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 Holton The Islamic Financial Services Board (IFSB) is seeking to establish some clarity in the murky world of regulation of Shariah-compliant bonds, also known as sukuk. The bone of contention centers around whether sukuk are indeed compliant with shariah and what role national laws and regulations play. Such issues have gained prominence […]
posted by Christopher Holton The Persian Gulf island nation of Bahrain has decided to cancel a billion dollar conventional bond deal and settle for a Shariah-compliant bond (sukuk) deal. The reason for the cancelation sheds light on the hidden risks involved in Shariah-compliant bonds. Bahrain scrapped the conventional bonds because they would have been rated […]
posted by Christopher Holton The Islamic Development Bank, the financial arm of the Islamic imperialist Organization for Islamic Cooperation (OIC) has just listed a $1.25 billion sukuk–shariah-compliant bond–on the NASDAQ exchange in Dubai. This illustrates the degree that shariah supremecists exercise control in world financial markets and how incredibly well-financed they are. It also demonstrates […]
The Shariah Finance Trojan Horse Shows Up on CNBC.com
by Christopher W Holton One of the chief concerns from Shariah-compliant finance is that it can be, and has been, used to put people at ease about the true nature of shariah and the threat that is poses. Shariah-compliant finance is also a weapon that Islamists can use to force shariah upon non-Muslims. Both of […]
posted by Christopher W. Holton Readers who do business with Citi Group may be interested in their activities involving Shariah-compliant finance in Pakistan. According to annual report issued by Securities and Exchange Commission of Pakistan (SECP), Shariah-compliant assets now represent 34.6 per cent of the total assets of the Non-Banking Financial Institute (NBFI) industry in […]
Dana Gas rejects new Shariah bond restructuring proposal
posted by Christopher W. Holton Dana Gas dismissed a new proposal from bondholders for the restructuring of US$700 million worth of sukuk, in the latest twist of an acrimonious dispute closely watched by Islamic finance practitioners. Discussions between Dana Gas and its sukuk holders soured earlier this year, when the company claimed outstanding sukuk, due […]
More fallout from the Dana Gas sukuk debacle
posted by Christopher W. Holton A decision by Abu Dhabi-listed Dana Gas to declare $700 million of its sukuk invalid has sent shivers through the Islamic finance industry, raising concern about the safety of sharia-compliant debt instruments in general. Dana said on Tuesday it had received legal advice that its sukuk, or Islamic bonds, which […]
posted by Christopher W. Holton Here we see illustrated a real pitfall of Shariah compliant finance. Dana Gas of Abu Dhabi previously issues $700 million worth of Shariah bonds, also known as sukuk. Now, the firm is informing creditors that its sukuk are actually NOT shariah compliant and is proposing that they be traded for […]
by Christopher W. Holton Indonesia’s finance ministry sold 3.03 trillion rupiah ($227.97 million) of Islamic bonds at an auction, below the indicative target of 5 trillion rupiah, its financing and risk management office reports. http://timesofindia.indiatimes.com/business/international-business/indonesia-sells-3-03-trillion-rupiah-of-islamic-bonds-below-target/articleshow/59124027.cms
by Christopher W. Holton The Western embrace of Shariah through the financial backdoor is sometimes overt…and at other times more subtle. In this case, by accepting Shariah-compliant bonds into their emerging markets indices, JP Morgan Chase is normalizing Shariah in a subtle way… U.S. investment bank JPMorgan will include Islamic bonds, or sukuk, in its […]
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 […]
by Christopher W. Holton Increasingly, Shariah-compliant forms of financing are supplanting and replacing conventional financing in the Islamic world. For years, Pakistan has used conventional financing for infrastructure projects, such as bridges. Now the government is embarking on a plan to replace conventional methods with Shariah-compliant financing. While it is not a big surprise that […]
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 […]
posted by Christopher W. Holton Africa is expected to see a massive population boom, many of whom will grow up Islamic. As such, demand for Islamic products and services on the continent are expected to rise in the coming years. Financing projects through Islamic financial instruments has massive potential within the African region. One such […]
