Dubai’s golden sands lose their luster
On December 12, 2009 · In "Ethical Investment", Abu Dhabi, Debt Bonds, Defaults, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Investment Scams, Investment Swindles, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Jurisprudence, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Courts, Shariah Finance, Shariah Law, SUKUK, UAE
“Investors trapped by the financial storm in the United Arab Emirates are in unknown legal territory as they try to protect their billions.” (The Times, 10 December 2009) The Dubai default debacle demonstrates in stark detail how the lack of transparency and failure to disclose relevant facts make Shariah Finance risky. Long ago–decades ago–the rest […]
A Shameless, Shallow Advertorial for Shariah Finance from Oxford Analytica and Forbes.com
On December 12, 2009 · In Abu Dhabi, Credit Dirivatives, Debt Bonds, Defaults, Derivatives, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Financial Institution, Hezbollah, HSBC, Investments, Iran, Islam, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Kuwait, Lebanon, Qaradawi, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah insurance, Shariah Law, SUKUK, Takaful, Taliban, Usmani
Malcom Forbes must be spinning in his grave. His namesake publication’s web site has published an article which basically promotes a financial and economic system which by its very nature seeks to replace capitalism and our free enterprise system: http://www.forbes.com/2009/12/10/islamic-finance-after-dubai-business-oxford-analytica-islamic-finance.html?feed=rss_business In fact, the article reads less like journalism and more like a press release from […]
Abu Dhabi Islamic Bank plans expansion throughout Asia
On December 8, 2009 · In Abu Dhabi, Indonesia, Islamic Banking, Islamic Finance, Malaysia, Shariah Banking, Shariah Finance, UAE
As if the United Arab Emirates had not done enough to the world financial system through the debacle of Dubai, now Abu Dhabi Islamic Bank has announced plans to expand its business throughout Asia. http://www.arabianbusiness.com/575493-adib-plans-expansion-throughout-asia
TIMELINE-Defaults: Islamic finance in uncharted territory
On November 6, 2009 · In "Ethical Investment", Abu Dhabi, Debt Bonds, Defaults, Dubai, Economic Crisis, Islamic Banking, Islamic Bonds, Islamic Finance, Kuwait, Saudi Arabia, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance
The dirty underside of Shariah-Compliant Finance… http://www.reuters.com/article/bankruptcyNews/idUSKLR44503820091105?rpc=401
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093275949
UAE Islamic banks’ profits decline
On August 11, 2009 · In Abu Dhabi, Dubai, Dubai Islamic Bank, Islamic Banking, Sharia Compliant, Shariah Banking
You have to read carefully to glean this information from the cheerleading article linked below, but profits at the various Islamic banks in the UAE which trade on the stock exchange are reported down (though you’d never know it from the headline): The Islamic banks listed, on the local stock markets, posted net profits of […]
Mayfair Wealth Management launched a US$50m fund that will invest in distressed property in Dubai and Abu Dhabi… http://www.propertyweek.com/story.asp?sectioncode=297&storycode=3146339&c=1
Another Shariah-Compliant bank turns in a dismal quarter of performance. We won’t hold our breath waiting for the promoters of Shariah to stop touting their economic system as the savior from the economic crisis… “Abu Dhabi Islamic Bank reported on Wednesday a 30-percent drop in its second-quarter net profit, dragged down by provisions against credit […]
Shariah’s march continues with the introduction of a new Shariah-Compliant credit card in Abu Dhabi… http://www.gulfnews.com/business/General/10310977.html
Islamic markets tumble, Dubai floats conventional bond
On March 10, 2009 · In Abu Dhabi, Bahrain, Dubai, Dubai Islamic Bank, Egypt, Emirates, Islamic Banking, Islamic Finance, Qatar, Sharia Compliant, Shariah Banking, Shariah Finance, UAE
Despite all the sunshine being thrown about by promoters of Shariah-Compliant Finance in the West, the so-called “insulated” Islamic markets are tumbling in the Middle East. Monarchies in the Gulf have had to resort to injecting capital into their banking systems to prevent a crisis. This was done in Abu Dhabi and Dubai appears set […]
Shariah-Compliant Finance is often represented as “ethical” investing. It looks like the ethics were thrown out at Dubai Islamic Bank. It seems that several executives with Dubai Islamic Bank defrauded their employer out of $791 million. Note that the attorney for one of the defendants says that his client “has not violated any applicable laws […]
Daniel Greenfield has written an excellent piece about the third round of bailouts for CitiGroup. Here are a couple of highlights and a link: We are now seeing the third round of bailouts for Citigroup, after the US government already has taken a 36 percent stake in the bank. This makes the US government the […]
Regular readers of SFW know that one of the chief concerns about Shariah-Compliant Finance is the system of tithing known as “zakat.” Shariah-Compliant banks provide a means by which Muslims can tithe their investment earnings and, in the case of one bank in the UAE, Sharjah Islamic Bank, they are using technology to enable customers to […]
Iran, Terrorism, Proliferation and Shariah-Compliant Finance
On January 5, 2009 · In "Ethical Investment", Abu Dhabi, Australia, Britain, Conference, Dubai, European Union, Financial Institution, Hamas, Iran, Islamic Banking, Money Laundering, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah in Academia, Terror Funding, terrorism, UAE, USA
In April of 2008, I attended Harvard Law School’s celebration of “Islamic Finance.” This event has been labeled by others as “shilling for shariah” at Harvard and, I must say, that is exactly what it was. During the two days of presentations, there was absolutely no critical thought expressed on the wider issue of Shariah. […]
