A new United Nations report has concluded that wealthy financiers in the UAE, Saudi Arabia, Oman and Kuwait are using the illicit charcoal trade in Somalia to fund the Jihadist terror group Al Shabaab. Key financiers of Islamist militants in Somalia are operating with impunity in Gulf states, undermining efforts to end an insurgency in the Horn […]
Shariah Bankers and Zakat Arm in Arm in Oman
Oman is a relative newcomer in the Arab world to Shariah-compliant finance, but now the sultanate is jumping in with both feet. An example is the symposium linked below which promotes the marriage between Shariah finance and zakat. We include this link primarily because there are still some who deny any linkage between Shariah finance […]
One of the chief concerns about Shariah-Compliant Finance is the lack of liquidity born of the ban on interest. The industry has sought to address this problem with convoluted instruments which are largely unproven. And they won’t be proven until they endure a financial crisis of some sort. In the last financial crisis the instrument […]
Shariah Bank in Oman Facilitates Customers’ Zakat Donations
One of the chief concerns of Shariah-compliant finance is its relationship to zakat, the system of tithing in Islam. The concern stems from the fact that, under Shariah, one of the eight acceptable destinations for zakat money is to those fighting in the way of Allah. We have covered this extensively on SFW for years. […]
This week in Oman, the Islamic Financial Services Board (IFSB) will hold a workshop covering “Standards on Risk Management, Corporate and Shariah Governance for Institutions offering Islamic Financial Services.” This event isn’t particularly noteworthy but it does provide a teaching moment for those who have doubts that Shariah-Compliant Finance’s first and foremost purpose is to […]
SFW readers may have noticed more than a few articles covering Oman in recent months. That’s because Oman has clearly been targeted by the financial jihadis to make its financial and banking systems Shariah-compliant. Oman, along with Morocco, is a comparative newcomer to Shariah compliance, but it is making up for it… Marking a milestone […]
The Muscat Securities Market has launched a ‘Sharia Index’ (MSMSI) aiming at measuring the performance of Shariah-Compliant companies that pass AAOIFI compliance with the Shariah investment principles. With this launch, more individuals and corporates are expected to make use of the Shariah financial offerings in the country. SFW readers may recall that AAOIFI’s Shariah advisory […]
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 […]
Gulf Nations to Continue Shariah-Compliant Sukuk Push
HSBC Bank, perhaps the West’s most shameful pimp for Shariah-Compliant Finance, and a serial violator of Treasury regulations regarding Iran sanctions, is reporting that the market for Shariah-Compliant bonds (known as sukuk or Islamic bonds) is set to break records in 2013 thanks to the proliferation of issues from Gulf states. Mohammed Dawood of HSBC […]
Oman was formerly one of the last holdouts in the Middle East to incorporating Shariah-Compliant Finance and Shariah banking in its economy. That has slowly been changing and now the first Shariah bank, Bank Nizwa, has opened its doors in Oman. http://www.timesofoman.com/News/Article-5918.aspx?
Sukuk (aka Islamic bonds) are fast becoming the chief tool for spreading Shariah finance. Just a few years ago, few of our posts dealt with sukuk. Now most of them do. Sukuk are used as a means of imposing Shariah compliance on nations and entities wishing to participate in global debt markets. Russia, Thailand, the […]
KPMG holds training on Shariah finance in Oman
KPMG, a leading international firm offering audit, tax, and advisory services recently organised a training at Crowne Plaza Hotel, Muscat, Oman on Shariah-compliant finance products and their accounting treatment. The objective of the training was to educate participants about the characteristics of various Sharia compliant financial products and how to deal with their accounting issues. […]
Oman central bank rules out Shariah advisory board
The good news is that Oman is not establishing a centralized Shariah advisory board inside its central bank. Such a board could quickly become very powerful–too powerful. The bad news, of course, is that Shariah Compliant Finance has made its way to Oman, an historically modern country not held back by Shariah. http://www.ameinfo.com/277083.html
Traditionally, the Arabian peninsula nation of Oman has been somewhat of a maverick in the Islamic world. It has largely escaped much of what troubles its neighbors and has not been an incubator for terrorism, like nations such as Saudi Arabia and Yemen. Historically, Oman has also had very good relations with the West. Now, […]
Abu Dhabi, Oman Shares Advance; Saudi Arabia’s Index Declines www.bloomberg.net By Zainab Fattah Feb. 24 (Bloomberg) — Shares in Abu Dhabi, Oman and Qatar advanced, led by real-estate developers and banks, on investor perceptions prices now are low compared with those in other emerging markets and that regional growth will benefit from higher oil prices. […]
OurWorld…passionate about business15-Feb-08 Welcome to UK Trade & Investment today Islamic finance initiatives boost UK’s global status A high-level UK delegation to the Gulf region and an upcoming London Stock Exchange event are focusing on future opportunities in the Islamic Finance sector. Lord Mayor of London David Lewis today begins a visit to the […]
List of Major Banks dealing with Shariah Finance-tools for research
Here is a list of banks that are expanding the Islamic Shariah industry worldwide. Also, a link to the major periodicals that discuss Shariah Finance. In order to combat this rising influence on our banking industry, you must learn and understand what it is. This type of banking is a screen to infiltrate into a […]
Link to www.Gulfbase.com, comprehensive site on Sharia Finance and Investments
This site breaks down the investments and funds by countries in the Middle East. It is a good source to follow, and research for those interested in following the growth of funds and indices. You can register on it for updates, however this blog will follow it and post the most relevant articles. comments by […]
Business Week-“Who’s Afraid of Mideast Money?”
<!– if (!window.OAS_sitepage) { var BW_site; // use for new ad site var BW_page = “/printerfriendly”; var OAS_listpos; // use to restrict the number of available page positions document.write(”); } //–> THIS IS ONE OF THE MOST IMPORTANT ARTICLES I HAVE POSTED. IT IS A MUST READ, AND ONE THAT NEEDS TO BE READ AND […]
This is going to be a huge issues, as we see more of of stock markets and financial companies bought by Kuwait and others. The monitoring of the types of investments made under Shariah control should be of concern, as the laws of Shariah will dictate the investments. Especially troubling will be the pork, entertainment, […]
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