by Christopher W. Holton Today’s New York Times has what amounts to an advertorial for Shariah finance, espousing “Retirement Savings, the Muslim Way.” Not surprisingly, given the New York Times’s jaded past, the article is unbalanced and omits many of the concerns about Shariah finance. For starters, there is this passage: Investing in companies earning […]
by Christopher W. Holton This morning, 12 May 2016, taxpayer-subsidized National Public Radio ran what amounts to a three and a half minute advertorial for Shariah-compliant banking, specifically a Shariah-compliant bank that will be familiar to long-time readers of Shariah Finance Watch: University Islamic of Michigan. http://www.npr.org/2016/05/12/477758545/michigan-bank-discovers-the-need-for-islamic-finance-products What we find particularly enlightening about the NPR […]
Toxic Propaganda from the Financial Jihadists on Shariah Finance
On September 29, 2015 · In "Ethical Investment", AAOIFI, Iran, Islamic Finance, Malaysia, Nakheel, Qaradawi, Shariah Banking, Shariah Finance, Terror Funding
By Christopher W. Holton Periodically we see articles and marketing pieces come out promoting Shariah-compliant finance as somehow more “ethical” than conventional finance. In fact, Shariah finance is often promoted as the ethical substitute to conventional finance and promoters of Shariah finance, notably Sheikh Youssef De Lorenzo, who has written that Shariah finance should be […]
Mufti Muhammad Hassaan Kaleem has joined the Shariah advisory board of Dubai Islamic Bank. Kaleem is already a member of Deloitte’s Shariah advisory board and AAOIFI. Given his position with AAOIFI, it is not surprising that Kaleem is a pupil of the hate-filled, Jihadist Mufti Taqi Usmani, who chairs AAOIFI’s Shariah board and was previously […]
Prospects for international Islamic capital markets remain bright, according to the Chief Economist of the Economic Development Board, Dr. Jarmo Kotilaine. Dr. Kotilaine discussed the prospects for the future of Islamic capital markets during a speech held at the World Islamic Funds and Capital Markets Conference in Bahrain. This year’s event marks the conference’s 10th […]
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which lists the Jihadist Shariah scholar Mufti Taqi Usmani as the chair of its Shariah Advisory Board, will hold its annual conference in Bahrain this year… http://www.ameinfo.com/kfh-bahrain-sponsors-aaoifi-annual-sharia-conference-337986
Does Your Financial Institution Participate in Shariah Compliant Finance?
On June 26, 2012 · In AAOIFI, AIG, Amana Funds, Arcapita, Bank of New York-Mellons, Barclays, Bloomberg, BNP Paribas, Citigroup, Clearstream Banking SA, Companies, Credit Suisse, Creeping Shariah, Deloitte Touche Tohmatsu, Deutsche Bank, Dhimmitude, DIC, DIFC, DIFX, Dow Jones, Dow Jones Islamic Market, Financial Institution, fiqh council of north america, Fitch, GE Capital, Goldman Sachs, Guidance Financial, HARVARD, HSBC, IFSB, IIFM, IIIT, Islamic Banking, Islamic Finance, ISRA, KPMG, Merrill Lynch, Moody's, Moody's Investor Service, NASDAQ, NatWest Bank, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah insurance, Shariah Mortgage, Standard & Poor's, Standard Chartered, Thomson Reuters, UBS, UBS Bank, University Islamic Bank
The most common requests we receive here at SFW are questions as to whether banks or brokerage houses “are Shariah-compliant?” As a result of these numerous inquiries, for the past several weeks, we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance. […]
Shariah Finance Watch hears from Mr. Oliver Agha, a Shariah Compliant Lawyer
On March 27, 2012 · In AAOIFI, Christianity and Islam, Islam, Islamic Banking, Islamic Finance, Islamic Law, jizyah, Oliver Agha, Qaradawi, Shariah Banking, Shariah Boards, Shariah Councils, Shariah Finance, Shariah Law, Usmani
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 […]
Linked below is an article by a financial jihadi posing the question “Is Islamic finance a failure?” As you might expect, the answer turns out to be “no,” which, given the author’s background should come as no surprise. This is a common tactic of the financial jihadis; build a straw man and then proceed to […]
Maybe the only thing worse than getting in bed with the financial jihadists is to get in bed with the financial jihadists, only to find out they don’t want you. That may be the situation Goldman Sachs finds itself in with regard to its Islamic bond (sukuk) program. It seems Goldman got the blessing from […]
Shariah Finance Certification Tied to Jihadist-led Organization
On November 25, 2011 · In AAOIFI, Islamic Finance, Shariah Boards, Shariah Councils, Shariah Finance
