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 there.
South Africa will amend legislation to allow the government to sell sukuk this year. This development is an example of Shariah-Compliant Finance as Islamic imperialism, since South Africa is not a predominantly Muslim nation. The financial jihadists essentially dictate shariah terms to non-Muslims with the lure of petrodollars. This is happening in South Korea, the Philippines, Russia and parts of Western Europe as well.
Note that Bloomberg-controlled BusinessWeek continues to be a cheerleader for Shariah Compliant Finance, never raising questions about Shariah or the concerns surrounding the industry, as expressed by the State Department in Wikileaks documents not long ago…