It is widely known that much of the funding for Jihadist terrorist organizations, such as Al Qaeda, Hamas, Abu Sayyef and Jemaah Islamiyah come from private donations to Islamic charities through zakat payments, a system of tithing in Islam. The Saudi government claims that they are virtually powerless to stop this activity, something that makes […]
The New York Times published a disturbing article today in which illustrates the emergence of Shariah Finance globally at the expense of conventional finance. While Western lenders are simply not lending these days, sukuk (Islamic bond) issuances are soaring. The long-term impact of this is negative for Western Civilization because it facilitates the acceptance in […]
Shariah Finance Watch hears from Mr. Oliver Agha, a Shariah Compliant Lawyer
Recently, Shariah Finance Watch received the letter below in response to a posting we published on 31 January. (https://shariahfinancewatch.org/2012/01/31/is-shariah-compliant-finance-a-failure-a-self-serving-answer-from-the-financial-jihadis/) To Whom It May Concern: I write to clarify certain facts and set the record straight in relation to an article published on-line and displayed on the website “Shariah Finance Watch” on January 31, 2012 […]
Congressional Report: Hezbollah has “several thousand” donors in the USA
A report issued by the House Homeland Security Committee indicates that Hezbollah has a large and threatening presence inside the USA and is successfully raising funds inside the USA to support its Jihad. Among the findings outlined in the report which are particularly relevant for SFW readers: • Counterterrorism officials consider Hezbollah fundraising cells to […]
The intrepid and illustrious Joy Brighton weighs in on Goldman Sachs’ ridiculous foray into the world of Shariah-Compliant Finance. This is an excellent article that regretfully we previously overlooked… Excerpt and LINK: In September 2011, Goldman Sachs announced it would issue a $2 billion Shariah Compliant Islamic Bond derivative known as a “Sukuk” to finance […]
Regular readers of SFW know of the concerns over zakat, a form of tithing in Islam that is at least partially authorized–and in some cases mandated–to go to those waging jihad for allah. Our latest essay on this subject can be found here: https://shariahfinancewatch.org/2011/10/17/correcting-the-new-misinformation-on-islamic-charities-funding-jihadist-terrorism/ Obviously, this only tells half the story. The other side of […]
Victims of the discriminatory wealth tax, who are all non-Muslim minorities, demand an apology from the state 69 years after legislation was passed by Parliament on Nov. 11, 1942, requiring non-Muslims to pay a much higher rate of tax to the state. http://www.todayszaman.com/news-262278-non-muslim-minorities-protest-wealth-tax-expect-apology.html This tax sounds an awful lot like the jizya, which is a […]
Craziness for Profit: Shariah Scholar/Advisor Mufti Taqi Usmani Blames Commodities Markets for Financial Crisis
At SFW we have covered Mufti Taqi Usmani extensively over the years. He has long been considered one of the most prominent and influential Shariah scholars in the world of Shariah Compliant Finance. According to many observers, critics and market participants alike, Usmani is the Shariah finance […]
Correcting The New Misinformation on Islamic Charities Funding Jihadist Terrorism
The Guardian in the UK has come out with an article (“Counterterrorism laws taking their toll on humanitarian action”) critical of US counterterrorism efforts that are designed to prevent the funneling of money to Jihadist terrorist groups, especially in Gaza and Somalia, two hotbeds of Jihadist terrorist activity. When ever we see misguided and ignorant […]
Al Qaeda released an online video to mark the 10th anniversary of the September 11th terrorist attacks, with messages from the late Osama Bin Laden and his successor, Dr. Ayman Al-Zawahiri. The message from Bin Laden warned Americans against ‘falling as slaves’ to the control of major corporations and claimed the ‘tyranny’ of capitalism had brought […]
Here we go again: Zakat goes to fighters
One of our favorite pastimes here at SFW is to uncover internet articles and postings which reveal the true nature of zakat–the uses of zakat that the financial jihadists would just as soon not have us kafirs learn about. We have found numerous references over the years to zakat being used to fund Jihadists. Here […]
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 […]
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 […]
Here is the latest development in the saga involving creeping Shariah and the effort to impose Shariah finance in Nigeria. If you recall, previously we reported on how the central bank chief in Nigeria is attempting to circumvent regulations to allow Shariah finance to gain a foothold in the west African nation. Then came reports […]
