Al Qaeda’s Financial Ties to Iran Exposed
On August 8, 2011 · In Al Qaeda, Iran, Islamic charities, Jihad, Jihadist Groups/Individuals, Kuwait, Terror, Terror Funding, terrorism, Zakat
During the 2008 presidential campaign, the Obama campaign belittled Senator John McCain for alleging ties between Iran (which is Shiite-ruled) and Al Qaeda (which is a Salafist Sunni organization). At the time, your SFW editor wrote an article for National Review on the subject: http://www.nationalreview.com/articles/223992/iranian-entanglements/christopher-w-holton Now, more than three years later, Obama’s US Treasury Department […]
Kuwait Ambassador to Brazil Yusuf Ahmad Abdul-Samad delivered to Director of Latin American Institute for Islamic Studies Dr. Mohammad Al-Rahdi a contribution made by Kuwait Zakat House, last week. The contribution was made at the Kuwait embassy in Brasilia, in presence of Executive Director of the institute Abdelbagi Osman. The meeting discussed activities of the […]
Moody’s downgrades Kuwaiti Sukuk Issuer, NIG
On March 8, 2011 · In Defaults, Islamic Bonds, Kuwait, Moody's, Moody's Investor Service, Shariah Bonds, SUKUK
Moody’s Investors Service has downgraded to B2 from B1 the Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of National Industries Group S.A.K. (“NIG”), as well as the instrument rating for the $475m sukuk issued by NIG Sukuk Ltd. The outlook on the ratings remains negative. http://www.ameinfo.com/258031.html
Worldwide Sukuk issuance forecast to reach $30 billion this year
On August 25, 2010 · In Indonesia, Islamic Bonds, Kuwait, Malaysia, Saudi Arabia, Shariah Bonds, SUKUK
A report on Islamic banking issued by Kuwait Finance House (KFH) has said global issuance of Islamic bonds will reach $30 billion this year, up from $20 billion in 2009. According to the KFH report, the rising optimism over the health of the global economy as well the increasing popularity of Islamic banking products have […]
Turkey’s first Sukuk offer oversubscribed
On August 25, 2010 · In Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, Shariah Finance, SUKUK, Turkey
Turkey’s first Islamic bond offering, from lender Kuveyt Turk, fetched a yield of 5.25 percent on Tuesday and was oversubscribed by investors. The sukuk, which was primarily bought by financial institutions, is the first sukuk ever out of Turkey and the first bank sukuk originating from Europe. In Turkey, the ruling AK Party has been […]
The recent notification by Kuwait’s International Investment Group (IIG) KSCC that it was not in a position to make the periodic payments due on July 12, 2010 on its $200 million exchangeable Sukuk (Islamic bond) issued in 2007 and which matures in 2010, once again turns the spotlight on the troubled market. This is the […]
International Investment Group (IIG) of Kuwait said it is unable to pay $152.5 million to sukukholders who demanded immediate repayment after the Kuwaiti finance company defaulted on its $200 million Islamic bond. In April, IIG became the second Kuwait-based firm in a year to miss a sukuk payment. Investment Dar Co., owner of half of […]
Loss-making Bahrain Islamic Bank, a Shariah-Compliant bank, plans to try to raise up to $143 million in a rights issue at a 37 percent discount, the first time a major Bahraini retail bank has sought fresh capital since the financial crisis. Bahrain Islamic’s shares, which rarely trade on Bahrain’s stock exchange, closed at 159 fils […]
Sukuk “Alert”
On June 23, 2010 · In Abu Dhabi, Debt Bonds, Dubai, GE Capital, Indonesia, Islamic Bonds, Islamic Finance, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Pakistan, Saudi Arabia, Shariah Bonds, Shariah Finance, Sudan, Thailand
Official and private entities in Jordan, Indonesia, Abu Dhabi, Malaysia, Saudi Arabia, Qatar, Dubai, Luxembourg, Sudan, Pakistan, Kazakhstan, Lebanon, Kuwait, Thailand, Islamic Development Bank and General Electric (GE) all are contemplating or planning Sukuk (Islamic bond) offerings in the near future… http://www.bloomberg.com/news/2010-06-22/jordan-indonesia-islamic-development-bank-plan-sales-islamic-bond-alert.html
