Muslim Brotherhood-dominated Egypt took one more step toward Islamization recently with the approval of a new law paving the way for the country to issue sukuk (Shariah-compliant bonds)… Egyptian president Mohamed Morsi has approved a law allowing the country to issue Islamic bonds the government hopes will help revive its flagging finances, Reuters has reported. […]
As we have reported previously on SFW, Egypt has been contemplating issuing Islamic bonds, known as sukuk,” to raise money for the country’s bleak fiscal picture. The Muslim Brotherhood wants to float Islamic bonds, not only for fiscal reasons, but also because they see it as a means of furthering the Islamization of the country. […]
For the past 2 years or so, we have noted that Islamic bonds, properly known as “sukuk,” have become the financial weapon of choice for Islamic imperialism. Here is how that works: • As we know from historical records and contemporary statements from Islamic leaders, the purpose of Shariah Finance/Islamic economics is to promote Shariah […]
Despite the combined efforts of Islamist regimes in the Islamic world and the appeasing government in the United Kingdom, Shariah-Compliant Finance has yet to take off in Britain. In fact, it’s struggling and financial firms are abandoning it. One reason is that the weapon of choice in Shariah-Compliant Finance, sukuk, also known as Islamic bonds […]
As regular readers of SFW know, Sukuk, also known as “Islamic bonds,” or “Shariah bonds,” are fast becoming the weapon of choice for pushing out Shariah-Compliant Finance to the rest of the world. The market for sukuk is growing rapidly, especially in the sovereign debt sector. By the end of 2013, it is expected that […]
For some time London officials and UK finance community executives have expressed the intention of making London the capital of Shariah-compliant finance in the West. Now they are taking their aims to a whole new level as they contemplate pushing for the United Kingdom to issue sovereign debt in the form of Shariah-compliant bonds, known […]
Throughout the world, the terms “sukuk,” “Islamic bond,” and “Shariah-Compliant Bond” are used interchangeably to describe a derivative security created by the Shariah Finance industry to expand Islamic participation in the credit markets. But in Egypt, which is now ruled by the Muslim Brotherhood, the parliament is playing word games in its quest for a […]
Sovereign Sukuk to Push Shariah Bond Market
The Sukuk (Islamic bond) market is expected to grow by 30 percent in 2013, led by sovereign sukuk that will continue to dominate, due largely to new countries that will issue sukuk, according to a report from Kuwait Finance House (KFH). Sovereign issuers led the market share in 2012 despite a record amount of corporate […]
Ratings Firm Confirms Negative Outlook for Malaysian/Indian Telecom Sukuk
RAM Ratings Services Bhd has reaffirmed its negative outlook for Binariang GSM Sdn Bhd’s senior sukuk and junior sukuk ratings. Sukuk are also referred to as “Islamic bonds” and “Shariah Bonds.” Binariang GSM Sdn Bhd is an investment holding company with interests in telecommunications company Maxis Bhd and Aircel Ltd – India’s seventh largest mobile operator – and PT Axis Telekom Malaysia, the fifth […]
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 […]
Sukuk Issuance Hit $131 Billion in 2012
KFH Research reports that Shariah-compliant bond (sukuk) issuances reached $131 billion during 2012, a 54% increase over 2011. As we have reported previously on SFW, sukuk are fast becoming the weapon of choice for promoting Shariah through Shariah-Compliant Finance. Here is how that works: • As we know from historical records and contemporary statements from […]
The purpose of Shariah Finance is to promote Shariah. The chief weapon for achieving that over the past 2 years has been what is known as the Islamic bond, or sukuk. Sukuk are increasingly being used on both sides of the credit market. When Islamic nations and companies want to raise money in the credit […]
Morocco appears set to join the list of nations, such as Oman and Jordan, who have changed their tax laws to give preferential treatment to sukuk, or Shariah-compliant bonds. Sukuk are becoming increasingly widespread and are on a trajectory to become a force in the world debt markets. Rich Islamists are already trying to insist […]
Sukuk, or Shariah-Compliant Bonds, have a poor record in terms of ethics and defaults in particular. The latest example of this comes from Malaysia, one of the Islamic world’s leading nations when it comes to Shariah-Compliant finance. MCRB Southern Link, a conglomerate involved in a variety of businesses in Malaysia, including wholesale foodstuffs, has seen […]
Signs of Cracks in the Sukuk Facade
As we have reported repeatedly here on SFW, Shariah-compliant bonds–sukuk–are the emerging weapon of choice for promoting Shariah worldwide via Shariah-compliant finance. But sukuk are not without controversy and they have a jaded past, as rammed home recently with the troubled Dana Gas sukuk. Now, even some in the Islamic world are issuing words of […]
