The central bank of Indonesia is searching for a bank to sign up as primary dealer for short-term sukuk, or Shariah-compliant bonds, issued by the International Islamic Liquidity Management Corp (IILM), a body it helped establish in 2010 to attempt to address the chronic lack of liquidity in shariah compliant money market instruments. Bank Indonesia is one of […]
Fawaz Abdulaziz Alhokair Co. , a Saudi retailer, is studying 3-5 acquisition targets in the United States and United Kingdom. The firm, the largest listed retailer on the Saudi stock market (which does not allow foreign investors), also aims to issue its debut Shariah-compliant bond (sukuk) in the next year. Alhokair acquired the Spanish clothing […]
Britain Moves Closer to First Western Issue of Shariah Bond
The UK government is a little closer to its widely anticipated issue of a sovereign sukuk, or Islamic bond. Last October in London during the World Islamic Economic Forum, British prime minister David Cameron announced the UK’s intentions of becoming the first Western country to issue a sukuk. Since then, Luxembourg and Hong Kong have […]
Over the past few years, Shariah-compliant, Islamic bonds, properly known as “sukuk,” have become the financial foil of choice by which Shariah has been infiltrated via the global financial system. Here is how that works: • As we know from historical records and contemporary statements from Islamic leaders, the purpose of Shariah Finance/Islamic economics is […]
South Africa will launch its first sukuk Islamic bond this year Finance Minister Pravin Gordhan said Wednesday. Complying with Islamic Shariah law, such a bond has been discussed in South Africa for some time as the nation tries to secure lenders in petro-wealthy Islamic nations. http://www.globalpost.com/dispatch/news/afp/140226/south-africa-launch-its-first-islamic-bond
Indonesia’s finance ministry raised 1 trillion rupiah ($85.86 million) at a sukuk auction on Tuesday, below an indicative target of 1.5 trillion rupiah, the ministry’s debt office said. Southeast Asia’s biggest economy only sold six-month sharia T-bills. There were no winning bids for the six-, 13- and 29-year project-based sukuk. http://in.reuters.com/article/2014/02/25/indonesia-economy-debt-idINJ9N0IR01Z20140225
As widely reported on the web and here on SFW yesterday, the UK has decided to go ahead and issue a sovereign sukuk. In other words, the United Kingdom will issue a government security that complies with a foreign law. The UK is the first Western nation to do so and British leaders say they […]
For well over a decade, Westerners have watched with concern as the UK has become more and more Islamisized. As part of that insidious process, some 85 Shariah courts currently operate in the country as a parallel legal system. Now the British embrace of Shariah is about to become more complete. As we have reported […]
As we have mentioned several times on SFW, Shariah bonds, known as “sukuk,” have become the foil brandished by the financial jihadists to infiltrate Shariah into countries by using the lure of capital. According to the Wall Street Journal and Standard & Poor’s, the next target for sukuk will be Africa. http://on.wsj.com/1bpFUUT We cannot help […]
The weapon of choice for the financial jihadists for some time now has been the Shariah-compliant bond, known properly as the “sukuk.” The market for such derivatives has been developing in fits and starts for some time now, alternating between rashes of outright defaults and bouts of irrational exuberance. The whole purpose of sukuk are […]
Islamic Development Bank Pushing Shariah Bonds on Turkey
The Islamic Development Bank, the financial arm of the Islamic imperialist Organization for Islamic Cooperation, is pushing Shariah-compliant bonds, also known as sukuk, on an all-too-willing victim: Turkey. Turkey is a prime candidate to embrace Shariah-compliant finance due to the Islamist ideology of its leader, Prime Minister Recep Tayyip Erdoğan. Still, this episode illustrates the methods […]
The Saudi Wahhabi-dominated Islamic Development Bank, the financial arm of the Islamic imperialist Organisation for Islamic Cooperation, continues to push for Shariah through the financial back door, this time in Turkey, where Prime Minister Erdogan no doubt lends a sympathetic ear… http://www.balkans.com/open-news.php?uniquenumber=182279
A combination of extensive regulations, red tape and plain old low demand continue to hinder the market for Shariah-compliant bonds (Sukuk). http://www.reuters.com/article/2013/09/23/islamic-finance-sukuk-idUSL5N0HG17120130923
The Muslim Brotherhood was hell-bent-for-leather on issuing Shariah-compliant bonds (sukuk) and nurturing a Shariah-compliant financial market in Egypt. That has been disrupted by the overthrow of the Muslim Brotherhood regime, but foreign interests, as well as Islamists inside Egypt are still pushing for this backdoor method of creeping Shariah… http://thinkafricapress.com/egypt/can-islamic-bonds-save-economy-sukuk-sharia
There is an old saying that if you lie down with dogs, you will get fleas. That’s what happened to Goldman Sachs earlier this year when Shariah advisors torpedoed a big Shariah bond deal that Goldman was trying to facilitate. Now, another Western bank is testing the same waters… http://www.tradearabia.com/news/REAL_242578.html
