One of the overt objectives of the financial jihadists has always been to capture the assets of non-Muslims in Shariah-compliant investments and accounts. They have used a wide variety of methods to do so. For instance, Sheikh DeLorenzo, who is on several major Shariah advisory boards in the USA and abroad, has advocated for not […]
Typical Propaganda on Islamic Bonds from Saudi State-Controlled Media
The article linked below has to be taken with a large grain of salt since it comes from the Saudi Gazette. There is nothing even resembling a free, independent press in Saudi Arabia and the Saudi royals have a huge vested interest in promoting Shariah-Compliant Finance both in the kingdom and globally. Not surprisingly, this […]
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 […]
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 […]
Some REALLY Bad Ideas on How to Solve America’s Debt Problems
Not surprisingly, the financial jihadists are promoting Shariah as the solution to America’s debt problems. We’ve seen this before. Back in 2008, in the wake of the subprime mortgage debacle and near-financial meltdown, the financial jihadists insisted that Shariah-compliant finance would have avoided the whole mess. Then, in 2009, defaulting on sukuk (Islamic bonds) just […]
Emotions are running very high in Nigeria and the issue of the country’s central bank governor insisting on introducing Shariah-compliant banking is front and center in a clash of civilizations within the African nation… At a time when the Nigerian polity is on fire and the Islamic radicalism is the celebrity of death, one wonders […]
Each new day brings another story over the seeming clash of civilizations in Nigeria. Though it has not been reported separately and is not the primary subject of the article linked below, evidently, an organization calling itself the Supreme Council for Sharia in Nigeria has threatened to start a war if Nigeria does not adopt […]
Islamist Parties Pushing Shariah Economic Agenda
Unlike liberals, leftist or social democratic political parties, their Islamist counterparts are hardly defined by their economic perspective. Religious parties always built principles and guidelines around a religious-ideological axis, meaning economic ideology was never an immutable cornerstone of what they believed in, or ran on. But as Islamic parties inhale their first breaths as recognized […]
Readers of SFW may notice that we have devoted several posts in recent weeks to Nigeria. The chief of the central bank in Nigeria, Mallam Sanusi, is an unapologetic financial jihadist and describes himself as a “shariah scholar.” He has been pushing hard for Shariah banking and finance in Nigeria, so hard in fact, that he […]
The press in Pakistan are reporting that the governor of the country’s central bank, Shahid Kardar, has resigned. It was unclear exactly when or why Kardar, the governor of the State Bank of Pakistan, resigned, but some reports indicate that he had differences with the government on key policy issues. Pakistan is in a fiscal […]
…intelligence reports show Hezbollah has been financing training camps and propaganda operations in South America, according to U.S. officials. Their biggest boost came from an agreement signed in 2007 between Venezuelan President Chavez and Iranian President Mahmoud Ahmadinejad. The two leaders agreed to use part of a joint $2 billion investment fund to thwart what […]
Lately we’ve been watching the story of how Shariah Banking has begun to infiltrate Nigeria by bypassing the political process there and winning special regulatory concessions that conventional banks don’t enjoy. Now we offer an article that identifies the personality behind the financial Jihad in Nigeria, Lamido Sanusi, “a Shariah/Arabic scholar,” who heads Nigeria’s central bank […]
Nearly two years ago, SFW published an article in which we uncovered that a Kuwaiti real estate investment concern had successfully imposed Shariah on tenants of its facilities in Colorado by refusing to allow certain types of businesses to operate and activities to take place on their property: https://shariahfinancewatch.org/2009/08/17/kuwait-islamic-bank-successfully-imposes-shariah-in-the-usa-courtesy-of-udr/ The article didn’t get any particular […]
Ireland has launched a misguided campaign to become the home of Shariah-compliant finance in Europe in an effort to rebuild its financial services sector. The Irish who are behind this move have no idea what they are inviting into their nation. In one generation, Ireland will no longer be recognizable under the yoke of Islamization. The country […]
The first Sharia-compliant pension fund has been launched in the UK. The fund which does not invest in companies that trade in guns, alcohol, gambling, tobacco or pornography, nor does it receive interest, has been launched by Pointon York and the Islamic Bank of Britain (IBB). Investors will be able to save in a self-invest […]
Dubai leads financial jihad into Germany
