A leaked report allegedly produced by the Tunisian Commission for Financial Analysis (CTAF) reveals an investigation into a prominent leader of Islamic Relief – the international Islamist charitable network founded in the U.K. and named by the United Arab Emirates as a terrorist organization – over concerns that monies given to Islamic Relief’s Tunisian branch […]
The Times: Controversial Muslim charity sets up branch in Ireland
Posted by Christopher W. Holton lslamic Relief Worldwide (IRW), a Muslim charity that has been branded a terrorist organisation by the United Arab Emirates (UAE), has established a registered branch in Ireland. The international charity, founded in 1984 in the United Kingdom, insists it has no links to terrorism, but it was banned in 2014 […]
posted by Christopher Holton Saudi Arabia, Egypt, the United Arab Emirates and Bahrain accuse Qatar of financing “extremist” groups, including the Muslim Brotherhood. The four nations sent Qatar a list of 59 individuals and 12 institutions that allegedly finance terrorism and receive support from Qatar. Among the most prominent names on the list is Abdul […]
Dana Gas rejects new Shariah bond restructuring proposal
posted by Christopher W. Holton Dana Gas dismissed a new proposal from bondholders for the restructuring of US$700 million worth of sukuk, in the latest twist of an acrimonious dispute closely watched by Islamic finance practitioners. Discussions between Dana Gas and its sukuk holders soured earlier this year, when the company claimed outstanding sukuk, due […]
posted by Christopher W. Holton In the wake of the Dana Gas sukuk debacle, the UAE has come up with a solution to fix the “complexities” of Shariah finance: centralized government control. Many proponents of Shariah finance in the West claim that free enterprise mandates that Shariah finance be allowed to flourish and expand in […]
Dana Gas: Shariah Finance’s self-licking ice cream cone
by Christopher W. Holton As we reported earlier this month, the market for Shariah bonds is entering a new crisis as a result of an apparent default by Dana Gas: https://shariahfinancewatch.org/2017/06/15/more-fallout-from-the-dana-gas-sukuk-debacle/ https://shariahfinancewatch.org/2017/06/13/possible-shariah-finance-crisis-brewing-dana-gas-shariah-bonds-declared-unlawful/ Dana Gas is refusing to pay its creditors based on a new decision that its bond offering is no longer Shariah-compliant. This is […]
posted by Christopher W. Holton Qatar is certainly isolated due to its support for the Islamic State and the Muslim Brotherhood, in addition to its cozy ties with the Ayatollahs in Iran. The economic warfare has begun, with the United Arab Emirates firing the opening salvoes… A move by four Arab states to blacklist dozens […]
posted by Christopher W. Holton Authorities in Dubai are concerned about the ultimate destination of charity donations. Who would know better? A British-Australian dual national living in Dubai who wanted to raise money for Afghans who fled their country’s long war has been detained for weeks over promoting a charity, his supporters said Friday. Scott […]
Here we have more evidence that Shariah-Compliant Finance is the opposite of free enterprise and market capitalism. Banks in the UAE want to create a central Shariah board to govern the entire industry… The United Arab Emirates’ bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking, […]
The United Arab Emirates have moved to regulate the flow of funds into Islamic charities, imposing stiff penalties for violations. While this appears to be a step in the right direction, laws are only as good as those enforcing them. There is ample evidence of wealthy, influential Emiratis supporting Jihad over the years. This is […]
Much of the world of Shariah-compliance is made up of smoke and mirrors, concoctions pieced together to work around Shariah prohibitions against interest and the like. The UAE central bank has greatly aided the financial jihad with the development of a short-term lending instrument that it claims is Shariah-compliant… http://www.thenational.ae/business/banking/central-bank-of-uae-launches-shariah-compliant-short-term-lending-service
1/16/2015 Action Targets Long-Time Members of D Company and a Paper Mill Controlled by One of the Designated Individuals WASHINGTON – The U.S. Department of the Treasury today announced the designation of two Indian nationals and one entity in Pakistan as Specially Designated Narcotics Traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) due […]
Islamic Relief Fails to Refute Terrorism Designation
As the excellent Money Jihad blog points out, Islamic Relief was recently designated a terrorist organization by the United Arab Emirates. The organization has been suspected of ties to terrorism for years. They of course deny the accusations, but they offer nothing in the way of evidence to back up their denials… http://moneyjihad.wordpress.com/2014/12/12/islamic-charitys-terrorism-denial-falls-short/
The Islamists know that their financial position stemming from their oil wealth gives them great leverage over the West. Make no mistake, their intention is to apply that leverage whenever possible. This has been illustrated in an example of appeasement involving a Spanish soccer club. The soccer club Real Madrid has been compelled alter its world-famous logo […]
Islamic Relief Worldwide (IRW) has been designated as a terrorist group by the United Arab Emirates, the second Middle Eastern country to do so within the past five months. In June, IRW was declared illegal by Israel for being a financial conduit to Hamas, and it was banned from operating in Israel and the West Bank. The […]