A UAE-based firm named Ethica has become the industry leader “for accredited training and certification in Islamic finance.” Experts say that what probably sets Ethica apart is that their 4-month Certified Islamic Finance Executive™(CIFE™) certification is the only 100% AAOIFI-compliant, 100% online Islamic finance program in the market today. AAOIFI stands for the Accounting and […]
The Shariah Scholar Shortage Problem
On April 11, 2011 · In AAOIFI, DeLorenzo, Islamic Finance, Qaradawi, Shariah Banking, Shariah Boards, Shariah Councils, Shariah Finance, Usmani
Both opponents and proponents of Shariah finance recognize that there are relatively few Shariah scholars available to serve as advisers to financial institutions. Proponents of Shariah finance see this as a problem in that it could inhibit the global growth of the industry. Opponents see the shortage from a different perspective. First of all, several […]
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 […]
The Shariah scholars are a central concern in Shariah Finance because several of the most prominent are Jihadists with ties to extremist groups. Placing more power in such hands doesn’t help matters. There appear to be two competing entities in this movement: Mufti Taqi Usmani’s AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) and […]
The Shariah finance standard-setting body AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) said it would overhaul rules governing Islamic finance scholars whose role and potential conflicts of interest have come under increased scrutiny. Most Shariah-Compliant financial institutions are vying to attract the same small number of influential scholars to their boards, and some of […]
Under the guide of “standardization” of practices, the Taqi Usmani-controlled Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) is continuing its campaign to gain control of the Shariah Finance industry. We’ve covered this emerging development for several months here on SFW and it’s worth a review: https://shariahfinancewatch.org/category/aaoifi/ The latest development in this regard is […]
The web site Favstocks.com has published what amounts to propaganda for the financial jihadists. In an online article published on July 1st, the site “explained” “Islamic investing,” touting it as “socially responsible.” This affords us a teaching moment. We will go through the various aspects of the article and deconstruct the propaganda: ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• “Islamic fund […]
More evidence that Usmani-controlled AAOIFI is making a play for control of the entire Shariah Finance industry… Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has adopted three new Shariah standards. This includes a ruling on standards for the disposal of rights, bankruptcy and the management of liquidity, collection and use. http://www.tradearabia.com/news/newsdetails.asp?Sn=BANK&artid=181850
Nasdaq launches two Shariah indexes
On June 23, 2010 · In AAOIFI, Creeping Shariah, Islamic Finance, Islamic Index, Islamization, NASDAQ, Sharia Compliant, Shariah Finance, stealth jihad, Usmani
Nasdaq has created two sharia-compliant indexes, based on the Nasdaq 100 Index and the OMX Stockholm Benchmark Index. The indexes are weighted by market capitalisation and track the securities in the underlying benchmark indexes, and meet sharia requirements as specified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Shariah Finance Watch readers […]
Ithmaar Bank in Bahrain was rumored to be experiencing a conflict between its Shariah advisory board and its conventional line of business, as detailed below: “Ithmaar Bank is fully sharia-compliant and has, in this regard, the full support of its independent Sharia board as well as the Central Bank of Bahrain, a statement said. The […]
There can be no doubt that, unfortunately, the Shariah Finance industry is growing. Of course, just like the article linked below, the industry uses dishonest methods to promote itself, such as claiming–falsely, that “Islamic” finance is insulated from economic and financial crisis. Nevertheless, industry insiders predict that the market for Shariah-Compliant products and services will […]
Oxford Analytica Continues to Shill for Shariah
On March 10, 2010 · In AAOIFI, Accounting, Creeping Shariah, Dubai, Islamic Banking, Islamic Bonds, Islamic charities, Islamic Economics, Islamic Finance, Islamic Law, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Courts, Shariah Finance, Shariah Law, Sudan, Syria, Terror, Terror Funding, terrorism, Usmani, Zakat
The economic consultancy Oxford Analytica has frequently used its space on Forbes.com to promote Shariah-Compliant Finance. We have pointed this out on SFW in the past: https://shariahfinancewatch.org/?s=Oxford+Analytica Oxford Analytica has taken yet another step to promote financial jihad with an article on Forbes.com. This new article is so overrun with troubling and disturbing aspects that […]
Are We Financing Our Own Demise?
