Here is a story that illustrates that Shariah-compliant financial institutions are far from immune from risk, as much of the propaganda surrounding the industry claims. It is certainly worth noting that two of the banks that were involved in the joint venture in question, Bank Saderat and Bank Melli, are two of the very largest Shariah-compliant […]
Indonesia’s Islamic insurance industry is expanding three times as fast as Malaysia’s, prompting American International Group Inc. and Sun Life Financial Inc. to seek a broader presence in the nation. AIG is considering offering Shariah-compliant reinsurance, known as retakaful http://www.e-insurance.ws/indonesia-shariah-insurance-growth-attracts-aig-islamic-finance/
American Life Insurance Company (MetLife Alico) launched Takaful DPS, a new insurance plan on Monday to bring Shariah compliant insurance solutions to its customers in Bangladesh.The plan is the first of its kind for the global insurance powerhouse in Bangladesh and is now available in three different types – Takaful DPS Gold, Takaful DPS Silver, and […]
Property & Casualty insurance giant AIG has signed up to provide backing for a Shariah-compliant commercial insurance business, the carrier announced on 23 October. AIG will provide the capital through Cobalt Underwriting, which is looking to increase its capacity for Shariah-compliant property, casualty and financial lines. AIG received US taxpayer funds in the financial crisis of […]
Growth of takaful (Shariah-compliant insurance) business is rebounding, driven largely by Saudi Arabia and Malaysia. In previous years, inefficiency and intense competition have limited the sector’s expansion, and growth rates slowed around the turn of the decade. http://in.reuters.com/article/2014/09/09/islam-insurance-idINL5N0RA0RZ20140909
Due to the lack of Shariah scholars in the Islamic world–even in Saudi Arabia–Islamic financial institutions are literally “outsourcing” the Shariah advisory function. In Saudi Arabia, one manifestation of that is the “Shariah Review Bureau,” a separate entity that provides Shariah advisory services to a variety of Islamic financial institutions. But already Western observers will […]
Does Your Financial Institution Participate in Shariah Compliant Finance?
The most common requests we receive here at SFW are questions as to whether banks or brokerage houses “are Shariah-compliant?” As a result of these numerous inquiries, for the past several weeks, we have carefully compiled a list of financial institutions active in the USA that have some form of tie to Shariah Compliant Finance. […]
WorldNetDaily has a new report out this morning about the American Freedom Law Center’s continuing legal fight over AIG’s takaful division, which is effectively subsidized by the US taxpayer due to the massive federal bailout of AIG over 3 years ago… http://www.wnd.com/2012/06/battle-against-taxpayer-funded-shariah-escalates/?cat_orig=us The federal government has effectively been able to ignore the US constitution in […]
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
On June 1, 2012, the U.S. Court of Appeals for the Sixth Circuit ruled that a federal taxpayer lacks “standing” to challenge the government’s use of taxpayer funds to support sharia-based activities. The case, which is captioned on appeal as Murray v. United States Department of Treasury, et al., was brought by American Freedom Law Center […]
American Jewish Committee Shills for Shariah in AIG Case
It pains us to have to post this article, but this is one of the most misguided examples of bad policy that we have ever come across. The American Jewish Committee (AJC) has sided with the Treasury Department and against the Thomas More Law Center in the AIG suit, which seeks to address the fact […]
The concept of insurance in Islam is a relatively new one. Conventional insurance contracts have been considered haram (unislamic). As a result, the financial jihadists concocted their new form of Shariah-compliant insurance, known as takaful. Despite their efforts, takaful has yet to gain wide acceptance in the Islamic world. As the article below details, the […]
New York-based AIG is looking to tap in to the $4 billion Shariah-compliant insurance, or takaful, market in Malaysia. AIG formed a joint venture with Alliance Bank Malaysia Bhd in January, four months after winning a licence from Malaysia’s central bank. There are 10 Shariah-compliant insurance companies in Malaysia, with US-taxpayer owned AIG owning two, […]
The good folks at Money Jihad blog have uncovered another gem… http://moneyjihad.wordpress.com/2011/02/01/insuring-against-the-risks-of-sharia/
Federal Judge Upholds Government Funding of Shariah Law
Last week, Judge Lawrence P. Zatkoff, a federal district court judge in Michigan, dismissed a constitutional challenge to the U.S. Government’s bailout of AIG, which used over a hundred million dollars in federal tax money to support Islamic religious indoctrination through the funding and promotion of Sharia-compliant financing (SCF). http://nation.foxnews.com/justice/2011/01/20/federal-judge-upholds-government-funding-sharia-law
Andrew McCarthy reports: American Taxpayer, Financial Jihadist
Another superb article by Andrew McCarthy of National Review… Thanks to our takeover of AIG, we now are involved in Islamic finance. It is “financial jihad,” explained Yusuf Qaradawi, the Muslim Brotherhood’s sharia compass — and the man Feisal Rauf, the brains behind the proposed Ground Zero mosque, admires as “the most well-known legal authority […]