A new United Nations report has concluded that wealthy financiers in the UAE, Saudi Arabia, Oman and Kuwait are using the illicit charcoal trade in Somalia to fund the Jihadist terror group Al Shabaab. Key financiers of Islamist militants in Somalia are operating with impunity in Gulf states, undermining efforts to end an insurgency in the Horn […]
Report: Shariah-Compliant Finance Advancing in Non-Muslim World
The reason Shariah-Compliant Finance was created was to promote Shariah and Islam. According to the Thomson-Reuters Islamic Finance Development Indicator (IFDI), it is accomplishing its mission… • The number of Islamic finance conferences with more than 100 participants worldwide surged by 41% to 107 in 2013 from 76 in 2012, with 36 countries hosting conferences […]
Abu Dhabi Islamic Bank is weighing whether to change its name as it targets more non-Muslim customers beyond its home market. The second-biggest Shariah-compliant bank in the United Arab Emirates may change to Abu Dhabi International Bank outside the nation to lure customers and help capture a market that’s about 200-times the size of Shariah banking. The bank […]
The CEO of Abu Dhabi Islamic Bank (ADIB), one of the largest Shariah compliant banks in the Gulf region, has said that Shariah banking is for everyone and offers an “ethical” banking alternative. The reason that Shariah banking is “ethical” is because it follows Shariah. Obviously, many people around the world would disagree with his assessment… http://www.gulfbankers.com/news-7107-islamic-banking-is-for-all-says-abu-dhabi-islamic-bank-ceo.html […]
A few years back, we first posted on the subject of Shariah-compliant hotels. Now they are being introduced in Dubai, which could come as a surprise to many who frequent that emirate… http://gulfnews.com/business/property/uae/damac-serves-up-sharia-compliant-hotel-units-1.1329260
Barclays Plc will sell its retail banking business in the United Arab Emirates to Abu Dhabi Islamic Bank PJSC $177 million. Barclays joins Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, and Lloyds Banking Group Plc in exiting consumer and commercial-banking business in the U.A.E. http://www.businessweek.com/news/2014-04-06/barclays-to-sell-u-dot-a-dot-e-dot-retail-banking-to-abu-dhabi-islamic-bank
Dubai Islamic Bank to Pursue Islamic Imperialism Through Finance
Dubai Islamic Bank plans to expand its operations into Indonesia, Kenya and other African countries. The expansion into Indonesia is not particularly noteworthy, since Indonesia is the world’s most populous Muslim nation. But the plans for Kenya are a different issue entirely. Kenya has a relatively small Muslim population (about 15% at last count) but […]
The United Arab Emirates (UAE) has sentenced thee individuals to prison terms of up to seven years on various charges relating to aiding and abetting the Muslim Brotherhood in the UAE. They were convicted of aiding and abetting of Al Islah Organisation, a branch of the Muslim Brotherhood in the UAE, along with collecting funds to […]
The Free Syria Army is collapsing due to lack of funds and its fighters are defecting to Jabhat al-Nusra, an Al Qaeda affiliate waging Jihad against the Assad regime. Jabhat al-Nusra’s funding is said to chiefly come from Saudi Arabia and the UAE. If the Sauds and Emiratis are funding Al Qaeda in Syria, why […]
Foreign Donors Funneling Money to CAIR Through Non-Profit Shell Game
Everyone needs to check out the blockbuster report on The Daily Caller which pulls back the veil on CAIR, the Council on American Islamic Relations. The report demonstrates that CAIR is essentially running a foreign influence operation. Unable to support their activities from domestic sources, CAIR has turned to overseas oil-rich Islamists. International donors, like […]
Last week a legal trial revealed “an amazing web of links and collaboration between the international organization of the Muslim Brotherhood and affiliated groups in the UAE and other Arab states.” But the trial of 94 Emiratis, which concluded yesterday with conviction of 69 defendants of being members of a clandestine group that plotted to […]
Trouble is once again brewing in the market for Shariah-compliant bonds, known as sukuk. In fact, the trouble is coming from the same entity that crashed the sukuk market about 4 years ago: the UAE’s Nakheel, which defaulted on a sukuk payment back in 2009. Note that the financial jihadis are trying to blame it […]
Up until the past couple of years, the number one export destination from Dubai was Iran. International sanctions have cut into that trade drastically and the Dubai Chamber of Commerce isn’t happy about it. It seems that Dubai doesn’t like having to make a choice between trading with the world’s foremost sponsor of Jihadist terrorism […]
Dubai is often viewed as a gateway to commerce for much of the Middle East. Historically, Dubai has served as the trading crossroads between East and West. Now, according to the emirate’s ruler, Dubai will become a leading center of Shariah-Compliant Finance. As is the norm in Shariah Finance, the government will be doing the […]
This issue isn’t strictly related to Shariah-Compliant Finance, but oil is what feeds Shariah Finance, Jihad and terrorism at the end of the day, so when a foreign entity funds a horrible film starring a notoriously anti-American Leftist like Matt Damon, it is worth a closer look. In this case, interests in OPEC, who earn […]
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