The GCC conventional bond market recorded a poor performance in the first quarter of 2010 amid Dubai-linked and broader sovereign debt fears, NCB Capital, the largest investment bank in Saudi Arabia and a subsidiary of National Commercial Bank, reported. Primary issuance fell by some 70 percent in value from the average of the previous three […]
Islamic Bond market forecast to ride “rough patch”
On April 15, 2010 · In Debt Bonds, Defaults, Dubai, Islamic Bonds, Islamic Finance, Kuwait, Shariah Bonds, SUKUK
FT’s Robin Wigglesworth continues to exhibit a lack of curiosity when it comes to Shariah finance… http://www.zawya.com/Story.cfm/sid20100414_8473_283
Most of Kuwait’s multibillion-dollar investment company industry could be wiped out by debt repayments on the finance houses’ leveraged investments made before the recession, senior bankers have warned. Read more at the Financial Times… http://www.ft.com/cms/s/87f5a690-1f19-11df-9584-00144feab49a,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F87f5a690-1f19-11df-9584-00144feab49a.html&_i_referer=
Islamic “megabank” to launch
On February 18, 2010 · In Bahrain, Financial Institution, Islamic Banking, Islamic Development Bank, Islamic Finance, Kuwait, Malaysia, Saudi Arabia, Shariah Banking, Shariah Finance
The creation of a planned Islamic investment megabank is in ‘fairly advanced stages’ and it will likely be launched in the next six to 12 months, an executive at a firm advising on the project said on Thursday. A plan to form the world’s largest sharia-compliant lender – which is being promoted by the chairman […]
Kuwait Finance House, the emirate’s leading Islamic bank, said on Tuesday its 2009 profits dropped by 24 percent from the previous year due to the continued impact of the global financial crisis. This earnings report comes amid continued bogus claims by financial jihadists that Shariah-Compliance provides protection against that very same financial crisis… http://www.busrep.co.za/index.php?fArticleId=5336111&fSectionId=613&fSetId=662
Moody’s Investors Service has downgraded the Corporate Family (CFR) and Probability of Default Ratings (PDR) of Kuwait-based National Industries Group Holding S.A.K. (NIG) and the debt ratings on the USD 475 million sukuk issued by NIG Sukuk Limited to B1 from Ba3. These sukuk are basically “junk Islamic bonds.” So much for the idea that […]
As we reported not long ago, one of the oldest banks in Kuwait, BKME, will soon complete the conversion process from legitimate, civilized finance to Shariah Compliance. Now we learn that in justifying this move, they are making claims about the durability of Shariah-Compliant financial institutions in the face of economic crisis: “Islamic banking is […]
Another Kuwaiti bank converts to Shariah compliance
On January 12, 2010 · In Islamic Banking, Islamic Economics, Islamic Finance, Kuwait, Sharia Compliant, Shariah Banking, Shariah Finance
Bank of Kuwait and Middle East (BKME) is undergoing a change to become fully Shariah-compliant. The bank’s chairman Hamad Al Marzouq says that the bank will formally go Shariah-compliant starting from the second quarter of 2010 and that to signify the transformation to Shariah compliance BKME will be renamed as Al Ahli Al Muttahad. BKME […]
Islamists in Kuwait debate loans and interest
On January 5, 2010 · In Interest, Islam, Islamic Economics, Islamic Law, Kuwait, Salafism, Saudi Arabia, Sharia Compliant, Shariah Finance, Shariah Law, Usury
We found an interesting article on Kuwait Times this morning. It seems that the Kuwaiti parliament is debating whether or not to “write” off interest on government loans to its citizens. It has been claimed for decades that interest is forbidden in Islam–either charging it or paying it. As a result of that portion of […]
Kuwaiti becomes member of French Institute of Islamic Finance
On December 18, 2009 · In Creeping Shariah, Da'Wah, France, Islamic Finance, Kuwait, Shariah Finance
Kuwaiti law researcher Mohammad Al-Kandiri has become a member of the French Institute of Islamic Finance. We post this mainly because of the troubling revelation that France even HAS an Institute of Islamic Finance… http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2046893&Language=en
