Al Qaeda called a ‘money making machine’ by British official–that’s not even HALF the story
The article below from The Telegraph in Great Britain quotes a British Foreign Office director as describing Al Qaeda as a “money making machine,” due to Al Qaeda in the Islamic Maghreb’s practice of ransoming hostages for money. Evidently, Italy, Spain, Austria and Switzerland have all paid such ransoms to the Jihadist terrorist organization. This […]
Stoxx has launched three Islamic finance indices to help investors benefit from the nascent shariah market in the UK, according to the firm’s chief executive. Hartmut Graf, chief executive for Stoxx, said the indices were designed to act both as a benchmark for actively managed funds, and to underlie exchange-traded funds and other investable products […]
Hat tip to the good folks at Creeping Shariah blog for uncovering and posting this information… http://creepingsharia.wordpress.com/2011/02/22/shariah-compliant-credit-cards-more-common-as-sharia-spreads/
The article linked below is one of the strangest we have seen. Written for The Guardian by Imaduddin Ahmed, the article proposes that a ratings system be developed for sovereign Islamic bonds, known as sukuk. The purpose of such a rating system would be to identify those nations with economies that are most shariah-compliant. The […]
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 […]
The world’s first Shariah-compliant movie fund, which is set to film and produce its own Hollywood-style story of a UAE hero, has reached more than $40m in just four weeks, the fund’s manager has told Arabian Business. Funding for Antar: The Black Knight is expected to reach $85-90m by April, half of which will come […]
Chicago seems to be famous for two things these days: the presence of disturbing Jihadists and corruption. The story linked below combines those two elements. It seems three Muslim men, Salman Ibrahim, Mohammad Akbar Zahid and Amjed Mahmood, put together an investment swindle to illegally borrow money from Chicago banks and bilk investors out of […]
Iran Continues to Lead the World in Shariah-Compliant Finance
The November issue of The Banker is out. This is the annual issue that surveys to world’s top “Islamic financial institutions.” And, for at least the 4th year in a row, the statistics indicate that the Islamic Republic of Iran dominates the world of Shariah-Compliant Finance. You remember Iran, don’t you? Iran is the world’s […]
Euromoney.com is once again giving out awards for compliance to the financial wing of the barbaric, medieval doctrine known as Shariah. They have a whole host of awards to dole out (no fewer than 19 awards in the field of “Islamic” finance), which probably indicates that these awards are a convoluted effort to drum up […]
Incumbent Ohio treasurer Kevin Boyce has handed control of his office over to his top staffer, Deputy Treasurer Amer Ahmad, who has a habit of hanging around people who are well-known for ties to Islamic radicals and terrorists. Ahmad does so in his professional capacity, as well as in his personal life, choosing to attend an […]
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 […]
But Who Will “Police” the Shariah Scholars?
We came across this typically ridiculous article about the role of Shariah scholars in “policing” or “guiding” Shariah-Compliant Finance and decided to use it to illustrate the complete disconnect between the concept of responsible financial regulation in the Western world and that in the Shariah-dominated world. Dr Rusni Hassan, a shariah adviser to HSBC Amanah […]
Hyperion Asset Management, a Brisbane, Australia-based money management firm is the responsible party for allowing the camel’s nose to get under the tent in Australia. “We are delighted to welcome the Hyperion Australian Equity Islamic Fund to Bahrain,” said Economic Development Board chief executive officer Shaikh Mohammed bin Essa Al Khalifa. “This reflects the growing […]
Reuters continues to shill for Shariah, this time by whitewashing the role of women in Shariah Finance
Reuters published a curious article today which, like much of what the former news agency pens about Shariah Finance, reads more like a marketing piece than a news article. This time Reuters is celebrating the role of women in Shariah Finance, speculating that they could play a much larger role than they are now… Recent […]
The Islamization of American Business
The intrepid Christopher Logan over at Logan’s Warning has brought a new web site to our attention: AmericanMuslimConsumer.com. On October 30th, there will be an American Muslim Consumer Conference which is described as: the only platform for industry professionals to examine this potent market sector, and explore its rich potential.It effectively raises awareness of the […]
Spanish-based Allfunds bank has signed on to the financial jihad with their announcement that it has launched an “Islamic Services Unit.” The bank offers 80 Shariah-compliant funds to investors in Spain, Italy, Chile, Luxembourg, the United Kingdom and 17 other countries. Allfunds’ Islamic Services Unit was created with a fatwa issued by a Shariah advisory […]
