Islamic finance board to set liquidity standards (an admission of trouble)
The Islamic Financial Services Board plans create guidelines for shariah-compliant banks to manage liquidity risks as the industry looks to beef up regulation after the financial crisis.
Shariah-compliant banking has been hit by sukuk (Islamic bond) defaults and the now-deflated Dubai real estate bubble, though numerous industry spokesmen have spread the lie that Shariah Finance has been immune to the financial crisis.
This announcement amounts to an admission that Shariah Finance has in fact been hit by the economic downturn…
At this point we should refer to a few facts about the Islamic Financial Services Board (IFSB).
Among the members of its governing Council are:
Mahmoud Bahmani. Dr. Bahmani is the governor of the central bank of the Islamic Republic of Iran.
Sabir Mohamed Hassan. Dr. Hassan is the governor of the central bank of Sudan.
Adib Mayaleh. Dr. Mayaleh is the governor of the central bank of Syria.
All three of these nations, Iran, Sudan and Syria, fund and sponsor Jihadist terrorist organizations. In their centralized economies, this source of funding is in fact facilitated by the central banks. In fact, in Iran all of the major banks are state-run, under sanctions from the West and all also are the largest Shariah-compliant financial institutions in the world.
It is also worth noting that the IFSB’s next event will be held in a couple of days in Tehran…
This illustrates how rotten the Shariah Finance industry truly is. Why does the West trust an industry that is in bed with terrorists determined to destroy us?