posted by Christopher Holton The Islamic Development Bank, the financial arm of the Islamic imperialist Organization for Islamic Cooperation (OIC) has just listed a $1.25 billion sukuk–shariah-compliant bond–on the NASDAQ exchange in Dubai. This illustrates the degree that shariah supremecists exercise control in world financial markets and how incredibly well-financed they are. It also demonstrates […]
posted by Christopher W. Holton Shariah-compliant Finance is a key instrument of Islamic imperialism, as illustrated by the story linked below. Kenya has been targeted for a few years now by the financial jihadists. Only less than 12% of Kenyans are Muslim, yet Kenya has attracted the attention of Shariah financial institutions for several years, […]
posted by Christopher W. Holton Authorities in Dubai are concerned about the ultimate destination of charity donations. Who would know better? A British-Australian dual national living in Dubai who wanted to raise money for Afghans who fled their country’s long war has been detained for weeks over promoting a charity, his supporters said Friday. Scott […]
Former president Bill Clinton, whose wife Hillary Clinton is the Democrat nominee for president, took some $5.6 million between 2012 and 2014 from Dubai-based GEMS Education, which runs 51 Shariah schools in the Mideast having some 250,000 students. It has schools in other countries and regions, including Asia, the United Kingdom, Africa and even Chicago, […]
posted by Christopher W. Holton Multiple reports indicate that the Clinton Foundation has raked in a cool $100 million in donations from Sheikhs and despots from the Islamic world, particularly from the Persian Gulf region. Much of this money came in while Hillary Clinton was Secretary of State, suggesting the real possibility of a worrying […]
Japan’s Bank of Tokyo-Mitsubishi UFJ (BTMU) has launched its Islamic finance business in Dubai, to focus on sharia-compliant loan syndications with later plans to offer project financing… http://www.reuters.com/article/2015/10/29/bank-of-tm-ufj-emirates-islam-finance-idUSL8N12S06820151029
By Christopher W. Holton Linked below is a page on the Dubai Islamic Bank web site which purports to promote and explain Shariah-compliant car loans which, ostensibly, avoid interest charges. To be completely honest, we can’t make heads or tails of it, but one thing seems readily apparent: no one at Dubai Islamic Bank is […]
Shariah-compliant airliners? Not exactly, but their financing is Shariah-compliant… A Bahrain-Dubai joint venture has closed a $94 million deal at list prices for the lease of three Bombardier Q400 NextGen planes, its third Sharia-compliant aviation deal since December… http://english.alarabiya.net/en/business/aviation-and-transport/2015/04/30/Bahrain-Dubai-joint-venture-closes-third-Bombardier-deal.html
The United Arab Emirates have moved to regulate the flow of funds into Islamic charities, imposing stiff penalties for violations. While this appears to be a step in the right direction, laws are only as good as those enforcing them. There is ample evidence of wealthy, influential Emiratis supporting Jihad over the years. This is […]
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 […]
Dubai Investments PJSC, whose Shariah bond is rated BB+ by S&P, sold off a ton of assets in the last quarter and is now claiming its bonds will be re-rated BBB soon, or just in the range of investment grade… http://www.bloomberg.com/news/2014-08-04/dubai-investments-bullish-on-ending-junk-status-islamic-finance.html
The most wanted fraudster – the one to have cost the taxpayer the most – is Hussain Asad Chohan, 44. Smuggler Chohan, is wanted after failing to appear in court for his part in an estimated £200 million fraud in April 2006. Among other offences, Chohan imported 2.25 tonnes of hand-rolling tobacco worth £750,000 in […]
An outfit we’ve never come across before, the Franco-American Alliance for Islamic Finance, is holding a seminar promoting Shariah finance in North America. Where is the seminar being held? In Dubai. More details… http://www.digitaljournal.com/pr/1902068 http://www.faaif.com
A few years back, we first posted on the subject of Shariah-compliant hotels. Now they are being introduced in Dubai, which could come as a surprise to many who frequent that emirate… http://gulfnews.com/business/property/uae/damac-serves-up-sharia-compliant-hotel-units-1.1329260
The World’s First Shariah-Compliant Export-Import Bank
The purpose of Shariah-compliant finance is to promote Shariah and the industry has apparently concocted a new way of driving Shariah out to the non-Shariah-compliant world by establishing the world’s first Shariah-compliant Export-Import bank. This will inject the factor of Shariah compliance into the world of international trade. The bank is being set up by […]
Dubai Islamic Bank to Pursue Islamic Imperialism Through Finance
Dubai Islamic Bank plans to expand its operations into Indonesia, Kenya and other African countries. The expansion into Indonesia is not particularly noteworthy, since Indonesia is the world’s most populous Muslim nation. But the plans for Kenya are a different issue entirely. Kenya has a relatively small Muslim population (about 15% at last count) but […]