Abu Dhabi Will Utilize California Company’s Web-Based Technology to Bring in New Business Last update: 11:00 a.m. EDT Oct. 21, 2008 ABU DHABI, UAE, Oct 21, 2008 (MARKET WIRE via COMTEX) — After a worldwide search for the best in technology, the emirate of Abu Dhabi in the United Arab Emirates (UAE) has selected […]
Dubai May Need Help From Abu Dhabi to Fund Borrowing (Update2) By Matthew Brown Oct. 13 (Bloomberg) — Dubai may need help from Abu Dhabi and the United Arab Emirates government to finance a surge in borrowing that paid for the world’s tallest tower, palm tree- shaped man-made islands and stakes in banks worldwide. […]
October 13, 2008 Reaching for a Higher Profile, Abu Dhabi Opens a Hub for Western Media By TIM ARANGO Twenty years ago, Abu Dhabi’s cultural cachet in the West was as a punch line in the cartoon “Garfield.” Today, backed with petrodollars, Abu Dhabi is fast becoming an international cultural hub and […]
Saudi Arabia, IBM seek to build Middle East’s fastest computer DUBAI (Bloomberg) — International Business Machines Corp., the world’s biggest computer-services company, signed a joint-research agreement with Saudi Arabia to build the fastest computer in the Middle East. King Abdullah University of Science and Technology, also known as Kaust, and IBM will “build and […]
Police unearth Dh320m fraudulent savings fund scheme in Abu Dhabi Staff Report Published: September 24, 2008, 21:10 Abu Dhabi: A bogus multi-million dirham investment portfolio involving 1,300 investors, who were defrauded of their life savings, was uncovered in Abu Dhabi, police said on Wednesday. An Emirati, S.A., sponsored a Sudanese, A.H., who reportedly duped […]
The excesses of the filthy richDiamond covered Car for Dubai Leader-REAL diamonds. www.zimbio.com There are 1,200 multi-billionaires in the world and, as the rest of us tighten our belts, they’re desperate to splash out. Personal jumbo jets, nine-storey giga-yachts, football clubs, icons of contemporary art, museums in the desert — these are just some […]
Middle Eastern family jumps onboard new private jet business Friday 19th September 2008 User tools Have your say – comment on this item Email to friend Print-friendly version The West may be in the grip of the worst financial crisis since the Great Depression of 1929, but in the Middle East families are on something […]
The somnolent atmosphere on the Abu Dhabi Securities Exchange trading floor belies the dire state of regional equity markets. Although most companies have reported healthy earnings in the past quarter, Gulf stock markets have plunged and all are firmly in the red. Saudi Arabia’s Tadawul All-Shares index, which tracks the performance of the largest Gulf […]
Al Hilal Bank mulls overseas expansion to tap demand for Shariah finance Published: Tuesday, 16 September, 2008, 12:56 AM Doha Time images.zawya.com/…/080325_islamic_01.gif ABU DHABI: Abu Dhabi government-owned Al Hilal Bank, the newest of eight Islamic banks in the United Arab Emirates, plans to make overseas acquisitions from 2009 to tap surging demand among Muslims, […]
Abu Dhabi buys Manchester City It is hard to find a Manchester City shirt at the moment. Soccer fans of „The Blues“ are highly excited about the future of their home club. Big changes are up to come because the owner of the club changed. It it is not a „Somebody“ but it is the […]
Abu Dhabi’s big deals http://www.globalresearch.ca/articlePictures/King%20Abdullah%20Al-Saud%20(2007%20Arab%20League%20Summit).jpg Hollywood The Abu Dhabi Media Company has announced a £500m-plus partnership with Hollywood. The company plans to make eight films a year over the next five years. Formula One Mubadala Development Company, owned by the Abu Dhabi government, bought 5 per cent of Ferrari for £65m in 2005. It […]
Frank Kane in Abu Dhabi The Observer, The seven-star Emirates Palace Hotel reflects Abu Dhabi’s new ostentation. Photograph: Rabih Moghrabi/AFP Even by the standards of the bling-obsessed United Arab Emirates, the Bugatti parked outside one of the federation’s many five-star hotels was exceptional and the Emiratis, leaving their evening meals after breaking fast on the […]
They like their football in the Gulf. The mercury may have been nudging 40C yesterday, but on the beaches of Abu Dhabi the shrieks of youngsters, playing in Arsenal shirts bearing the logo of Emirates airlines, rose above the call to Friday prayers. By John Arlidge Last Updated: 5:23PM BST 05 Sep 2008 Previous […]
Chris Weeks/AP Sulaiman Al-Fahim Chris Weeks/AP Sulaiman Al-Fahim September 04, 2008 10:37 AM by Denis Cummings An Abu Dhabi investment group recently purchased English Premiership club Manchester City in an effort to compete with neighboring emirate Dubai, where Sheik Mohammed is renewing a bid for Liverpool. Abu Dhabi billionaire Sulaiman […]
Tuesday, Sep 02, 2008 http://api.ning.com/files/Sul1mxFUv1lrlSoYthjMQoz2nzEg9LOoY34CKnRv34fvJQj2ivue0resYTOdWdsy7jDhKOt1K6fP0R*ePwBTGcm-SgMrjapr/HOLLYWOOD.jpg Fresh from buying into English Premier League football, Abu Dhabi has its eye on another trophy. The emirate will on Wednesday set out plans to become one of the world’s largest film producers, with $1bn to invest in productions to be made in Hollywood, Bollywood and beyond. The funding, provided […]
http://cache.daylife.com/imageserve/0dZg6Gm2iaeL2/610x.jpg Philippine Daily Inquirer First Posted 01:57:00 08/31/2008 MANILA, Philippines—Police have arrested one of the alleged masterminds of a ferry bombing that killed 116 people four years ago, according to Executive Secretary Eduardo Ermita. Ruben Pestano Lavilla Jr. was deported to Manila on Saturday after being arrested last month in Bahrain, said Ermita, […]
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