posted by Christopher W. Holton In a significant and stunning development, banking and financial services giant HSBC, which in the past has been cited for violating sanctions against Iran, has taken the bold, admirable move of cutting ties to one of the world’s largest Islamic charities, Islamic Relief, due to fears that funds controlled by […]
U.S. Combat Veterans Sue Big Banks for Facilitating Iranian Terrorism
More than 80 wounded U.S. combat veterans and their families have filed suit against several of the world’s largest banks, which they accuse of facilitating financial transfers on behalf of Iran that directly led to the killing and wounding of U.S. troops in Iraq. More than 200 plaintiffs have signed onto the suit, which targets some of […]
HSBC seems to be turning over a new leaf…let’s hope they keep it up… HSBC bank is to follow its competitors Barclays in closing the bank accounts of the Ummah Welfare Trust (UWT), a Muslim-run charity which has previously been accused, though cleared, of having links to terrorism. The non-profit, which describes itself as an […]
Britain Moves Closer to First Western Issue of Shariah Bond
The UK government is a little closer to its widely anticipated issue of a sovereign sukuk, or Islamic bond. Last October in London during the World Islamic Economic Forum, British prime minister David Cameron announced the UK’s intentions of becoming the first Western country to issue a sukuk. Since then, Luxembourg and Hong Kong have […]
Over the past few years, Shariah-compliant, Islamic bonds, properly known as “sukuk,” have become the financial foil of choice by which Shariah has been infiltrated via the global financial system. Here is how that works: • As we know from historical records and contemporary statements from Islamic leaders, the purpose of Shariah Finance/Islamic economics is […]
The weapon of choice for the financial jihadists for some time now has been the Shariah-compliant bond, known properly as the “sukuk.” The market for such derivatives has been developing in fits and starts for some time now, alternating between rashes of outright defaults and bouts of irrational exuberance. The whole purpose of sukuk are […]
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 […]
Money Jihad blog’s short list of Shariah banks that fund terrorism
Money Jihad blog is one of the most invaluable web sites in existence for anyone who is concerned with how Jihadist terrorism is supported and funded. That is why we link to it so frequently here on SFW. Money Jihad’s latest work is a prime example of why we like the blog so much: they have […]
Bangladesh, Banking and Terrorism Financing
“Some linkages between Islamic Banking and terrorist organizations have now been brought into the open, but the networks have not been dismantled.” Bangladesh has a long history of weakness on money laundering and the use of banks to funnel money to Jihadist terrorist organizations. The country is now on the verge of being blacklisted for […]
Long-time readers of SFW may recall some posts from the past two years alluding to the fact that, despite a great deal of hype, Shariah-compliant banking is failing in the United Kingdom. For instance, in June of 2010, we posted a report from the Australian media quoting industry insiders in the UK admitting that Shariah-compliant […]
“KFH” arrange in cooperation with Citigroup and HSBC the first Sukuk issuance for the Turkish Treasury of USD1.5 bln Kuwait Finance House ” KFH ” represented by its subsidiary, Liquidity Management House “LMH”, succeeded in arranging for Ijarah Sukuk for the Turkish Treasury amounting USD1.5bln for 5 ½ years, in cooperation with Citigroup and HSBC, where this is […]
US anti-money laundering enforcement and regulation in chaos?
