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 […]
Two Saudi princes on Tuesday sought to extricate themselves from a London legal battle with a Jordanian businessman who accuses them of laundering money for Hezbollah, the Shiite Islamic terrorist organization. Their lawyer called the accusation “fanciful”. Prince Mishal bin Abdulaziz al Saud, a brother of Saudi Arabia’s King Abdullah, and his son Prince Abdulaziz […]
Islamic Charities Revealed: Bankrollers of Terror
Foreign Policy magazine recently published an excellent article on the role of Islamic charities in funding Jihadist terrorism, something we’ve been writing about here on SFW for several years now. Authors Daveed Gartenstein-Ross and Aaron Y. Zelin detail in the article how Islamic NGOs (Non-Governmental Organizations) are bankrolling terrorist organizations under the guise of “aid.” […]
The article linked below from Bloomberg is about Alwaleed’s decision to sell off his jumbo jet, but the bigger story embedded here is his decision to refocus his fortune back home in Saudi Arabia and the Middle East, which almost certainly means Shariah-compliance… Prince Alwaleed Bin Talal Al Saud, the world’s 15th-richest person, sold his […]
The involvement of wealthy Saudis and Saudi charities in funding Al Qaeda and other Jihadist terrorist organizations has been extensively documented for years, including by the US Treasury Department. One such individual is Soliman al-Buthe, who is currently a Saudi government official and previously started a charity here in the United States in Oregon that has […]
The Wall Street Journal Weighs In On Al Goreeza: Inconvenient Truths About Al Jazeera…and about Dow Jones too
We’re glad to see that the Wall Street Journal has weighed in on the nefarious aspects of Al Jazeera, echoing what we reported here on SFW last week: https://shariahfinancewatch.org/2013/01/03/al-gore-sells-out-to-qatar-state-owned-al-jazeera-buys-current-tv/ It’s worth pointing out some of the highlights in the Journal’s article: …the network reflects the interests of the government that runs it—making it akin to […]
Money Jihad blog’s short list of Shariah banks that fund terrorism
Money Jihad blog is one of the most invaluable web sites in existence for anyone who is concerned with how Jihadist terrorism is supported and funded. That is why we link to it so frequently here on SFW. Money Jihad’s latest work is a prime example of why we like the blog so much: they have […]
“Extremism” on the Rise in Zanzibar–Thanks to Saudi Money and Islamic Charities
The Financial Times has an important article about the influx of Salafi Islam in the island region of Tanzania known as Zanzibar. The article doesn’t draw any of the correct conclusions about what is happening there, but it contains enough clues to build a picture. For folks who don’t remember, Tanzania is one of the […]
An investigation by Indian authorities into an August bomb attack in Pune, India has uncovered a significant Saudi connection to the deadly and infamous Jihadist terrorist organization, Lashkar e Taiba. That connection appears to center around a Saudi citizen named Fayyaz Kagzi: Asad travelled to middle-east, especially Saudi Arabia, several times to meet Kagzi and spent […]
Saudi Sheikh Defends Charity Support for Jihadist Terror
There was already ample evidence that Saudi Arabia is not our ally in the war formerly known as the “war on terrorism.” Now we have even more evidence. A Saudi Sheikh named Saleh bin Abdulrahman Al-Hussein has written a report defending Saudi charities that fund terrorism. Lest you think that this guy is some obscure, nutty […]
HSBC is getting rich. They’re getting rich off of connections to Saudi Arabia and their deep involvement in the Shariah-compliant bond market (known as sukuk). It seems that nobody underwrites sukuk for the Saudis like HSBC does. This is the same HSBC that has been fined a billion dollars for its illegal business with Iran. […]
Saudi Gitmo Prisoner Charged With Multiple Terrorism Offenses
We know that it comes as a shock that (i) a Saudi national would be involved in terrorism and (ii) a Gitmo inmate would be involved in such activities (sarcasm intended), but that is just what is happening in the case of Ahmed Mohammed Ahmed Haza al Darbi…who has been charged with several terrorism-related offenses, including […]
The evidence is really piling up connecting Islamic charities to violent Jihad/terrorism. The latest case comes from the continent of Africa, where authorities arrested 6 Saudi nationals last month for funding terrorism through charitable operations. Very often these incidents involve Saudis and the Saudi embassy leaps to their defense… Ethiopian authorities on Sunday have arrested […]
“Ethical Investing” from Countries Overrun With Corruption?
