion, but we bring it up for a very good reason. Though [...]
The technical issues which caused the Shariah Finance Watch blog to experience extended outages have been cleared up. We will resume posting on the original Shariah Finance Watch site immediately. Thank you very much for your patience.
As many of our readers have pointed out, ShariahFinanceWatch.org has experienced massive, crippling technical problems over the past several weeks. These technical issues have left the site inaccessible for long periods of time and have also made it exceedingly difficult to update the site and post new stories in a timely manner. The cause of [...]
The Economist Lashes Out on the Ground Zero Mosque
On August 20, 2010 · In Christianity and Islam, Creeping Shariah, Da'Wah, Ground Zero Mosque, Islam, Islamic Law, Jihad, Muslim Brotherhood, Polygamy, Salafism, Saudi Arabia, Shariah Law, Spain, stealth jihad, U.S. Policymakers, Uncategorized, United Kingdom, USA
The Economist has run what amounts to a poorly researched hit piece criticizing opponents of the Ground Zero mosque. This isn’t strictly a financial matter and we usually try to limit our scope to issues surrounding finance here on SFW, however, because The Economist has been such a shameful shill for Shariah Compliant Finance in [...]
Dubai Islamic Bank reported a 33-percent drop in quarterly profit on Sunday . Dubai Islamic Bank is Dubai’s third largest bank. http://www.arabianbusiness.com/594931-dubai-islamic-bank-q2-profit-falls-33
Relief workers in Pakistan say that Islamist charities affiliated with terrorist groups are competing with international efforts to provide relief to the millions of Pakistanis affected by massive floods. This is a concern, because it is believed that the funding for the infamous Mumbai terrorist attacks by Lashkar-e-Taiba may have come from funds donated for [...]
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?
HSBC Hiring Heavily for its Shariah-Compliant Division
On August 3, 2010 · In HSBC, Islamic Banking, Islamic charities, Islamic Finance, Shariah Banking, Shariah Finance, Uncategorized, Usmani, Zakat
HSBC is planning to add 1,000 staff members in its Personal Financial Services unit to support its growing Shariah-Compliant banking unit, Amanah. HSBC Amanah is already the largest Shariah-Compliant Bank in the Western world and it came under a great deal of scrutiny when it was revealed that its then-chairman of its Global Shariah Supervisory [...]
Abdul Kadir, a former member of parliament in Guyana, claims that he was only pretending to go along with the terror plot because he hoped the other terrorists would introduce him to rich Muslims whom he could hit up for money to build a mosque back in Guyana. http://gothamist.com/2010/07/21/alleged_jfk_bomber_says_he_just_wan.php
Growth in Islamic financing in the U.K. has been hampered by an economic slump and what Moody’s Investors Service describes as a lack of government support. With so many financial jihadists claiming that Shariah-Compliance provides insulation against economic downturns, one is left wondering how the recession could possibly be hampering Shariah banking??? Perhaps the real [...]
As Dean of Harvard Law School, Elena Kagan banned military recruiters from campus because US law said they couldn’t enlist homosexuals. Well, she invited the Saudi’s “recruiters” to promote their legal code–Shariah– which calls for homosexuals to be murdered and women to be treated like animals. If Kagan tolerates promoting the injustice of Shariah law [...]
A former US lawmaker pleaded guilty Wednesday to obstruction of justice and working as an unregistered agent for a foreign charity linked to global terrorism. Mark Deli Siljander, 59, a former US representative from Michigan, pleaded guilty to charges contained in a 2008 indictment related to his work for the Islamic American Relief Agency (IARA) [...]
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