U.S. Combat Veterans Sue Big Banks for Facilitating Iranian Terrorism
More than 80 wounded U.S. combat veterans and their families have filed suit against several of the world’s largest banks, which they accuse of facilitating financial transfers on behalf of Iran that directly led to the killing and wounding of U.S. troops in Iraq. More than 200 plaintiffs have signed onto the suit, which targets some of […]
Property & Casualty insurance giant AIG has signed up to provide backing for a Shariah-compliant commercial insurance business, the carrier announced on 23 October. AIG will provide the capital through Cobalt Underwriting, which is looking to increase its capacity for Shariah-compliant property, casualty and financial lines. AIG received US taxpayer funds in the financial crisis of […]
Barclays Plc will sell its retail banking business in the United Arab Emirates to Abu Dhabi Islamic Bank PJSC $177 million. Barclays joins Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, and Lloyds Banking Group Plc in exiting consumer and commercial-banking business in the U.A.E. http://www.businessweek.com/news/2014-04-06/barclays-to-sell-u-dot-a-dot-e-dot-retail-banking-to-abu-dhabi-islamic-bank
Wikileaks: Popular Somali Money Transfer Mechanism Used to Fund Al Qaeda
According to Wikileaks documents, the popular Somali money transfer firm, Dahabshiil, has been used to provide money for jihad. The WikiLeaks release of the files of detainees of the US’s Guantanamo Bay detention facility suggested Dahabshiil was the money transfer method used by Muhammad Sulayman Barre to fund al-Qaeda’s November 2002 attacks in Mombasa, Kenya. Partially […]
America’s First Shariah-Compliant Bankruptcy
In New York, Judge Sean Lane approved Arcapita Bank’s $175 million bankruptcy loan from Goldman Sachs to pull the bankrupt Shariah-compliant entity out of receivership… There is some debate as to whether the arrangement is actually Shariah-compliant, but Arcapita’s Shariah advisory board have declared the arrangement Shariah-compliant so that’s all it takes. (Talk about a […]
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 […]
For some time London officials and UK finance community executives have expressed the intention of making London the capital of Shariah-compliant finance in the West. Now they are taking their aims to a whole new level as they contemplate pushing for the United Kingdom to issue sovereign debt in the form of Shariah-compliant bonds, known […]
Bloomberg, a leader in financial news and information, continued to demonstrate its commitment to the barbaric, medieval code of Shariah with its announcement of a new Sukuk (Shariah-compliant bond) index in Malaysia. The timing of this is especially ironic given the fact that Bloomberg depends on freedom of speech, freedom of the press and free […]
Does Your Financial Institution Participate in Shariah Compliant Finance?
The most common requests we receive here at SFW are questions as to whether banks or brokerage houses “are Shariah-compliant?” As a result of these numerous inquiries, for the past several weeks, we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance. […]
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
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
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 […]
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 […]
A firm called Ethical Asset Management in the UK is launching a Sukuk fund for individual investors. This is fairly unremarkable, but the designation “ethical” is worth commenting on. Ethical is a subjective term. To most Westerners, there is little or nothing ethical about Shariah. On the contrary, many of the tenets of Shariah are […]
The most prominent weapon in the financial jihadists’ arsenal is the sukuk, also known as the Islamic bond. Sukuk have taken off like wildfire in the Islamic world and they are being pushed out hard to the non-Muslim world. South Korea, the Philippines and Thailand are just three nations that have come under intense pressure […]
The Islamic Development Bank, a Saudi-dominated financial proselytizing organization, is planning to launch a dollar-denominated sukuk, or Islamic bond. There are some key Western banks which are helping with this process and we thought that SFW readers may be interested in knowing who they are: BNP Paribas SA Deutsche Bank AG HSBC Holdings PLC Standard […]
American Jewish Committee Shills for Shariah in AIG Case
It pains us to have to post this article, but this is one of the most misguided examples of bad policy that we have ever come across. The American Jewish Committee (AJC) has sided with the Treasury Department and against the Thomas More Law Center in the AIG suit, which seeks to address the fact […]