A recent International Monetary Fund (IMF) report has argued that the rapidly growing Shariah banking sector may accelerate economic development of the Muslim world. We are a bit confused as to why this is, seeing as the Muslim world has been awash in petrodollars for generations, yet its overall economic development has been patchy at […]
Dubai brings Islamic Bonds to Europe
A Dubai based private equity firm called Millennium Private Equity Ltd, which is apparently at least partially owned by the Dubai regime, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K. European companies may turn more to the Middle East for capital, as the region […]
Barclays Capital, the investment banking arm of London-based Barclays Plc, is offering Shariah- compliant repurchase agreements to allow Islamic banks and investors manage their funds. Barclays introduced the product worldwide two weeks ago and is focusing on clients in Malaysia and the Middle East. http://www.businessweek.com/news/2010-08-18/barclays-capital-offers-islamic-repos-in-1-trillion-market.html
Andrew McCarthy reports: American Taxpayer, Financial Jihadist
Another superb article by Andrew McCarthy of National Review… Thanks to our takeover of AIG, we now are involved in Islamic finance. It is “financial jihad,” explained Yusuf Qaradawi, the Muslim Brotherhood’s sharia compass — and the man Feisal Rauf, the brains behind the proposed Ground Zero mosque, admires as “the most well-known legal authority […]
Here we have a marketing piece by Reuters (whose parent company is thoroughly involved in Shariah Finance) masquerading as a news story. In what other industry or financial sector could a rash of defaults–combined with high fees and conflicts of interest–prompt a wave of faux optimism as expressed in this Reuters fluff piece? Recent sukuk […]
The Shariah finance standard-setting body AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) said it would overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny. Most Shariah-Compliant financial institutions are vying to attract the same small number of influential scholars to their boards, and some of […]
Civil law and Shariah continue to butt up against each other, this time in Malaysia, where lawyers, bankers and Shariah scholars have had to assess the Shariah Finance industry where Sukuk holders rank in priority of payment when default occurs. A near-default in December of the dollar-denominated Sukuk from Dubai property developer Nakheel created fears […]
The Philippines’ state-owned Al -Amanah Islamic Bank may sell the nation’s first Shariah- compliant bonds to finance development in Muslim Mindanao the poorest region and base of Abu Sayyaf separatist militants. Global sales of debt that conform to Shariah law fell 29 percent to $6.65 billion this year, according to data compiled by Bloomberg. Mindanao […]
Investor’s Business Daily has a great editorial worth reading. It seems that Obama administration officials are holding summit meetings with lobbyists at Caribou Coffee across from the White House. Caribou Coffee is a Shariah-Compliant business owned by a bank in Bahrain whose Shariah advisory board chair is the Jihadist Sheikh Yusuf al-Qaradawi (banned from travel […]
The web site Favstocks.com has published what amounts to propaganda for the financial jihadists. In an online article published on July 1st, the site “explained” “Islamic investing,” touting it as “socially responsible.” This affords us a teaching moment. We will go through the various aspects of the article and deconstruct the propaganda: ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• “Islamic fund […]
Reliance Capital Asset Management’s subsidiary is set to launch two Shariah-compliant funds in Malaysia by July 2010. http://assetmanagement.banking-business-review.com/news/reliance_capital_to_launch_two_islamic_funds_in_malaysia_100629/?
In the video at the link below, Guy David, partner, Gowling Lafleur Henderson, explains the potential for Shariah finance in Canada, including its application to residential mortgages and the capital markets. David admits that there is essentially no inherent demand for Shariah-compliant products in Canada; the market is not demand-driven, it is supply-driven. Muslims in […]
More evidence that Usmani-controlled AAOIFI is making a play for control of the entire Shariah Finance industry… Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has adopted three new Shariah standards. This includes a ruling on standards for the disposal of rights, bankruptcy and the management of liquidity, collection and use. http://www.tradearabia.com/news/newsdetails.asp?Sn=BANK&artid=181850
Nasdaq launches two Shariah indexes
Nasdaq has created two sharia-compliant indexes, based on the Nasdaq 100 Index and the OMX Stockholm Benchmark Index. The indexes are weighted by market capitalisation and track the securities in the underlying benchmark indexes, and meet sharia requirements as specified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Shariah Finance Watch readers […]
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