posted by Christopher Holton Saudi Arabia, Egypt, the United Arab Emirates and Bahrain accuse Qatar of financing “extremist” groups, including the Muslim Brotherhood. The four nations sent Qatar a list of 59 individuals and 12 institutions that allegedly finance terrorism and receive support from Qatar. Among the most prominent names on the list is Abdul […]
posted by Christopher W Holton No example of how Shariah Finance is failing can be more significant than its failure to catch on in the Arab world’s most populous nation, Egypt. Not only is Egypt the most populous Arab nation, but it is also home to Al Azhar, Sunni Islam’s most prestigious university, dedicated to […]
posted by Christopher W. Holton Former Islamist president Mohamed Morsi and his aides were featured on a list of over a hundred Muslim Brotherhood figures whose assets were frozen on Monday by a committee affiliated with the Egyptian Ministry of Justice, state-owned media Al-Ahram reported. Al-Ahram published the list of nearly 139 names on Sunday, […]
“Unless Arab countries adopt a comprehensive strategy to confront the Brotherhood, the group will continue to pose a high risk,” former leader of the Egyptian Islamic Jihad group Sheikh Nabeel Naeem told Asharq Al-Awsat. The former jihadist who previously operated in Afghanistan said Arab governments should crackdown on any Brotherhood-related investments in order to cut off […]
Back when the Muslim Brotherhood had taken control of Egypt, things looked bright for Shariah finance and Shariah banking in the country. But when the Ikhwan was overthrown in a massive popular uprising, the outlook turned south as the new government seems dedicated to maintaining some secular values. Despite this reality, there are still propaganda pieces […]
Report: Qatar, Turkey Fund Muslim Brotherhood in Libya, Sudan
Oilprice.com has an interesting report that indicates that, despite a public relations campaign meant to convince the world that they have ended their support for Jihad, Qatar continues to fund the Muslim Brotherhood–and does so in cooperation with NATO member Turkey… Qatar, in fact, has reinforced its strategic position of support for the Muslim Brotherhood […]
One of the most misunderstood aspects of terrorism financing is Shia Iran’s support for Sunni Jihadist organizations. Some naive observers still insist that Iran would never support Sunni organizations and that Sunni organizations would never ally with Iran. The reality is quite to the contrary. Iran has longstanding ties to numerous Sunni Jihadist organizations, the […]
Report: Egypt Orders Arrest of Sheikh Youssef al-Qaradawi
Egypt has reportedly ordered the arrest of Muslim Brotherhood Shariah scholar, Sheikh Youssef al-Qaradawi. SFW readers may recall that Qaradawi has been one of the pioneers of Shariah Finance for a few decades now, serving on the Shariah advisory board of some of the biggest banks and financial institutions in the Islamic world, including Bank […]
For the first time in a generation or more, the Muslim Brotherhood has been banned in Egypt by order of an Egyptian court and its assets have been ordered seized. The court order also covers any organization or association receiving financial support from the Muslim Brotherhood, which would certainly include HAMAS. Among the assets of […]
The Muslim Brotherhood was hell-bent-for-leather on issuing Shariah-compliant bonds (sukuk) and nurturing a Shariah-compliant financial market in Egypt. That has been disrupted by the overthrow of the Muslim Brotherhood regime, but foreign interests, as well as Islamists inside Egypt are still pushing for this backdoor method of creeping Shariah… http://thinkafricapress.com/egypt/can-islamic-bonds-save-economy-sukuk-sharia
Under Shariah, non-Muslims are required to submit to a “protection” tax called the “jizya.” This practice has origins that go back several centuries. According to The Summary of Islamic Jurisprudence, Vol.1, published in 2005 by a prominent Saudi shariah scholar, the jizya is “a tribute or a tax required from non-Muslims living in an Islamic state…entitling them […]
The internet is rampant with reports of involvement by President Obama’s brother in the Muslim Brotherhood. Creeping Shariah blog has lots of details and further links on the topic. But of particular interest to SFW readers is the report from an Egyptian official that Barack Obama’s half brother is tied to investments of the Muslim […]
Fox News has a breaking story from an Israeli journalist detailing a new revelation that Qatar was making massive payments to Muslim Brotherhood officials in Egypt during the Morsi regime. It remains to be seen what Qatar’s policy will be under the new regime there, much less toward the new, forming regime in Egypt. Qatar […]
Shariah banking experts have called on the Central Bank of Egypt to tailor its policies regarding Shariah banking services to be more in line with those of Shariah banks themselves. The call came during the fourth annual conference of the Egyptian Islamic Finance Association, during which the association launched its index of shares compatible with […]
More Clear Evidence of the Zakat-Violent Jihad Connection
Sheikh Abdel Moneim Mohammed, imam of al-Nour mosque in Cairo, had this to say in one of his latest sermons: “With the recent events in the region, in Syria in particular, some associations are using zakat as a cover to raise funds for the fighters. Some associations and small mosques even called for ‘money jihad’ […]
