An Example of Disinformation on “Islamic Banking”
posted by Christopher W. Holton Linked below is a rather typical example of the taqiyya that is used to promote Shariah-compliant finance, in this case Islamic banking. Practitioners of Shariah-finance are fond of defining it simply as “interest free.” There is much more to Shariah finance besides the interest-free aspect. First of all, the term […]
by Christopher W. Holton Linda Sarsour is a name that has become increasingly prominent in U.S. Leftist political circles over the past few years. As detailed by previous Center for Security Policy work, she has been carrying out the curious mission of tying the toxic doctrine of Shariah to the Western feminist movement. It turns […]
Financial Jihadists Try to Push Shariah-Compliant Finance on Uganda
by Christopher W. Holton For several years now, Africa has been a focal point of financial Jihadists and violent Jihadists alike. The violent Jihadists–Boko Haram, Al Shabaab and Al Qaeda in the Islamic Maghreb–have wreaked havoc from one end of the dark continent to the other. The financial Jihadists’ quest has been just as relentless, […]
Linked below is an extensive explanation of the impermissibility of interest-based student loans for Muslims. The most interesting part of the article is its completely false explanation of interest: When a lender demands more from the borrower than what was borrowed, the difference in what is lent and repaid is known as the interest. This […]
It is rare that those in the forefront of the Shariah finance industry actually tell the truth about Shariah finance, but here we have an exception of sorts. It’s an imperfect exception, but it is interesting nonetheless. We have long pointed out at SFW that much of the Shariah Finance industry is smoke and mirrors, […]
Here we have an example of deceptive practices associated with Shariah Compliant Finance. In a media interview, the Managing Director of Islamic Bank Bangladesh Limited (IBBL), Abdul Mannan, remarked: “Greed and need are two separate things- twos move always in opposite ways. In banking race, conventional banking are doing greedy business using interest as a vital tool […]
It is widely known that Shariah-compliant institutions and transactions are forbidden from dealing in interest, either charging interest or paying interest. Sometimes, as we’ve pointed out on SFW many times over the years, the industry fraudulently declares that its loan mechanisms are “interest-free.” This implies that Shariah-compliant institutions lend money for free. Nothing could be […]
British Ministry Seeks Input on Shariah-Compliant Student Loans
A new model for Shariah-compliant student loans has been unveiled recently by British Universities and Science Minister David Willetts. The UK government is seeking feedback from current and prospective students… https://www.gov.uk/government/news/new-loans-to-help-muslim-students-go-to-university
The British government is planning to introduce student loans which will be compliant with Shariah law in order to encourage more Muslims to attend colleges and universities in the UK. If ever there was a smoking gun that Shariah-compliant loans were a sham, this is it: The principles of Shariah law recognize the value of […]
One unfortunately all-too common practice in the Shariah Finance industry is to tout “interest-free” banking and instruments, mortgages and loans in particular. This implies that there is no charge for borrowing, which couldn’t be further from the truth. The reality is that charges and fees associated with Shariah-compliant loans are typically more than interest charges […]
One of the chief concerns about Shariah-Compliant Finance is the lack of liquidity born of the ban on interest. The industry has sought to address this problem with convoluted instruments which are largely unproven. And they won’t be proven until they endure a financial crisis of some sort. In the last financial crisis the instrument […]
Turkey is fast becoming the “poster child” for Islamization and Shariah-Compliant Finance. This is no secret, in fact another post from earlier today pointed this out: https://shariahfinancewatch.org/2013/05/31/shariah-banks-thrive-in-previously-secular-turkey/ We also came across another article about the emergence of sukuk, or Shariah-Compliant Bonds in Turkey. As we have pointed out on numerous occasions, sukuk are increasing the […]
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 […]
In Nigeria, a bank offering “interest-free” loans to poor farmers back in 2009 in conjunction with a Shariah court judge, is now under investigation for fraud. Readers may want to take note that Nigeria is being wracked by a violent jihad these days: http://vinienco.com/2012/11/26/twelve-christian-pastors-killed-muslims-nigeria/ http://vinienco.com/2012/11/26/muslim-suicide-bombers-kill-eleven-christians-attending-sunday-church-service-nigeria/ As has so often been the case, violent jihad is […]
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 […]
Mastercard: The Credit Card of the Ayatollahs
According to Shariah scholars, Shariah-compliant Muslims are not supposed to pay or receive interest. Nevertheless, many Muslims around the world have credit cards. The Shariah-observant Muslims get around the ban on interest by paying off their balances every month so as not to incur interest charges. But a lot of Muslims use credit cards just […]
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 […]
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
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 […]
Proponents of Shariah Banking are pushing for its acceptance in India, where there has been strong opposition to the concept from time to time. Now the financial jihadists are trying to foist Shariah Banking off on Indians by dubbing it “Interest-Free Banking.” You can put lipstick on a pig, but it will still be a […]
Shariah-Compliance may have a prohibition against interest, but that sure does not mean that Shariah-Compliant financial institutions won’t charge handsome fees for their services… Islamic banks such as Albaraka Bank (South Africa) and the Islamic banking windows of FNB, ABSA, Nedbank and Standard Bank have come under heavy criticism from Muslim customers from following the […]
A powerful Islamic seminary in northern India, with ties to Jihadist groups, has issued a fatwa, or decree, against Muslims working in banks. According to a spokesman for the seminary, tenets of Shariah law state that Muslims must not work in banks because as employees they would have to deal with transactions involving interest and […]
Ottawa Imam issues fatwa against credit cards
Imam Khaled Abdul-Hamid Syed has issued a fatwa against credit cards, even if they are paid off every month. There are two schools of thought about credit cards among Islamic scholars. Some argue they are permissible as long as no interest is accrued, meaning bills must always be paid in full. Others disagree, quoting one […]
Islamists in Kuwait debate loans and interest
We found an interesting article on Kuwait Times this morning. It seems that the Kuwaiti parliament is debating whether or not to “write” off interest on government loans to its citizens. It has been claimed for decades that interest is forbidden in Islam–either charging it or paying it. As a result of that portion of […]
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