An accountant who confessed to supporting Al Qaeda with money and supplies has been sentenced to 18 years in prison, a sentence we consider ridiculously light for such a crime. Sabirhan Hasanoff, 37, who holds dual citizenship in the US and Australia, was sentenced in Manhattan federal court, where he pleaded guilty last year to […]
Gulf Nations to Continue Shariah-Compliant Sukuk Push
HSBC Bank, perhaps the West’s most shameful pimp for Shariah-Compliant Finance, and a serial violator of Treasury regulations regarding Iran sanctions, is reporting that the market for Shariah-Compliant bonds (known as sukuk or Islamic bonds) is set to break records in 2013 thanks to the proliferation of issues from Gulf states. Mohammed Dawood of HSBC […]
Up until the past couple of years, the number one export destination from Dubai was Iran. International sanctions have cut into that trade drastically and the Dubai Chamber of Commerce isn’t happy about it. It seems that Dubai doesn’t like having to make a choice between trading with the world’s foremost sponsor of Jihadist terrorism […]
Dubai is often viewed as a gateway to commerce for much of the Middle East. Historically, Dubai has served as the trading crossroads between East and West. Now, according to the emirate’s ruler, Dubai will become a leading center of Shariah-Compliant Finance. As is the norm in Shariah Finance, the government will be doing the […]
“Extremism” on the Rise in Zanzibar–Thanks to Saudi Money and Islamic Charities
The Financial Times has an important article about the influx of Salafi Islam in the island region of Tanzania known as Zanzibar. The article doesn’t draw any of the correct conclusions about what is happening there, but it contains enough clues to build a picture. For folks who don’t remember, Tanzania is one of the […]
When the Muslim Brotherhood came to power in Egypt with the cooperation of Salafist allies, they pledged to promote Shariah-compliant finance, especially in the country’s stock exchange. The Islamization of Egypt begins apace, as evidenced by the violence-laced rioting in the streets in recent days. But that Islamization is also characterized by the emergence of […]
A New York accountant accused by U.S. authorities of helping al Qaeda with computer systems pleaded guilty on Monday in federal court to terrorism-related charges. Sabirhan Hasanoff, 36, a dual U.S. and Australian citizen who owns a home in Brooklyn, New York, was arrested in April 2010 and charged with conspiracy to provide material support […]
The market for Islamic bonds was seriously rocked from 2007-2009 when the global economic crisis forced numerous defaults. Lately the sukuk market has been thriving, with new issuances setting records. Clearly, sukuk have become the instrument of choice for spreading Shariah in the financial world. But in the past week there have been two high […]
Report: S&P to cut rating of Dubai’s DIFC Investments on Sukuk Refinancing Risk
DIFC Investments LLC, which owns properties in Dubai’s tax-free financial center, may have its credit rating cut at Standard & Poor’s due to “heightened refinancing risk” on its $1.25 billion Islamic bond due in June. DIFC Investments “has little room for delays in its efforts to secure a bank loan and government support to refinance the sukuk,” the rating […]
Sukuk (aka Islamic bonds) are fast becoming the chief tool for spreading Shariah finance. Just a few years ago, few of our posts dealt with sukuk. Now most of them do. Sukuk are used as a means of imposing Shariah compliance on nations and entities wishing to participate in global debt markets. Russia, Thailand, the […]
Another sukuk in trouble: Investment Dar had its Islamic bonds delisted from Nasdaq Dubai because the Kuwait-based owner of half of Aston Martin Lagonda Ltd. didn’t comply with the regulator’s disclosure requirements. The company also missed a payment on an Islamic bond (sukuk) in May 2009. The shares of Investment Dar were also delisted from the […]
United Arab Emirates shopping mall developer Majid Al Futtaim has appointed HSBC and Standard Chartered to structure its planned sukuk program. http://arabia.msn.com/business/companies/af/2011/november/10402047/dubais-maf-picks-hsbc-sta.aspx
In 2009, a rash of Sukuk defaults, culminating in the huge Nakheel default in Dubai, rocked the market for Islamic bonds, or Sukuk. Creditors in the Dubai World and Nakheel reorganizations all took significant haircuts, with certificate holders in the latter receiving a hybrid of cash and future bonds in compensation. Now, a supposedly rehabilitated Nakheel […]
Nakheel has returned to the scene of the crime so to speak. As we have reported previously, the Dubai-based real estate company, which defaulted on a massive sukuk (Islamic bond) in 2009, is issuing a new sukuk now. Not surprisingly, investors are very skeptical; the brand new “bond” is already trading at a discount to […]
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