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 to issue sukuk for their sovereign debt.
It’s only a matter of time until Western nations begin issuing sukuk in deference to the petrodollar rich money masters in the Persian Gulf region.
Of course, Islamic nations have turned completely to sukuk to issue sovereign debt. Bahrain is the latest example, with a $1 billion sukuk issue. And instead of turning to Shariah banks in the Islamic world to handle the sale of the sukuk, they have turned to huge Western banks. This is no doubt to influence these politically powerful financial entities to pave the way for sukuk offerings by Western nations and companies.
BNP Paribas of France, Citigroup of the USA and Standard Chartered of the UK are all facilitating Bahrain’s sukuk offering. SFW readers may wish to consider these activities when you decide which banks you do business with.