Were you aware of their prominent position in promoting Shariah globally? Is this the kind of company you want to do business with? HSBC Amanah has recently won six awards, in recognition of its leading Islamic capabilities, from arranging Sukuk to structuring Islamic investments, providing custody services and trade financing. http://main.omanobserver.om/node/58387
Keep this in mind when choosing where to conduct your banking business… The global Islamic capital market is once again focused on Malaysia with the recent launch by Bank Negara Malaysia, the central bank, of its new Islamic monetary management instrument, the Bank Negara Monetary Notes-Istithmar (BNMN-Istithmar). At the same time, according to Islamic banking […]
Qatar Islamic Bank benefits from protectionist policies
Qatar Islamic Bank is said to be doing well, largely because the regime there ordered all Islamic financial institutions that are subsidiaries of conventional financial institutions to cease operations in the country. This is further proof to those who associate Shariah-Compliant Finance with capitalism and free markets that Shariah-Compliant Finance is in fact a centralized […]
HSBC, one of the Western world’s largest apologists for, and promoters of, financial jihad, will soon pay a fine of $1 billion for failing to comply properly with anti-money laundering regulations. We should all be concerned that such a huge player in Shariah Finance, one which used to retain the Jihadist Mufti Taqi Usmani as […]
The Islamic Development Bank, a Saudi-dominated financial proselytizing organization, is planning to launch a dollar-denominated sukuk, or Islamic bond. There are some key Western banks which are helping with this process and we thought that SFW readers may be interested in knowing who they are: BNP Paribas SA Deutsche Bank AG HSBC Holdings PLC Standard […]
Unfortunately, the British continue to invite the financial jihadists into their investment houses and banks, determined that this will attract shiploads of petrodollars without impacting British culture, society and security. Before dismissing the notion that Shariah finance could introduce nefarious elements into a Western host nation, readers should remind themselves that the whole purpose of […]
Malaysia has been aggressively emerging as a central force in Shariah-Compliant Finance for some time. Now the Asian nation stands to benefit from the unrest in the Middle East as financial firms shy from the unrest that is gripping the Arab world and HSBC is helping them lead the financial jihad… http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=3&article_id=126957#axzz1J80h2Utf
Qatar Moves to Shut Down Shariah-Compliant Divisions of International Banks
Hat tip to Creeping Sharia for this find… For years now SFW has warned big Western banks like HSBC, Standard Chartered and Barclays about the perils of dabbling in Shariah-Compliant Finance. Each of these banks, but HSBC in particular, has happily jumped in bed with the financial jihadists to get their piece of the Shariah-Compliant […]
The Gulf Bond and Sukuk Association (GBSA), the trade association representing the Arabian Gulf fixed income market, announced that it has filled a series of key committee positions for 2011. Among those appointed to posts supporting the financial jihad are Andrew Dell, Bryant Edwards, Esq., and James Milligan. http://www.zawya.com/story.cfm/sidZAWYA20110130084321/Gulf-Bond-and-Sukuk-Association-Announces-Key-Appointments
Euromoney.com is once again giving out awards for compliance to the financial wing of the barbaric, medieval doctrine known as Shariah. They have a whole host of awards to dole out (no fewer than 19 awards in the field of “Islamic” finance), which probably indicates that these awards are a convoluted effort to drum up […]
Canadian governments and companies may start issuing Shariah bonds. HSBC Bank Canada may offer $500 million and three government-related borrowers from one Canadian province may issue $1.5 billion of sukuk, Omar Kalair, chief executive officer of Toronto-based UM Financial, said in an Oct. 14 interview. A “handful” of Canadian companies may sell C$1 billion ($990 […]
HSBC continues to lead the financial jihad… http://www.thedailystar.net/newDesign/news-details.php?nid=151814
HSBC Hiring Heavily for its Shariah-Compliant Division
HSBC is planning to add 1,000 staff members in its Personal Financial Services unit to support its growing Shariah-Compliant banking unit, Amanah. HSBC Amanah is already the largest Shariah-Compliant Bank in the Western world and it came under a great deal of scrutiny when it was revealed that its then-chairman of its Global Shariah Supervisory […]
The BinLaden Group, the huge conglomerate controlled by the family of Al Qaeda terrorist head Osama Bin Laden, has issued a major Sukuk (Islamic bond) offering… The Saudi Binladin Group issued a 700 million-riyal ($187 million) Islamic bond, known as sukuk, on July 12 through a private placement to Saudi investors as the Jeddah-based company […]
HSBC Holdings Plc is overtaking CIMB Group Holdings Bhd as the top underwriter of Islamic bonds, properly known as Sukuk. HSBC, Europe’s biggest lender by market value, arranged US$1.6 billion of global sukuk so far in 2010, about 25 per cent of the total, led by Saudi Electricity Co’s issuance in May. CIMB Group, Malaysia’s […]
