From the New York Times via Jihad Watch: Attorney General Andrew M. Cuomo should not investigate the financing of the proposed Islamic community center near ground zero, Mayor Michael R. Bloomberg said on Tuesday, reiterating his support for the project. “I think it’s a terrible precedent,” he said. “You don’t want them investigating donations to […]
New dots are emerging from the probe into who’s behind the Ground Zero mosque, and the radical Muslim Brotherhood is coming into view. While a couple of U.S. nonprofits — the Cordoba Initiative and its sister, the American Society for Muslim Advancement — are coordinating the New York project, they hardly give the full picture. […]
Saudi Arabia’s Islamic Development Bank (IDB), a financial institution with the mission of proselytizing Wahhabi Islam through financial influence, is to issue a $1 billion Sukuk (Islamic Bond) to finance its dawa’h operations… http://www.bloomberg.com/news/2010-08-24/islamic-development-bank-to-sell-1-billion-sukuk-for-development-projects.html?
The Islamic Center of Murfreesboro, Tennessee plans to build a 52,000 square foot mosque–in an area without a large Muslim population. This has local residents quite concerned. Now, in the latest development in this affair, which has been overshadowed by the Ground Zero mosque controversy, the Islamic Center of Murfreesboro has issued a nationwide plea […]
The Economist Lashes Out on the Ground Zero Mosque
The Economist has run what amounts to a poorly researched hit piece criticizing opponents of the Ground Zero mosque. This isn’t strictly a financial matter and we usually try to limit our scope to issues surrounding finance here on SFW, however, because The Economist has been such a shameful shill for Shariah Compliant Finance in […]
PricewaterhouseCoopers Bermuda partner Colm Homan is confident that Shariah finance business between Bahrain and Bermuda can be up and running within 12 months. His firm recently carried out a study into the potential for Islamic finance in Bermuda and concluded that the market for Shariah-compliant products was very good. This begs the question: Why introduce […]
Financial Jihadists Continue Missionary Operations in Kenya
The African nation of Kenya has a Muslim population that makes up about 15% of its citizenry. Nevertheless, elements from the Islamic world, particularly the Gulf nations, have targeted Kenya for Shariah Compliant Finance… http://www.africancapitalmarketsnews.com/454/sharia-compliant-finance-grows-in-kenya/
Note that while the US tries to convince Russia to support sanctions against Iran over its nuclear weapons program, Russia continues to stay cozy with the Ayatollahs. In this case, Russia is holding an outreach conference aimed at the Muslim world. Shariah-Compliant Finance has been creeping into Russia and the robber barons there are welcoming […]
The Washington Post is reporting that Washington DC public school students are being instructed in Arabic and participating in a cultural exchange program that is being sponsored by the Qatar Foundation International, an organization with ties to the Youssef Qaradawi, a Shariah scholar who has been banned from traveling to the US or the UK […]
The central banks of Bahrain and the United Arab Emirates have called for “reform” of Shariah-Compliant Finance. But their idea of reform simply means more coordination and industry-wide standards by Shariah scholars (men like Sheikh al-Qaradawi and Mufti Usmani), not true reform. No where in their call for reform will you find increased transparency and […]
North Jersey Federal Credit Union has designed a Shariah-Compliant banking division. Through a partnership with New England Financial, North Jersey is also offering Shariah Mutual Funds. Clients of New England Financial may wish to take this into account when making investment decisions in the future. Note that the release linked below claims that there are […]
Two Republican lawmakers are raising questions about a decision to lease office space for the Census Bureau in a building owned by the Falls Church, Virginia mosque, Dar al-Hijrah Islamic Center. Two of the Sept. 11, 2001 hijackers worshiped at Dar al-Hijrah. One of its former imams, Anwar al-Awlaqi, is a leader for Al Qaeda […]
The report gives no details on the activities of the Iranians in Venezuela and Latin America. Iranian-backed terrorists have conducted few attacks in the region. However, U.S. intelligence officials say Qods operatives are developing networks of terrorists in the region who could be called to attack the United States in the event of a conflict […]
Bank Sarasin-Alpen (ME) Limited, a subsidiary of Bank Sarasin & Co. Ltd, a leading Swiss private bank recently announced the publication of its “Islamic Wealth Management Report 2010.” Evidently, Bank Sarasin has joined the financial jihad, since its report parrots the already discredited claim that Shariah-compliance provides insulation against the forces of the business cycle…This […]
Regular readers of SFW know that the Shariah Finance industry sees itself as a missionary arm of Islam and has sought to target non-Muslim investors all along. There are a number of risks associated with this, with two dangers in particular that stand out: • By getting Western investors to use Shariah-Compliant vehicles, they are […]
Financial Jihadists Target Switzerland
