Here we have an example of deceptive practices associated with Shariah Compliant Finance. In a media interview, the Managing Director of Islamic Bank Bangladesh Limited (IBBL), Abdul Mannan, remarked: “Greed and need are two separate things- twos move always in opposite ways. In banking race, conventional banking are doing greedy business using interest as a vital tool […]
Al Baraka Banking Group has announced its collaboration with the World Bank to begin a research partnership that would be beneficial to the global Islamic banking industry. The partnership’s first initiative, part of a planned series of research projects, will be a study examining the risk-management challenges facing Islamic banks, with a particular focus on Musharaka and […]
Mufti Muhammad Hassaan Kaleem has joined the Shariah advisory board of Dubai Islamic Bank. Kaleem is already a member of Deloitte’s Shariah advisory board and AAOIFI. Given his position with AAOIFI, it is not surprising that Kaleem is a pupil of the hate-filled, Jihadist Mufti Taqi Usmani, who chairs AAOIFI’s Shariah board and was previously […]
Global Sukuk issuance in 2013 fell 8.9 per cent from the previous year, totalling $119.7 billion. With demand for Shari’ah-compliant instruments so high, it’s the lack of effective liquidity management that’s holding back the growth of the global Islamic market. One of the key obstacles to investing in Islamic products is a lack of standardisation […]
Islamic banks, or banks that comply with Islamic law, are beginning to make inroads into the banking scene in the US. https://www.zawya.com/story/Islamic_banking_solutions_gain_ground_in_US-ZAWYA20140609034019/
UK ignores British Shariah banks in debut sukuk
Last week, Britain mandated five banks to arrange a $336 million Shariah bond (sukuk) issue. But the choice was notable for excluding all of Britain’s six Shariah banks; none was included in the mandate.That could reduce the impact of the issue in developing expertise and depth in Britain’s Shariah banking sector. http://www.qatar-tribune.com/viewnews.aspx?n=395BB46C-3D84-4920-8C8E-90DD96BE4265&d=20140618
Gharar – Refers to financial dealings of unfair practices or contains an element of excessive deceptive uncertainty/risk. In short, these include investments involving high risks and where the Aqida (consequence) is not sufficiently known. For instance, as gambling and short-selling are considered Gharar and are not allowed in a Syariah-compliant business entity. Hibah – Because interest-giving (riba) […]
Iran dominates the the world of Shariah finance. More Shariah-compliant financial assets exist in Iran than in any other nation–by far. The world’s largest Shariah-compliant financial institutions are Iranian banks–all of which are under sanctions for various nefarious activities. It says a lot about an industry when that industry’s leader is also the world’s most […]
It is widely known that Shariah-compliant institutions and transactions are forbidden from dealing in interest, either charging interest or paying interest. Sometimes, as we’ve pointed out on SFW many times over the years, the industry fraudulently declares that its loan mechanisms are “interest-free.” This implies that Shariah-compliant institutions lend money for free. Nothing could be […]
Abu Dhabi Islamic Bank is weighing whether to change its name as it targets more non-Muslim customers beyond its home market. The second-biggest Shariah-compliant bank in the United Arab Emirates may change to Abu Dhabi International Bank outside the nation to lure customers and help capture a market that’s about 200-times the size of Shariah banking. The bank […]
The secretive Gulen Islamist movement has a media arm counted in its large, well-financed empire. Hurriyet Daily News is one component of that media empire. It’s not surprising that Hurriyet is at the forefront of fawning articles about the rise of “Islamic” banking in Turkey… http://www.hurriyetdailynews.com/islamic-banking-is-no-more-a-step-child.aspx?pageID=238&nID=67054&NewsCatID=346
What country accounts for 36% of all Shariah-compliant assets: Iran. Is it just a coincidence that Iran is also the world’s leading state sponsor of terrorism?
Within a few months Uganda’s Parliament will amend some clauses to the Financial Institutions Act 2004 to allow Islamic banking. This is banking according to Islamic principles. Supporters think this kind of banking will provide an alternative to what they consider to be high interest rates charged by commercial banking institutions. It is very important […]
The financial jihad is coming to Africa. Africa presents a high growth opportunity for Islamic banking products — more particularly in East and West Africa, given these markets are home to the largest number of Muslim residents. Nigeria has the largest Muslim population in Africawith around 80 million people. Across Sub-Saharan Africa, the number of Muslim residents is expected to […]
Bahrain-based Al Baraka Banking Group said it is considering issuing subordinated Shariah-compliant bonds through its South African and Pakistani units. The South African issue is obviously more significant from a geopolitical standpoint since Pakistan is already an Islamic nation with a mature system of Shariah finance. South Africa, on the other hand, is not an Islamic nation, […]
Global Shariah-compliant banking assets are forecast to exceed US$3.4 trillion by 2018 by Ernst & Young’s Global Islamic Banking Center. Shariah banking profits, however, lag those of conventional banks by a wide margin. The profit numbers for Shariah banks are, on average, 15-19 percentage points lower than traditional banks. There are an estimated 38 million customers who bank with […]
Reports indicate that a new private Shariah-compliant bank will open in Sebha, Libya. One of the proposed branches will be a women’s only bank.
