An accountant who confessed to supporting Al Qaeda with money and supplies has been sentenced to 18 years in prison, a sentence we consider ridiculously light for such a crime. Sabirhan Hasanoff, 37, who holds dual citizenship in the US and Australia, was sentenced in Manhattan federal court, where he pleaded guilty last year to […]
A New York accountant accused by U.S. authorities of helping al Qaeda with computer systems pleaded guilty on Monday in federal court to terrorism-related charges. Sabirhan Hasanoff, 36, a dual U.S. and Australian citizen who owns a home in Brooklyn, New York, was arrested in April 2010 and charged with conspiracy to provide material support […]
It is widely known that much of the funding for Jihadist terrorist organizations, such as Al Qaeda, Hamas, Abu Sayyef and Jemaah Islamiyah come from private donations to Islamic charities through zakat payments, a system of tithing in Islam. The Saudi government claims that they are virtually powerless to stop this activity, something that makes […]
KPMG holds training on Shariah finance in Oman
KPMG, a leading international firm offering audit, tax, and advisory services recently organised a training at Crowne Plaza Hotel, Muscat, Oman on Shariah-compliant finance products and their accounting treatment. The objective of the training was to educate participants about the characteristics of various Sharia compliant financial products and how to deal with their accounting issues. […]
Promoters of Shariah Compliant Finance have often exaggerated and even fabricated the benefits of Shariah-Compliant Finance. They have declared it “ethical” despite all of the sukuk defaults, the zakat money finding its way into terrorist hands and the large shariah-compliant financial institutions that have even been sanctioned due to their ties to terrorism. Sometimes, the […]
Accountants play a vital role in the world of finance. They are supposed to be the unbiased analysts and observers of data who help keep the rest of us from making egregious mistakes either based on emotion or because we simply lack the sophistication to decipher the numbers to fully understand a financial arrangement. Unfortunately, […]
There can be no doubt that, unfortunately, the Shariah Finance industry is growing. Of course, just like the article linked below, the industry uses dishonest methods to promote itself, such as claiming–falsely, that “Islamic” finance is insulated from economic and financial crisis. Nevertheless, industry insiders predict that the market for Shariah-Compliant products and services will […]
Oxford Analytica Continues to Shill for Shariah
The economic consultancy Oxford Analytica has frequently used its space on Forbes.com to promote Shariah-Compliant Finance. We have pointed this out on SFW in the past: https://shariahfinancewatch.org/?s=Oxford+Analytica Oxford Analytica has taken yet another step to promote financial jihad with an article on Forbes.com. This new article is so overrun with troubling and disturbing aspects that […]
PricewaterhouseCoopers Appoints Shariah Finance Director
PricewaterhouseCoopers has appointed Takaful expert Mohammad Khan as its new Islamic finance director in the United Kingdom. Since PricewaterhouseCoopers does a great deal of business around the world, SFW readers may be particularly interested in their prominent role in promoting Shariah and may wish to take these activities into consideration when making their personal and […]
Deloitte & Touche to establish Shariah Finance center in Bahrain
Consulting giant Deloitte has opted to site its new Islamic Finance Knowledge Centre (IFKC) in Bahrain. http://www.arabianbusiness.com/581062-deloitte-to-base-islamic-finance-centre-in-bahrain
AAOIFI moves to seize control of Shariah Finance
In a move that is being hailed by the Western financial media as a positive development, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a series of standards and procedures for Shariah-Compliance. http://www.reuters.com/article/idUSLDE60J0WF20100120?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401 It is hoped that the AAOIFI will “harmonize” standards across the industry. If only Western journalists had bothered […]
Deloitte Touche Tohmatsu (DTT) today announced the appointment of Daud Vicary Abdullah as DTT Global Leader of the Islamic Finance Industry group. In this role, Vicary Abdullah will oversee the overall strategy and development of DTT’s Global Islamic Finance Industry group, and provide guidance to member firms on governments, corporations, and financial institutions related to […]
Skills shortage fear for Islamic finance
A shortage of expertise and a lack of regulatory harmonisation among Shariah principles are the biggest obstacles for growth in the Islamic finance sector, according to a new report published by the British accounting firm, BDO. Unfortunately, most of the executives in the Islamic finance sector still see it growing by as much as 20% […]
Video: Opportunities in Islamic finance
Add PricewaterhouseCoopers to the list of Western financial firms that are performing missionary work on behalf of the Islamists by promoting Shariah Finance…the link below will take you to a fluff piece poorly disguised as journalism at the Accountancy Age web site… http://www.accountancyage.com/accountancyage/video/2251893/video-opportunities-islamic?
AAOIFI to keep tabs on Shariah products
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) plans to monitor Islamic finance products. AAOIFI “will screen products and services offered by the industry for Shariah compliance.” AAOIFI describes itself as an autonomous corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry. AAOIFI would […]
At a meeting of 400 “leaders” of the Shariah-Compliant Finance industry, in his opening address, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) secretary general Dr Mohammed Nedal Alchaar said that there exists the need to remove “irrational fear from the market investors and counterparties through enhancing disclosure of financial information.” Increased disclosure and transparency […]
Readers of SFW may recall that we have been closely watching University Islamic Bank in Ann Arbor, Michigan: https://shariahfinancewatch.org/category/university-islamic-bank/ We have always been troubled by many aspects of Shariah-Compliant Banking and Finance and we were taken aback by the attitudes expressed by the President of the bank, Stephen Ranzini. We addressed all of those issues […]
Add Deloitte to the list of those promoting Shariah
The article linked below has two important aspects that those who want to prevent Shariah infiltration should be concerned about. Deloitte sees growth in Shariah-Compliant Finance because of growing interest from non-Islamic markets. The article specifically names Japan and South Korea, where there are few if any Muslims. This is a very important point because […]
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