posted by Christopher W. Holton We recently warned readers that the shariah finance industry would likely tout shariah compliant finance as a shelter from the economic fallout from the Wuhan virus pandemic. That hasn’t started yet, but we are seeing the shariah finance industry referencing the pandemic to spread propaganda about shariah compliant finance in […]
Beware of Financial Jihadist Claims in Post-Pandemic Market
posted by Christopher W. Holton The world economy and financial markets have been beset by an unprecedented collapse brought about by the Wuhan virus pandemic. In such environments charlatans and swindlers often move in to take advantage. One particularly risk for investors will be promoters of shariah-compliant finance. Shariah complaint finance is a form of […]
posted by Christopher W. Holton Bank Islam Malaysia reports that one of its employees at Menara Bank Islam tested positive for the Wuhan virus. As of now, there has been no reported interruption of business operations at Menara Bank Islam.
posted by Christopher W. Holton A speakers’ meeting of the Global Forum on Islamic Economics, Finance and Banking held in Pakistan called for the promotion of Shariah-Compliant Finance around the globe for Muslim and non-Muslim countries as well. This was expressed as an effort to replace the current global banking system with one based upon […]
posted by Christopher W. Holton We have long maintained that shariah-compliant finance is a modern day Trojan horse through which Jihadists seek to embed Shariah inside the West through non-violent economic means. Nowhere has this campaign been more successful in the West than the United Kingdom. Of course, the UK has already endured a civilization […]
Erdogan going after Gulen’s Bank’s Shareholders
posted by Christopher W Holton The Erdogan regime in Turkey is going after the Gulen organization’s shariah-compliant Bank Asya’s shareholders. This is the latest financial aspect of the ongoing campaign that Erdogan is waging on Gulen. Erdogan and Gulen were never best of friends but at one time their animosity de-escalated to the point of […]
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 Association of Southeast Asian Nations (ASEAN) member countries “should leverage on the rising global demand for Shariah-compliant financial products and services by strengthening their institutional frameworks and devise a bloc-wide integration framework that would allow Asean to capitalise on the industry.” http://borneobulletin.com.bn/bolster-bloc-wide-integration-to-boost-islamic-finance-asean-members-urged/
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 […]
Dana Gas: Shariah Finance’s self-licking ice cream cone
by Christopher W. Holton As we reported earlier this month, the market for Shariah bonds is entering a new crisis as a result of an apparent default by Dana Gas: https://shariahfinancewatch.org/2017/06/15/more-fallout-from-the-dana-gas-sukuk-debacle/ https://shariahfinancewatch.org/2017/06/13/possible-shariah-finance-crisis-brewing-dana-gas-shariah-bonds-declared-unlawful/ Dana Gas is refusing to pay its creditors based on a new decision that its bond offering is no longer Shariah-compliant. This is […]
posted by Christopher W. Holton Qatar is certainly isolated due to its support for the Islamic State and the Muslim Brotherhood, in addition to its cozy ties with the Ayatollahs in Iran. The economic warfare has begun, with the United Arab Emirates firing the opening salvoes… A move by four Arab states to blacklist dozens […]
posted by Christopher W. Holton Shariah-compliant Finance is a key instrument of Islamic imperialism, as illustrated by the story linked below. Kenya has been targeted for a few years now by the financial jihadists. Only less than 12% of Kenyans are Muslim, yet Kenya has attracted the attention of Shariah financial institutions for several years, […]
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 […]
posted by Christopher W. Holton Note the misleading information in this article, namely referring to “Islamic banking” as “interest-free banking.” This implies that Shariah-compliant banks loan money for free. Nothing could be further from the truth. They charge fees instead of interest and very often the fees exceed what conventional interest would have charged… http://www.freepressjournal.in/business/rbi-govt-exploring-introduction-of-sharia-banking/919718
posted by Christopher W. Holton Shariah finance assets grew by 10 percent to reach $2 trillion in 2015, according to a new report by Thomson Reuters. Shariah banking represented 73 percent of that figure, followed by sukuk (Shariah bonds) which represented 17 percent, said the initial findings of ICD Thomson Reuters Islamic Finance Development Indicator […]