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 […]
A government official in Malaysia has stated that businesses and individuals should pay zakat, even though Malaysia has no laws requiring that they do so. There is definite basis in this admonishment in Shariah law. Consider this quote from “Understanding Islamic Law (Shari’a)” by Raj Bhala, published by LexisNexis and used as a text in […]
Malaysia is known as a bustling hub of Shariah Finance, but what many people do not realize is that they have implemented a system whereby non-Muslims pay higher tax rates to fund Islamic missionary projects. The good folks at Jihad Watch have the details… http://www.jihadwatch.org/2011/07/malaysias-dhimmis-fund-islamic-dawah.html
Hat tip to Creeping Sharia: http://creepingsharia.wordpress.com/2011/06/26/canadian-mosque-gets-sharia-compliant-loan-fails-to-pay-it-back/ A Halifax, Nova Scotia mosque and community center run by the Maritime Muslim Academy has had a lien placed on its assets by the architecture firm it hired to design the complex. The mosque was not financed in a conventional manner, since paying or receiving interest is haram under […]
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 […]
CNN has a pretty good article that summarizes just where Al Qaeda is getting its money. Regular readers of Shariah Finance Watch will not be surprised by what CNN points out. CNN’s article identifies 4 primary sources of funding for Al Qaeda: “…wealthy individual patrons, infiltrated charities, criminal activities and legitimate businesses.” They are incorrect […]
In a development that illustrates the immense power wielded by Shariah scholars in the Islamic world, Muslim Brotherhood Sheikh Yusuf al-Qaradawi has issued a fatwa permitting Egyptians to skip going on hajj for a second time to use the money saved to donate to a special fund to help the Egyptian government’s fiscal woes. Qaradawi […]
The Financial Jihad Gains a Foothold in Russia
Islamic finance may debut this year in the Tatarstan republic in the form of sukuk, or bonds that, in accordance with Islamic law, do not charge interest, experts said at a World Islamic Economic Forum round-table discussion Wednesday. “Russia is ready for sukuk,” director of the Gazprombank structured and syndicated finance department Alexander Kazakov said. “They can make Russia a lot of money. A trillion dollars.” Gazprombank […]
CAIR’s role in terrorism financing detailed
CAIR’s involvement with Islamic charities tied to terrorism were recently detailed in an excellent letter written by the intrepid Alyssa Lappen to the Anti-Defamation League objecting to the ADL’s recent misguided and unjustified attacks on attorney David Yerushalmi (one of SFW’s heroes) and efforts in the US to prevent the infiltration of Shariah law into […]
The panelists of a session on Shariah finance and banking at the Jeddah Economic Forum were of the view that Saudi Arabia, which has made rapid strides in Shariah finance, could be a role model in promoting it among both Islamic and even non-Islamic countries. We couldn’t agree more. After all, Saudi Arabia is one […]
Shariah bank funnels zakat to militants
Money Jihad has done it again. This time they bring to us the very important report that a Shariah-compliant bank in Bangladesh has been sending zakat money to Jihadist terrorists… Government officials have accused a sharia bank in Bangladesh of diverting its corporate zakat to fund Islamist militants. When hardcore Islamists are named to the […]
Every so often, it is useful to be reminded that zakat is used to fund violent Jihad, according to Islamic law and Islamic scholars. Here is our latest evidence: a Q&A on a web site dealing with many aspects of zakat. Q: Who are entitled to receive zakat? A: 1. The poor 2. The needy […]
Federal Judge Upholds Government Funding of Shariah Law
Last week, Judge Lawrence P. Zatkoff, a federal district court judge in Michigan, dismissed a constitutional challenge to the U.S. Government’s bailout of AIG, which used over a hundred million dollars in federal tax money to support Islamic religious indoctrination through the funding and promotion of Sharia-compliant financing (SCF). http://nation.foxnews.com/justice/2011/01/20/federal-judge-upholds-government-funding-sharia-law
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 […]
Bankers in Islamic finance are increasingly outsourcing sharia supervision due to a lack of scholars in the industry, but critics say this is making the sector even less transparent and slowing its development. Instead of maintaining their own costly sharia boards with prominent scholars, bankers are increasingly using consultancy firms that directly deal with the […]
Categories
Archives