On March 4, 2010 · In "Ethical Investment", AAOIFI, Hezbollah, Human Rights under Shariah, Human Rights under Shariah Law, Iran, Islamic charities, Islamic Finance, Islamic Financial Services Board, Islamic Law, Islamic schools, Jihad, madrassas, Qaradawi, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Councils, Shariah Finance, Shariah Law, Takaful, Taliban, Terror Funding, Usmani, Zakat
Gadi Adelman and the intrepid Joy Brighton have just published an outstanding analysis of Shariah-Compliant Finance over on the Financial Security Matters site. Please take the time to read it and pass it on to your friends and associates: http://www.familysecuritymatters.org/publications/id.5632/pub_detail.asp
More on AAOIFI’s moves to seize control of Shariah Finance
On January 27, 2010 · In AAOIFI, Islamic Economics, Islamic Finance, Sharia Compliant, Shariah Boards, Shariah Finance
SFW has published a half dozen articles on the shadowy financial jihadist organization AAOIFI (Accounting and Auditing Organisation for Islamic Financial Institutions) and its growing influence in the world of Shariah Finance. https://shariahfinancewatch.org/category/aaoifi/ AAOIFI employs notoriously hateful Shariah scholar Mufti Taqi Usmani and counts representatives of the central banks of known terrorist sponsors Iran, Sudan […]
AAOIFI moves to seize control of Shariah Finance
On January 20, 2010 · In AAOIFI, Accounting, Bahrain, Creeping Shariah, Da'Wah, Islamic Finance, Sharia Compliant, Shariah Boards, Shariah Councils, Shariah Finance, Usmani
In a move that is being hailed by the Western financial media as a positive development, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a series of standards and procedures for Shariah-Compliance. http://www.reuters.com/article/idUSLDE60J0WF20100120?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401 It is hoped that the AAOIFI will “harmonize” standards across the industry. If only Western journalists had bothered […]
Westlaw Joins the Financial Jihad
On December 18, 2009 · In AAOIFI, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Councils, Shariah Finance, Usmani
Westlaw Business, part of Thomson Reuters, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) today announced their agreement to provide current standards and other Islamic finance industry information for global business law professionals within the Westlaw Business Islamic Finance Center. Does Westlaw know who they are getting in bed with? Are they […]
BBC: Islamic Finance is a Dishonest Business Run by Dishonest People
On December 16, 2009 · In "Ethical Investment", AAOIFI, Britain, Creeping Shariah, Defaults, Dubai, HSBC, Investment Scams, Investment Swindles, Islamic Banking, Islamic Bonds, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah Mortgage, Uncategorized, United Kingdom, Usmani
The BBC has published an article by Mr. John Foster, who used to be editor of “Islamic Business & Finance” magazine. The topic of the article is described by its title: “How Sharia-Compliant is Islamic Banking?” But it is not really the topic which makes the article interesting. It is the details which make it […]
AAOIFI to keep tabs on Shariah products
On August 11, 2009 · In AAOIFI, Accounting, Islamic Finance, Sharia Compliant, Sharia Products, Shariah Boards, Shariah Finance, Shariah Law, Usmani
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) plans to monitor Islamic finance products. AAOIFI “will screen products and services offered by the industry for Shariah compliance.” AAOIFI describes itself as an autonomous corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry. AAOIFI would […]
At a meeting of 400 “leaders” of the Shariah-Compliant Finance industry, in his opening address, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) secretary general Dr Mohammed Nedal Alchaar said that there exists the need to remove “irrational fear from the market investors and counterparties through enhancing disclosure of financial information.” Increased disclosure and transparency […]
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