Malaysian Islamic reinsurer MNRB Retakaful forecasts that revenue from its overseas operations will exceed that of domestic operations in five years. It particularly has its sights set on Indonesia, Brunei, Sri Lanka and Pakistan. Spreading Shariah insurance to these countries is perhaps not as much of a concern since each is already predominantly Islamic, but one […]
U.S. taxpayers funding terrorism: the ties that blind
What would you think if it was proven beyond doubt your tax money is getting into the hands of terrorists, not altogether accidentally? How would you feel if you discovered that the dollar you paid in income tax had been channeled by the federal government through a bank bailout law to Citigroup which then ‘invested’ in […]
Shariah goes high-tech: Online Takaful
Noor Investment Group launches online “Islamic insurance” service… http://www.menafn.com/qn_news_story_s.asp?StoryId=1093280774
Shariah Finance industry holds award dinner
Though it is not the main theme of the article linked below, a major awards dinner was held in Kuala Lumpur, Malaysia on Tuesday night and we thought the listing of recipients was interesting in that it provides insight into the major players working to promote Shariah through its financial arm. It is always also […]
Qatar Islamic Insurance net profit dips
Qatar Islamic Insurance has posted net profit down more than 50% at $7.5m for the first nine months after a drop in investment income, reports Middle East Insurance News. http://www.insurancenewslink.com/Articles/ExternalView?u=7&a=34940&i=1
Swiss Reinsurance Co., the world’s second-largest reinsurer, is starting a Sharia-compliant family and general insurance business in Kuala Lumpur, Malaysia. Note this very disturbing statement in the article linked below: “The 1.5 billion Muslims around the world, and also non-Muslims interested in the principles underpinning Sharia- compliant products, represents a growing client segment for the […]
The Bahrain-based firm T’azur has introduced a Shariah-Compliant insurance product which would make payments to Islamic charities in the event that the insured is unable to do so. One of the key problems with Shariah-Compliant Finance has been the lack of transparency surrounding zakat (a form of tithing under Islam) payments to Islamic charities. Many […]
Linked below is an interview which we found on another Malaysian news web site. We believe it is significant in that it contains an admission that the goal of Shariah-Compliant Finance is global, to link emerging markets and other markets with Shariah as the medium. This is another way of saying that the purpose of […]
Shariah’s Trojan Horse, Shariah-Compliant Finance, is continuing its expansion in Great Britain with the announcement that Islamic insurer Salaam Halal will offer business insurance coverage… http://www.insurancetimes.co.uk/story.asp?sectioncode=13&storycode=379615&c=1 http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLO16724020090724
Shariah-Compliant insurance, also known as takaful, has been the subject of a considerable amount of scrutiny in recent months since the US Treasury took nearly full ownership and control of insurance giant AIG, which has an active takaful division. This is because the purpose of Shariah Finance–and Shariah-Compliant insurance–is to promote shariah and Islam. It […]
A Caliphate of Toxic Assets
Alyssa A. Lappen has been writing about Shariah and Shariah-Compliant Finance for quite some time and there are few, if any, writers who are as informed on these subjects as she. Her latest work appears on FrontPageMag.com and we enthusiastically recommend it to our readers… http://www.frontpagemag.com/readArticle.aspx?ARTID=35378
http://newsweek.washingtonpost.com/onfaith/undergod/2009/05/aig_sharia_and_uncle_sam.html The Washington Post/Newsweek blog has an article on the AIG suit which we featured yesterday. The article is actually fairly well done and balanced, but the author, David Waters failed to realize an extremely important point about Shariah-Compliant Finance: According to the promoters of Shariah-Compliant Finance in the Islamic world, Shariah-Compliant Finance is in […]
http://www.saneworks.us/US-District-Ct-of-Michigan-denies-USGs-motion-to-dismiss-AIGShariah-lawsuit-newsblog-2628.htm Judge Lawrence P. Zatkoff of the US District Court for the Eastern District Court of Michigan, has denied the U.S. government’s motion to dismiss the lawsuit filed by Kevin Murray. (The full opinion may be downloaded above from this entry’s unique url.) Mr. Murray, who is represented by legal counsel David Yerushalmi and the Thomas […]
Shariah-Compliant Finance as a Safe Haven: Myth and Reality
Promoters of Shariah-Compliant Finance routinely violate the trust of investors when they proclaim that investing according to shariah principles has provided a safe haven from the recent and current financial crisis. Could any other sector get away with such lies? The lies emanate from the entire range of shariah practitioners, from individual investors themselves all […]
Bailout Fallout: Uncle Sam’s Shariah Board
At your service, American Taxpayer! AIG’s Shariah Advisory Board. As members of the AIG Takaful Shariah Advisory Board, they really work for you and me, the American taxpayer, ever since we the people bought an 80 percent stake in the bankrupt insurance company. How’s that for bait and switch? While we agonize over chump-change AIG bonuses, we ignore the […]
Lately there has been a great deal of outrage expressed over bonuses for AIG employees (which it appears the entire government actually knew about ahead of time, despite denials to the contrary). There is a lot more to be outraged about as the federal government transfers tens of billions of dollars to AIG, like the […]
WomenOntheWeb: Is the Banking Bailout Helping Fund Terror Groups?
