Prospects for international Islamic capital markets remain bright, according to the Chief Economist of the Economic Development Board, Dr. Jarmo Kotilaine. Dr. Kotilaine discussed the prospects for the future of Islamic capital markets during a speech held at the World Islamic Funds and Capital Markets Conference in Bahrain. This year’s event marks the conference’s 10th […]
The central bank of Ghana says it will consider granting a license for Shariah-compliant banking…meanwhile, Shariah finance is running into understandable resistance in neighboring Nigeria… But the introduction of Islamic banking in Nigeria is bringing some divide within the country’s religious (both Christians and Muslims) leaders.A Voice of America (VOA) report July 15, 2011 indicates […]
A new report details the intention of financial jihadists to infiltrate the Americas through the financial backdoor… Islamic finance, banking, and takaful (Islamic Insurance) has a large potential in the US and Canada despite several setbacks and various obstacles and hurdles, which exist in any secular country or nation where church and state has been […]
London Stock Exchange to Co-host Shariah Finance Seminar
QInvest, Qatar’s leading investment bank, will be hosting a Shariah Finance seminar in partnership with the London Stock Exchange in London this Friday 16thMay. London’s quest to become the Western capital of Shariah Finance continues apace, just as Shariah overall makes inroads across the UK’s legal system and culture. This is what civilizational suicide looks like…
Kyle Shideler makes an excellent point with the article linked below: Shariah is not an a la carte menu from which you can pick and choose what you want based on what you like and dislike. As we noted here on SFW, on the very day that the Sultan of Brunei’s order to impose shariah went into effect, […]
An outfit we’ve never come across before, the Franco-American Alliance for Islamic Finance, is holding a seminar promoting Shariah finance in North America. Where is the seminar being held? In Dubai. More details… http://www.digitaljournal.com/pr/1902068 http://www.faaif.com
One of the dirty, dark secrets of Shariah-Compliant Finance is the fact that Iran, the world’s most active state sponsor of Jihadist terrorism, dominates the world of Shariah Finance. Now Iran has called for a global Islamic financial system… Chairman of Iran’s Securities and Exchange Organization Ali Salehabadi on Sunday called for a united financial […]
Proselytizing Shariah Finance With Fraud in Uganda
The next country in the financial jihadists’ sites appears to be Uganda. Olive Kigongo, the President of the Uganda National Chamber of Commerce and Industry (UNCCI), has announced Uganda will host a seminar on Islamic Banking soon. “The difference between Islamic banking and the one more conventional banking we are used to, is that no interest […]
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 […]
Thomson Reuters wins Islamic banking award Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has been named the Best Technology Provider for Islamic Banking in The Asset magazine’s Triple A Islamic Finance Awards 2014. Thomson Reuters has been at the heart of Islamic finance for over 30 years, offering innovative […]
A new, important site has been launched in the UK: Sharia Watch… http://www.shariawatch.org.uk The site contains important reports and videos that need to go viral. One of the first articles that Sharia Watch published earlier this month was called: “What’s Wrong with Sharia Compliant Finance? The article details a dozen problems for the West associated with […]
Keyston is a US fabric covering manufacturer. It makes no sense that they would be promoting Shariah finance. We suspect that they are not. But there is a section on their web site with imagery from the notorious Jihahist Shariah scholar, Mufti Taqi Usmani, from a presentation that Usmani has delivered promoting Shariah finance. We […]
British Ministry Seeks Input on Shariah-Compliant Student Loans
A new model for Shariah-compliant student loans has been unveiled recently by British Universities and Science Minister David Willetts. The UK government is seeking feedback from current and prospective students… https://www.gov.uk/government/news/new-loans-to-help-muslim-students-go-to-university
Harvard University has long been a hotbed of pro-Shariah propaganda in the US, specifically with its high-profile efforts to promote Shariah-Compliant Finance in the West. In about 2 weeks, Harvard will hold its latest celebratory seminar in support of Shariah-Compliant Finance: Eleventh Harvard University Forum on Islamic Finance Takaful and Alternative Cooperative Finance Challenges and […]
The British government is planning to introduce student loans which will be compliant with Shariah law in order to encourage more Muslims to attend colleges and universities in the UK. If ever there was a smoking gun that Shariah-compliant loans were a sham, this is it: The principles of Shariah law recognize the value of […]
State Bank of Pakistan (SBP) Deputy Governor Saeed Ahmad recently claimed that Shariah finance is going to become a better alternative to conventional banking. “Given its global outreach, growing recognition as a stable system, and its ability to provide financial solutions to all business needs, Islamic finance is all set to establish itself as a […]
