This article is from MoneyLaundering.com. It tends to overplay the amount of cooperation that the US is getting from the UAE in our opinion, but it also contains some good information. These particular lines are revealing of Dubai’s status as a financial rogue nation: “…every major” Dubai real estate project “has been, in part, financed […]
The central banks of Bahrain and the United Arab Emirates have called for “reform” of Shariah-Compliant Finance. But their idea of reform simply means more coordination and industry-wide standards by Shariah scholars (men like Sheikh al-Qaradawi and Mufti Usmani), not true reform. No where in their call for reform will you find increased transparency and […]
Abu Dhabi Islamic Bank (ADIB), unveiled its new brand identity in line with its vision to become a top tier global Islamic financial services group and to deliver on its mission of providing “Islamic financial solutions for the Global community”. ADIB also introduces a new slogan that captures its commitment to provide world-class, ethical banking […]
Beleaguered UAE mortgage lender, Tamweel may be acquired by Dubai Islamic Bank, the UAE’s largest Shariah-compliant lender. http://www.kippreport.com/2010/06/dubai-islamic-bank-may-acquire-tamweel/?
In a move that certainly cannot be considered surprising, the United Arab Emirates’ central bank has announced the creation of a new certificate of deposit that will comply with Shariah. The move will allow Shariah banks access to liquidity instruments that heretofore have been unavailable because conventional CDs are inherently violative of Shariah prohibitions against […]
Shaikh Mohammad Bin Rashid Al Maktoum, the man who rules Dubai, has issued a decree regulating the endowment sector’s (Waqf), income and expenses in compliance with Shariah laws. Endowment funds include educational Waqf endowment, Islamic Affairs Waqf, endowment fund for orphans and needy people, health endowment fund, social care fund, charity fund, and family endowment […]
Sauds Continue to be at Center of Terror Financing
On May 7, 2010 · In Al Qaeda, Dubai, Jihad, Pakistan, Saudi Arabia, Terror, Terror Funding, terrorism, UAE, Yemen
A trial under way in Indonesia, the world’s most populous Muslim nation, of a Saudi Arabian accused of financing a militant group illustrates the challenges involved in shutting loopholes exploited by the terrorist factions and their shadowy facilitators on a global scale. Ali Abdullah is charged with providing 54 million rupiah — about $6,000 — to […]
Sharjah Islamic Bank Donates Millions to Zakat in UAE
On April 12, 2010 · In Abu Dhabi, Islamic charities, Islamic Finance, Islamic Law, Shariah Finance, Terror Funding, UAE, Zakat
Sharjah Islamic Bank (SIB) has donated AED 5 million to the Abu Dhabi Zakat Fund. While there is no published evidence that the Abu Dhabi Zakat Fund supports Jihadist terrorism, there are two facts which make the combination of Shariah-Compliant Finance and zakat particularly worrisome in this case: 1. Shariah law lists “those fighting for […]
Dubai Financial Market set to create Islamic benchmark
On April 1, 2010 · In Dubai, Islamic Finance, Islamic Index, Sharia Compliant, Sharia Products, Shariah Finance, UAE
The Dubai Financial Market (DFM) is planning to launch an Islamic index in the near future. While the purpose of this index is certainly a nefarious one, the promotion of Shariah Finance, it may also serve a helpful purpose. If the list of Shariah-compliant companies who make up the index are published (and they might […]
A lottery by any other name…look closely at the photo. Do you think mom looks like her daughter? http://www.zawya.com/story.cfm/sidZAWYA20100317071017/National%20Bonds%20February%20millionaires%20committed%20to%20saving%20%20
To follow up a story we’ve already reported on twice, the UAE’s efforts to infiltrate Australia with Shariah Finance, we found an article which describes these activities vividly. Nearly two years ago, at an Economic Conference in Kuala Lumpur, Malaysia, several high ranking ministers from Islamic nations released a statement encouraging the “Islamic finance” industry […]
