Pioneer investments is one of the largest mutual fund companies in the entire world. Their funds have been around since before the Great Depression. But now, the company has taken a turn for the worse and SFW readers may wish to consider this in making their own personal financial decisions: QInvest, Pioneer launch Shariah fund […]
The financial jihadists continue to aggressively promote Shariah finance outside of the Islamic world… Dubai Islamic Bank mandated HSBC and Standard Chartered Bank as Joint Structuring Banks and Al Hilal Bank, Dubai Islamic Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank and Standard Chartered Bank as Joint Lead […]
Let’s hope this ends up being a permanent decision… The Philippine Stock Exchange has delayed the launching of Shariah index, which tracks the performance of companies considered compliant with the Islamic law, a top official of the local bourse said. “We postponed that [launching of Shariah index] because we have to spend a little bit […]
Faced with Crisis, Russian Banks Jump To Shariah
Russian lenders are stepping up efforts to tap Islamic finance as international sanctions and a slump in oil prices push the world’s biggest energy exporter to the brink of a recession. Vnesheconombank, Russia’s state development bank, is seeking advice from lenders in the Middle East on how to sell its first Islamic bonds, the RIA Novosti state-news service reported […]
BNY Mellon Joins the Financial Jihad
BNY Mellon has been appointed delegate, principal paying agent, registrar and transfer agent for a Sukuk launched by DIFC Investments LLC. A Sukuk is a Shariah-compliant bond. The joint lead managers on the issuance are Dubai Islamic Bank PJSC, Emirates NBD Capital, Noor Bank P.J.S.C. and Standard Chartered Bank. The Sukuk was assigned a BBB- credit […]
The Shariah finance industry has been working hard to make inroads in East Africa. There are obstacles to this quest, including the fact that many businesses in the region don’t qualify as Shariah-compliant. The article linked below provides a vague, but not totally useless, guide to what might disqualify a business from being Shariah-compliant… http://www.businessdailyafrica.com/Why-top-exchange-stocks-are-unfit-for-Sharia-investment/-/539552/2550348/-/5b16swz/-/index.html […]
Linked below is a page describing the F&C Responsible Sharia Global Equity Fund. This fund provides as with a “teaching moment” in that it illustrates the lack of disclosure rampant in the Shariah Finance industry and it also reveals a conflict of interest between Shariah and “responsible” investing. First of all, check out the description […]
While conducting online research we came across this page featuring a series of propaganda videos on Shariah-compliant finance. Note in particular that some of the personalities featured in these videos are truly “useful idiots”–non-Muslim executives shilling for the enemy threat doctrine… http://www.quazoo.com/q/Sharia%20investment?tab=videos
With its financial muscle the Arab nation has become a major player on the global stage. And nowhere has the impact of that power been felt more keenly than in Britain. Qatar might be only the size of Belgium with a population a quarter of London’s but its colossal economic strength has enabled it to […]
The Bahrain-based International Islamic Financial Market purports to be a Shariah finance industry entity designed to impose industry-wide standards on the Shariah-compliant finance industry. That may or may not be true. They sure have a slick web site. But when you drill down on their web site, you find some troubling aspects of the organization, its […]
Shariah banking could become a world norm in the near future as demand continues to grow in the Middle East and parts of Asia and Europe. That’s the word from experts who are sharing their predictions at the World Islamic Economic Forum in Dubai. http://www.dubaieye1038.com/islamic-finance-soon-become-norm-experts-predict/
Billions of petrodollars reside in instruments known as Waqfs, a kind of Islamic endowment fund. These Waqfs have been used for some legitimate purposes over the years, but they’ve also been used to support Jihadist and Islamist groups, notably the Muslim Brotherhood in Kuwait, for example. The Shariah-Compliant Finance industry has their sights set on […]
A defunct landmark power plant in the London area is being redeveloped as upperclass apartments. So far so good. The project is being financed through a Shariah-Compliant arrangement with a Malaysian bank. Not so good. And everyone involved is absolutely giddy that the project will help continue to pave the way for London to be […]