Bank of England’s efforts to shill for Shariah escalate
There is no greater cheerleader for Shariah and financial jihad in the Western world than the elected and appointed officials of the United Kingdom… The Bank of England is studying ways to increase the number of sharia-compliant assets that Islamic financial institutions can use in their liquidity buffers, a step towards reducing concentration risks in […]
The desperate quest to retrieve petrodollars sent to oil-rich Islamic states results in individuals and institutions outside the Islamic world embracing the Islamic doctrine of Shariah, allowing it to infiltrate through the financial underbelly… The 24th meeting of the IFSB Council, hosted by Autoriti Monetari Brunei Darussalam (AMBD), was held on 27 March 2014 at the […]
Philippines: And now…Jihad with Money
In two days, the government of the Philippines and the Moro Islamic Liberation Front will sign a peace treaty, ostensibly to end the decades-old Jihadist insurgency on the island of Mindanao. The advisability of entering into a peace treaty with a Jihadist terrorist organization is certainly debatable to say the least, and even before the […]
Thomson Reuters should not be regarded as an unbiased news source when it comes to Shariah-compliant finance and Shariah banking. That’s because Thomson Reuters serves as a vendor to the Shariah finance industry, making perhaps millions of dollars each years off of it. The latest evidence of Thomson Reuters’ bias when it comes to Shariah […]
Every once in a while we come across an article on Shariah-Compliant Finance that truly boggles the mind. But the article we just found on zawya.com is in a class by itself. Not only does it pose a hypothesis that is absurd, but the wording of the article reads like something that you need a […]
The World’s First Shariah-Compliant Export-Import Bank
The purpose of Shariah-compliant finance is to promote Shariah and the industry has apparently concocted a new way of driving Shariah out to the non-Shariah-compliant world by establishing the world’s first Shariah-compliant Export-Import bank. This will inject the factor of Shariah compliance into the world of international trade. The bank is being set up by […]
An investment fund called the Mashreq Arab Tigers Fund has announced that it will convert to becoming a Shariah-compliant fund and change its name to the Mashreq-Al-Islami Arab Tigers Fund. This isn’t particularly newsworthy, but the article linked below affords us a teaching moment. That’s because the operators of the fund recognize ahead of time that, in […]
Luxembourg on the Brink of Shariah-Compliance
The quest for petrodollar capital is prompting Luxembourg to issue a Shariah bond. There is still hope that Luxembourg might be brought back from the brink, however. The transaction is being scrutinized by the Council of State, a body which advises the national legislature and they’re exhibiting appropriate skepticism… “First, in the world of finance, […]
One unfortunately all-too common practice in the Shariah Finance industry is to tout “interest-free” banking and instruments, mortgages and loans in particular. This implies that there is no charge for borrowing, which couldn’t be further from the truth. The reality is that charges and fees associated with Shariah-compliant loans are typically more than interest charges […]
Japanese Banking Giant to Enter World of Shariah
Sumitomo Mitsui Banking Corp. (SMBC) will fully launch Shariah-compliant finance operations in Malaysia. The banking unit of SMBC has obtained a license for foreign currency-based Shariah-compliant finance services in the Malaysia, which promotes Shariah finance under a national policy. http://the-japan-news.com/news/article/0001106147
Indonesia Shariah Bond Offering Falls Short of Target
Indonesia’s finance ministry raised 1.273 trillion rupiah ($111.8 million) in a sale of its shariah bonds (sukuk) this week, below an indicative target of 1.5 trillion rupiah. Sukuk offerings have often fallen short of targets due to concerns about an historically high default rate and lack of liquidity. http://www.reuters.com/article/2014/03/11/indonesia-economy-debt-idUSL3N0M81P220140311
One common misconception about Shariah Finance is that it is part of the capitalist system, a component, somehow, of free enterprise. That is completely wrong and promoters of Shariah Finance freely admit it. Sheikh Yusuf al-Qaradawi, the Sunni Muslim world’s most prominent Shariah scholar and ideological mentor to the Muslim Brotherhood, came right out and […]
Kenya Set to Overhaul Financial System to Accomodate Shariah
Kenya’s financial regulator has proposed a separate regulatory framework for Islamic financial institutions as part of a broad ten-year strategy designed to boost capital markets. Most estimates put the number of Muslims in Kenya at only about 15 percent of the population of 40 million. But Shariah-compliant finance, which is also being developed by several other […]
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. […]
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