posted by Christopher W. Holton Bank Islam Malaysia reports that one of its employees at Menara Bank Islam tested positive for the Wuhan virus. As of now, there has been no reported interruption of business operations at Menara Bank Islam.
Saudi Arabia Criticized for Funding Salafist Islam in Southeast Asia
posted by Christopher W Holton It has been a well-established fact that Saudi Arabia has spent tens of billions of dollars over the past 30-40 years or so proselytizing its brand of Sunni Islam, known as Wahhabism, but properly categorized as Salafism. It is also a well-established fact that Salafi Islam has given rise to […]
posted by Christopher W. Holton Shariah finance assets grew by 10 percent to reach $2 trillion in 2015, according to a new report by Thomson Reuters. Shariah banking represented 73 percent of that figure, followed by sukuk (Shariah bonds) which represented 17 percent, said the initial findings of ICD Thomson Reuters Islamic Finance Development Indicator […]
Here is a report that is certainly perplexing. The whole idea behind sukuk (aka Islamic bonds, aka Shariah bonds) is to avoid interest, yet the recent rise in interest rates has hit the Shariah bond market in Malaysia hard. Yields on government 10-year sukuk, used by companies to gauge the cost of Shariah-compliant financing, are […]
By Christopher W. Holton Yet another sign that all is not well in the world of Shariah Finance. Shariah finance has all but evaporated in Singapore and Malaysia, which has been regarded as the Shariah finance center for Asia, has shown signs of decline. Indonesia is looking to try to benefit, but one wonders what […]
Toxic Propaganda from the Financial Jihadists on Shariah Finance
By Christopher W. Holton Periodically we see articles and marketing pieces come out promoting Shariah-compliant finance as somehow more “ethical” than conventional finance. In fact, Shariah finance is often promoted as the ethical substitute to conventional finance and promoters of Shariah finance, notably Sheikh Youssef De Lorenzo, who has written that Shariah finance should be […]
Another excellent, educational post from Money Jihad blog. Malaysia is a world leader in Shariah-Compliant Finance, which makes gaps in its enforcement to cut off the money flow to Jihad all the more worrisome… Malaysia has made progress in countering the financing of terrorism, but still has a long way to go according to a […]
Malaysia has emerged over the past several years as the Asia-Pacific region’s capital of Shariah finance. That’s what makes the fact that its Prime Minister is up to his ears into a corruption probe of a huge state investment fund all the more troubling… Switzerland’s Office of the Attorney General on Friday said it had […]
An assistant registrar of a Shariah court was charged in the Kuantan Sessions Court today with bribery, involving RM3,500, last year. Mohd Kahar Arshad, 48, who is with the Pekan Shariah Court, however, pleaded not guilty to the charge. He was alleged to have accepted the bribe from one Hurul-Ain Hanafi at 4.20 pm on […]
Malaysia has been a global leader in Shariah-compliant finance, particularly in Asia and the Pacific Rim. This has particularly been true when it comes to Shariah bonds, better known as sukuk. Long time readers of SFW know that promoters of Shariah finance are fond of claiming that Shariah finance is superior in terms of ethics […]
Speaking at the World Islamic Economic Forum Roundtable, an event co-hosted by the Alliance Forum Foundation and the World Islamic Economic Forum, Datuk Seri Najib Razak, the Prime Minister of Malaysia, urged Japan to engage in activities related to Islamic finance in partnership with Malaysia. He opined that the combination of Japan’s industrial technology and Malaysia’s finance expertise would give […]
One of the most absurd declarations from those who use Shariah-Compliant Finance to spread Shariah worldwide is the claim that Shariah Finance somehow is immune to the economic cycle and market forces. Part of this stems from the fact that Shariah-Compliant Finance is the opposite of free market capitalism; it is a system of centralized […]
Malaysia is one of the world’s leading centers for Shariah-Compliant Finance. Despite their lofty ranking in the world of Shariah Finance, Malaysia’s rating in the world of sovereign credit is on its way down… As Fitch Ratings considers downgrading Malaysia, the credit-default swap market has already delivered its verdict. http://www.bloomberg.com/news/articles/2015-03-19/malaysia-already-seen-losing-single-a-debt-rank-in-default-swaps
Coming soon? A Shariah-Compliant Megabank?
