Malaysian Islamic reinsurer MNRB Retakaful forecasts that revenue from its overseas operations will exceed that of domestic operations in five years. It particularly has its sights set on Indonesia, Brunei, Sri Lanka and Pakistan. Spreading Shariah insurance to these countries is perhaps not as much of a concern since each is already predominantly Islamic, but one […]
Shariah Financiers Court Korea
As we have reported here on SFW previously, the Shariah finance missionaries are moving into South Korea, a country with virtually no Muslim population: https://shariahfinancewatch.org/category/south-korea/ The latest da’wah activity aimed at South Korea involves a major upcoming event hosted in Kuala Lumpur which will focus on Korean “investment bankers, advisers, issuers and institutional investors.” http://www.bernama.com/bernama/v5/newsbusiness.php?id=455590
Horizontal and Vertical Integration, Shariah-style
If any of you had any doubts as to the true purpose of Shariah Finance (to promote Shariah itself), the article linked below should go a long way toward convincing you. A large Shariah bank in Kuala Lumpur (one of Shariah’s epicenters), CIMB Islamic, has announced a new financing program aimed specifically at small and […]
The Islamic Development Bank has essentially been a financing arm of the Saudi Salafi imperialist movement for years now. The bank comes into an area with lots of money and the next thing you know, Wahhabi mosques start to appear in areas where there are no Salafi Muslims, if any Muslims at all. Lately, with […]
The growth of Shariah Finance has resulted in Western institutions offering degree, diploma and training courses in Islamic finance. This amounts to Western training in Shariah. Dauphine University in Paris will begin offering a master’s program in Islamic finance very soon. Reading University in the UK is offering courses in Islamic finance. HSBC, the big […]
GE Capital plans $1 billon Islamic bond: report
Add General Electric Capital Corporation to the growing list of Western corporations who have stepped up to help the Dawah efforts of to Shariah imperialists. http://www.marketwatch.com/story/ge-capital-plans-1-billon-islamic-bond-report-2009-10-25
Shariah Banking Expands in South Africa
Al Baraka bank now has six branches and four corporate offices in South Africa serving 40,000 customers. It is a subsidiary of Al Baraka banking group of Bahrain. Perhaps not coincidentally, South Africa has developed problems with Jihadist groups in recent years, though this has not received much attention in Western media, possibly because of […]
The Virus Spreads: South Korea to Issue Islamic Bonds in 2010
South Korea, a nation with few Muslims, will issue sukuk, better known as Islamic bonds, next year. This is yet another example of Islamic imperialism manifesting itself in non-Islamic nations’ financial systems. Basically what has happened here is that someone has promised South Korea that if they just agree to issue bonds which comply with […]
The Central Bank of Bahrain has announced the publication and distribution of a Japanese version of its Islamic Banking & Finance in the Kingdom of Bahrain. It was initially published in 2002 and used as a reference for many influential bankers, investors and professors interested in the field of Islamic finance. A total of 6,000 […]
Shariah Finance to debut in former Soviet republic
Abu Dhabi’s government-owned Al Hilal Bank plans to open Kazakhstan’s first Islamic bank in December, starting with two branches, and wants to expand to other former Soviet Union states. Note that leaders from Islamic nations have referred to Shariah finance as “missionary work” in the past. In this case, a government-owned entity is pushing Shariah […]
Earlier today, we posted a link to an article which mentioned that a Kuwaiti Islamic Bank had entered into a joint venture with Colorado-based real estate company UDR: https://shariahfinancewatch.org/2009/08/17/shariah-compliant-sovereign-wealth-funds-resume-investing-in-west/ We were curious as to what, if any, restrictions were to be imposed on the real estate properties in which Kuwait Finance House invested here in […]
The UAE-based S.S. Lootah Group is conducting education on ramadan for its non-Muslim employees. The internal campaign to spread awareness about the holy month started last year to help staff members from over 30 nationalities understand the significance of Ramadan. The campaign involving posters, presentations and newsletters, addressing both the religious and social aspects proved […]
Qatar Islamic Bank makes large zakat donations
The article linked below details some zakat donations made by Qatar Islamic Bank (QIB). The details of the payments which are disclosed certainly make them seem very benign, even benevolent. But this article is illustrative of the fact that zakat is integral to Islamic finance and banking operations. The problem with zakat from a Western […]
Kuwait’s largest Shariah-Compliant bank, just announced that it inked a deal with Denver, Colorado-based UDR to invest $450 million to invest in high income residential real estate in the US. There is no word so far on what implications for properties are involved with Shariah-compliance or if zakat payments will be involved… Meanwhile, Qatar has […]
Regular readers of SFW will recall our series of posts on the Hizb ut-Tahrir conference in Chicago last month. (A quick review is available here: https://shariahfinancewatch.org/category/hizb-ut-tahrir/) The latest development in this saga comes with a press release from the organization’s American arm. In the release, Hizb ut-Tahrir re-emphasizes its desire for an Islamic caliphate to […]