Transparency.org has publishes a Corruption Perceptions Index that rates the level of corruption in the world’s nations. The most recent year for which there is data is 2011. The results are instructive for observers of Shariah Compliant Finance. Shariah-Compliant Finance is often touted by the financial jihadists as “ethical” investment. There are a variety of […]
West Point Report: Haqqani network supported by “rich donors”
By way of CNN, we have still more evidence of financial support for violent jihad by wealthy Muslims in the Persian Gulf region. The Haqqani network is one of the most virulent Jihadist groups in Afghanistan and Pakistan and has been battling US troops for several years. It is closely allied with both Al Qaeda and […]
The Pakistani Jihadist terrorist organization Lashkar-e-Taiba, which carried out the bloody Mumbai terrorist attack in India, funded one of the attacker’s year-long visit to Saudi Arabia to recruit young Indian men who were visiting in Saudi Arabia… Pakistan-based terrorist group Lashkar-e-Taiba financed the procurement of work permits by Mumbai terror attacks suspect Abu Jundal for […]
Prince Salman bin Abdulaziz al-Saud, now the next in line to take over the kingdom of Saudi Arabia, was one of several defendants sued last year for his alleged support of the September 11, 2001, terrorist attacks. Salman is identified as an “individual patron” of al-Qaeda and as the leader of the Saudi High Commission […]
Shariah Finance Watch editor briefs Congressional staffers on Shariah-Compliant Finance
Recently we had the opportunity to brief staff members from 10 Congressional offices on the threat of Shariah Finance. The briefing was recorded and we have posted the full 1-hour briefing here for SFW viewers… Shariah Compliant Finance and Financial Jihad
The U.S. Treasury Department’s point man on terrorist financing is off to the Middle East for nearly two weeks. Daniel Glaser, assistant Treasury secretary for terrorist financing, will travel to Saudi Arabia, Kuwait, Qatar, Israel and the United Arab Emirates. Glaser will talk with government and private sector officials about the threat of terrorist financing, […]
An International Conference on Islamic Funds and Investment opened this week in Karachi, Pakistan. According to the Pakistan Observer, among the large number of attendees were investors from the USA and Canada. The report indicated that some $1.3 trillion is invested in 650 Shariah-Compliant funds worldwide, including 230 in Saudi Arabia, 172 in Malaysia, 59 in […]
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 […]
The report below is cause for concern. Philippine officials have fallen into the trap of dealing with the Islamic Development Bank (IDB) based out of Saudi Arabia. IDB is a gargantuan institution dominated by Saudi Arabia and based out of Jeddah, which is the most important non-holy city in that country, much more important than […]
HSBC continues to be the Western leader in facilitating the financial jihad. We post this as a reminder to Western consumers and investors. When you decide where to bank or where to get credit cards, keep in mind what HSBC is up to… http://www.tradearabia.com/news/BANK_215598.html
Saudi Arabia has overtaken the UAE to become the largest Sukuk (Islamic bond) issuer in the Gulf region, raising $6.4 billion in Q1 2012, compared to issuance of $1.9 billion by the UAE. Malaysia accounted for 71 per cent of total issuance and was the top Sukuk issuer with $31 billion followed by Saudi Arabia […]
From the U.S.-Saudi Arabian Business Council… U.S. international law firm Baker & McKenzie has acted for Almarai Company on the establishment of a $613.3 million (SR2.3 billion) sukuk (Islamic bond) program and inaugural issuance of a $266.7 million (SR1 billion) sukuk. The debut Sukuk issuance for Almarai Company, the largest Saudi dairy products company, was […]
It is widely known that much of the funding for Jihadist terrorist organizations, such as Al Qaeda, Hamas, Abu Sayyef and Jemaah Islamiyah come from private donations to Islamic charities through zakat payments, a system of tithing in Islam. The Saudi government claims that they are virtually powerless to stop this activity, something that makes […]
Saudi Electricity Co., Saudi Arabia’s state-owned utility company, will aggressively market Shariah-compliant bonds to investors in non-Muslim nations around the world. This is part of an ongoing effort to have Shariah bonds, also known as sukuk, gain wide acceptance with non-Muslims around the world. At least some sukuk contracts involve zakat payments to Islamic charities, […]
HSBC is at it again
One of the biggest promoters of Shariah-Compliant Finance in the Western world is HSBC. Investors in the West need to be aware of this so that they can make informed decisions as to where they conduct their business… http://arabnews.com/economy/corporatenews/article577396.ece
Sukuk issues among quasi-government companies in Saudi Arabia have become quite popular. This is leading to reasonable speculation that the kingdom itself will issue sovereign debt in the form of sukuk in 2012. It is our opinion that the Sauds will not do this out of necessity; there is no reason for the Sauds to […]
Correcting The New Misinformation on Islamic Charities Funding Jihadist Terrorism
The Guardian in the UK has come out with an article (“Counterterrorism laws taking their toll on humanitarian action”) critical of US counterterrorism efforts that are designed to prevent the funneling of money to Jihadist terrorist groups, especially in Gaza and Somalia, two hotbeds of Jihadist terrorist activity. When ever we see misguided and ignorant […]
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