This would open up the most populous Muslim market to Middle Eastern influences… Indonesia’s financial regulator said it may ease foreign ownership restrictions for Islamic banks – a move that could attract Middle Eastern lenders http://www.reuters.com/article/2015/06/22/indonesia-islamic-banks-regulations-idUSL3N0Z82AS20150622
Dubai Islamic Bank to Pursue Islamic Imperialism Through Finance
Dubai Islamic Bank plans to expand its operations into Indonesia, Kenya and other African countries. The expansion into Indonesia is not particularly noteworthy, since Indonesia is the world’s most populous Muslim nation. But the plans for Kenya are a different issue entirely. Kenya has a relatively small Muslim population (about 15% at last count) but […]
The central bank of Indonesia is searching for a bank to sign up as primary dealer for short-term sukuk, or Shariah-compliant bonds, issued by the International Islamic Liquidity Management Corp (IILM), a body it helped establish in 2010 to attempt to address the chronic lack of liquidity in shariah compliant money market instruments. Bank Indonesia is one of […]
At SFW we have said for a long time that Shariah-Compliant Finance and Shariah Banking are contrary to the principles of free enterprise. In fact, they are prime examples of centralized control of the economy. The latest proof comes from Indonesia, the most populous Muslim nation on earth, where the central government is leading the […]
Iranian TV: Shariah banking grows strong in Indonesia
It is no secret that Shariah banking is a growth industry in Islamic-dominated countries like Indonesia, the world’s most populous Muslim nation. And it is also no secret that the Shariah Finance and Banking industries have been hamstrung by a lack of qualified personnel–everything from a shortage of Shariah scholars to a shortage of rank […]
Malaysia is doubtless a center of Shariah Compliant Finance, certainly the leader in Asia and the Pacific Rim. One of Malaysia’s largest Shariah banks is Maybank Islamic. Maybank Islamic is making moves to become a global force for Shariah. They are setting up shop in neighboring Singapore and Indonesia, but also have their sights set […]
Indonesia is the world’s most populous Muslim nation but it has historically enjoyed a secular political and cultural tradition. In more recent years that has been changing. Jihadists are targeting Indonesia through violence, politics and finance. Shariah banking in particular has been growing at a rapid rate in Indonesia. Today, Indonesia ranks only behind Iran […]
It’s not so newsworthy that foreign investors are interested in acquiring a 50% share of Bank Muamalat, a major shariah-compliant bank in Indonesia. But it is worth mentioning that Indonesia’s central bank has declared that no foreign investor will be permitted to alter the bank’s shariah-compliance platform. Note that when Shariah-compliant institutions invest in the West, […]
Bank of Uganda, the republic’s central bank, has sent delegates to Indonesia to learn more about Shariah-Compliant Finance. Bank of Uganda is expecting the first shariah bank in the “pearl of Africa” to open in early 2012 after Uganda’s parliament passes a law permitting the establishment of Islamic banks. This is clearly a form of […]
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
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 Voice of America (VOA) was founded as a radio broadcast service to be beamed around the world to bring news from an American perspective to people in countries which didn’t have access to American news. VOA played a supportive role during the Cold War by providing a counterweight to communist-controlled news organizations behind the […]
Shariah Banking is spreading, with government sponsorship, in the world’s most populous Muslim nation… http://www.thejakartapost.com/news/2010/01/19/sharia-banking-grows-strong-indonesia.html?