Singapore investors flock to Abu Dhabi Bank Sukuk Offer
Here we have more confirmation that sukuk (Shariah-compliant bonds) are the weapon of choice in spreading Shariah finance around the world. Investors in Singapore are not known for their appetite for Shariah-compliant investments, but they seem to have warmed up to a sukuk issued by a major bank in the UAE… http://www.asiaone.com/A1Business/General%2BNews/Story/Mega%2Bsukuk%2Bissue%2Bcreates%2Bripples%2Bhere.html
The board of Dana Gas, the UAE-based natural gas company, is meeting today to discuss the restructuring arrangement that it is working out with creditors in its recent sukuk (Islamic bond) default… Natural gas producer Dana, headquartered in the emirate of Sharjah, said on November 7 it had reached an agreement in principle with creditors on […]
Yesterday we reported that Dana Gas, the United Arab Emirates’ largest natural gas firm, was set to default later today on its $920 million sukuk, or Shariah-compliant bond. We cannot overemphasize the significance of this event. Sukuk have been controversial for some time based on several factors, but chiefly two: (1) Sukuk involve more fees […]
As we alluded to here on SFW back in April and January, the UAE’s Dana Gas, which already had a jaded record when it comes to investment ethics, is NOT going to pay off its creditors under the Shariah-compliant bond (sukuk) arrangement as the fawning financial media had reported. https://shariahfinancewatch.org/2012/04/30/uaes-dana-gas-looking-to-restructure-sukuk/ https://shariahfinancewatch.org/2012/01/31/another-sukuk-in-trouble/ There is no sugarcoating […]
Given the heavy hand of Salafist Islam in the Persian Gulf region, this report should come as no surprise… Corporate and infrastructure issuers in the Gulf region may increasingly rely on sukuk, the Islamic equivalent of bonds, as a source of funding in coming quarters says a report titled “Sukuk Are Surpassing Conventional Bond Issuance […]
Note that in the article linked below announcing the first sukuk (Shariah-compliant bond) offerings in Australia, the Wall Street Journal is practically acting like a cheerleader for Shariah Finance. Note also in the article that, in addition to Australia’s sole existing Shariah-compliant investment firm, the nation’s 4th largest conventional lender also has plans to offer […]
“KFH” arrange in cooperation with Citigroup and HSBC the first Sukuk issuance for the Turkish Treasury of USD1.5 bln Kuwait Finance House ” KFH ” represented by its subsidiary, Liquidity Management House “LMH”, succeeded in arranging for Ijarah Sukuk for the Turkish Treasury amounting USD1.5bln for 5 ½ years, in cooperation with Citigroup and HSBC, where this is […]
Ireland’s Electricity Supply Board, the largest utility in Ireland–and one that was set up by an Act of the Irish government–is considering issuing a Sukuk (a Shariah-compliant bond). This is no doubt designed to attract petrodollars from the Middle East, which increasingly requires Shariah-compliance, something that was not the case less than a generation ago. […]
Bloomberg, a leader in financial news and information, continued to demonstrate its commitment to the barbaric, medieval code of Shariah with its announcement of a new Sukuk (Shariah-compliant bond) index in Malaysia. The timing of this is especially ironic given the fact that Bloomberg depends on freedom of speech, freedom of the press and free […]
In a market galvanised by central bank action in the US and in Europe, strong appetite for emerging market bonds have eroded the pricing advantage enjoyed by sukuk over conventional paper say origination bankers, at a time when yield-starved Islamic investors have started to become more selective. The shift might carry significant implications for the […]
This report comes as no surprise. Jordan’s parliament has made changes to tax laws to accommodate sukuk (Shariah-compliant bonds), paving the way for Shariah finance to move into the kingdom… A long-awaited law allowing Jordan to issue sukuk has been cleared by both houses of its parliament, paving the way for the government to tap […]
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. […]
Turkey will soon issue a lira-denominated sukuk (Islamic bond), on the heels of its dollar-denominated sovereign sukuk, which was facilitated by HSBC and CitiGroup. http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=337737
Egypt’s Prime Minister, Hisham Qandil, a career bureaucrat with a history of sympathy for the Muslim Brotherhood–who was also educated at Utah State and North Carolina State–has called for economic changes to solve Egypt’s largely self-inflicted financial woes. Among the measures underway: the issuance of sukuk, also known as Shariah bonds: A sukuk issuance would […]
King & Spalding advises on NIG sukuk repayment… http://mideast.legalbusinessonline.com/news/breaking-news/exclusive-king-and-spalding-advises-on-nig-sukuk-repayment-sources/109050
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