In a new report entitled “Islamic Finance in North America 2009,” a consortium of lawyers, public relations professionals and various participants in the financial services industry is predicting that North America is the next growth market for Shariah-Compliant Finance.
Among those who would like to inflict this malady on North America are Yasaar Media, Codexa Capital, UM Financial Group, King & Spalding, and Doha Islamic Bank.
Codexa Capital is an investment banking firm with the rather descriptive slogan: “Connecting Wall Street with the Islamic Crescent.”
UM Financial is a Canadian Shariah-compliant financial firm. They are especially noteworthy in that they do not disclose the members of their Shariah advisory board…hmmm.
Doha Islamic is a big Shariah firm out of the UAE.
Yasaar Media is a p.r. firm specifically specializing in Shariah finance.
And last, but not least, we come to King & Spalding. King & Spalding is a huge international law firm. We say huge, but they are actually getting smaller, having reportedly laid off 37 lawyers and 85 staff over the summer. For a firm as up to its rear end in Shariah finance as King & Spalding, one would think that they would be in better shape. After all, according to the promoters of Shariah finance, it is virtually immune to the effects of the economic downturn. I guess there’s more to that story than they want you to know.
Keep these firms in mind and keep an eye out for them when making personal investment and legal decisions. They are promoting the enemy’s threat doctrine.