The first Sharia-compliant pension fund has been launched in the UK. The fund which does not invest in companies that trade in guns, alcohol, gambling, tobacco or pornography, nor does it receive interest, has been launched by Pointon York and the Islamic Bank of Britain (IBB). Investors will be able to save in a self-invest […]
Just last week, SFW linked to a BBC video report on a new policy in the UK to cut off public funds to Muslim organizations that have been found to fund “extremism:” https://shariahfinancewatch.org/2011/06/07/britain-to-cut-off-government-funding-to-islamist-groups-that-refuse-to-renounce-extremism/ Today, by way of the intrepid Melanie Phillips, we can provide more details on just how British public funds ended up in […]
London and Luxembourg are engaged in a “battle of the listings domicile” especially for sukuk and Islamic investment funds, and its seems that the London Stock Exchange (LSE) currently has the upper hand on its counterpart in the Duchy, Luxembourg Stock Exchange. http://arabnews.com/economy/islamicfinance/article448955.ece
Richard Thomas: Candidate for Dhimmi of the Year
Islamic finance is gradually building momentum across the world and will likely lead the re-emergence of the global financial industry from the recent crisis. However, the industry needs a level playing field to achieve its potential, said Richard Thomas, Chief Executive of London-based Gatehouse Bank, in a recent interview with Gulf News. http://gulfnews.com/business/banking/islamic-finance-could-lead-banks-recovery-1.798592
Pakistani Shariah Bank To Enter Canada, Ireland and UK
MCB Bank Ltd has planned to extend its branch network within Pakistan and in foreign countries. MCB management has decided to launch its operation in Canada, Ireland and UK to facilitate millions of expatriate Pakistanis and potential foreign investors and businessmen. http://www.dailytimes.com.pk/default.asp?page=2011%5C04%5C12%5Cstory_12-4-2011_pg5_7 Note that MCB Bank’s Islamic Banking Division’s Shariah advisory is under the control […]
Unfortunately, the British continue to invite the financial jihadists into their investment houses and banks, determined that this will attract shiploads of petrodollars without impacting British culture, society and security. Before dismissing the notion that Shariah finance could introduce nefarious elements into a Western host nation, readers should remind themselves that the whole purpose of […]
The fifth annual London Sukuk Summit is scheduled to take place on the 8th – 9th of June 2011. As if to prove that the Islamization of Great Britain continues apace, the link below takes you to a British government web site promoting this upcoming event… http://www.ukti.gov.uk/investintheuk/event/129473.html
Stoxx has launched three Islamic finance indices to help investors benefit from the nascent shariah market in the UK, according to the firm’s chief executive. Hartmut Graf, chief executive for Stoxx, said the indices were designed to act both as a benchmark for actively managed funds, and to underlie exchange-traded funds and other investable products […]
London mayor heads to Dubai with hat in hand, asks for more financial jihad
Islamic Development Bank (IDB) President Ahmad Mohamed Ali held a meeting with the Lord Mayor of the City of London, Alderman Michael Bear. Ali, who stressed the importance of the annual coordination meetings between the two parties, commended the tangible development of IDB relations with the business community in London, which poses an international hub […]
NEST is seeking to include a passive or actively managed Sharia compliant global equity investment option as part of its optional suite of investment funds in order to fully provide for the needs of scheme members. http://www.professionalpensions.com/professional-pensions/news/1938529/nest-offer-sharia-global-equity-fund
Qatar Islamic Bank targets British mid-cap market
Qatar Islamic Bank, whose Shariah advisory board is headed by the Jihadist Sheikh Yusuf al-Qaradawi, has unveiled a new lending strategy targeting small to medium-sized British companies. QIB is focusing on profitable companies whose products are in line with “Islamic” tenets, which means Shariah-compliant. Qaradawi is forbidden to enter the UK due to his ties […]
Great work by Money Jihad blog on the Zakat-Terror Finding Nexus
Over the past week, Money Jihad has posted some excellent work on the use of zakat funds for Jihad. These postings are not to be missed… 1. British Muslims are the Taliban’s Greatest Source of Revenue http://moneyjihad.wordpress.com/2010/10/22/british-muslims-are-taliban’s-“greatest-source-of-revenue”/ 2. Osama Bin Laden calls for a new mega-Islamist charity http://moneyjihad.wordpress.com/2010/10/24/just-what-the-world-needs/ 3. Zakat money flows uninterrupted to Jihadist […]
