Just a few days ago, the Kuwaiti News Agency (KUNA) was proclaiming that Islamic banking was thriving in Lebanon.
It appears that all is not actually so great in Lebanon when it comes to Islamic finance, but we won’t hold our breath waiting for KUNA to report this story.
It seems Hezbollah has gotten its reputation sullied amongst the faithful for its close ties to a scam artist.
Salah Ezzedine has been running a investment swindle in Lebanon and bilking investors out of their money. Ezzedine capitalized on his close and well-known ties to the Jihadist terrorist organization Hezbollah (Party of God), a puppet arm of the Iranian Islamic Revolutionary Guard Corps.
Although you have to get about 3/4 of the way through the Washington Post article linked below to even see it mentioned, a big part of Ezzedine’s pitch was that his services were “compatible with Islamic banking principles.” In other words, Shariah-Compliant. So much for “ethical” and “moral” investing being inherent in Shariah Finance.
Read more about the scandal from The Washington Post: