Here we have more definitive proof that the Shariah Finance industry is designed to not only promote Shariah to Muslims but also to non-Muslims… Turkish Deputy Prime Minister Ali Babacan speaking at an IMF discussion emphasised the universality of Islamic finance for all of man-kind irrespective if the customer is Muslim or not. http://www.islamicfinance.com/2015/06/turkish-deputy-prime-minister-islamic-finance-values-universal/
In Africa, where we have seen increasing conflict between Jihadists and Christian populations, Christian leaders are beginning to object to the influence of Shariah banking… The decision by the World Bank Group to push for Islamic banking as a more sustainable alternative to conventional banking practices has met opposition from some Christian leaders, who argue […]
The International Monetary Fund has weighed in on Shariah-Compliant Finance and pointed out some “challenges” that the industry faces. The Shariah-compliant finance system faces several key challenges if it is to unlock its potential and develop safely, the International Monetary Fund reported on April 6. The sector still lacks regulatory and supervisory frameworks catering to its unique risks […]
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 […]
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 […]
A recent International Monetary Fund (IMF) report has argued that the rapidly growing Shariah banking sector may accelerate economic development of the Muslim world. We are a bit confused as to why this is, seeing as the Muslim world has been awash in petrodollars for generations, yet its overall economic development has been patchy at […]
Promoters of Shariah-Compliant loans and mortgages often misleadingly refer to their products as “interest-free.” This label implies that the lenders do not charge for their loans. This is of course not the case. As we have reported here on SFW several times, Shariah-compliant loans may not charge interest, but they are by no means free. […]
Indonesian government advised not to issue Shariah bonds now
CitiGroup has advised the Indonesian government not to issue Shariah bonds (also known as Sukuk) at this time due to adverse market conditions and the large number of bond issues in the global marketplace. It is also interesting to note that CitiGroup also cited the “high yield” that Indonesia would have to set for the […]
In an episode that definitively proves that truth is stranger than fiction, the International Monetary Fund has congratulated Sudan for its fiscal restraint and efforts at improving tax collection… Sudan is one of three nations on earth that practice and enforce strict Shariah, the other two being Saudi Arabia and Iran. Sudan is a state […]
More photos of the Muslims in Paris, from the “religion of peace” Paris EUROPLACE International Financial Forum welcomes GCC delegation, cooperation and investment http://www.ameinfo.com/162596.html The rise in importance in Gulf region Sovereign Wealth Funds has been ongoing for some months but yesterday at the International Financial Forum in Paris, staged by Paris EUROPLACE, the organisation […]
Hat tip-Margo I. Iran Clinches Three Deals With Swiss Firm March 11, 2008 Memri Economic Blog http://memrieconomicblog.org/bin/content.cgi?news=1479 Iran’s Razi Petrochemical Complex Iran’s National Petrochemical Company (NPC) has inked three agreements worth €18 million (about $27.69 million) with a Swiss firm on licensing nationwide ammonia projects. (1 Euro = $1.5383). Ammonia Casale was awarded the three […]
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