Switzerland, which, by referendum, took a symbolic stand against the stealth jihad undermining and infiltrating Western civilization a few months ago with their ban on minarets, is now being targeted by the financial jihadists, who are “urging” the Swiss to embrace Shariah-Compliant finance… http://www.reuters.com/article/idUSTRE61H2LY20100218?rpc=401&feedType=RSS&feedName=summitNews&rpc=401
Islamic finance eyes new regions
We’ve got good news and bad news. The good news is that the Shariah Finance industry has been disappointed in its efforts to expand into Western markets. The bad news is that they are turning to Asia and the Pacific Rim for their dawah operations… http://www.reuters.com/article/idUSTRE61H31Q20100218?rpc=401&feedType=RSS&feedName=summitNews&rpc=401
To follow up a story we’ve already reported on twice, the UAE’s efforts to infiltrate Australia with Shariah Finance, we found an article which describes these activities vividly. Nearly two years ago, at an Economic Conference in Kuala Lumpur, Malaysia, several high ranking ministers from Islamic nations released a statement encouraging the “Islamic finance” industry […]
Last July, we reported on the first leg of a UAE “trade mission” to Australia whose aim it was to promote Shariah finance in Australia. That same mission is now on the second phase of its dawah operations Down Under. Ironically, virtually the entire effort is being driven by the government of Dubai, which has […]
CIMB Islamic eyes Indonesia, Singapore for growth of Shariah-compliant financial products–including derivatives
CIMB Islamic bank of Malaysia, the world’s top sukuk arranger, will offer new sharia products this year to expand its business in Indonesia and Singapore, as the Islamic finance market struggles to recover from the financial crisis. The bank plans to launch products such as Islamic auto financing, structured instruments, derivatives and unit trusts to […]
The Islamic Development Bank, a key arm of Saudi Arabia’s Salafi dawah programs around the world, plans to issue $5 billion in sukuk (also known as Islamic bonds) over the next 5 years. The Islamic Development Bank has been quite active in pushing Islam out to the rest of the world by using financial leverage, […]
American University of Sharjah (AUS) to host Islamic banking center
An Islamic banking and finance center will be launched at the American University of Sharjah (AUS) in the United Arab Emirates by the end of 2010. Despite the name, AUS was founded by the ruler of Sharjah, His Highness Sheikh Dr. Sultan Bin Mohammad Al Qassimi, though it is accredited by the Commission on Higher […]
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 […]
Saudi financial jihadist prince eyes new links with News Corp.
The Saudi billionaire whose investment firm is one of the biggest stakeholders in Rupert Murdoch’s News Corp. said he is looking to expand his alliances with the media giant. Prince Alwaleed bin Talal, a nephew of the Saudi king and who was listed last year by Forbes as the world’s 22nd richest person, met withNews Corp.’s chief […]
Financial jihadists have long held up Dubai as an example of the marriage of modernity and Shariah Islam. Of course, Dubai’s status as a world-class financial center suffered a severe setback when Dubai World defaulted on its Islamic bonds. Nevertheless, just last week, Dubai proudly dubbed its new tallest building, another modern marvel (though there’s […]
Shariah Insurance to Spread to Italy?
The Islamization of Europe continues apace. Italian insurance giant Generali is considering a possible joint venture with the Qatar Islamic Bank (QIB) into Islamic insurance, or Takaful… http://economictimes.indiatimes.com/news/international-business/Italys-Generali-eyes-Islamic-insurance-venture/articleshow/5367250.cms?
Kuwaiti becomes member of French Institute of Islamic Finance
Kuwaiti law researcher Mohammad Al-Kandiri has become a member of the French Institute of Islamic Finance. We post this mainly because of the troubling revelation that France even HAS an Institute of Islamic Finance… http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2046893&Language=en
British university to offer degree in “Islamic Banking”
Salford University in the UK will offer a degree in Islamic Banking. Note that the course of study is not just designed for Muslims; non-Muslims are encouraged to enroll as well. This is more evidence of Shariah Finance as missionary work (dawah)…We would also refer to it as a form of Islamic Imperialism. http://www.manchestereveningnews.co.uk/news/s/1186054_islamic_banking_degree_launched?
The Virus Spreads to Mauritius
The tiny island nation of Mauritius is the latest to succumb to Shariah finance as the Bank of Mauritius has been named to the Islamic Financial Services Board (IFSB). The reason this is worth mentioning is that Mauritius is not an Islamic nation. The financial jihadists are striving to push Shariah finance and Shariah-compliant products […]
Western insurers seem all too eager to join the financial jihad by jumping in with both feet to offer “takaful,” or Shariah-Compliant insurance. Among the Western insurers who are moving into this area are: • HSBC • Swiss Re • Allianz • Prudential • Aviva • Munich Re • AIG Note that as recently as […]
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