The link below will send you to an interview of an insurance executive in Pakistan. Much of the interview makes Takaful seem like just another form of insurance. But there is a stark warning sign in the preface to the Q&A which should put you on guard: “An independent Shari’ah Advisory Board chaired by Mufti […]
The Ministry of Economy issued a law on the Islamic insurance system (Takaful) to regulate the work of Islamic insurance companies in the country. Under the new law, each insurance company should set up a Zakat fund in which zakat money would be deposited. http://gulfnews.com/business/general/law-to-regulate-islamic-insurance-1.647033
SFW readers may wish to consider these business activities when deciding to do business with The Principle… Principle Insurance Holdings has announced the conditional sale of subsidiaries, Principle Insurance Company (PIC) and Principle Marketing Services (PMS) to Al Salam Group Holding Company. The Principle Group, which traded under the shariah-compliant Salaam Halal insurance brand, was […]
British Life Insurance Firm Looks To Go Shariah
Friends Provident International, the global arm of one of Britain’s biggest life insurers, is looking to offer Shariah-compliant insurance (Takaful) in the Persian Gulf region to expand its regional presence. A slowdown in the domestic insurance market in Great Britain and global growth meant the company’s overseas business last year accounted for more than 50 […]
An Illiquid Sukuk Market? No Worries, Just Issue Some More
Malaysia may sell longer dated government sukuk to help alleviate a shortage of investments for takaful firms, an Islamic insurer said, which would help address a barrier to the industry’s growth. An illiquid sukuk market and a shortage of Islamic assets, especially long-term paper, have generated an over-reliance on regional equity and real estate markets, […]
As we have stated previously, David Yerushalmi is one of our heroes at SFW. Mr. Yerushalmi has published the most important works extant on Shariah-Compliant Finance and he has taken it upon himself to stand up for freedom and the American way of life in filing a suit against the US Treasury Department for its […]
CIMB Islamic eyes Indonesia, Singapore for growth of Shariah-compliant financial products–including derivatives
CIMB Islamic bank of Malaysia, the world’s top sukuk arranger, will offer new sharia products this year to expand its business in Indonesia and Singapore, as the Islamic finance market struggles to recover from the financial crisis. The bank plans to launch products such as Islamic auto financing, structured instruments, derivatives and unit trusts to […]
The Continuing AIG Hellstorm: Jihad Bailout and Money Laundering
An excellent update on the progress of this landmark legal battle from Benjamin Weingarten at Citizen Economists… http://www.citizeneconomists.com/blogs/2010/02/04/the-continuing-aig-hellstorm-jihad-bailout-and-money-laundering/
Barclays woos Muslims in Kenya by joining the financial jihad
Barclays Bank has unveiled two new Shariah compliant products offered in Kenya. SFW readers may wish to take Barclays’ Shariah activities into account when making your own financial decisions… http://www.standardmedia.co.ke/business/InsidePage.php?id=2000002308&cid=14
Shariah finance: The deadly Jihadist weapon with a dollar sign
It is highly appropriate that SFW end 2009 by sharing the latest work from one of the true heroes of the Western world in the fight against Shariah: David Yerushalmi. Mr. Yerushalmi’s essay in the Washington Examiner provides both a primer for those unfamiliar with the issue of Shariah Finance, as well as an update […]
Shariah Insurance to Spread to Italy?
The Islamization of Europe continues apace. Italian insurance giant Generali is considering a possible joint venture with the Qatar Islamic Bank (QIB) into Islamic insurance, or Takaful… http://economictimes.indiatimes.com/news/international-business/Italys-Generali-eyes-Islamic-insurance-venture/articleshow/5367250.cms?
A Shameless, Shallow Advertorial for Shariah Finance from Oxford Analytica and Forbes.com
Malcom Forbes must be spinning in his grave. His namesake publication’s web site has published an article which basically promotes a financial and economic system which by its very nature seeks to replace capitalism and our free enterprise system: http://www.forbes.com/2009/12/10/islamic-finance-after-dubai-business-oxford-analytica-islamic-finance.html?feed=rss_business In fact, the article reads less like journalism and more like a press release from […]
Western insurers seem all too eager to join the financial jihad by jumping in with both feet to offer “takaful,” or Shariah-Compliant insurance. Among the Western insurers who are moving into this area are: • HSBC • Swiss Re • Allianz • Prudential • Aviva • Munich Re • AIG Note that as recently as […]
The first Islamic insurance company to be launched in the UK has closed to new business after failing to raise enough capital to continue trading. Salaam Halal, launched last July, has written to suppliers and partners informing them it is now in “solvent run-off”. A note has also been placed on its web site revealing […]
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