Dubai brings Islamic Bonds to Europe
A Dubai based private equity firm called Millennium Private Equity Ltd, which is apparently at least partially owned by the Dubai regime, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K. European companies may turn more to the Middle East for capital, as the region […]
From the New York Times via Jihad Watch: Attorney General Andrew M. Cuomo should not investigate the financing of the proposed Islamic community center near ground zero, Mayor Michael R. Bloomberg said on Tuesday, reiterating his support for the project. “I think it’s a terrible precedent,” he said. “You don’t want them investigating donations to […]
New dots are emerging from the probe into who’s behind the Ground Zero mosque, and the radical Muslim Brotherhood is coming into view. While a couple of U.S. nonprofits — the Cordoba Initiative and its sister, the American Society for Muslim Advancement — are coordinating the New York project, they hardly give the full picture. […]
Saudi Arabia’s Islamic Development Bank (IDB), a financial institution with the mission of proselytizing Wahhabi Islam through financial influence, is to issue a $1 billion Sukuk (Islamic Bond) to finance its dawa’h operations… http://www.bloomberg.com/news/2010-08-24/islamic-development-bank-to-sell-1-billion-sukuk-for-development-projects.html?
Dubai-based Millennium Private Equity Limited (MPEL) are the ultimate financiers in the transaction, which has raised financing using the musharaka (joint venture) Sukuk (Islamic bond) structure for the technology development company based in the North East of England. http://www.lawyersweekly.com.au/blogs/deals/archive/2010/08/18/norton-rose-advises-on-uk-s-first-sukuk.aspx
The Economist Lashes Out on the Ground Zero Mosque
The Economist has run what amounts to a poorly researched hit piece criticizing opponents of the Ground Zero mosque. This isn’t strictly a financial matter and we usually try to limit our scope to issues surrounding finance here on SFW, however, because The Economist has been such a shameful shill for Shariah Compliant Finance in […]
Islamic Finance is Islamic Law for Australia
There’s an election in Australia on 21 August and many Australians are hoping the current Islamic terror supporting Labor Government is bid farewell. http://www.australianislamistmonitor.org/index.php?option=com_content&view=article&id=3670:islamic-finance-is-islamic-law-for-australia&catid=185&Itemid=59
The Philippines’ state-owned Al -Amanah Islamic Bank may sell the nation’s first Shariah- compliant bonds to finance development in Muslim Mindanao the poorest region and base of Abu Sayyaf separatist militants. Global sales of debt that conform to Shariah law fell 29 percent to $6.65 billion this year, according to data compiled by Bloomberg. Mindanao […]
In a sign of Islamic economic imperialism on the march, Islamic Bank of Britain (IBB) has secured a £20million ($30.8 million) capital injection from founding shareholder Qatar International Islamic Bank… http://www.cpifinancial.net/v2/News.aspx?v=1&aid=5632&sec=Islamic%20Finance
“I believe as a Muslim community one of the areas we have neglected is Islamic Finance. We have reached the age and stage of development where we direly need our own financial institution. One which not only provides the capacity to finance our ventures but also educates the community on the matter of Islamic finance.” […]
Harrods Goes Halal
Now Muslim women can buy expensive, high-fashion versions of black Islamic robes, which obscure the contours of a woman’s body, when they head to London to escape the Arabian Peninsula’s sweltering heat. Harrods started selling abayas by Beljafla’s DAS Collection in June, a month after Qatar’s sovereign-wealth fund bought the landmark store. http://www.businessweek.com/news/2010-07-12/harrods-sees-profit-from-islamic-fashion-as-qatar-takes-control.html
Andrew McCarthy: Elena Kagan’s ‘Don’t Ask Don’t Tell’ Shariah Policy
This is a VERY important article. It does an excellent job of detailing the origins of Shariah-Compliant Finance, how it fits in with the broader world of Shariah, and why Americans need to be concerned. We have excerpted part of the article below and provided a link. If you only read one article on Shariah […]
For anyone who hasn’t seen the Senate confirmation hearings for Elena Kagan to the United States Supreme Court, don’t worry, you haven’t missed much. In fact, Kagan is being celebrated in the media for her sense of humor: http://www.politicsdaily.com/2010/06/30/elena-kagans-one-liners-leave-lawmakers-laughing/ This is really too bad because we have information that at least three members of the […]
In the video at the link below, Guy David, partner, Gowling Lafleur Henderson, explains the potential for Shariah finance in Canada, including its application to residential mortgages and the capital markets. David admits that there is essentially no inherent demand for Shariah-compliant products in Canada; the market is not demand-driven, it is supply-driven. Muslims in […]
Nasdaq launches two Shariah indexes
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 […]
Financial Jihadists Continue Missionary Operations in Kenya
The African nation of Kenya has a Muslim population that makes up about 15% of its citizenry. Nevertheless, elements from the Islamic world, particularly the Gulf nations, have targeted Kenya for Shariah Compliant Finance… http://www.africancapitalmarketsnews.com/454/sharia-compliant-finance-grows-in-kenya/