Muslim Brotherhood-dominated Egypt took one more step toward Islamization recently with the approval of a new law paving the way for the country to issue sukuk (Shariah-compliant bonds)… Egyptian president Mohamed Morsi has approved a law allowing the country to issue Islamic bonds the government hopes will help revive its flagging finances, Reuters has reported. […]
In a sure signal of the direction that the Muslim Brotherhood seeks to take Egypt, a Shariah Finance specialist has been appointed as the country’s Finance Minister… The new Finance Minister, Fayyad Abdel Moneim, a relative unknown with a PhD in economics from Al Azhar University, is Egypt’s 5th finance minister since the revolution. He […]
As we have reported previously on SFW, Egypt has been contemplating issuing Islamic bonds, known as sukuk,” to raise money for the country’s bleak fiscal picture. The Muslim Brotherhood wants to float Islamic bonds, not only for fiscal reasons, but also because they see it as a means of furthering the Islamization of the country. […]
Throughout the world, the terms “sukuk,” “Islamic bond,” and “Shariah-Compliant Bond” are used interchangeably to describe a derivative security created by the Shariah Finance industry to expand Islamic participation in the credit markets. But in Egypt, which is now ruled by the Muslim Brotherhood, the parliament is playing word games in its quest for a […]
Shariah-Compliant Finance Continues its Creep into Egypt
As anticipated, Shariah-Compliant Finance is making headway into the Egyptian financial system and economy. The latest evidence comes from the announcement that the Egyptian Electricity Ministry has inked its first ever Shariah-compliant financing contract with the help of National Bank for Development (NBD) and the Abu Dhabi Islamic Bank. The $110 million deal is the first […]
There has been a considerable amount of attention on the new Muslim Brotherhood regime in Egypt. Some of that attention–not enough–has been focused on the inevitable decline of the Egyptian economy with the onset of Islamization. (Without enormous amounts of oil for foreigners of superior capability and intellect to exploit, every Islamist nation falls on […]
Egypt still considering IMF loan
Back in August we reported that Egypt was contemplating taking out an IMF loan in an attempt to right the country’s shaky financial condition. At the time we pointed out that a $4.8 billion loan from the IMF was not likely to be Shariah-compliant… https://shariahfinancewatch.org/2012/08/30/between-a-rock-and-a-hard-place-egyptian-muslim-brotherhood-struggles-with-idea-of-imf-loan/ Well, here we are over 4 months later and 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 […]
Egypt’s Prime Minister, Hisham Qandil, a career bureaucrat with a history of sympathy for the Muslim Brotherhood–who was also educated at Utah State and North Carolina State–has called for economic changes to solve Egypt’s largely self-inflicted financial woes. Among the measures underway: the issuance of sukuk, also known as Shariah bonds: A sukuk issuance would […]
The Egyptian Muslim Brotherhood wanted to have control of Egypt for 80 years and now they finally have it. Only problem is, things look a lot different from the seat of power than they do from the outside. Egypt is in terrible financial condition, in large part due to the fact that the Muslim Brotherhood […]
“Ethical Investing” from Countries Overrun With Corruption?
Transparency.org has publishes a Corruption Perceptions Index that rates the level of corruption in the world’s nations. The most recent year for which there is data is 2011. The results are instructive for observers of Shariah Compliant Finance. Shariah-Compliant Finance is often touted by the financial jihadists as “ethical” investment. There are a variety of […]
International Monetary Fund Managing Director Christine Lagarde called Egyptian President-elect Mohamed Mursi and reiterated that the IMF stands ready to support Egypt and looks forward to working closely with the authorities in Cairo. Muslim Brotherhood officials have said they plan to resume the previous government’s stop-and-start negotiations for a $3.2 billion IMF loan. Thus far there […]
The Islamic Financial Services Board (IFSB) forecasts that the Shariah Finance industry will grow at a 15% annual rate over the next ten years. Meanwhile, HSBC, one of the leaders of the financial jihad in the West, points out that Shariah banking has grown at a 15% to 25% annual rate. As if to celebrate […]
They say that truth is stranger than fiction and this report from CNS News confirms it. The Obama administration now says that it has conducted outreach to the granddaddy of all Jihadist organizations in order to promote “small business.” The Obama administration says that it has talked with members of Egypt’s Muslim Brotherhood in order […]
Shariah-Compliant Finance got off to a start of sorts in Egypt in the 1960s and 1970s, but a series of investment scams built up around the industry soured the populous on the concept. The ruling regime also discouraged the growth of Shariah finance in Egypt as they knew that it had been the artificial creation […]
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