Reader Tim alerted us over the weekend to the fact that Muft Taqi Usmani is no longer listed as chief of HSBC’s Shariah Advisory Board. http://www.hsbcamanah.com/amanah/about-amanah/islamic-banking/shariah-supervision Note, however, that Usmani’s son is now listed as a member of this body. The younger Usmani is considered antiseptic enough for Western financial institutions and has no known […]
HSBC continues to play a leadership role in the financial jihad. As many SFW readers recall, HSBC employs the hateful Jihadist, Mufti Taqi Usmani, as chair of its Shariah advisory board: https://shariahfinancewatch.org/2009/02/27/hsbcs-shariah-man/ Now, an HSBC managing director is to chair a Gulf Bond and Sukuk Association Steering Committee as well… http://www.ameinfo.com/222249.html
BBC: Islamic Finance is a Dishonest Business Run by Dishonest People
The BBC has published an article by Mr. John Foster, who used to be editor of “Islamic Business & Finance” magazine. The topic of the article is described by its title: “How Sharia-Compliant is Islamic Banking?” But it is not really the topic which makes the article interesting. It is the details which make it […]
A Shameless, Shallow Advertorial for Shariah Finance from Oxford Analytica and Forbes.com
Malcom Forbes must be spinning in his grave. His namesake publication’s web site has published an article which basically promotes a financial and economic system which by its very nature seeks to replace capitalism and our free enterprise system: http://www.forbes.com/2009/12/10/islamic-finance-after-dubai-business-oxford-analytica-islamic-finance.html?feed=rss_business In fact, the article reads less like journalism and more like a press release from […]
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 […]
HSBC Postpones its First Islamic Bond Fund
HSBC said on Wednesday it has postponed the launch of its first fund investing in sukuk, or Islamic bonds, after investors were put off by a four-year lock-up period. Investors worldwide were caught out by lengthy or sudden lock-ups imposed by investment managers during the credit crisis, which limited access to much-needed cash. The sukuk […]
If there is a Western financial institution that has done more to promote Shariah than HSBC, we don’t know about it. HSBC has embraced Shariah enthusiastically and is involved in its financial arm everywhere from Western Europe to the Persian Gulf to the Orient. If there is a financial institution worthy of a boycott by […]
With the Help of HSBC and Citibank, Shariah-Compliant Finance is Spreading in the Orient
Banking giants HSBC and Citibank, already infamous for contributing to the spread of Shariah in the West, are now fast at work aiding the spread of Shariah in Malaysia and other key markets in Asia and the Pacific Rim. Keep this in mind when you select banks to do business with. HSBC and Citibank are […]
Moves to plug the gap in Islamic finance carry risks
The Financial Times has published an article detailing some of the risks involved in Shariah-Compliant Finance. For instance, a new term has been developed for the financial world: “Shariah risk.” Shariah risk is the risk that a product that was previously believed to be shariah-compliant could be declared “un-Islamic” by a prominent shariah scholar. Basically, […]
Shariah is gaining a foothold in the Indian Ocean island nation of Mauritius through the Shariah Finance Trojan Horse. Mauritius is a beautiful, popular tourist resort destination and the prospect of Shariah gaining a foothold there cannot be something which will be positive in the long-term for the hospitality industry. Already, shariah-compliant investment funds have […]
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 […]
A Caliphate of Toxic Assets
Alyssa A. Lappen has been writing about Shariah and Shariah-Compliant Finance for quite some time and there are few, if any, writers who are as informed on these subjects as she. Her latest work appears on FrontPageMag.com and we enthusiastically recommend it to our readers… http://www.frontpagemag.com/readArticle.aspx?ARTID=35378
The Middle East North Africa Financial Network has just published a report on Shariah-Compliant Finance. The report (linked below) starts out with a promising title–“Shariah Compliant or Complaint”–but soon resorts to the same misinformation about the performance of Shariah-Compliant assets and vehicles for which the industry is now infamous. http://www.menafn.com/qn_news_story_s.asp?StoryId=1093254534 The MENAFN report glosses over […]
The Financial Times has a rather interesting article online today about the men who control Shariah-Compliant Finance. It is one of the first and few articles from the financial press to address the issue of the control of the Shariah scholars. Unfortunately, it also misses one of the key points. The article focuses primarily on […]
HSBC’s Shariah Man
Two days ago we linked to an article about financial giant HSBC’s continued and growing embrace of Shariah-Compliant Finance: https://shariahfinancewatch.org/2009/02/25/hsbc-expands-its-embrace-of-barbarism/ Today we would like to elaborate on HSBC’s connections in this area by focusing on the firm’s close ties to a creepy Mufti who has no business being associated with any respected Western financial institution. […]
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