The Prime Minister of Malaysia backs the creation of a global Islamic megabuck to promote Shariah… Prime Minister Datuk Seri Najib Razak said yesterday that he backed the idea of creating a large stand-alone Islamic bank, in order to develop a global footprint for Islamic finance and position it as an alternative to conventional banking. […]
A Muslim charity which had allegedly planned conversion events in Sarawak’s remote Belaga district has denied luring locals with money or employing force. http://www.themalaymailonline.com/malaysia/article/muslim-group-denies-bribing-remote-sarawak-villagers-for-conversion
Report: Shariah-Compliant Finance Advancing in Non-Muslim World
The reason Shariah-Compliant Finance was created was to promote Shariah and Islam. According to the Thomson-Reuters Islamic Finance Development Indicator (IFDI), it is accomplishing its mission… • The number of Islamic finance conferences with more than 100 participants worldwide surged by 41% to 107 in 2013 from 76 in 2012, with 36 countries hosting conferences […]
The Islamization of the financial world is taking hold in Japan. Bank of Tokyo-Mitsubishi UFJ is planning a debut sukuk in Malaysia. The bank is also considering offering the world’s first yen-denominated sukuk. While Japan has no Islamic banking rules of its own, the government amended legislation in 2008 to allow subsidiaries of the country’s lenders […]
Malaysian police have arrested nine people today under a security law on suspicion of involvement in a terror group with overseas links. National police chief Khalid Abu Bakar said the nine, aged from 22 to 55, were arrested near the capital Kuala Lumpur and in the northern state of Kedah bordering Thailand. They were held on suspicion […]
Japanese Banking Giant to Enter World of Shariah
Sumitomo Mitsui Banking Corp. (SMBC) will fully launch Shariah-compliant finance operations in Malaysia. The banking unit of SMBC has obtained a license for foreign currency-based Shariah-compliant finance services in the Malaysia, which promotes Shariah finance under a national policy. http://the-japan-news.com/news/article/0001106147
Bootleg cigarettes linked to terrorism
Law enforcement and intelligence officials have long known that counterfeit and bootleg cigarettes have been used to fund terrorism. The excellent book “Lightning Out of Lebanon,” detailed just such a case in which a cigarette bootlegging ring in North Carolina and Michigan was churning out funds for Hezbollah. Evidently these activities are not limited to […]
The effort by some in the United Kingdom to allow Shariah to infiltrate their legal system and culture through the financial back door continues apace. The latest push saw London’s deputy mayor travel to an “Islamic finance” conference in Kuala Lumpur, Malaysia to promote his hometown as a center for Shariah-compliant finance. From ArabianBusiness.com: Britain […]
A combination of extensive regulations, red tape and plain old low demand continue to hinder the market for Shariah-compliant bonds (Sukuk). http://www.reuters.com/article/2013/09/23/islamic-finance-sukuk-idUSL5N0HG17120130923
The largest cellular provider in Malaysia just had its sukuk (Islamic bond) downgraded by a key rating service… http://www.cpifinancial.net/news/post/22167/ram-ratings-downgrades-binariangs-sukuk-ratings
Ratings Firm Confirms Negative Outlook for Malaysian/Indian Telecom Sukuk
RAM Ratings Services Bhd has reaffirmed its negative outlook for Binariang GSM Sdn Bhd’s senior sukuk and junior sukuk ratings. Sukuk are also referred to as “Islamic bonds” and “Shariah Bonds.” Binariang GSM Sdn Bhd is an investment holding company with interests in telecommunications company Maxis Bhd and Aircel Ltd – India’s seventh largest mobile operator – and PT Axis Telekom Malaysia, the fifth […]
The purpose of Shariah Finance is to promote Shariah. The chief weapon for achieving that over the past 2 years has been what is known as the Islamic bond, or sukuk. Sukuk are increasingly being used on both sides of the credit market. When Islamic nations and companies want to raise money in the credit […]
Sukuk, or Shariah-Compliant Bonds, have a poor record in terms of ethics and defaults in particular. The latest example of this comes from Malaysia, one of the Islamic world’s leading nations when it comes to Shariah-Compliant finance. MCRB Southern Link, a conglomerate involved in a variety of businesses in Malaysia, including wholesale foodstuffs, has seen […]
One of the challenges facing the Shariah Finance industry is a shortage of qualified Shariah scholars to serve as “advisers” to Shariah-compliant financial institutions. Not only is their a shortage of Shariah scholars, but many of the existing Shariah scholars are very old. Sheikh Youssef al-Qaradawi and Mufti Taqi Usmani are examples of the old […]
Shariah Comes to Ireland Via the Financial World
The financial jihad has come to Ireland, something that will not come as a surprise to regular readers of SFW. Still, the ascent of Shariah in Western Europe via Shariah-Compliant Finance is something to which we must never grow accustomed. It is truly the modern day Trojan horse… Islamic finance company Amanie Advisors is to […]
Bloomberg, a leader in financial news and information, continued to demonstrate its commitment to the barbaric, medieval code of Shariah with its announcement of a new Sukuk (Shariah-compliant bond) index in Malaysia. The timing of this is especially ironic given the fact that Bloomberg depends on freedom of speech, freedom of the press and free […]
RAM Ratings has downgraded the long-term ratings of two of MRCB Southern Link Bhd (MSLB)’s secured sukuk issues and cautioned that there was a high chance the company would default on them in December. MSLB is a funding conduit for the 8.1km Eastern Dispersal Link Expressway (EDL) in Johor Baru. The highway opened to the […]
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