Some in the financial world are being forced to admit that Shariah compliance offers no increased protection against crisis than any other method. Some are even admitting things like the fact that the legal systems in Islamic countries are not mature enough to support sophisticated financial derivatives, such as Sukuk (Islamic bonds). Still, in reading […]
David Yerushalmi is one of America’s foremost experts on Shariah and Shariah-Compliant Finance. Anyone with an interest in this topic should read anything and everything Mr. Yerushalmi has written on the subject. This morning SFW provides a link to his latest work as published by National Review…an especially timely piece which puts the Dubai debacle […]
What Islam could not achieve in centuries through military aggression, terrorism and political hardball, will now be accomplished by the global banking community that is stampeding to dominate Islamic banking ruled by totalitarian and brutal Shari’a law. Indeed, this brand of Islamic banking is the mother of all Trojan horses. Every citizen of every non-Islamic […]
Dubai Sheikh Calls International Investors A Bunch Of Suckers
After bilking international investors out of billions of dollars, Mohammed al-Maktoum blames the investors for Dubai’s financial troubles! In a way he is right. Many Western investors have been suckered in by Shariah Finance… http://www.businessinsider.com/dubai-sheikh-calls-international-investors-a-suckers-2009-12
Shariah Standing in the Way of Creditors Getting Paid in Dubai
Wealthy investors flocked to the “miracle” of Dubai in recent years. Some invested in Islamic bonds, better known as Sukuk. Sukuk are investments concocted to comply with Shariah law (though there is some debate even about that). Now, the very Shariah law under which Sukuk were designed could end up swindling creditors out of a […]
IFSB to the Rescue!
The Islamic Financial Services Board is taking action that is being hailed as a positive move to “enhance the stability” of the Shariah Finance industry. We are underwhelmed. Back on November 5th we posted about this so-called respected organization (the IFSB), but it deserves repeating here: https://shariahfinancewatch.org/category/islamic-financial-services-board/ If you like Jihad and terrorism, you’ll LOVE […]
More on South Korea’s Slide to Shariah-Compliant Finance
Linked below is an article which provides a few more details on a subject we have reported on a few times in recent months: the creeping of Shariah finance into South Korea. Before you read this article, we would like to point out a couple of things: 1. Hyundai’s name being mentioned prominently in this […]
Iranian President Mahmoud Ahmadinejad blasts free market capitalism at OIC economic conference
Iranian President Mahmoud Ahmadinejad was a featured speaker at the Organization of the Islamic Conference economic summit about which we reported on 9 November: https://shariahfinancewatch.org/2009/11/09/islamic-state-leaders-converge-in-istanbul-for-economic-summit/ In his address to the summit, which some so-called US “allies,” Ahmadinejad called for a replacement of capitalism by an Islamic system of economics. This makes sense since Iran has […]
Leaders from Islamic states under the Organization of the Islamic Conference (OIC) have converged in Istanbul to attend the economy summit of OIC’s Standing Committee for Economic and Commercial Cooperation. They include Turkish President Abdullah Gul, Kyrgyzstan President Murmanbek Bakiev, Palestinian Prime Minister Salam Fayyad, Iranian President Mahmoud Ahmadinejad, Afghanistan President Hamid Karzai, Syrian President […]
It seems Shariah didn’t protect the OIC after all… http://news.xinhuanet.com/english/2009-11/05/content_12394241.htm?