A web site named Women on the Web just published an article related to Shariah Finance. It was not particularly well done unfortunately. Since I was quoted in the article (see link below) I felt the need to preface the link with some comments: As one of the people interviewed in this article, I feel […]
No protection: A Syrian family squeezes onto a motorbike as they roll through Damascus. Julien Barnes-Dacey A wave of Islamic insurers gears up to woo Syrians As the secular government eases its firm control over society, Islamic firms are increasingly cropping up. By Julien Barnes-Dacey | Correspondent of The Christian Science Monitor from the July […]
Malta may create regulation for takaful insurers Posted On: June 04, 2008 4:22 AM CST Michael Bradford VALLETTA, Malta—The Malta Financial Services Authority is considering changes that would allow takaful insurers and other Sharia-compliant financial services companies to operate under the country’s regulatory plan. The MFSA has released a public consultation document on the introduction […]
News – Muslims face no child fund option Posted on May 7, 2008 in the Finance insurance category Muslim families in receipt of Child Trust Fund vouchers are currently unable to use them as the available accounts do not comply with Sharia law. Islamic law forbids all forms of financial interest and has strict […]
FoneShield UK Ltd, a UK mobile phone insurance provider, is set to launch the first mobile phones insurance that meets the ethical standards of Sharia compliance. The company opted to include this new insurance product, as a result of growing interest in ethical products identified from customer research, where 58% of respondents demonstrated a willingness […]
Rate-A-Stock http://muslim-investor.com/ Stocks Submitted by Muslim Investor on Sat, 2002/05/18 – 15:46. Not all stocks available confirm to Islamic principles. Therefore, a Muslim investor is faced with the dilemma of selecting stocks fromthe thousands of available companies.Regular research available on the web does not address this aspect, at least up till now. […]
Tuesday, March 11 – 2008 AME Info – the ultimate Middle East business resource World Insurance Forum to be held for first time in Dubai The Dubai International Financial Centre (DIFC), the world’s fastest growing financial centre, today announced that it will be hosting the World Insurance Forum (WIF), which for the first time will […]
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3463702.ece Conventional insurance in conflict with Islam Angela Jameson: Analysis Conventional insurance products are in conflict with Islamic beliefs for three reasons. Insurance involves an element of uncertainty, gambling and the charging of interest, which are prohibited by the Koran. In Sudan in the 1970s, a concept called Takaful insurance was created to circumvent […]
http://www.terrapinn.com/2008/iiasia/ Hat Tip: Margo I. Look at the Shariah speakers http://www.terrapinn.com/2008/iiasia/speakerList.stm Mr Muhamed Becic, Research Analyst, SHAPE Financial He is the Shari’ah Controller & Research Analyst at SHAPE Financial Corp. He is supporting SHAPE Shari’ah fund and sukuk structuring and monitoring of projects in the GCC, US, and Southeast Asia, as well as assisting […]
(MENAFN – Bahrain Tribune) With the current outstanding volume of global sukuk market is estimated in excess of $120 billion, the Islamic debt and capital markets are set for huge growth over the next few years.The existing size of the market is projected to further increase to over $200 billion in the next […]
Capita announces first UK insurance firm to operate on Muslim principles by Angela Jameson The London Times March 1, 2008 Excerpt: Britain’s first Sharia-compliant insurance company is to be launched in April by a former GE Capital insurance executive. British Islamic Insurance Holdings (BIIH) will open for business under a consumer brand name when it […]
Capita to support Sharia-compliant insurance Sharia policies will comply with strict Islamic beliefs, which are in conflict with conventional insurance products Angela Jameson Outsourcing giant Capita, best known for running London’s congestion charge, is providing backoffice functions for a new insurance business tailored to comply with Islamic beliefs. The initiative, due to launch in April, […]
Reuters Summit-Islamic insurers eye West for 10-fold growth Reuters Hat Tip-Margo I. Monday February 4 2008 (For news from the Reuters Islamic Finance Summit, click on http://www.reuters.com/summit/IslamicBankingandFinance08) By Mohammed Abbas MANAMA, Feb 4 (Reuters) – About a third of Islamic insurance premiums will come from the West by 2020, up from almost zero today, and […]
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