Dubai-based Millennium Private Equity Limited (MPEL) are the ultimate financiers in the transaction, which has raised financing using the musharaka (joint venture) Sukuk (Islamic bond) structure for the technology development company based in the North East of England. http://www.lawyersweekly.com.au/blogs/deals/archive/2010/08/18/norton-rose-advises-on-uk-s-first-sukuk.aspx
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 […]
Barclays Capital, the investment banking arm of London-based Barclays Plc, is offering Shariah- compliant repurchase agreements to allow Islamic banks and investors manage their funds. Barclays introduced the product worldwide two weeks ago and is focusing on clients in Malaysia and the Middle East. http://www.businessweek.com/news/2010-08-18/barclays-capital-offers-islamic-repos-in-1-trillion-market.html
In a sign of Islamic economic imperialism on the march, Islamic Bank of Britain (IBB) has secured a £20million ($30.8 million) capital injection from founding shareholder Qatar International Islamic Bank… http://www.cpifinancial.net/v2/News.aspx?v=1&aid=5632&sec=Islamic%20Finance
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 […]
Thomas Cook, the British travel concern, failed to place a $50m Islamic aircraft finance bond with investors, highlighting that the market for debt that complies with Muslim law has yet to recover fully from a rash of defaults over the past two years. The planned Islamic bond, properly called sukuk, was to have been the […]
The web site Favstocks.com has published what amounts to propaganda for the financial jihadists. In an online article published on July 1st, the site “explained” “Islamic investing,” touting it as “socially responsible.” This affords us a teaching moment. We will go through the various aspects of the article and deconstruct the propaganda: ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• “Islamic fund […]
Shariah-Compliant bank accounts and other financial products have failed to take off in Britain, according to industry insiders. http://www.theaustralian.com.au/business/industry-sectors/sharia-compliant-banking-products-a-huge-flop-in-britain/story-e6frg96f-1225882133009
One Law for All Campaign will be holding a rally in London demonstrating against Shariah and for secular laws…details at the link… http://www.onelawforall.org.uk/20-june-2010/
A report published by the London School of Economics asserts that the Pakistani intelligence agency not only funds and trains Taliban fighters in Afghanistan but is officially represented on the movement’s leadership council, giving it significant influence over operations. Research in support of the report strongly suggested support for the Taliban was the “official policy” […]
Standard Chartered Bank, one of the United Kingdom’s largest and oldest financial institutions is set to enter the Saudi market to promote Shariah-Compliant Finance. If any non-Muslim Standard Chartered employees happen to find themselves transferred to Saudi Arabia, they may want to remember not to exercise their religion where anyone can see or hear them […]
London can play a major role in the growth and the further progress of the Islamic financial sector due to vast exposure to the sector, said HRH Prince Andrew, Duke of York. http://biz.thestar.com.my/news/story.asp?file=/2010/5/21/business/6308286&sec=business
The 500 euro note, one of the largest denomination notes in the world, is being pulled from distribution in the United Kingdom. They are known in some countries as “bin Ladens” – the bank note everyone knows exists, but few people other than criminals will ever see. The decision comes after police linked 90 per […]
Hat tip to Jihad Watch… http://www.jihadwatch.org/2010/04/whoops-muslim-charity-praised-by-british-pm-and-prince-of-wales-under-investigation-for-funneling-mo.html
This week a group of British Shariah-Compliant Banks teamed with government entities to launch a lobbying organization to promote Shariah Finance in Great Britain and push for the British government to issue an Islamic bond (better known as Sukuk). There is so much wrong here that it almost defies the imagination. First of all the […]
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 […]
PricewaterhouseCoopers Appoints Shariah Finance Director
PricewaterhouseCoopers has appointed Takaful expert Mohammad Khan as its new Islamic finance director in the United Kingdom. Since PricewaterhouseCoopers does a great deal of business around the world, SFW readers may be particularly interested in their prominent role in promoting Shariah and may wish to take these activities into consideration when making their personal and […]
A family-run Islamic charity in Great Britain has been heavily criticized by the UK charities’ regulator for poor record-keeping and not acting in the best interests of the organisation. http://www.romfordrecorder.co.uk/content/havering/recorder/news/story.aspx?brand=RECOnline&category=newsRomford&tBrand=northlondon24&tCategory=newsromford&itemid=WeED19+Feb+2010+11%3A49%3A22%3A207
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