posted by Christopher W. Holton Hindu Groups Oppose Entry of Islamic Finance in India…and with good reason. Hindu people have a history of having to endure under the boot of Shariah and countless Hindu have died under the sword of Jihad. Their opposition to the entry of Shariah Finance into India is a positive sign […]
by Christopher W. Holton This morning, 12 May 2016, taxpayer-subsidized National Public Radio ran what amounts to a three and a half minute advertorial for Shariah-compliant banking, specifically a Shariah-compliant bank that will be familiar to long-time readers of Shariah Finance Watch: University Islamic of Michigan. http://www.npr.org/2016/05/12/477758545/michigan-bank-discovers-the-need-for-islamic-finance-products What we find particularly enlightening about the NPR […]
posted by Christopher W. Holton Efforts by the Bank of Ghana to encourage the establishment of an Islamic bank have been dashed as the provisional license that was granted to a Saudi Arabia-based financial institution is withdrawn. Joy Business is learning that the central bank withdrew the license it gave to Makkah after the company […]
posted by Christopher W. Holton Here is a stark case of creeping shariah. As we have often mentioned here on SFW, the weapon of choice for the financial jihadists is the sukuk, also known as “Islamic” bonds. The reality is that sukuk are not bonds at all. They are a shariah-compliant concoction designed to create […]
Japan’s Bank of Tokyo-Mitsubishi UFJ (BTMU) has launched its Islamic finance business in Dubai, to focus on sharia-compliant loan syndications with later plans to offer project financing… http://www.reuters.com/article/2015/10/29/bank-of-tm-ufj-emirates-islam-finance-idUSL8N12S06820151029
By Christopher W. Holton From time to time, we have pointed out attempts by the Shariah finance industry to portray themselves as somehow ethically superior to conventional finance. We have also pointed out that this supposition is patently false. We have pointed out that the largest Shariah-compliant banks in the world are Iranian state-owned banks […]
Iran, the world’s foremost state sponsor of terrorism, also has the highest amount of Shariah-compliant assets in its banking and financial system. Since the Obama administration decided to enter into a sweetheart deal with Iran over its nuclear program, the door has been opened to foreign investment in Iran and, not surprisingly, Shariah-compliance is high […]
The global asset value of Shariah-compliant finance, dominated by the Shariah banking sector and the global sukuk (Shariah bond) market, will expand further at an average annual growth rate of around 17% with total assets projected to come close to $3.5tn by 2018. This is the one of the main messages of a new report by the […]
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Russia has long been appeasing Shariah, despite all the tough talk from Vladimir Putin. The latest example is Moscow Industrial Bank issuing a special Shariah-compliant debit card for Muslims… Moscow industrial Bank issued a special card for Muslims. According to information, which can be found on the website of the Bank, new products are called «pilgrim Card» […]
By Christopher W. Holton Linked below is a page on the Dubai Islamic Bank web site which purports to promote and explain Shariah-compliant car loans which, ostensibly, avoid interest charges. To be completely honest, we can’t make heads or tails of it, but one thing seems readily apparent: no one at Dubai Islamic Bank is […]
The Philippine House of Representatives took a major step backward this week when a committee endorsed a measure that financial Jihadists have pushed to facilitate regulatory changes that would provide an advantage to Shariah-compliant institutions… Note that the author of the bill points out that the Shariah finance sector will seek to obtain non-Muslim customers […]
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, […]
By Christopher W. Holton Ghana is the latest developing nation to see Shariah-compliant finance surface in its fledgling financial system…Note the customary fraudulent messaging regarding “interest-free loans,” implying that Shariah banks dole out free. That is of course nonsense. Shariah-compliant loans don’t charge interest, but they do involve convoluted structures and mechanisms of fees and […]
ISIS Enforcing Shariah Finance in Libya at Bayonet Point
H/T to Money Jihad: Islamic State operatives in Sirte, Libya, have ordered banks there to close because they profit from charging interest. ISIS told the banks that they “must change to Islamic banking” before they can reopen. If you know somebody who still doubts the connections between sharia-compliant banking and terrorism, please forward them this […]
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