The concept of insurance in Islam is a relatively new one. Conventional insurance contracts have been considered haram (unislamic). As a result, the financial jihadists concocted their new form of Shariah-compliant insurance, known as takaful. Despite their efforts, takaful has yet to gain wide acceptance in the Islamic world. As the article below details, the […]
BigPeace.com has an important article posted that details how Shariah-compliant Arcapita bank has sponsored a PBS-produced movie called Cities of Light. The movie glamorizes the Muslim Jihad that occupied the Iberian peninsula (modern-day Spain and Portugal). This movie will be premiered at, of all places, the Virginia Military Institute. Arcapita employs Mufti Taqi Usmani as […]
For some time now, SFW has documented the involvement of the financial media conglomerate Bloomberg in the Shariah-Compliant Finance industry. We have an archive of over 30 articles on the subject: https://shariahfinancewatch.org/category/bloomberg/ Last week, with great fanfare, Bloomberg announced the release of its new “comprehensive Islamic finance platform,” which firmly places Bloomberg at the forefront […]
New York-based AIG is looking to tap in to the $4 billion Shariah-compliant insurance, or takaful, market in Malaysia. AIG formed a joint venture with Alliance Bank Malaysia Bhd in January, four months after winning a licence from Malaysia’s central bank. There are 10 Shariah-compliant insurance companies in Malaysia, with US-taxpayer owned AIG owning two, […]
Qatar Moves to Shut Down Shariah-Compliant Divisions of International Banks
Hat tip to Creeping Sharia for this find… For years now SFW has warned big Western banks like HSBC, Standard Chartered and Barclays about the perils of dabbling in Shariah-Compliant Finance. Each of these banks, but HSBC in particular, has happily jumped in bed with the financial jihadists to get their piece of the Shariah-Compliant […]
Federal Judge Upholds Government Funding of Shariah Law
Last week, Judge Lawrence P. Zatkoff, a federal district court judge in Michigan, dismissed a constitutional challenge to the U.S. Government’s bailout of AIG, which used over a hundred million dollars in federal tax money to support Islamic religious indoctrination through the funding and promotion of Sharia-compliant financing (SCF). http://nation.foxnews.com/justice/2011/01/20/federal-judge-upholds-government-funding-sharia-law
Judicial Watch Sues Mayor Bloomberg for Records On Ground Zero Mosque
Attorneys for a public interest group that investigates and prosecutes government corruption filed a petition on Thursday with the New York State Supreme Court to compel New York City Mayor Michael Bloomberg’s office to comply with a Freedom of Information Law (FOIL) request regarding contacts between the Mayor’s office, Ground Zero Mosque Imam Feisal Abdul Rauf, and […]
Buried in the story linked below from Bloomberg news is the revelation that 2010 global sales of Sukuk are way below 2009 levels and even slightly below 2008 levels: Global sales of sukuk fell 29 percent to $13.7 billion so far this year from the same period in 2009, according to data compiled by Bloomberg. […]
Euromoney.com is once again giving out awards for compliance to the financial wing of the barbaric, medieval doctrine known as Shariah. They have a whole host of awards to dole out (no fewer than 19 awards in the field of “Islamic” finance), which probably indicates that these awards are a convoluted effort to drum up […]
Incumbent Ohio treasurer Kevin Boyce has handed control of his office over to his top staffer, Deputy Treasurer Amer Ahmad, who has a habit of hanging around people who are well-known for ties to Islamic radicals and terrorists. Ahmad does so in his professional capacity, as well as in his personal life, choosing to attend an […]
Kiplinger Shills for Shariah
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 […]
“Particularly since the meltdown of the western capitalist system, there has been an increasingly large focus on the virtues of Islamic finance. Today, there is no one single provider of information that caters to the Islamic finance market. So by Bloomberg being here, we are in the process of building out an Islamic finance product. […]
Barclays Capital, the investment banking arm of London-based Barclays Plc, is offering Shariah- compliant repurchase agreements to allow Islamic banks and investors manage their funds. Barclays introduced the product worldwide two weeks ago and is focusing on clients in Malaysia and the Middle East. http://www.businessweek.com/news/2010-08-18/barclays-capital-offers-islamic-repos-in-1-trillion-market.html
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