As many of our readers have pointed out, ShariahFinanceWatch.org has experienced massive, crippling technical problems over the past several weeks. These technical issues have left the site inaccessible for long periods of time and have also made it exceedingly difficult to update the site and post new stories in a timely manner. The cause of […]
The Economist Lashes Out on the Ground Zero Mosque
The Economist has run what amounts to a poorly researched hit piece criticizing opponents of the Ground Zero mosque. This isn’t strictly a financial matter and we usually try to limit our scope to issues surrounding finance here on SFW, however, because The Economist has been such a shameful shill for Shariah Compliant Finance in […]
Dubai Islamic Bank reported a 33-percent drop in quarterly profit on Sunday . Dubai Islamic Bank is Dubai’s third largest bank. http://www.arabianbusiness.com/594931-dubai-islamic-bank-q2-profit-falls-33
Relief workers in Pakistan say that Islamist charities affiliated with terrorist groups are competing with international efforts to provide relief to the millions of Pakistanis affected by massive floods. This is a concern, because it is believed that the funding for the infamous Mumbai terrorist attacks by Lashkar-e-Taiba may have come from funds donated for […]
Despite the obvious spin in this news story, Ajman Bank, the first Shariah-Compliant bank in the emirate of Ajman, posted a loss during the first half of 2010. The “good” news is the loss wasn’t as big as their loss in the first half of 2009. http://www.emirates247.com/business/corporate/ajman-bank-losses-shrink-28-to-dh15-97m-in-h1-2010-08-04-1.274909?
HSBC Hiring Heavily for its Shariah-Compliant Division
HSBC is planning to add 1,000 staff members in its Personal Financial Services unit to support its growing Shariah-Compliant banking unit, Amanah. HSBC Amanah is already the largest Shariah-Compliant Bank in the Western world and it came under a great deal of scrutiny when it was revealed that its then-chairman of its Global Shariah Supervisory […]
Abdul Kadir, a former member of parliament in Guyana, claims that he was only pretending to go along with the terror plot because he hoped the other terrorists would introduce him to rich Muslims whom he could hit up for money to build a mosque back in Guyana. http://gothamist.com/2010/07/21/alleged_jfk_bomber_says_he_just_wan.php
Growth in Islamic financing in the U.K. has been hampered by an economic slump and what Moody’s Investors Service describes as a lack of government support. With so many financial jihadists claiming that Shariah-Compliance provides insulation against economic downturns, one is left wondering how the recession could possibly be hampering Shariah banking??? Perhaps the real […]
As Dean of Harvard Law School, Elena Kagan banned military recruiters from campus because US law said they couldn’t enlist homosexuals. Well, she invited the Saudi’s “recruiters” to promote their legal code–Shariah– which calls for homosexuals to be murdered and women to be treated like animals. If Kagan tolerates promoting the injustice of Shariah law […]
A former US lawmaker pleaded guilty Wednesday to obstruction of justice and working as an unregistered agent for a foreign charity linked to global terrorism. Mark Deli Siljander, 59, a former US representative from Michigan, pleaded guilty to charges contained in a 2008 indictment related to his work for the Islamic American Relief Agency (IARA) […]
Bahrain’s finance minister is featured on the CNN web site perpetuating the myth that Shariah-compliance provides protection against the forces of the economic cycle. This assertion flies in the face of reality, as we have covered in many articles linked from SFW: https://shariahfinancewatch.org/category/economic-crisis/ From a rash of defaults by sukuk (Islamic bonds), to declining bank […]
BBC: Islamic Finance is a Dishonest Business Run by Dishonest People
The BBC has published an article by Mr. John Foster, who used to be editor of “Islamic Business & Finance” magazine. The topic of the article is described by its title: “How Sharia-Compliant is Islamic Banking?” But it is not really the topic which makes the article interesting. It is the details which make it […]
Iranian President Mahmoud Ahmadinejad blasts free market capitalism at OIC economic conference
Iranian President Mahmoud Ahmadinejad was a featured speaker at the Organization of the Islamic Conference economic summit about which we reported on 9 November: https://shariahfinancewatch.org/2009/11/09/islamic-state-leaders-converge-in-istanbul-for-economic-summit/ In his address to the summit, which some so-called US “allies,” Ahmadinejad called for a replacement of capitalism by an Islamic system of economics. This makes sense since Iran has […]
Since Shariah Law has such a great track record with women’s rights, it’s only natural that the Shariah Finance industry would target wealthy women in countries like Bahrain, Qatar, Kuwait and Saudi Arabia… Excerpts and LINK: A Cayman island based wealth management firm has established a fund that will target female investors in the Gulf. […]
If ever there was evidence of the sinister nature of Shariah-Compliant Finance, it can be found in Iran. Iran is the world’s foremost terrorist-sponsoring nation, a country which sponsors Hezbollah, HAMAS and Al Qaeda. Iran also supports the Taliban with weaponry in their fight against NATO forces in Afghanistan. And it is common knowledge that […]