Islamic finance board to set liquidity standards (an admission of trouble)
The Islamic Financial Services Board plans create guidelines for shariah-compliant banks to manage liquidity risks as the industry looks to beef up regulation after the financial crisis. Shariah-compliant banking has been hit by sukuk (Islamic bond) defaults and the now-deflated Dubai real estate bubble, though numerous industry spokesmen have spread the lie that Shariah Finance […]
The Shariah Finance industry, estimated to have an asset value of over $800 billion currently, is forecast to quadruple in size over the next decade, according to the CEO of Qatar’s Doha Bank. http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=Local+Business&month=November2009&file=Business_News2009110435310.xml
Warren Buffet once called financial derivatives “financial weapons of mass destruction.” He also said he did not invest in them because he never invested in anything he did not understand and he didn’t think that ANYONE fully understood derivatives. Former Fed Chairman Alan Greenspan also admitted that he did not fully understand the derivatives markets. […]
State-controlled Kuwait News Agency has just published an article in which it flat out claims that “The global financial crisis has not hit Islamic finance industry thanks to its sound and strong systems.” This is a lie. They even have the temerity to cite asset levels within the Gulf Cooperation Council (GCC) as evidence, completely […]
The fourth annual IslamicFinance Business Awards — which cite the role that Muslim businesses make to the development of the South African economy and the “upliftment of diverse communities” — were held last week. This is just another sign that Shariah Finance is being used to spread Shariah in nations well removed from historic Islamic […]
The fast-growing Islamic financial sector needs strong regulation to ensure it never faces the damage suffered by the global system as a result of the financial crisis, Malaysia’s prime minister said yesterday. Najib Razak, whose government oversees one of the world’s largest and most comprehensive Islamic financial sectors, said it was “imperative for the industry […]
Shariah Finance industry holds award dinner
Though it is not the main theme of the article linked below, a major awards dinner was held in Kuala Lumpur, Malaysia on Tuesday night and we thought the listing of recipients was interesting in that it provides insight into the major players working to promote Shariah through its financial arm. It is always also […]
The growth of Shariah Finance has resulted in Western institutions offering degree, diploma and training courses in Islamic finance. This amounts to Western training in Shariah. Dauphine University in Paris will begin offering a master’s program in Islamic finance very soon. Reading University in the UK is offering courses in Islamic finance. HSBC, the big […]
Germany seeks Islamic finance
Germany wants to establish itself as a market for financial products that conform with Islamic law, the head of German financial regulator has said. “We are seeing great interest from investors in Islamic countries, who want to invest their money in Germany according to shariah principles,” BaFin president Jochen Sanio said at a conference on […]
Need for deeper look into Islamic financial products
We agree with the basic premise of the article linked below, but for different reasons. We absolutely agree that there is a great need for a “deeper look” into “Islamic financial products,” but not merely to make them competitive and integrate them into the conventional financial system. We believe that a deeper look should involve […]
Investment Fraud from the Qatar Faculty of Islamic Studies
Earlier this week members of the Qatar Faculty of Islamic Studies held a seminar for MBA students at HEC in Paris touting “Islamic finance.” At this “seminar” the Shariah scholars made statements which amount to fraud. If a member of the financial services industry in America made these types of statements, that person would almost […]
Hizb ut-Tahrir banned in Bangladesh after attack
Hizb ut-Tahrir, whose American wing held a conference calling for Islam to replace capitalism in Chicago over the summer, has been banned in Bangladesh. This brings to 20 the number of countries that have banned Hizb ut-Tahrir, which claims to be peaceful but admits that its goal is to see the establishment of a global […]
Ahmadinejad criticizes capitalism
In yet another striking piece of evidence that the Jihadis have capitalism in their sights and not just Western culture and religion, Iranian President Mahmoud Ahmadinejad slammed capitalism in his rambling speech before the UN General Assembly this week: http://www.msnbc.msn.com/id/32979199/ns/world_news-united_nations/ This should come as no surprise, as Iran dominates the world of Shariah-Compliant Finance, which […]
Frank Gaffney: Jihad with Money
Frank Gaffney: Jihad with Money
BNP: Lack of Shariah Standards Limiting Islamic Funds
BNP is one of our least favorite banks. Not only are they a big promoter of Shariah Finance in the West, but they also are the banker of choice for the Ayatollahs in Tehran. Nevertheless, they have provided us with some useful fodder today. They are whining because they essentially can’t get a straight answer […]
According to a study issued by Asian Banker Research magazine, the world’s foremost terrorist-sponsoring nation, Iran, dominates the market for Islamic banking. Iran holds seven out of the top 10 rankings and 12 out of the 100 top Islamic banks, the magazine said. More than 40 percent of the total assets of the top 100 […]
Islamic Finance comes to France; Promoters Worry About “Prejudice”
Islamic finance is making its way into France, but its promoters worry that retail establishments for Shariah-Compliant banking and finance will be inhibited by “prejudice” against Islam. Prejudice against Islam has NOTHING to do with opposition to Shariah-Compliant Finance. The problem is SHARIAH itself. Shariah is a barbaric doctrine which is inherently damaging to human […]
The head of the Union of Arab Banks likes to tell stories. Fictional stories. He is the latest in a long line of Islamists who have been spreading propaganda about “Islamic finance” being immune to the impact of the current global economic downturn. Adnan Yousef claimed in a recent speech that the global financial crisis […]
India’s first Islamic bank to open
The spread of shariah continues, now with the opening of the first Islamic bank in India. “India’s first bank to deal solely in Shariah-compliant financial products will open in Kochi by next year.” http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=312838&version=1&template_id=40&parent_id=22
CNN has published a piece on Islamic finance. It may as well be a marketing brochure. This article is so irresponsibly written that you won’t even find the term shariah anywhere in the article, despite the fact that shariah is the doctrine underpinning Islamic finance and despite the fact that it is shariah scholars who […]
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