Back in the first quarter of this year, SFW covered Goldman Sachs’ ill-fated sojourn into the world of Islamic bonds (sukuk). Goldman had planned on floating a $2 billion sukuk but the entire project was shot down by Shariah scholars.

It now appears that Goldman Sachs can thank the infamous Jihadist Mufti Taqi Usmani for torpedoing their voyage into this new frontier of Shariah finance. Usmani and other Shariah scholars were essentially worried that the sukuk would go toward financing Goldman’s other non-Shariah-compliant activities.

One cannot help but wonder if anti-semitism played a role in this decision since other Western institutions have been involved in such sukuk. Not that we have any sympathy for Goldman Sachs in this whole sorry affair. As we said back in January, if you lie down with dogs, you get fleas…


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