Egypt still considering IMF loan
Back in August we reported that Egypt was contemplating taking out an IMF loan in an attempt to right the country’s shaky financial condition. At the time we pointed out that a $4.8 billion loan from the IMF was not likely to be Shariah-compliant… https://shariahfinancewatch.org/2012/08/30/between-a-rock-and-a-hard-place-egyptian-muslim-brotherhood-struggles-with-idea-of-imf-loan/ Well, here we are over 4 months later and the […]
In Nigeria, a bank offering “interest-free” loans to poor farmers back in 2009 in conjunction with a Shariah court judge, is now under investigation for fraud. Readers may want to take note that Nigeria is being wracked by a violent jihad these days: http://vinienco.com/2012/11/26/twelve-christian-pastors-killed-muslims-nigeria/ http://vinienco.com/2012/11/26/muslim-suicide-bombers-kill-eleven-christians-attending-sunday-church-service-nigeria/ As has so often been the case, violent jihad is […]
The Egyptian Muslim Brotherhood wanted to have control of Egypt for 80 years and now they finally have it. Only problem is, things look a lot different from the seat of power than they do from the outside. Egypt is in terrible financial condition, in large part due to the fact that the Muslim Brotherhood […]
Mastercard: The Credit Card of the Ayatollahs
According to Shariah scholars, Shariah-compliant Muslims are not supposed to pay or receive interest. Nevertheless, many Muslims around the world have credit cards. The Shariah-observant Muslims get around the ban on interest by paying off their balances every month so as not to incur interest charges. But a lot of Muslims use credit cards just […]
Shariah Finance Watch editor briefs Congressional staffers on Shariah-Compliant Finance
Recently we had the opportunity to brief staff members from 10 Congressional offices on the threat of Shariah Finance. The briefing was recorded and we have posted the full 1-hour briefing here for SFW viewers… Shariah Compliant Finance and Financial Jihad
Some REALLY Bad Ideas on How to Solve America’s Debt Problems
Not surprisingly, the financial jihadists are promoting Shariah as the solution to America’s debt problems. We’ve seen this before. Back in 2008, in the wake of the subprime mortgage debacle and near-financial meltdown, the financial jihadists insisted that Shariah-compliant finance would have avoided the whole mess. Then, in 2009, defaulting on sukuk (Islamic bonds) just […]
Proponents of Shariah Banking are pushing for its acceptance in India, where there has been strong opposition to the concept from time to time. Now the financial jihadists are trying to foist Shariah Banking off on Indians by dubbing it “Interest-Free Banking.” You can put lipstick on a pig, but it will still be a […]
Shariah-Compliance may have a prohibition against interest, but that sure does not mean that Shariah-Compliant financial institutions won’t charge handsome fees for their services… Islamic banks such as Albaraka Bank (South Africa) and the Islamic banking windows of FNB, ABSA, Nedbank and Standard Bank have come under heavy criticism from Muslim customers from following the […]
Andrew McCarthy: Elena Kagan’s ‘Don’t Ask Don’t Tell’ Shariah Policy
This is a VERY important article. It does an excellent job of detailing the origins of Shariah-Compliant Finance, how it fits in with the broader world of Shariah, and why Americans need to be concerned. We have excerpted part of the article below and provided a link. If you only read one article on Shariah […]
A powerful Islamic seminary in northern India, with ties to Jihadist groups, has issued a fatwa, or decree, against Muslims working in banks. According to a spokesman for the seminary, tenets of Shariah law state that Muslims must not work in banks because as employees they would have to deal with transactions involving interest and […]
Ottawa Imam issues fatwa against credit cards
Imam Khaled Abdul-Hamid Syed has issued a fatwa against credit cards, even if they are paid off every month. There are two schools of thought about credit cards among Islamic scholars. Some argue they are permissible as long as no interest is accrued, meaning bills must always be paid in full. Others disagree, quoting one […]
Islamists in Kuwait debate loans and interest
We found an interesting article on Kuwait Times this morning. It seems that the Kuwaiti parliament is debating whether or not to “write” off interest on government loans to its citizens. It has been claimed for decades that interest is forbidden in Islam–either charging it or paying it. As a result of that portion of […]
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