If ever there was definitive proof that the true purpose of Shariah-Compliant Finance is to promote Shariah, it shows up in bold form in an article in the March 2nd Financial Times which we’ve linked at the end of this column. The practicioners of Islam, known to some as “Islamists,” met in Jakarta, Indonesia recently […]
Regular readers of SFW know that one of the chief concerns about Shariah-Compliant Finance is the system of tithing known as “zakat.” Shariah-Compliant banks provide a means by which Muslims can tithe their investment earnings and, in the case of one bank in the UAE, Sharjah Islamic Bank, they are using technology to enable customers to […]
HSBC’s Shariah Man
Two days ago we linked to an article about financial giant HSBC’s continued and growing embrace of Shariah-Compliant Finance: https://shariahfinancewatch.org/2009/02/25/hsbc-expands-its-embrace-of-barbarism/ Today we would like to elaborate on HSBC’s connections in this area by focusing on the firm’s close ties to a creepy Mufti who has no business being associated with any respected Western financial institution. […]
Dow Jones Islamic Market Index marks 10th Anniversary
The Dow-Jones Islamic Market Index is 10 years old. Excuse us if we decline to join in the celebration of one of America’s financial icons helping our enemy’s threat doctrine infiltrate our financial system. Dow Jones’ due diligence with regard to that entity has been nothing short of LOUSY. Case in point: they brought on […]
Evidently Saudi Arabia doesn’t understand Islam
While reading the morning news on the internet about an hour ago, we came across an article in The Denver Post entitled Trying to Understand More About Islam’s Teachings, by Gail Schoettler, a former Lt. Governor of Colorado and U.S. ambassador. http://www.denverpost.com/opinion/ci_11682250 Ms. Schoettler recalls the horrific case in which the Islamic Courts in Somalia executed […]
Qaradawi speaks yet again
The world’s foremost Shariah scholar and promoter of Shariah-Compliant Finance, Sheikh Yusuf al-Qaradawi, has spoken yet again and it was uglier than ever. Our friends at SANE have a complete report. This is just more evidence that the Shariah scholars associated with the world of Shariah-Compliant Finance are nothing short of monstrous and should be […]
The Mumbai terrorists, zakat and charities
Two of the chief concerns associated with Shariah-Compliant Finance are the obligatory tithing to “zakat” and obligatory donations of “tainted” revenue. Shariah-Compliant Finance can entail contributions of up to 1/40 (2.5%) of assets per year in a charitable gift (known as zakat) that observant Muslims, Islamic organizations and businesses are obliged to make. Shariah advisors, […]
Islamic clerics in Indonesia have issued edicts banning yoga, smoking and voting abstention. These rulings have created a rift with Muslim organizations. Many in Indonesia say that the rulings demonstrate how out of touch the Shariah authorities are….if only our own folks on Wall Street realized this too… http://www.thejakartapost.com/news/2009/01/28/editorial-controversial-edicts.html
Report: Western banks divesting their Shariah-Compliant units
At a time when promoters of Shariah-Compliant Finance are spreading propaganda that Shariah is the salvation from the financial crisis, Western firms are starting to unload their Shariah-Compliant units. Both Barclays and Citi have decided to do so. The idea that Shariah provides any safety net flies in the face of reality, as evidenced by […]
Ohio Islamic cleric Salah Sultan threatens US on Egyptian TV
Patrick Poole has posted an excellent, but disturbing, piece over on Pajamas Media about Muslim cleric Salah Sultan’s recent appearance on Egyptian television warning America that, in addition to the wrath of allah, one of these days we’re going to “suffer” more deaths than HAMAS is enduring in Gaza right now. http://pajamasmedia.com/blog/top-american-islamic-cleric-threatens-us-on-egyptian-tv/ There IS a Shariah-Compliant […]
FINALLY…a critical article about Shariah-Compliant Finance…
…actually, it isn’t THAT great, but it’s better than most of the fluff pieces being produced on the subject these days. Foreign Policy has published a piece entitled Faith in the Market. They at least attempt a balanced view of Shariah-Compliant Finance, though they miss the most important points (which we will attempt to clear up here […]
Qaradawi back in the news
If one listens to the promoters of Shariah-Compliant Finance, one gets the distinct impression that it is completely innocuous, even benevolent. The “scholars” who make the decisions about shariah compliance are made to seem like wise old men who sit around and do nothing but pray for peace all day long. The reality is somewhat […]
http://business.timesonline.co.uk/tol/business/law/article5030649.ece As mentioned yesterday in the article in The Guardian we linked to, there are already difficult questions arising as to how sharia law is to be integrated into British law. The basic problem, though this article from The Times does not come out and say it, is that faithful Muslims are supposed to view […]
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