Note in the article linked below two important aspects: First, Dubai Exports makes no secret about the fact that this is MISSIONARY work, something that has been pointed out over and over by other financial jihadists and on the pages of SFW. Second, note the disturbing demographic numbers for Germany supplied in the article as […]
Unfortunately, the British continue to invite the financial jihadists into their investment houses and banks, determined that this will attract shiploads of petrodollars without impacting British culture, society and security. Before dismissing the notion that Shariah finance could introduce nefarious elements into a Western host nation, readers should remind themselves that the whole purpose of […]
The fifth annual London Sukuk Summit is scheduled to take place on the 8th – 9th of June 2011. As if to prove that the Islamization of Great Britain continues apace, the link below takes you to a British government web site promoting this upcoming event… http://www.ukti.gov.uk/investintheuk/event/129473.html
Minnesota Governor Tim Pawlenty, who recently launched a presidential exploration committee, was personally responsible for shutting down Minnesota’s Shariah-compliant mortgage program last year. Bravo, Governor Pawlenty. He has demonstrated great courage and appreciation for the US constitution that governors in states like South Dakota, Michigan and New Jersey would do well to emulate. It turns […]
Malaysia, the world`s largest Islamic financial market, has rejected providing loans through ringgit bonds to Korean financial companies, the Korean Strategy and Finance Ministry said Wednesday. Korean financial institutions have faced difficulty tapping Mideast oil money after a bill on Islamic bonds called sukuk failed to pass the Korean parliament. The Malaysian government has asked […]
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 […]
The Kerala High Court on last Thursday had dismissed petitions challenging the state government’s decision to start the country’s first Islamic bank, paving the way for setting up financial institutions that adhere to the Shariah law in India. The court had previously ruled that such an arrangement was unconstitutional. http://www.indiablooms.com/BusinessDetailsPage/businessDetails100211d.php
Dubai to export Shariah Finance to Europe
Dubai, scene of massive defaults on sukuk two years ago, is now set to export Shariah-Compliant Finance to Europe. Note that this dawah activity is run by an arm of the UAE government… Dubai’s financial services industry is fast emerging as a leading catalyst in the development of Islamic finance products and services to Europe, […]
In order to strengthen further the legal security of sukuk issuers, while ensuring adequate investor protection, the CSSF has issued a statement clarifying certain rules applicable to sukuk, in particular as regards the Annexes to the Prospectus Regulation. Sukuk may be treated as asset backed securities pursuant to the provision of Article 2.5 of the […]
State Senator Kevin Parker announced a bill today to create an alternative bond market that would be permissible under Islamic law by creating alternatives to the traditional interest-based bonds. http://www.vosizneias.com/74625/2011/01/30/brooklyn-ny-lawmaker-wants-to-attract-more-islamic-investmen%3C
The article linked below might be amusing, if not for the fact that the overarching subject matter is so disturbing. In the article, Rushdi Siddiqui, Global Head of Islamic Finance at Thomson Reuters, claims that the “missing link in Shariah finance” is a dedicated media entity to cover the industry. Given that Thomson Reuters’ Reuters […]
Sharia Islamic index added to Istanbul Stock Exchange
Hat tip to Andrew for this report… The Istanbul Stock Exchange (ISE) launched a participation index earlier this month to highlight and track 30 Sharia-compliant companies in an effort to further develop the Islamic finance sector. Some view the Islamic index with apprehension, others as an opportunity. Sharia Islamic Index is the first such index […]
Judicial Watch Sues Mayor Bloomberg for Records On Ground Zero Mosque
Attorneys for a public interest group that investigates and prosecutes government corruption filed a petition on Thursday with the New York State Supreme Court to compel New York City Mayor Michael Bloomberg’s office to comply with a Freedom of Information Law (FOIL) request regarding contacts between the Mayor’s office, Ground Zero Mosque Imam Feisal Abdul Rauf, and […]
Qatar Islamic Bank targets British mid-cap market
Qatar Islamic Bank, whose Shariah advisory board is headed by the Jihadist Sheikh Yusuf al-Qaradawi, has unveiled a new lending strategy targeting small to medium-sized British companies. QIB is focusing on profitable companies whose products are in line with “Islamic” tenets, which means Shariah-compliant. Qaradawi is forbidden to enter the UK due to his ties […]
As if using NASA as a tool for “outreach” to the Islamic world was not enough, the U.S. government is now in the business of proselytizing for Shariah around the world. The U.S. Embassy in Dublin has sponsored a seminar on Muslim entrepreneurs and business in Ireland. A main point of the conference was the […]
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