The central bank of Ghana says it will consider granting a license for Shariah-compliant banking…meanwhile, Shariah finance is running into understandable resistance in neighboring Nigeria… But the introduction of Islamic banking in Nigeria is bringing some divide within the country’s religious (both Christians and Muslims) leaders.A Voice of America (VOA) report July 15, 2011 indicates […]
The CEO of Abu Dhabi Islamic Bank (ADIB), one of the largest Shariah compliant banks in the Gulf region, has said that Shariah banking is for everyone and offers an “ethical” banking alternative. The reason that Shariah banking is “ethical” is because it follows Shariah. Obviously, many people around the world would disagree with his assessment… http://www.gulfbankers.com/news-7107-islamic-banking-is-for-all-says-abu-dhabi-islamic-bank-ceo.html […]
Afghanistan‘s Central Bank, Da Afghanistan Bank (DAB) has signed an agreement with a non-profit independent organization ‘Harkat’ for implementing the Shariah compliant banking system in the country.
Money Jihad blog has an important report posted that indicates that the chairman of the board of Islami Bank Bangladesh, Limited (IBBL), Abu Nasser Muhammad Abduz Zaher, was a leading member of a Jihadist militia. http://moneyjihad.wordpress.com/2014/05/01/sharia-bankers-former-life-as-terrorist-exposed-by-shocking-allegation/
Proselytizing Shariah Finance With Fraud in Uganda
The next country in the financial jihadists’ sites appears to be Uganda. Olive Kigongo, the President of the Uganda National Chamber of Commerce and Industry (UNCCI), has announced Uganda will host a seminar on Islamic Banking soon. “The difference between Islamic banking and the one more conventional banking we are used to, is that no interest […]
Shariah Bankers and Zakat Arm in Arm in Oman
Oman is a relative newcomer in the Arab world to Shariah-compliant finance, but now the sultanate is jumping in with both feet. An example is the symposium linked below which promotes the marriage between Shariah finance and zakat. We include this link primarily because there are still some who deny any linkage between Shariah finance […]
Thomson Reuters wins Islamic banking award Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has been named the Best Technology Provider for Islamic Banking in The Asset magazine’s Triple A Islamic Finance Awards 2014. Thomson Reuters has been at the heart of Islamic finance for over 30 years, offering innovative […]
The inevitable result of Shariah-compliance… Lloyds Bank has been accused of religious discrimination after offering free overdraft accounts to Muslims. While many will have to pay up to £80 a month if they go into the red, Muslims were told they would escape the charges. The document said: “We are removing the monthly overdraft management […]
The financial jihadists can put lipstick on this pig all they want, but the fact is, this is nothing but “separate but equal” banking, which is inherently unequal… Qatar Islamic Bank Opens New Branch Featuring Dedicated Ladies Banking http://www.cpifinancial.net/news/post/26400/qatar-islamic-bank-qib-opens-new-branch-featuring-dedicated-ladies-banking
National Australia Bank is considering selling up to $US500 million ($482m) in Islamic bonds in what would be the country’s first issuance of sharia-compliant debt securities. http://sheikyermami.com/nab-set-to-join-rush-for-islamic-cash/comment-page-1/
Harvard University has long been a hotbed of pro-Shariah propaganda in the US, specifically with its high-profile efforts to promote Shariah-Compliant Finance in the West. In about 2 weeks, Harvard will hold its latest celebratory seminar in support of Shariah-Compliant Finance: Eleventh Harvard University Forum on Islamic Finance Takaful and Alternative Cooperative Finance Challenges and […]
Moroccan banks Banque Centrale Populaire (BCP) and Banque Marocaine du Commerce Extérieur (BCME) have both revealed plans to create units offering Shariah-compliant financial services. This launch comes in anticipation of the adoption of a new law allowing the practice of Shariah banks in Morocco. The legislative framework was prepared by the Central Bank, the Bank Al-Maghrib, […]
Barclays Plc will sell its retail banking business in the United Arab Emirates to Abu Dhabi Islamic Bank PJSC $177 million. Barclays joins Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, and Lloyds Banking Group Plc in exiting consumer and commercial-banking business in the U.A.E. http://www.businessweek.com/news/2014-04-06/barclays-to-sell-u-dot-a-dot-e-dot-retail-banking-to-abu-dhabi-islamic-bank
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