One of the largest Islamic charities in the United States, LIFE for Relief and Development, has used the ongoing crisis in Haiti to fund mosque expansion in Haiti. Haiti has almost no Muslims. Even Islamic sources, which are notorious for wildly overestimating Muslim population levels, put the figure at 3,000 Muslims in the Caribbean nation […]
Hyperion Asset Management, a Brisbane, Australia-based money management firm is the responsible party for allowing the camel’s nose to get under the tent in Australia. “We are delighted to welcome the Hyperion Australian Equity Islamic Fund to Bahrain,” said Economic Development Board chief executive officer Shaikh Mohammed bin Essa Al Khalifa. “This reflects the growing […]
The Islamization of American Business
The intrepid Christopher Logan over at Logan’s Warning has brought a new web site to our attention: AmericanMuslimConsumer.com. On October 30th, there will be an American Muslim Consumer Conference which is described as: the only platform for industry professionals to examine this potent market sector, and explore its rich potential.It effectively raises awareness of the […]
Spanish-based Allfunds bank has signed on to the financial jihad with their announcement that it has launched an “Islamic Services Unit.” The bank offers 80 Shariah-compliant funds to investors in Spain, Italy, Chile, Luxembourg, the United Kingdom and 17 other countries. Allfunds’ Islamic Services Unit was created with a fatwa issued by a Shariah advisory […]
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 […]
Dubai brings Islamic Bonds to Europe
A Dubai based private equity firm called Millennium Private Equity Ltd, which is apparently at least partially owned by the Dubai regime, plans to use Islamic financing for venture capital in Europe after buying the first corporate sukuk in the U.K. European companies may turn more to the Middle East for capital, as the region […]
From the New York Times via Jihad Watch: Attorney General Andrew M. Cuomo should not investigate the financing of the proposed Islamic community center near ground zero, Mayor Michael R. Bloomberg said on Tuesday, reiterating his support for the project. “I think it’s a terrible precedent,” he said. “You don’t want them investigating donations to […]
South Korean Islamic Bond Issue Scrutinized by Christian Groups
South Korea is a country which seems as far removed from Islam and Shariah as one can imagine. Nevertheless, the Shariah-Compliant Finance Trojan Horse seems to be making its way there. Some South Korean lawmakers seem determined to reintroduce legislation that was already defeated last year to open the door to Sukuk (Islamic Bond) sales […]
New dots are emerging from the probe into who’s behind the Ground Zero mosque, and the radical Muslim Brotherhood is coming into view. While a couple of U.S. nonprofits — the Cordoba Initiative and its sister, the American Society for Muslim Advancement — are coordinating the New York project, they hardly give the full picture. […]
Dubai-based Millennium Private Equity Limited (MPEL) are the ultimate financiers in the transaction, which has raised financing using the musharaka (joint venture) Sukuk (Islamic bond) structure for the technology development company based in the North East of England. http://www.lawyersweekly.com.au/blogs/deals/archive/2010/08/18/norton-rose-advises-on-uk-s-first-sukuk.aspx
The Islamic Center of Murfreesboro, Tennessee plans to build a 52,000 square foot mosque–in an area without a large Muslim population. This has local residents quite concerned. Now, in the latest development in this affair, which has been overshadowed by the Ground Zero mosque controversy, the Islamic Center of Murfreesboro has issued a nationwide plea […]
Islamic Finance is Islamic Law for Australia
There’s an election in Australia on 21 August and many Australians are hoping the current Islamic terror supporting Labor Government is bid farewell. http://www.australianislamistmonitor.org/index.php?option=com_content&view=article&id=3670:islamic-finance-is-islamic-law-for-australia&catid=185&Itemid=59
Andrew McCarthy reports: American Taxpayer, Financial Jihadist
Another superb article by Andrew McCarthy of National Review… Thanks to our takeover of AIG, we now are involved in Islamic finance. It is “financial jihad,” explained Yusuf Qaradawi, the Muslim Brotherhood’s sharia compass — and the man Feisal Rauf, the brains behind the proposed Ground Zero mosque, admires as “the most well-known legal authority […]
In a sign of Islamic economic imperialism on the march, Islamic Bank of Britain (IBB) has secured a £20million ($30.8 million) capital injection from founding shareholder Qatar International Islamic Bank… http://www.cpifinancial.net/v2/News.aspx?v=1&aid=5632&sec=Islamic%20Finance
“I believe as a Muslim community one of the areas we have neglected is Islamic Finance. We have reached the age and stage of development where we direly need our own financial institution. One which not only provides the capacity to finance our ventures but also educates the community on the matter of Islamic finance.” […]
Harrods Goes Halal