Abu Dhabi Islamic Bank, the UAE second’s largest Shariah compliant bank, said yesterday that its board will consider allowing foreign investors to own stakes in the business. http://www.7days.ae/storydetails.php?id=90392%20%20%20%20&page=local%20news&title=ADIB%20mulls%20…
American University of Sharjah (AUS) to host Islamic banking center
On February 2, 2010 · In Da'Wah, Islamic Banking, Islamic Finance, Islamization, Shariah Banking, Shariah Finance, UAE
An Islamic banking and finance center will be launched at the American University of Sharjah (AUS) in the United Arab Emirates by the end of 2010. Despite the name, AUS was founded by the ruler of Sharjah, His Highness Sheikh Dr. Sultan Bin Mohammad Al Qassimi, though it is accredited by the Commission on Higher […]
Moody’s Downgrades ANOTHER Sukuk Issuer
On February 1, 2010 · In Abu Dhabi, Debt Bonds, Defaults, Dubai, Islamic Bonds, Islamic Finance, Moody's, Moody's Investor Service, Shariah Bonds, Shariah Finance, SUKUK, UAE
Last week reported that Moody’s Investor Services had downgraded a Kuwaiti firm that had issued Sukuk (Islamic Bonds). https://shariahfinancewatch.org/2010/01/27/another-sukuk-issuer-in-deep-trouble/ This weekend we were greeted with the news that Moody’s had downgraded yet another Sukuk issuer, this time a real estate development firm out of Abu Dhabi. If this is a harbinger of things to come, […]
Financial jihadists have long held up Dubai as an example of the marriage of modernity and Shariah Islam. Of course, Dubai’s status as a world-class financial center suffered a severe setback when Dubai World defaulted on its Islamic bonds. Nevertheless, just last week, Dubai proudly dubbed its new tallest building, another modern marvel (though there’s […]
Dubai’s golden sands lose their luster
On December 12, 2009 · In "Ethical Investment", Abu Dhabi, Debt Bonds, Defaults, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Investment Scams, Investment Swindles, Islamic Banking, Islamic Bonds, Islamic Economics, Islamic Finance, Islamic Law, Jurisprudence, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Boards, Shariah Bonds, Shariah Councils, Shariah Courts, Shariah Finance, Shariah Law, SUKUK, UAE
“Investors trapped by the financial storm in the United Arab Emirates are in unknown legal territory as they try to protect their billions.” (The Times, 10 December 2009) The Dubai default debacle demonstrates in stark detail how the lack of transparency and failure to disclose relevant facts make Shariah Finance risky. Long ago–decades ago–the rest […]
Abu Dhabi Islamic Bank plans expansion throughout Asia
On December 8, 2009 · In Abu Dhabi, Indonesia, Islamic Banking, Islamic Finance, Malaysia, Shariah Banking, Shariah Finance, UAE
As if the United Arab Emirates had not done enough to the world financial system through the debacle of Dubai, now Abu Dhabi Islamic Bank has announced plans to expand its business throughout Asia. http://www.arabianbusiness.com/575493-adib-plans-expansion-throughout-asia
Dubai in meltdown
On November 27, 2009 · In Debt Bonds, Defaults, Dubai, Dubai Investment Group, Dubai Islamic Bank, Economic Crisis, Emirates, Islamic Bonds, Islamic Finance, Shariah Bonds, Shariah Finance, Sovereign Wealth Funds, SUKUK, UAE
The bubble has burst in Dubai and the affliction is spreading to Western financial markets. Yesterday, US markets were closed for the Thanksgiving holiday, but other markets were open and shuddered: http://www.reuters.com/article/businessNews/idUSTRE5AN54C20091126?feedType=nl&feedName=usdai When reading the article linked just above, you may recognize the name “DP World.” This was the company that was scheming to take […]
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 […]
Shariah Finance to debut in former Soviet republic
On September 15, 2009 · In Da'Wah, Islamic Banking, Islamic Finance, Kazakhstan, Shariah Banking, Shariah Finance, UAE
Abu Dhabi’s government-owned Al Hilal Bank plans to open Kazakhstan’s first Islamic bank in December, starting with two branches, and wants to expand to other former Soviet Union states. Note that leaders from Islamic nations have referred to Shariah finance as “missionary work” in the past. In this case, a government-owned entity is pushing Shariah […]
