posted by Christopher W. Holton The South African Department of Trade and Industry will lead an Outward Selling Mission (OSM) to the Qatar and Islamic Republic of Iran from 2-9 March 2018. The objective is to facilitate access for South African value-added products and services into Qatar and Iran. Iran of course needs no introduction. […]
Possible Islamic State Funding Scheme Discovered in South Africa
by Christopher W. Holton As if we needed any more evidence that we are locked in a global war, authorities in South Africa report a possible $5 million cache destined for the Islamic State… South African police say they are investigating whether more than $5 million seized from five passengers bound for Dubai in August […]
Shariah Gaining Foothold in Africa Through Shariah Bond Offerings
African markets are starting to open to Shariah finance, primarily through governments’ debut sales of sovereign sukuk (Shariah bonds). Regimes across Africa are using Shariah bonds as a way to attract cash-rich Islamic investors, with South Africa making a $500 million issue in September and Senegal raising 100 billion CFA francs ($208 million) in June. The Tunisian government could […]
The sukuk was issued through ZAR Sovereign Capital Fund Proprietary Limited, as trustee of The RSA Sukuk No. 1 Trust (each established in the Republic of South Africa). The sukuk was offered within the United States to “qualified institutional buyers” (who are also “qualified purchasers” under the Investment Company Act 1940) in reliance on Rule […]
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, […]
South Africa will launch its first sukuk Islamic bond this year Finance Minister Pravin Gordhan said Wednesday. Complying with Islamic Shariah law, such a bond has been discussed in South Africa for some time as the nation tries to secure lenders in petro-wealthy Islamic nations. http://www.globalpost.com/dispatch/news/afp/140226/south-africa-launch-its-first-islamic-bond
South Africa’s First National Bank (FNB) finds itself in urgent need of a whole new set of Shariah scholars to man its Shariah advisory board after its previous board resigned en masse in a dispute with management. Not surprisingly, given the opaque nature of Shariah-Compliant Finance, details about the dispute are sketchy, but they appear […]
Essentially what is happening here is that the Islamists are insisting on Shariah compliance before they will consider investing. And since they have so much oil wealth, non-Muslim countries are willing to sell out… • South Africa is preparing to launch sub-Saharan Africa’s first Islamic bond, paving the way for issues by other countries in […]
South Africa appears to be preparing to issue Islamic bonds (sukuk) in the near future, as the country’s central bank has asked private banks for proposals for such a venture. South Africa has a relatively small Muslim population, so there can be little doubt that the instigation behind this move comes from outside the country, […]
Egypt delays sukuk as financial jihad comes to South Africa and elsewhere
The political unrest in Egypt has forced that country to delay setting up the structure for sukuk (Islamic) issuance, but the financial jihad is moving into Nigeria, Kenya and, most ominously, South Africa. The delay in Egypt will no doubt be short-lived, given the growing influence of the Muslim Brotherhood in the political power structure […]
Shariah-Compliance may have a prohibition against interest, but that sure does not mean that Shariah-Compliant financial institutions won’t charge handsome fees for their services… Islamic banks such as Albaraka Bank (South Africa) and the Islamic banking windows of FNB, ABSA, Nedbank and Standard Bank have come under heavy criticism from Muslim customers from following the […]
The fourth annual IslamicFinance Business Awards — which cite the role that Muslim businesses make to the development of the South African economy and the “upliftment of diverse communities” — were held last week. This is just another sign that Shariah Finance is being used to spread Shariah in nations well removed from historic Islamic […]
Shariah Banking Expands in South Africa
Al Baraka bank now has six branches and four corporate offices in South Africa serving 40,000 customers. It is a subsidiary of Al Baraka banking group of Bahrain. Perhaps not coincidentally, South Africa has developed problems with Jihadist groups in recent years, though this has not received much attention in Western media, possibly because of […]
South Africa’s third largest fund management company, Stanlib, has put on hold plans to launch a global equity Islamic fund. http://uk.reuters.com/article/idUKL456474320090804?rpc=401&&pageNumber=1&virtualBrandChannel=0
Yesterday, we reported that the Constitutional Court of South Africa has recognized polygamy in a ruling having to do with estate law: https://shariahfinancewatch.org/2009/07/15/shariah-creeps-into-south-african-estate-law-polygamy-now-recognized-by-courts/ Today, we ran across an article proclaiming the ruling as a victory for women’s rights in South Africa. We thought that this take on the subject was illustrative of the methodology that […]
The Constitutional Court of South Africa has just ruled that all wives in a Muslim marriage are entitled to a claim from the estate of a husband who dies without a will. As far as we know, polygamy has never been legal in South Africa. Until now, it has never been recognized. We suspect that […]
Satellite channel to begin broadcasting in Feb. By BRYAN PEARSON BAGHDAD — British-based Islam Channel, which has a deep reach into the Middle Eastern, Mahgreb and European markets, is pressing even further afield — right to the tip of Africa. Beginning February the channel, which promises to present an Islamic perspective and to dispel misconceptions […]
South Africa will be hosting its first Finance and Islamic Investment Conference in the newly built Cape Town Convention Centre on the 1st to the 3rd of September 2003. Tuesday, August 05 – 2003 at 09:32 http://www.ameinfo.com/26899.html sponsored link IPTV World Forum Middle East and Africa 3rd 4th November 2008, Dubai – […]
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