Now Muslim women can buy expensive, high-fashion versions of black Islamic robes, which obscure the contours of a woman’s body, when they head to London to escape the Arabian Peninsula’s sweltering heat. Harrods started selling abayas by Beljafla’s DAS Collection in June, a month after Qatar’s sovereign-wealth fund bought the landmark store. http://www.businessweek.com/news/2010-07-12/harrods-sees-profit-from-islamic-fashion-as-qatar-takes-control.html
Andrew McCarthy: Elena Kagan’s ‘Don’t Ask Don’t Tell’ Shariah Policy
This is a VERY important article. It does an excellent job of detailing the origins of Shariah-Compliant Finance, how it fits in with the broader world of Shariah, and why Americans need to be concerned. We have excerpted part of the article below and provided a link. If you only read one article on Shariah […]
Japan’s Nomura to Issue $100 Million Sukuk
Nomura Holdings Inc has appointed Kuwait Finance House (Malaysia) Berhad (KFHMB) as the mandated lead arranger (MLA) for the proposed issuance of a two-year Sukuk (Islamic bond) of US$100 million. This issuance marks the first United States dollar-denominated sukuk for a Japanese multinational corporation issued out of Malaysia. Takumi Shibata, Deputy President and Chief Operating […]
For anyone who hasn’t seen the Senate confirmation hearings for Elena Kagan to the United States Supreme Court, don’t worry, you haven’t missed much. In fact, Kagan is being celebrated in the media for her sense of humor: http://www.politicsdaily.com/2010/06/30/elena-kagans-one-liners-leave-lawmakers-laughing/ This is really too bad because we have information that at least three members of the […]
In the video at the link below, Guy David, partner, Gowling Lafleur Henderson, explains the potential for Shariah finance in Canada, including its application to residential mortgages and the capital markets. David admits that there is essentially no inherent demand for Shariah-compliant products in Canada; the market is not demand-driven, it is supply-driven. Muslims in […]
Nasdaq launches two Shariah indexes
Nasdaq has created two sharia-compliant indexes, based on the Nasdaq 100 Index and the OMX Stockholm Benchmark Index. The indexes are weighted by market capitalisation and track the securities in the underlying benchmark indexes, and meet sharia requirements as specified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Shariah Finance Watch readers […]
Financial Jihadists Continue Missionary Operations in Kenya
The African nation of Kenya has a Muslim population that makes up about 15% of its citizenry. Nevertheless, elements from the Islamic world, particularly the Gulf nations, have targeted Kenya for Shariah Compliant Finance… http://www.africancapitalmarketsnews.com/454/sharia-compliant-finance-grows-in-kenya/
RightSideNews.com has an excellent checklist of things that Americans should do to oppose the infiltration of Shariah into our culture, society, legal system and financial markets. A few items in particular caught our eye: 7) Write letters. Swamp letters. (Hard copy letters with stamps – not e-mails) Write regular Letters to the Editor. Letters to any American […]
The Washington Post is reporting that Washington DC public school students are being instructed in Arabic and participating in a cultural exchange program that is being sponsored by the Qatar Foundation International, an organization with ties to the Youssef Qaradawi, a Shariah scholar who has been banned from traveling to the US or the UK […]
The central banks of Bahrain and the United Arab Emirates have called for “reform” of Shariah-Compliant Finance. But their idea of reform simply means more coordination and industry-wide standards by Shariah scholars (men like Sheikh al-Qaradawi and Mufti Usmani), not true reform. No where in their call for reform will you find increased transparency and […]
Australian Islamist Monitor Points Out the Inconvenient Truths About Shariah Finance
The financial jihadists have their sights set on our allies down under. Fortunately, there are those in Australia who are sounding the alarm. We can hope that enough people in Australia take notice of their warnings… http://www.australianislamistmonitor.org/index.php?option=com_content&view=article&id=3512:islamic-finance-nick-sherry-and-inconvenient-truths&catid=205&Itemid=59
North Jersey Federal Credit Union has designed a Shariah-Compliant banking division. Through a partnership with New England Financial, North Jersey is also offering Shariah Mutual Funds. Clients of New England Financial may wish to take this into account when making investment decisions in the future. Note that the release linked below claims that there are […]
The efforts to push Shariah out to the rest of the world via the financial back door continues… http://www.businessweek.com/news/2010-06-03/khazanah-said-to-plan-biggest-singapore-dollar-sukuk-correct-.html
Judging by the spate of conferences on “Islamic finance” organized in the Russian Federation and the rest of the former Soviet republics in recent months, interest in Shariah finance is fast developing in the region… http://arabnews.com/economy/islamicfinance/article56957.ece
London can play a major role in the growth and the further progress of the Islamic financial sector due to vast exposure to the sector, said HRH Prince Andrew, Duke of York. http://biz.thestar.com.my/news/story.asp?file=/2010/5/21/business/6308286&sec=business
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