The UAE-based S.S. Lootah Group is conducting education on ramadan for its non-Muslim employees. The internal campaign to spread awareness about the holy month started last year to help staff members from over 30 nationalities understand the significance of Ramadan. The campaign involving posters, presentations and newsletters, addressing both the religious and social aspects proved […]
Another Shariah-Compliant bank turns in a dismal quarter of performance. We won’t hold our breath waiting for the promoters of Shariah to stop touting their economic system as the savior from the economic crisis… “Abu Dhabi Islamic Bank reported on Wednesday a 30-percent drop in its second-quarter net profit, dragged down by provisions against credit […]
A delegation from the United Arab Emirates has traveled to Australia and met with Treasury officials to increase opportunities for Shariah-Compliant Finance Down Under. The UAE delegation is seeking changes in Australia’s tax laws to accommodate the introduction of Shariah Finance… http://www.menafn.com/qn_news_story_s.asp?StoryId=1093259357
A dhimmi introduces gambling to Shariah-Compliant Finance
On July 12, 2009 · In Dubai, Islamic Bonds, Islamic Finance, Sharia Compliant, Shariah Bonds, Shariah Finance, UAE
While researching for SFW this morning, we came across this article about a man named Jacques Bernard, who is the Chief Investment Officer of “National Bonds” in the United Arab Emirates. http://www.gulfnews.com/business/Investment/10330073.html National Bonds, as it turns out, is the shariah-compliant national savings “scheme” of the UAE. The company’s own web site even refers to […]
Patrick Goodenough of CNS News has produced an exceptionally well researched and written piece on the issue of apostasy from Islam under Shariah law. It should be required reading and it gives good insight into the hardened attitudes of Islamic clerics… http://www.cnsnews.com/public/content/article.aspx?RsrcID=47401
The Washington Times weighs in on Shariah-Compliant Finance
On April 13, 2009 · In AIG, Al Qaeda, Creeping Shariah, Da'Wah, Dow Jones Islamic Market, Hamas, Iran, Islamic Banking, Islamic Finance, Islamic Index, Islamic Law, Islamization, Jihad, proliferation, Qaradawi, Saudi Arabia, Sharia Compliant, Sharia Products, Shariah Banking, Shariah Finance, stealth jihad, Taliban, Terror, Terror Funding, terrorism, UAE, USA, Usmani
The Washington Times has a good piece on Shariah-Compliant Finance this morning, authored by Simon Roughneen. Roughneen did a good job of covering the issues involved, though I wish he had mentioned the system of zakat by name, because that is one of the aspects that makes Shariah-Compliant Finance so worrisome. When slimey enemies of […]
Anyone who says that Shariah is not coming to America needs to wake up and take note of this article in which it is revealed that US-based Shariah Capital is part of a $200 million launch of a Shariah-Compliant hedge fund. Note also, however, that Deutsche Bank launched a similar vehicle and it received no market […]
Islamic markets tumble, Dubai floats conventional bond
On March 10, 2009 · In Abu Dhabi, Bahrain, Dubai, Dubai Islamic Bank, Egypt, Emirates, Islamic Banking, Islamic Finance, Qatar, Sharia Compliant, Shariah Banking, Shariah Finance, UAE
Despite all the sunshine being thrown about by promoters of Shariah-Compliant Finance in the West, the so-called “insulated” Islamic markets are tumbling in the Middle East. Monarchies in the Gulf have had to resort to injecting capital into their banking systems to prevent a crisis. This was done in Abu Dhabi and Dubai appears set […]
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 […]
Iran, Terrorism, Proliferation and Shariah-Compliant Finance
On January 5, 2009 · In "Ethical Investment", Abu Dhabi, Australia, Britain, Conference, Dubai, European Union, Financial Institution, Hamas, Iran, Islamic Banking, Money Laundering, Sharia Compliant, Shariah Banking, Shariah Finance, Shariah in Academia, Terror Funding, terrorism, UAE, USA
In April of 2008, I attended Harvard Law School’s celebration of “Islamic Finance.” This event has been labeled by others as “shilling for shariah” at Harvard and, I must say, that is exactly what it was. During the two days of presentations, there was absolutely no critical thought expressed on the wider issue of Shariah. […]
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