Indonesia’s Islamic banking assets are set to grow 30 percent next year, partly because of a more favourable tax environment. http://www.iii.co.uk/news/?type=afxnews&articleid=7675758&subject=markets&action=article
Five Indonesian banks including Bank Central Asia, the No. 3 lender, expect to launch standalone sharia units next year. A revised law on value added tax, which removed double taxation in the Islamic market, is expected to encourage more banks to start Shariah banking subsidiaries. http://uk.reuters.com/article/idUKJAK48943020091023?rpc=401&pageNumber=1&virtualBrandChannel=11564
With the Help of HSBC and Citibank, Shariah-Compliant Finance is Spreading in the Orient
Banking giants HSBC and Citibank, already infamous for contributing to the spread of Shariah in the West, are now fast at work aiding the spread of Shariah in Malaysia and other key markets in Asia and the Pacific Rim. Keep this in mind when you select banks to do business with. HSBC and Citibank are […]
Shariah banks in Europe and Asia are being encouraged to increase their “socialization” programs so as to attract more non-Muslim customers. This is more proof that Shariah-Compliant Finance is in fact “missionary work.” Shariah finance does not exist merely to give pious Muslims a way to invest according to their religious beliefs. Shariah finance exists […]
http://www.thejakartapost.com/news/2009/05/26/sharia-trade-swaps-mooted.html The Jakarta Post has an interesting and revealing article this morning. It seems that Syafii Antonio, the CEO of a major Shariah-Compliant institution, is proposing “shariah-compliant currency swaps.” This suggestion is as laughable as it is hypocritical. If a “currency trade swap” looks and sounds like a derivative to you, you’re not alone. It IS a […]
Oops, there appears to be trouble in paradise. It seems, as we have been reporting on SFW for months, that Shariah banks aren’t quite the safe havens their promoters have been crowing about. And, to top it all off, now the lawyers are getting involved… http://www.reuters.com/article/newsOne/idUSTRE54B0O020090512
Reuters has a revealing article this morning which characterizes the spread of Shariah-Compliant Finance through quasi-official bodies headed by tyrannical regimes in Islamic nations. I’ll provide a quote that explains the gist of the article before I embark upon a deconstruction of the organization it came from: “Central banks are increasingly realizing they have to […]
Lies from the President of Indonesia
At SFW one of our chief activities in the past couple of months has been to dispel the notion that Shariah-Compliant Finance (sometimes referred to as “Islamic Finance”) has been immune to the impact of the world financial crisis. Just yesterday we reported on two articles on the impact of the world financial crisis on […]
If ever there was definitive proof that the true purpose of Shariah-Compliant Finance is to promote Shariah, it shows up in bold form in an article in the March 2nd Financial Times which we’ve linked at the end of this column. The practicioners of Islam, known to some as “Islamists,” met in Jakarta, Indonesia recently […]
Friday, 19 September 2008 Sharia finance needs real deal, not copycats – scholar By Liau Y-Singwww.en.epochtimes.com KUALA LUMPUR, Sept 18 (Reuters) – Sharia banking needs to develop more of its own products and avoid imitating conventional financial instruments in structures that compromise the spirit of Islam, a leading religious scholar said. Sharia instruments have to […]
Future of Islamic finance in Republic Indonesia Badlisyah Abdul Ghani, Jakarta Indonesia, the sleeping giant of Islamic finance, has finally awakened. Now that its laws on sukuk (akin to bonds) and sharia banking are firmly in place, the country has sent a clear signal to the financial world it is serious about developing the Islamic […]
Published: Monday, 25 August, 2008, 01:26 AM Doha Time JAKARTA: Batasa Capital, Indonesia’s sole exclusively Shariah-compliant mutual fund, aims to nearly double its assets under management by the end of the year, forecasting an explosion in demand with the government making efforts to develop the domestic Islamic market. The world’s most populous Muslim […]
Posted on June 9, 2008 by ribh Indonesia’s central bank An Indonesian parliamentary working committee agreed to pass a new bill on Sharia or Islamic banking into law, a legislator said on Thursday, which would encourage growth of the country’s Islamic finance sector. Under the existing scheme, the parliament will hold a plenary hearing, which […]
UPDATE 2-Indonesia plans retail sharia bonds, T-bills Wed Apr 30, 2008 3:19pm IST http://in.reuters.com/articlePrint?articleId=INJAK15440520080430 By Adriana Nina Kusuma JAKARTA, April 30 (Reuters) – Indonesia’s finance ministry said on Wednesday it planned to issue sharia-compliant bonds for retail investors as well as Islamic T-bills to help develop the local Islamic finance industry and plug its budget […]
Wachovia Corp’s links to Malaysian controlled MBF Bank Tonga should also be scrutinised Posted: 27 Apr 2008 11:28 PM CDT Wachovia Corp (WB.N: Quote, Profile, Research) is being investigated by federal prosecutors as part of a probe into alleged laundering of drug proceeds by Mexican and Colombian money-transfer companies, The Wall Street Journal reported […]
http://www.thedailystar.net/story.php?nid=3262500-200m for Bangladesh fund Star Business Report Asian Tiger Capital Partners will launch a $100 – $200 million private equity fund to invest in Bangladesh this September, with the UK company claiming that foreign direct investment in the country could increase tenfold to around $7 billion by 2015. The announcement was made as Asian Tiger […]
Indonesian bond growth chart Indonesia plans to sell two Islamic bonds in H2 Tue Apr 8, 2008 7:01am IST JAKARTA, April 8 (Reuters) – Indonesia’s finance ministry plans to sell Islamic bonds in the international and domestic markets in the second half of 2008, a senior official said late on Monday following the approval […]
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