Islamic charities continue to fund the Taliban
Regular readers of SFW know that we have devoted a considerable amount of space to covering financial support from Muslim charities for Jihadist organizations: https://shariahfinancewatch.org/category/islamic-charities/ This is of particular relevance to Shariah-Compliant Finance because of the practice of zakat–a form of required tithing in Islam. Shariah-compliant firms donate 1/40, or 2.5%, of their assets through […]
What’s Next? Shariah-Compliant Hotels (complete with zakat payments to Islamic charities and EEOC violations)
The hospitality industry has generally been haram under Shariah-Compliant Finance, but that is changing. Now we’re seeing a movement to expand Shariah-Compliant hotels into the West. A close examination of the mechanisms and practices surrounding Shariah-Compliant hotels illustrates just exactly why the the barbaric Shariah code is almost completely incompatible with Western values and laws. […]
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 […]
Reuters has a revealing article this morning which characterizes the spread of Shariah-Compliant Finance through quasi-official bodies headed by tyrannical regimes in Islamic nations. I’ll provide a quote that explains the gist of the article before I embark upon a deconstruction of the organization it came from: “Central banks are increasingly realizing they have to […]
All too frequently, an article will appear in the news media extolling the virtues of “Islamic” finance as a way to protect wealth from the ravages of the current financial crisis. When we first came across a recent article in the Sacramento Bee, we figured that we had another case of this and were prepared […]
Islamist politicians in Indonesia are attempting to impose Shariah on the entire country, including non-Muslims, with legislation which would basically entrench Shariah standards for food products. Critics of the bill correctly point out that it will directly impact non-Muslims. No doubt, this is exactly why the Islamists have introduced the legislation. It should also be […]
Unfortunately we overlooked an excellent article two weeks ago. Alyssa Lappen is one of the most knowledgeable writers on Shariah and Shariah-Compliant Finance. She wrote an article for FrontPageMag.com. In this article she points out that some sukuk–or Islamic Bonds–are in fact structured in such as way that they simply cannot be classified as anything […]
Evidently Saudi Arabia doesn’t understand Islam
While reading the morning news on the internet about an hour ago, we came across an article in The Denver Post entitled Trying to Understand More About Islam’s Teachings, by Gail Schoettler, a former Lt. Governor of Colorado and U.S. ambassador. http://www.denverpost.com/opinion/ci_11682250 Ms. Schoettler recalls the horrific case in which the Islamic Courts in Somalia executed […]
The Jihadists have beheaded another helpless civilian, this time a Pole. Unlike many nations, Poland appears to have a president with the right attitude. We wish the Poles godspeed as they seek to punish those who committed this atrocity.
As the 30th anniversary of the Islamic Revolution in Iran approaches, an examination of the philosophy of the father of the Islamic Republic comes to us from an unlikely source: The Herald in Zimbabwe. This article is surprisingly detailed about Khomeini’s philosophy, which seems founded partly in economics. Khomeini believed that Muslims needed to be […]
Jihad Forest Fire based on Shariah?
About 15 months ago, a call for starting forest fires in “crusader” nations appeared on a Jihadist web site. One of the “crusader: nations mentioned was Australia. This is obviously interesting in view of the recent news out of Australia of the worst wildfires in that nation’s history, with scores of people killed. Now observers […]
Shariah-Compliance may create MORE risk
For months now we have been hearing how Shariah-Compliance provides an insulation against the effects of the financial crisis, specifically the subprime mortgage debacle. The argument states that the prohibition against interest and the requirements for asset-based transactions would prevent the securitization of mortgages to begin with and prohibit investments in such instruments. Of course, […]
Saudi Arabia’s delegate to the UN Human Rights Council is a liar. He claimed yesterday that the violations of human rights that occur in Saudi Arabia occur due to isolated, individual and tribal factors and IN SPITE of “Islamic law.” This is complete and total nonsense. Everywhere in the world where there is Shariah, human […]
Qaradawi speaks yet again
The world’s foremost Shariah scholar and promoter of Shariah-Compliant Finance, Sheikh Yusuf al-Qaradawi, has spoken yet again and it was uglier than ever. Our friends at SANE have a complete report. This is just more evidence that the Shariah scholars associated with the world of Shariah-Compliant Finance are nothing short of monstrous and should be […]
Not surprisingly, 2 of the top 3 nations for persecution of Christians practice Shariah. Most worrisome is the fact that Shariah actually seems to be spreading. In places like Somalia, it is now establishing a firm foothold as Jihadists consolidate their power… http://www.wnd.com/index.php?fa=PAGE.printable&pageId=87894
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