Here we have more evidence that Shariah-Compliant Finance is the opposite of free enterprise and market capitalism. Banks in the UAE want to create a central Shariah board to govern the entire industry… The United Arab Emirates’ bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, […]
As they say, a picture is worth a thousand words. A color-coded map may be even more useful. In this case, we’d say so anyway. The map shown here was created with data from the IFSB–the Islamic Financial Services Board. As you can see, there are some regions that stand out in terms of the prominence […]
One side-effect of the British government’s embrace of Shariah-compliant Finance has been the marketing of Shariah-compliant products to non-Muslims. …this niche section of banking has seen an upsurge in popularity – and not just among Muslims. Islamic financial products conform to the ethics laid out by Muslim teachings. It’s possible to find Islamic savings accounts, […]
Kuveyt Turk Bank is preparing to open its German branch on July 1, making it the first sharia-compliant bank in a European country… http://www.ummid.com/news/2015/May/01.06.2015/germany-islami-bank.html
Few things illustrate the United Kingdom’s thorough infiltration by Shariah than a real estate deal for an industrial park in the UK financed by a British Shariah bank… http://www.islamicfinance.com/2015/04/uk-industrial-estate-secures-sharia-compliant-investment-17-92-million/
In Africa, where we have seen increasing conflict between Jihadists and Christian populations, Christian leaders are beginning to object to the influence of Shariah banking… The decision by the World Bank Group to push for Islamic banking as a more sustainable alternative to conventional banking practices has met opposition from some Christian leaders, who argue […]
“…Ernst & Young forecasts global Islamic banking assets to almost double in the four years through 2018 to $3.4 trillion …” http://businessweekme.com/Bloomberg/newsmid/190/newsid/573
Anyone who tries to draw a distinction between Shariah-Compliant Finance and Shariah itself is either ignorant or dishonest. This was driven home recently in Kenya where Kenya Commercial Bank launched a new Shariah-compliant banking product at which female journalists report that they were compelled to observe Shariah customs, including dress codes. Not surprisingly, the bank denies […]
The financial jihad is spreading to one of the most Westernized Islamic nations, Morocco… Abdul Latif Aljwahiri, the governor of Bank-Al-Maghrib, Morocco’s central bank, has announced on Tuesday that the country’s first financial institution fully compliant with the principles of the Islamic Sharia (law) will open in 2016. http://www.moroccoworldnews.com/2015/03/154760/first-moroccan-islamic-bank-open-2016-official/
Bank of England Shills for Shariah and Bitcoin
What do Bitcoin and Sharia have in common? The Bank of England. Concerted efforts to embrace new areas of finance such as these are uncommon, and the move regarding digital currencies is seemingly being taken in tandem with other schemes. The UK under-secretary of state for foreign and commonwealth affairs, Tobias Ellwood, said at the […]
This incident is part of the continued conflict between the Gulenist movement and the Erdogan regime… Turkey has struggled to leave a mark during its first few months of leadership of the Group of 20 (G-20), the world’s most economically developed countries, amid midnight police raids on the country’s largest Islamic bank, administrative pressure on […]
Western Sanctions Said to be Pushing Russian Banks to Shariah
Russian banks are developing expertise in Shariah finance in an effort to diversify funding sources for local firms. Russia’s Shariah banking sector is still in its infancy. However an estimated 20 million Muslims living in the country are a potential source of money, as are cash-rich Islamic nations abroad. http://www.thehindubusinessline.com/news/international/facing-sanctions-russian-banks-look-to-build-islamic-finance-knowhow/article6874069.ece
Back when the Muslim Brotherhood had taken control of Egypt, things looked bright for Shariah finance and Shariah banking in the country. But when the Ikhwan was overthrown in a massive popular uprising, the outlook turned south as the new government seems dedicated to maintaining some secular values. Despite this reality, there are still propaganda pieces […]
The financial jihadists continue to aggressively promote Shariah finance outside of the Islamic world… Dubai Islamic Bank mandated HSBC and Standard Chartered Bank as Joint Structuring Banks and Al Hilal Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank and Standard Chartered Bank as Joint Lead […]
The Financial Jihad Spreads to Zambia
Shariah is expanding its dominance from Australia to Zambia…A to Z… Bank of Zambia Governor, Dr Michael Gondwe, this morning officially launched the Islamic Finance Guidelines in Zambia at the Radisson Blu Hotel. Dr Michael Gondwe described the launch as a landmark achievement in the history of banking in Zambia. He urged financial service providers to put in place […]
More civilization suicide. This is a classic case of an elected government selling out against the interests of its own people. Canada’s Conservative government is supporting Islamic banking conferences in the Persian Gulf, with many Canadians hoping it comes to Canada. Worth $1 trillion in assets, Islamic banking is being lauded by British Prime Minister […]