The article linked below paints a disturbing picture of the status of the US government’s efforts to combat money laundering, especially where it applies to Iran, the world’s foremost state sponsor of Jihadist terrorism. Note in the article that it is mentioned that Stuart Levey, the former Treasury Department official charged with counterterrorism duties, is […]
HSBC is getting rich. They’re getting rich off of connections to Saudi Arabia and their deep involvement in the Shariah-compliant bond market (known as sukuk). It seems that nobody underwrites sukuk for the Saudis like HSBC does. This is the same HSBC that has been fined a billion dollars for its illegal business with Iran. […]
Turkey will soon issue a lira-denominated sukuk (Islamic bond), on the heels of its dollar-denominated sovereign sukuk, which was facilitated by HSBC and CitiGroup. http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=337737
First it was HSBC, which was fined $1 billion for knowingly looking the other way on transactions involving Iran. Then it was Standard Chartered, which was fined $340 million. Now it’s Deutsche Bank’s turn. Can we now say that the Shariah Finance promoters COMMONLY do business with terrorist regimes in violation of US sanctions? And […]
First it was HSBC, now it’s Standard Chartered too. Both big banks did business with the world’s foremost sponsor of Jihadist terrorism in violation of US sanctions. There is something else that both of these banks have in common: they are both extremely active in promoting Shariah-Compliant Finance in the West. Shariah Finance Watch has […]
As U.S. senators digest a sharply critical committee report confirming massive international money laundering by global banking giant HSBC, the Internal Revenue Service is acknowledging receipt of a whistleblower claim from a former employee of the bank who presented 1,000 pages of evidence to WND six months ago, after local and federal authorities ignored him. A series […]
Regular readers of SFW know that we are no fans of HSBC. After all, HSBC has been at the forefront of the financial jihad to facilitate Shariah-compliant finance on a global scale. Moreover, HSBC employed the Jihadist monster Mufti Taqi Usmani as the chair of their Shariah Advisory Board. Then, when the heat over that […]
HSBC wins the useful idiot award for the year for its work in facilitating the financial jihad through handling the most Shariah-compliant bond (sukuk) offerings. Coming in second in the competition was CIMB. If you do business with either of these financial institutions, you may wish to consider these activities when making future financial decisions. […]
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 […]
Does Your Financial Institution Participate in Shariah Compliant Finance?
The most common requests we receive here at SFW are questions as to whether banks or brokerage houses “are Shariah-compliant?” As a result of these numerous inquiries, for the past several weeks, we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance. […]
An Extremely Important Article on Shariah-Compliant Finance from Congressman Allen West
Investor’s Business Daily and Congressman Allen West have teamed up overnight to publish an extremely important op ed penned by Congressman West on the subject of Shariah-Compliant Finance. In his column, Congressman West points out virtually all of the major concerns surrounding Shariah-Compliant Finance and laments that it has received no critical scrutiny from US […]
Shariah Finance Watch editor briefs Congressional staffers on Shariah-Compliant Finance
Recently we had the opportunity to brief staff members from 10 Congressional offices on the threat of Shariah Finance. The briefing was recorded and we have posted the full 1-hour briefing here for SFW viewers… Shariah Compliant Finance and Financial Jihad
We have covered HSBC frequently here on SFW, but Forbes and Reuters have just broken a story that paints a picture of HSBC as a financial institution out of control when it comes to vigilance against money laundering. We first reported on HSBC’s deplorable money laundering policies almost a year ago when it was announced […]
HSBC continues to be the Western leader in facilitating the financial jihad. We post this as a reminder to Western consumers and investors. When you decide where to bank or where to get credit cards, keep in mind what HSBC is up to… http://www.tradearabia.com/news/BANK_215598.html
From the U.S.-Saudi Arabian Business Council… U.S. international law firm Baker & McKenzie has acted for Almarai Company on the establishment of a $613.3 million (SR2.3 billion) sukuk (Islamic bond) program and inaugural issuance of a $266.7 million (SR1 billion) sukuk. The debut Sukuk issuance for Almarai Company, the largest Saudi dairy products company, was […]
HSBC is at it again
One of the biggest promoters of Shariah-Compliant Finance in the Western world is HSBC. Investors in the West need to be aware of this so that they can make informed decisions as to where they conduct their business… http://arabnews.com/economy/corporatenews/article577396.ece
Craziness for Profit: Shariah Scholar/Advisor Mufti Taqi Usmani Blames Commodities Markets for Financial Crisis
At SFW we have covered Mufti Taqi Usmani extensively over the years. He has long been considered one of the most prominent and influential Shariah scholars in the world of Shariah Compliant Finance. According to many observers, critics and market participants alike, Usmani is the Shariah finance […]
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
One of the overt objectives of the financial jihadists has always been to capture the assets of non-Muslims in Shariah-compliant investments and accounts. They have used a wide variety of methods to do so. For instance, Sheikh DeLorenzo, who is on several major Shariah advisory boards in the USA and abroad, has advocated for not […]
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