Shariah-compliant bond (known properly as sukuk) sales in the Arabian/Persian Gulf region are on course for the worst third quarter since 2010 as borrowers delay issuing sukuk amid rising costs. This is worth watching as slumps in the sukuk market have historically led to some high profile defaults… http://www.gulf-times.com/business/191/details/363759/gulf-sukuk-slump-worsens-as-pricing-deters-issuers
The largest cellular provider in Malaysia just had its sukuk (Islamic bond) downgraded by a key rating service… http://www.cpifinancial.net/news/post/22167/ram-ratings-downgrades-binariangs-sukuk-ratings
Trouble is once again brewing in the market for Shariah-compliant bonds, known as sukuk. In fact, the trouble is coming from the same entity that crashed the sukuk market about 4 years ago: the UAE’s Nakheel, which defaulted on a sukuk payment back in 2009. Note that the financial jihadis are trying to blame it […]
Complex and sophisticated financial instruments usually signal eventual trouble ahead and the world of Shariah-Compliant Finance is no exception. Derivatives are tough to control, difficult to anticipate and hard to understand. Couple that with sukuk, instruments that are already convoluted to begin with, and you have a recipe for real disaster. Nevertheless, that is what […]
Investors in Shariah-Compliant bonds, aka sukuk, are losing money for the first time in three years. Global sukuk have fallen 3.4% in the 2nd quarter, the first drop since the fourth quarter of 2009, according to HSBC/Nasdaq Dubai data, compared with just a 3% decline for the Bloomberg US Treasury Bond Index. http://www.businesstimes.com.sg/premium/world/global-sukuk-sustains-first-loss-over-3-years-20130627
Sukuk, sometimes known as Islamic bonds, continue to be the vehicle of choice for Shariah-compliant finance. Oman just granted regulatory approval for its first sukuk… http://www.reuters.com/article/2013/06/26/oman-sukuk-idUSL5N0F21BW20130626 And Morocco…with the help of the Islamic Development Bank…has launched its first sukuk… http://www.cpifinancial.net/news/post/21528/moroccos-first-sukuk-being-backed-by-the-islamic-development-bank And last but not least, Nigeria’s first sukuk will be launched in July… http://www.reuters.com/article/2013/06/25/nigeria-osun-idUSL5N0F12J220130625 […]
The emergence of Shariah-compliant Finance in Tunisia is hardly surprising given the emergence of the Muslim Brotherhood and Salafist factions in the wake of the so-called “Arab spring.” According to Reuters, Shariah-compliant finance could gain as much as a 40% marketshare in Tunisia. A poll in Tunisia indicates that 54% of respondents would switch their […]
In a move that should come as no surprise, the late Osama Bin Laden’s immensely wealthy family’s business concern has issued another sukuk (shariah-compliant bond). Sukuk are the financial weapon of choice for Islamic supremecists aiming to infiltrate Shariah globally through the financial system. It is hardly surprising that Binladen Group would issue a sukuk…in […]
A British minister called for turning London into a global center for Shariah finance on the 69th anniversary of D-Day. “It’s about making Britain the preferred choice for the Muslim world to invest in and do business in,” senior Foreign Office minister Baroness Warsi claimed in a speech to the Oxford Center for Islamic Studies. “It is […]
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 […]
Shariah-compliant bonds, or sukuk, continued to be the weapon of choice for financial jihadists looking to push Shariah out to the world through the financial “back door.” Sukuk issuances increased to $137 billion in 2012 as compared to $92.4bn in the previous year, said International Islamic Financial Market (IIFM) in a new report on sukuks. […]
The Islamic Development Bank, the financial wing of the 57-nation Islamic imperialist Organization for Islamic Cooperation (OIC), has just completed a billion-dollar sukuk offering… http://www.reuters.com/article/2013/05/29/saudi-isdb-sukuk-idUSL5N0EA28620130529
Muslim Brotherhood-dominated Egypt took one more step toward Islamization recently with the approval of a new law paving the way for the country to issue sukuk (Shariah-compliant bonds)… Egyptian president Mohamed Morsi has approved a law allowing the country to issue Islamic bonds the government hopes will help revive its flagging finances, Reuters has reported. […]
As we have reported previously on SFW, Egypt has been contemplating issuing Islamic bonds, known as sukuk,” to raise money for the country’s bleak fiscal picture. The Muslim Brotherhood wants to float Islamic bonds, not only for fiscal reasons, but also because they see it as a means of furthering the Islamization of the country. […]
For the past 2 years or so, we have noted that Islamic bonds, properly known as “sukuk,” have become the financial weapon of choice for Islamic imperialism. Here is how that works: • As we know from historical records and contemporary statements from Islamic leaders, the purpose of Shariah Finance/Islamic economics is to promote Shariah […]
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