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. […]
Speaking at the World Islamic Economic Forum in Dubai, the British Economic Secretary to the Treasury, Andrea Leadsom, set out further steps to cement Britain’s position as the Western hub for Shariah-compliant finance. http://www.zawya.com/story/UK_Economic_Secretary_announces_further_steps_to_cement_Britains_position_as_Western_hub_for_Islamic_finance_OFFICIAL-ZAWYA20141028133741/
Yet another article from the US media that reads like a marketing brochure, rather than an objective evaluation of the issues at hand… http://www.usatoday.com/story/money/business/2014/10/11/shariah-compliant-islamic-financing-usa-europe/16828599/
Seattle-based Falah Capital is preparing to launch a shariah-compliant exchange-traded fund (ETF) that tracks large US stocks, the latest shariah-compliant product to be issued in the USA. The ETF will be advised by Exchange Traded Concepts and Mellon Capital Management, with Bahrain-based Shariyah Review Bureau acting as shariah advisor. Readers of SFW may wish to […]
Experts have calculated that Islamic Banking will be a $2.1 trillion industry by the end of 2014. Governments across the former Soviet Union are increasingly turning toward Islamic Finance as a legitimate banking system. The Russian Banking Association (RBA) has begun lobbying for the adoption of a federal law to regulate the growing field within the Russian […]
SWIFT, the Society for Worldwide Interbank Financial Telecommunication, in collaboration with The Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Islamic financial community, has announced that it will launch a new rulebook for the usage of SWIFT MT messages for Islamic finance. http://www.finextra.com/news/announcement.aspx?pressreleaseid=56622&topic=payments
It is rare that those in the forefront of the Shariah finance industry actually tell the truth about Shariah finance, but here we have an exception of sorts. It’s an imperfect exception, but it is interesting nonetheless. We have long pointed out at SFW that much of the Shariah Finance industry is smoke and mirrors, […]
Let’s be perfectly clear: “Islamic finance” is a euphemism for Shariah-Compliant Finance. Any instruction in Shariah-Compliant Finance necessarily involves instruction in Shariah, a barbaric, savage doctrine that is opposed to everything Western civilization was founded on. Nevertheless, the University of Bolton in the UK is offering its new MBA in SHARIAH… http://www.bolton.ac.uk/MediaCentre/Articles/2014/Aug2014-04.aspx
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 […]
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 […]
Demand for Shariah Finance training from non-Muslims rose more than fourfold in the past seven years as students seek to enter the industry… http://www.bloomberg.com/news/2014-08-07/shariah-study-lures-non-muslim-students-in-asia-islamic-finance.html
Banco do Brasil is planning to launch a Shariah-compliant fund in partnership with Singapore-based Islamic Bank of Asia. The fund will focus on stocks listed on theSão Paulo Stock Exchange and specifically in the commodities, mining, oil and gas sectors. The fund will be managed in Brazil and marketed around the world. Brazil is a significant exporter […]
For centuries, Hong Kong has been a center of worldwide commerce. Unlike most other such financial centers, Hong Kong has been slow to embrace Shariah Finance. http://www.scmp.com/business/money/markets-investing/article/1535235/islamic-finance-still-pipe-dream-hong-kong
It’s not surprising that Islamists want to promote “Green” energy projects in the West. After all, the last thing they want is for the West to develop its own oil and gas reserves. That’s why the UAE bankrolled Matt Damon’s anti-fracking movie a couple of years ago. Now Islamists are developing Shariah-compliant investment vehicles for […]
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 […]
The Philippine government is planning to issue Shariah-compliant bonds, or sukuk, for the first time in the predominantly Catholic nation in order to finance a number of infrastructure programs and generally raise investment from the oil-rich Middle East. For example, Qatar and the Philippines in 2012 agreed to set up a $1bn investment fund that would focus […]
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?
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