The World Bank, which is largely dependent on the USA, is set to team up with the Islamic Development Bank to push the issuance of Shariah-compliant bonds, known as sukuk. The Islamic Development Bank is the financial arm of the Organization for Islamic Cooperation, a nefarious, Islamic supremacist, 57-nation voting bloc in the United Nations […]
Here is a report that is certainly perplexing. The whole idea behind sukuk (aka Islamic bonds, aka Shariah bonds) is to avoid interest, yet the recent rise in interest rates has hit the Shariah bond market in Malaysia hard. Yields on government 10-year sukuk, used by companies to gauge the cost of Shariah-compliant financing, are […]
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 […]
By Christopher W. Holton Thanks to the work of Barack Obama and John Kerry, the Islamic Republic of Iran, the world’s most active state sponsor of terrorism, is once again able to tap into international sources for raising funds. And given that Iran has dominated the world of Shariah-compliant finance for years, it’s no surprise […]
Despite years of market development, pushing by Islamist governments and promotion by Shariah scholars, companies other than banks in the Middle East, have been slow to issue Shariah-compliant bonds, also known as sukuk. The sukuk market has slowed – nine syndicated deals had been sold as of August 13, the lowest number of deals for […]
Big Four auditors KPMG and PricewaterhouseCoopers can shield documents sought by an investment fund for sprawling litigation related to the fall of two powerful Saudi conglomerates in 2009, the Second Circuit ruled. The ruling deprives the New York-based firm Fortress Investment Group of ammunition it wanted for legal battles in England, Bahrain, the Cayman Islands […]
Malaysia has been a global leader in Shariah-compliant finance, particularly in Asia and the Pacific Rim. This has particularly been true when it comes to Shariah bonds, better known as sukuk. Long time readers of SFW know that promoters of Shariah finance are fond of claiming that Shariah finance is superior in terms of ethics […]
Shariah bonds, known as sukuk, are the instrument of choice for promoting Shariah finance, which is why the fact that they keep coming up as disappointments is very telling about the overall industry… Gulf Islamic Bond Sales Disappoint Sukuk issuance in the region has slumped by more than half This year is shaping up to […]
Here we have another example that illustrates that Shariah-Compliant Finance is anything but free market capitalism. It is in fact a centralized, planned economic system in which despots, monarchs and dictators pick the winners and losers… http://www.pressreader.com/uae/gulf-news/20150622/282406987991679/TextView
There’s plenty to dislike and distrust about the World Bank. One of them is the fact that the World Bank has fully embraced the financial side of the barbaric doctrine known as Shariah. Keep in mind as you ponder this that the U.S. is a major source of funds for the World Bank. The International […]
Many Westerners have forgotten that Al Qaeda Jihadist Osama Bin Laden was from one of the wealthiest families in Saudi Arabia and that the Bin Laden family to this day benefits from the largesse delivered from one of the largest companies in the Kingdom. Here’s a reminder. Saudi Binladin Group has dutifully issued a Shariah-compliant bond, […]
The world of aviation financing will never be the same. Shariah doctrine has thoroughly infiltrated the industry… http://timesofoman.com/article/59983/Business/Aviation/Saudi-Arabian-airlines-massive-deal-spurs-Sharia-aircraft-finance
Fitch Ratings service has issued a prediction that Shariah-Compliant Finance will experience strong growth due to the proliferation of Shariah-compliant bonds, also known as sukuk. Suck continue to be the main instrument by which the financial jihadists spread Shariah around the world… Fitch Ratings expects the global Islamic finance to grow rapidly with more sukuk […]
Shariah-adherant advocates are hard at work trying to get pension systems–including public pension systems–to invest in Shariah-compliant bonds (sukuk) in Canada… http://www.benefitscanada.com/investments/fixed-income/faith-fixed-income-64749
New Products Spreading Shariah Finance
Just a year or two ago, the rise of Shariah bonds (sukuk) created the main tool by which Shariah was spread, particularly in the West. Today, new, short-term instruments are broadening and deepening the Shariah market even more, thus facilitating the spread of Shariah through the financial back door… Islamic equivalents to conventional financial instruments […]
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