Nasdaq launches two Shariah indexes
Nasdaq has created two sharia-compliant indexes, based on the Nasdaq 100 Index and the OMX Stockholm Benchmark Index. The indexes are weighted by market capitalisation and track the securities in the underlying benchmark indexes, and meet sharia requirements as specified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Shariah Finance Watch readers […]
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 […]
Shariah Banking Takes Aim At India
As we have mentioned from time to time on SFW, the financial jihadists have their sights set squarely on India–and many in India are resisting. The article linked below is a prime example of the misinformation and deception often characteristic of the Shariah Finance industry. When taking a close look at the article, notice three […]
Oxford Analytica Continues to Shill for Shariah
The economic consultancy Oxford Analytica has frequently used its space on Forbes.com to promote Shariah-Compliant Finance. We have pointed this out on SFW in the past: https://shariahfinancewatch.org/?s=Oxford+Analytica Oxford Analytica has taken yet another step to promote financial jihad with an article on Forbes.com. This new article is so overrun with troubling and disturbing aspects that […]
Reader Tim alerted us over the weekend to the fact that Muft Taqi Usmani is no longer listed as chief of HSBC’s Shariah Advisory Board. http://www.hsbcamanah.com/amanah/about-amanah/islamic-banking/shariah-supervision Note, however, that Usmani’s son is now listed as a member of this body. The younger Usmani is considered antiseptic enough for Western financial institutions and has no known […]
Here on SFW, we have profiled a particularly evil Shariah scholar named Taqi Usmani: https://shariahfinancewatch.org/2009/05/06/who-controls-shariah-compliant-finance-the-shariah-scholars-of-course/ Among many other things, Usmani is the chief of the Shariah advisory board for HSBC: https://shariahfinancewatch.org/2009/02/27/hsbcs-shariah-man/ Usmani is a bad man, an enemy of the West, a Jihadist to the core. In fact, now that his Jihadist philosophy is becoming […]
Are We Financing Our Own Demise?
Gadi Adelman and the intrepid Joy Brighton have just published an outstanding analysis of Shariah-Compliant Finance over on the Financial Security Matters site. Please take the time to read it and pass it on to your friends and associates: http://www.familysecuritymatters.org/publications/id.5632/pub_detail.asp
Islamic finance needs regulation: experts
Linked below is an article from Reuters which is covering a Reuters-sponsored event promoting Shariah-Compliant Finance. On its face, it appears to be calling for something good and positive: regulation of Shariah Finance to prevent another Dubai debacle. But a closer inspection of the facts reveals that this is simply a call for more foxes […]
AAOIFI moves to seize control of Shariah Finance
In a move that is being hailed by the Western financial media as a positive development, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has issued a series of standards and procedures for Shariah-Compliance. http://www.reuters.com/article/idUSLDE60J0WF20100120?rpc=401&feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=401 It is hoped that the AAOIFI will “harmonize” standards across the industry. If only Western journalists had bothered […]
From time to time, readers will email us asking for a list of Shariah-Compliant companies. A complete version of such a list is extremely difficult to come by. Some of the better sources for such a listing would be the annual and semi-annual reports of the various Shariah-Compliant investment funds. These reports usually include portfolio […]
Westlaw Joins the Financial Jihad
Westlaw Business, part of Thomson Reuters, and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) today announced their agreement to provide current standards and other Islamic finance industry information for global business law professionals within the Westlaw Business Islamic Finance Center. Does Westlaw know who they are getting in bed with? Are they […]
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 […]
A Shameless, Shallow Advertorial for Shariah Finance from Oxford Analytica and Forbes.com
Malcom Forbes must be spinning in his grave. His namesake publication’s web site has published an article which basically promotes a financial and economic system which by its very nature seeks to replace capitalism and our free enterprise system: http://www.forbes.com/2009/12/10/islamic-finance-after-dubai-business-oxford-analytica-islamic-finance.html?feed=rss_business In fact, the article reads less like journalism and more like a press release from […]
Shariah finance suffers growing pains
The Financial Times actually wrote a fairly balanced story on Shariah finance for a change. In the story linked below, FT’s journalist points out that Shariah-compliant financial institutions have proven just as vulnerable to the economic downturn and financial crisis as conventional counterparts. This, of course, flies right in the face of the propaganda being […]
As part of the standard practice of imposing Shariah on all people, not just Muslims, Dubai Bank has instructed that all female employees of the bank must wear Islamically-acceptable attire. A human resources employee of the bank is quoted as saying,”Our bank is Islamic and must follow Shariah in all respects, which will satisfy our […]
AAOIFI to keep tabs on Shariah products
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) plans to monitor Islamic finance products. AAOIFI “will screen products and services offered by the industry for Shariah compliance.” AAOIFI describes itself as an autonomous corporate body that prepares accounting, auditing, governance, ethics and Sharia standards for Islamic financial institutions and the industry. AAOIFI would […]
Islamic Development Bank could raise $500m bond (sukuk)
The Jeddah, Saudi Arabia-based Islamic Development bank will soon issue a $500 million sukuk or Islamic bond issue. This is rather controversial in Shariah Finance circles since Mufti Taqi Usmani issued an opinion last year declaring that most such instruments are in fact NOT Shariah-compliant and are unislamic. That opinion, along with the world economic […]
The Middle East North Africa Financial Network has just published a report on Shariah-Compliant Finance. The report (linked below) starts out with a promising title–“Shariah Compliant or Complaint”–but soon resorts to the same misinformation about the performance of Shariah-Compliant assets and vehicles for which the industry is now infamous. http://www.menafn.com/qn_news_story_s.asp?StoryId=1093254534 The MENAFN report glosses over […]
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 […]
At a meeting of 400 “leaders” of the Shariah-Compliant Finance industry, in his opening address, Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) secretary general Dr Mohammed Nedal Alchaar said that there exists the need to remove “irrational fear from the market investors and counterparties through enhancing disclosure of financial information.” Increased disclosure and transparency […]
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. […]
The Washington Times weighs in on Shariah-Compliant Finance
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 […]
The American Spectator’s Quin Hillyer focuses on Shariah Finance
Blocking the Funds of Terrorists It was treated as big news on Tuesday when Manhattan District Attorney Robert Morgenthau indicted Chinese executive Li Fang Wei and his company for using New York banks to finance the sale of tons of restricted, weapons-related material to Iran. But the truth is that some of these same banks […]
Dear Mufti M. Taqi Usmani…
Stephen Ranzini, Shariah-sop running University Bank, Ann Arbor A MUST READ FROM THE GOOD FOLKS AT SANE! http://www.saneworks.us/Dear-Mufti-M-Taqi-Usmani-newsblog-2514.htm
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 […]
HSBC’s Shariah Man
Two days ago we linked to an article about financial giant HSBC’s continued and growing embrace of Shariah-Compliant Finance: https://shariahfinancewatch.org/2009/02/25/hsbc-expands-its-embrace-of-barbarism/ Today we would like to elaborate on HSBC’s connections in this area by focusing on the firm’s close ties to a creepy Mufti who has no business being associated with any respected Western financial institution. […]
Dow Jones Islamic Market Index marks 10th Anniversary
The Dow-Jones Islamic Market Index is 10 years old. Excuse us if we decline to join in the celebration of one of America’s financial icons helping our enemy’s threat doctrine infiltrate our financial system. Dow Jones’ due diligence with regard to that entity has been nothing short of LOUSY. Case in point: they brought on […]
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