RightSideNews.com has an excellent checklist of things that Americans should do to oppose the infiltration of Shariah into our culture, society, legal system and financial markets. A few items in particular caught our eye: 7) Write letters. Swamp letters. (Hard copy letters with stamps – not e-mails) Write regular Letters to the Editor. Letters to any American […]
Note that while the US tries to convince Russia to support sanctions against Iran over its nuclear weapons program, Russia continues to stay cozy with the Ayatollahs. In this case, Russia is holding an outreach conference aimed at the Muslim world. Shariah-Compliant Finance has been creeping into Russia and the robber barons there are welcoming […]
The Washington Post is reporting that Washington DC public school students are being instructed in Arabic and participating in a cultural exchange program that is being sponsored by the Qatar Foundation International, an organization with ties to the Youssef Qaradawi, a Shariah scholar who has been banned from traveling to the US or the UK […]
The central banks of Bahrain and the United Arab Emirates have called for “reform” of Shariah-Compliant Finance. But their idea of reform simply means more coordination and industry-wide standards by Shariah scholars (men like Sheikh al-Qaradawi and Mufti Usmani), not true reform. No where in their call for reform will you find increased transparency and […]
Oklahoma’s legislature has taken action to allow that state’s citizens to vote down Shariah through referendum. Hat tip to Logan’s Warning. http://loganswarning.com/2010/06/12/oklahoma-rep-duncan-calls-for-preemptive-strike-on-sharia-video/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+Loganswarning+%28Loganswarning%29 Note: Tennessee and Louisiana have taken similar action through legislation. More details to come…
Australian Islamist Monitor Points Out the Inconvenient Truths About Shariah Finance
The financial jihadists have their sights set on our allies down under. Fortunately, there are those in Australia who are sounding the alarm. We can hope that enough people in Australia take notice of their warnings… http://www.australianislamistmonitor.org/index.php?option=com_content&view=article&id=3512:islamic-finance-nick-sherry-and-inconvenient-truths&catid=205&Itemid=59
Judging by the spate of conferences on “Islamic finance” organized in the Russian Federation and the rest of the former Soviet republics in recent months, interest in Shariah finance is fast developing in the region… http://arabnews.com/economy/islamicfinance/article56957.ece
London can play a major role in the growth and the further progress of the Islamic financial sector due to vast exposure to the sector, said HRH Prince Andrew, Duke of York. http://biz.thestar.com.my/news/story.asp?file=/2010/5/21/business/6308286&sec=business
Two Republican lawmakers are raising questions about a decision to lease office space for the Census Bureau in a building owned by the Falls Church, Virginia mosque, Dar al-Hijrah Islamic Center. Two of the Sept. 11, 2001 hijackers worshiped at Dar al-Hijrah. One of its former imams, Anwar al-Awlaqi, is a leader for Al Qaeda […]
We are very pleased to bring to SFW readers a submission from a financial insider who has seen the world of Shariah-Compliant Finance up close and personal, David Clark. David has spent several years structuring Shariah compliant finance deals. In this time he had access to the leading Islamic scholars and Shariah boards and learned just what a joke “Islamic finance” […]
Hot On the Trail of the Financial Jihadists
Money Jihad blog continues to do stellar work in shining the light on the financial rat line to Jihadist terrorists, particularly those rat lines which run through Islamic charities… “Shall We Judge Saudi Reforms or Saudi Results?” http://moneyjihad.wordpress.com/2010/04/21/shall-we-judge-saudi-reforms-or-saudi-results/ “Readers Defend Holy War Fundraising” http://moneyjihad.wordpress.com/2010/04/19/readers-defend-holy-war-fundraising/ Bangladesh Arrests British HUJI Chief http://moneyjihad.wordpress.com/2010/04/18/bangladesh-arrests-british-huji-chief/ Two More Pro-Terror Charities http://moneyjihad.wordpress.com/2010/04/16/two-more-pro-terror-charities/
The reasons that Sharia Finance is not the innocuous and desirable industry that you described, are fourfold; at its core, it is about promoting Sharia. Everyone who talks about it as you have…does so as though it has nothing to do with Sharia. This is misleading the public and certainly, misleading investors, many of whom, […]
In 2009, the aggregate of Shariah-Compliant assets under Shariah-Compliant financial institutions totaled $950 billion. Last week, Moody’s Investor Services forecast that number to grow to $5 trillion. Such a figure would give the financial jihadists almost unbeatable clout in the global financial industry… http://www.todayszaman.com/tz-web/news-207150-105-islamic-finance-assets-could-reach-5-trillion.html
Hat tip to regular SFW reader “Ramesh” for calling our attention to this important development… The High Court in the Indian state of Kerala has now categorically denied any participation by the government in a proposed Shariah-Compliant Bank. SFW has reported on this developing story twice in the past (again, thanks to reader Ramesh): https://shariahfinancewatch.org/2010/01/11/india-fights-back-against-shariah-finance/ […]
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