Speaking at an investors forum in Kuala Lumpur, Malaysia, Malaysian Deputy Prime Minister Tan Sri Muhyiddin Yassin today called on local and foreign Islamic finance consultants and advisors to spearhead the enrichment and dissemination of Shariah knowledge. This is not the first time that a political leader in an Islamic nation has instructed the Islamic […]
Middle Eastern Islamist regimes, awash in petrodollars, are now touting Shariah Finance as the key for renewed economic growth. What this amounts to is Islamic imperialism. Whereas in the past Saudi, Kuwaiti and other oil sheikhs in the 1970s began expanding their clout by investing in Western real estate and securities markets, today they have […]
The central purpose of Shariah-Compliant Finance is to promote Islam and Shariah. It is in fact considered “missionary” work. That is one reason why Shariah-Compliant financial institutions will go to great lengths to mask Shariah and push Shariah-compliant products out to non-Muslim customers. The goal is to set non-Muslims at ease with Shariah to set […]
A delegation from the United Arab Emirates has traveled to Australia and met with Treasury officials to increase opportunities for Shariah-Compliant Finance Down Under. The UAE delegation is seeking changes in Australia’s tax laws to accommodate the introduction of Shariah Finance… http://www.menafn.com/qn_news_story_s.asp?StoryId=1093259357
Shariah Index for Thai stock market
Earlier this week we reported on the new Shariah-compliant Exchange Traded Fund (ETF) introduced here in the US. Now we are greeted with the news that a Shariah index has been established in the Thai stock market. Once again, we have an example of a news report which reads an awful lot like a marketing […]
Islamic Development Bank could raise $500m bond (sukuk)
The Jeddah, Saudi Arabia-based Islamic Development bank will soon issue a $500 million sukuk or Islamic bond issue. This is rather controversial in Shariah Finance circles since Mufti Taqi Usmani issued an opinion last year declaring that most such instruments are in fact NOT Shariah-compliant and are unislamic. That opinion, along with the world economic […]
CAIR asks US leaders to address “growing Islamophobia”
The Council on American Islamic Relations (CAIR) issued a press release late yesterday calling on U.S. leaders to address what the organization says is “growing Islamophobia” in the U.S. At the end of the release, CAIR lists a host of links to several alleged instances of “Islamophobia,” as well as a bunch of other links […]
Update on Hizb ut-Tahrir conference in Chicago
On 21 June, we posted an alert about Hizb ut-Tahrir holding a conference at a Muslim school in the Chicago area in which they target capitalism with Islam: https://shariahfinancewatch.org/2009/06/21/hizb-ut-tahrir-jihadists-target-capitalism/ Now, the conference has a web site with more complete details. Note that Hizb ut-Tahrir claims to not want to “change the system of government” in […]
Hizb ut-Tahrir: Jihadists target “capitalism”
Hizb ut-Tahrir is a global Jihadist political organization which has been especially active in Great Britain in recent years. The organization is banned in Germany and has been declared a terrorist organization. Now, as the excellent folks at the Counterterrorism blog explain, they are emerging in the USA: http://counterterrorismblog.org/2009/06/hizb_ut-tahrir_america_enters.php Hizb ut Tahrir has an English […]
Adnan Yousif: The Godfather of Global Shariah-Compliant Finance
Most of us in the West never heard of Adnan Yousif, but we probably should, because he has been named as a driving force behind the global spread of Shariah-Compliant Finance in a fluff piece published overnight on The Economist web site. Yousif is important enough for The Economist to […]
Shariah-Compliant Finance has been described as a Trojan Horse for for broader Shariah infiltration around the world. This is certainly true of Africa, where Shariah is on the march through armed Jihad in Somalia and parts of Nigeria. The just as dangerous, but harder to detect dawah method of Shariah-Compliant Finance, on the other hand, […]
What’s Next? Shariah-Compliant Hotels (complete with zakat payments to Islamic charities and EEOC violations)
The hospitality industry has generally been haram under Shariah-Compliant Finance, but that is changing. Now we’re seeing a movement to expand Shariah-Compliant hotels into the West. A close examination of the mechanisms and practices surrounding Shariah-Compliant hotels illustrates just exactly why the the barbaric Shariah code is almost completely incompatible with Western values and laws. […]
The Washington Times weighs in on Shariah-Compliant Finance
The Washington Times has a good piece on Shariah-Compliant Finance this morning, authored by Simon Roughneen. Roughneen did a good job of covering the issues involved, though I wish he had mentioned the system of zakat by name, because that is one of the aspects that makes Shariah-Compliant Finance so worrisome. When slimey enemies of […]
If ever there was definitive proof that the true purpose of Shariah-Compliant Finance is to promote Shariah, it shows up in bold form in an article in the March 2nd Financial Times which we’ve linked at the end of this column. The practicioners of Islam, known to some as “Islamists,” met in Jakarta, Indonesia recently […]
Mapping Shariah Project interviewed on Frontpagemag
The Mapping Shariah Project, directed by Dave Gaubatz, has been conducting invaluable undercover research into the practices and teachings at mosques and Islamic centers across the USA. One of the measures that the project uses is to gauge Shariah adherence as an indicator of possible Jihadist activity. Dave Gaubatz was interviewed in a recent article […]
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