Faced with Crisis, Russian Banks Jump To Shariah
Russian lenders are stepping up efforts to tap Islamic finance as international sanctions and a slump in oil prices push the world’s biggest energy exporter to the brink of a recession. Vnesheconombank, Russia’s state development bank, is seeking advice from lenders in the Middle East on how to sell its first Islamic bonds, the RIA Novosti state-news service reported […]
Kuwait Finance House Continues Spread of Shariah Finance in Turkey
Kuwait Finance House (KFH) continues to facilitate the spread of Shariah finance in Turkey. They just inked a new $350 million banking and mortgage deal through their Turkish affiliate. Turkey continues to drift toward Islamization and away from the rest of NATO… http://ameinfo.com/blog/finance-and-economy/kfh-announces-successful-conclusion-350m-syndicated-club-murabaha-facility-kfh-turkey/
The Shariah finance industry has been working hard to make inroads in East Africa. There are obstacles to this quest, including the fact that many businesses in the region don’t qualify as Shariah-compliant. The article linked below provides a vague, but not totally useless, guide to what might disqualify a business from being Shariah-compliant… http://www.businessdailyafrica.com/Why-top-exchange-stocks-are-unfit-for-Sharia-investment/-/539552/2550348/-/5b16swz/-/index.html […]
While conducting online research we came across this page featuring a series of propaganda videos on Shariah-compliant finance. Note in particular that some of the personalities featured in these videos are truly “useful idiots”–non-Muslim executives shilling for the enemy threat doctrine… http://www.quazoo.com/q/Sharia%20investment?tab=videos
The Bahrain-based International Islamic Financial Market purports to be a Shariah finance industry entity designed to impose industry-wide standards on the Shariah-compliant finance industry. That may or may not be true. They sure have a slick web site. But when you drill down on their web site, you find some troubling aspects of the organization, its […]
Shariah banking could become a world norm in the near future as demand continues to grow in the Middle East and parts of Asia and Europe. That’s the word from experts who are sharing their predictions at the World Islamic Economic Forum in Dubai. http://www.dubaieye1038.com/islamic-finance-soon-become-norm-experts-predict/
Shariah financial imperialism continues to prey upon the less fortunate as well as the greedy. In this case, it is largely the less fortunate… More than 200 conventioneers in the international Shariah-compliant banking and finance industry will be gathering on the 4th & 5th of November 2014 at the Djibouti Palace Kempinski for the 3rd Annual Islamic Banking Summit Africa […]
Dr. Abdul Halim Bin Ismail, described as a veteran of the Shariah banking industry, was one of the featured speakers at this weeks World Islamic Economic Forum in Dubai. In his speech he called on the sector to prioritize charity according to Shariah law: Islamic finance sector must address the current lack of focus in […]
It comes as no surprise that Shariah banking is gaining ground in Turkey. After all, the Erdogan regime is an outright Islamist regime that supports HAMAS Jihadists and turned a blind eye for years to Jihadis passing through its territory to join ISIS/ISIL… Turkey’s government has moved to expand Islamic banking by inviting public banks into the […]
Generally speaking, in the civilized world anyway, when one goes to the bank to get cash, one can depend on that cash being authentic. With one Shariah bank in Bangladesh, not so much… Fake Notes Distributed by Islami Bank Garments company Lumbini Ltd withdrew Tk50 crores to pay its employee-salary from Bandarban Islami Bank on […]
Turkey’s Burgan Bank’s ratings “are constrained by tight liquidity and high dependence on interbank funding, weakening capital ratios, high gross exposure to Forex-denominated assets and liabilities and net losses reported in two successive years, owing largely to a high cost structure.” The FSR Outlook was lowered to ‘Negative’ from ‘Stable.’ http://www.cpifinancial.net/news/post/28260/ci-affirms-ratings-of-burgan-bank-turkey-fsr-outlook-lowered-to-negative
Shariah bond programs from a trio of big conventional banks are set to expand the boundaries of Shariah finance, helping open the market to first-time issuers while testing the banks’ ability to win over industry purists. Since June, France’s Societe Generale, Bank of Tokyo-Mitsubishi UFJ (BTMU) and Goldman Sachs have set up such sukuk programs, aiming to […]
SWIFT, the Society for Worldwide Interbank Financial Telecommunication, in collaboration with The Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Islamic financial community, has announced that it will launch a new rulebook for the usage of SWIFT MT messages for Islamic finance. http://www.finextra.com/news/announcement.aspx?pressreleaseid=56622&topic=payments
It’s no secret that there is an intense rivalry brewing in Turkey between Prime Minister Erdogan and followers of the shadowy Islamist philosopher Fethullah Gulen. Now, apparently as part of that rivalry, government regulators are targeting the Gulenist bank, Bank Asya, one of Turkey’s largest Shariah-compliant banks… http://online.wsj.com/articles/turkey-risks-setting-dangerous-precedent-says-bank-asya-ceo-1410265889?tesla=y&mg=reno64-wsj&url=http://online.wsj.com/article/SB10001424052970203523604580143520692111124.html
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