Five years ago, Kuwait had only one Islamic bank, but by 2010, the country will have five Islamic banks. The announcement of the Central Bank of Kuwait (CBK) on Monday giving the green light for the Bank of Kuwait and the Middle East (BKME) to fully convert into an Islamic bank raises the number of […]
A Shameless, Shallow Advertorial for Shariah Finance from Oxford Analytica and Forbes.com
On December 12, 2009 · In Abu Dhabi, Credit Dirivatives, Debt Bonds, Defaults, Derivatives, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Financial Institution, Hezbollah, HSBC, Investments, Iran, Islam, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Kuwait, Lebanon, Qaradawi, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Finance, Shariah insurance, Shariah Law, SUKUK, Takaful, Taliban, Usmani
Malcom Forbes must be spinning in his grave. His namesake publication’s web site has published an article which basically promotes a financial and economic system which by its very nature seeks to replace capitalism and our free enterprise system: http://www.forbes.com/2009/12/10/islamic-finance-after-dubai-business-oxford-analytica-islamic-finance.html?feed=rss_business In fact, the article reads less like journalism and more like a press release from […]
Once again courtesy of the Kuwait News Agency (KUNA), we get a nice fictional piece about the performance of Shariah banks in the current economic crisis…and the news that the industry is thriving in Lebanon. http://www.kuna.net.kw/NewsAgenciesPublicSite/ArticleDetails.aspx?id=2042518&Language=en
Malaysian Islamic reinsurer MNRB Retakaful forecasts that revenue from its overseas operations will exceed that of domestic operations in five years. It particularly has its sights set on Indonesia, Brunei, Sri Lanka and Pakistan. Spreading Shariah insurance to these countries is perhaps not as much of a concern since each is already predominantly Islamic, but one […]
TIMELINE-Defaults: Islamic finance in uncharted territory
On November 6, 2009 · In "Ethical Investment", Abu Dhabi, Debt Bonds, Defaults, Dubai, Economic Crisis, Islamic Banking, Islamic Bonds, Islamic Finance, Kuwait, Saudi Arabia, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Bonds, Shariah Finance
The dirty underside of Shariah-Compliant Finance… http://www.reuters.com/article/bankruptcyNews/idUSKLR44503820091105?rpc=401
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 default of two prominent Middle Eastern investment companies is shaping up to be a test case for the Islamic bond (sukuk) market. http://www.ft.com/cms/s/0/c277faca-bcd6-11de-a7ec-00144feab49a.html?ftcamp=rss
A Kuwaiti investment firm will launch an investment fund that will offer investors the opportunity to invest in “high-quality income generating from commercial real estate in Western Europe.” http://www.arabtimesonline.com/client/pagesdetails.asp?nid=38150&ccid=12
Earlier today, we posted a link to an article which mentioned that a Kuwaiti Islamic Bank had entered into a joint venture with Colorado-based real estate company UDR: https://shariahfinancewatch.org/2009/08/17/shariah-compliant-sovereign-wealth-funds-resume-investing-in-west/ We were curious as to what, if any, restrictions were to be imposed on the real estate properties in which Kuwait Finance House invested here in […]
Kuwait’s largest Shariah-Compliant bank, just announced that it inked a deal with Denver, Colorado-based UDR to invest $450 million to invest in high income residential real estate in the US. There is no word so far on what implications for properties are involved with Shariah-compliance or if zakat payments will be involved… Meanwhile, Qatar has […]
Middle Eastern Islamist regimes, awash in petrodollars, are now touting Shariah Finance as the key for renewed economic growth. What this amounts to is Islamic imperialism. Whereas in the past Saudi, Kuwaiti and other oil sheikhs in the 1970s began expanding their clout by investing in Western real estate and securities markets, today they have […]
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