posted by Christopher W. Holton We recently warned readers that the shariah finance industry would likely tout shariah compliant finance as a shelter from the economic fallout from the Wuhan virus pandemic. That hasn’t started yet, but we are seeing the shariah finance industry referencing the pandemic to spread propaganda about shariah compliant finance in […]
posted by Christopher W Holton No example of how Shariah Finance is failing can be more significant than its failure to catch on in the Arab world’s most populous nation, Egypt. Not only is Egypt the most populous Arab nation, but it is also home to Al Azhar, Sunni Islam’s most prestigious university, dedicated to […]
An Example of Disinformation on “Islamic Banking”
posted by Christopher W. Holton Linked below is a rather typical example of the taqiyya that is used to promote Shariah-compliant finance, in this case Islamic banking. Practitioners of Shariah-finance are fond of defining it simply as “interest free.” There is much more to Shariah finance besides the interest-free aspect. First of all, the term […]
posted by Christopher W. Holton Shariah-compliant Finance is a key instrument of Islamic imperialism, as illustrated by the story linked below. Kenya has been targeted for a few years now by the financial jihadists. Only less than 12% of Kenyans are Muslim, yet Kenya has attracted the attention of Shariah financial institutions for several years, […]
posted by Christopher W. Holton Shariah finance assets grew by 10 percent to reach $2 trillion in 2015, according to a new report by Thomson Reuters. Shariah banking represented 73 percent of that figure, followed by sukuk (Shariah bonds) which represented 17 percent, said the initial findings of ICD Thomson Reuters Islamic Finance Development Indicator […]
by Christopher W. Holton This morning, 12 May 2016, taxpayer-subsidized National Public Radio ran what amounts to a three and a half minute advertorial for Shariah-compliant banking, specifically a Shariah-compliant bank that will be familiar to long-time readers of Shariah Finance Watch: University Islamic of Michigan. http://www.npr.org/2016/05/12/477758545/michigan-bank-discovers-the-need-for-islamic-finance-products What we find particularly enlightening about the NPR […]
posted by Christopher W. Holton Efforts by the Bank of Ghana to encourage the establishment of an Islamic bank have been dashed as the provisional license that was granted to a Saudi Arabia-based financial institution is withdrawn. Joy Business is learning that the central bank withdrew the license it gave to Makkah after the company […]
Financial Jihadists Try to Push Shariah-Compliant Finance on Uganda
by Christopher W. Holton For several years now, Africa has been a focal point of financial Jihadists and violent Jihadists alike. The violent Jihadists–Boko Haram, Al Shabaab and Al Qaeda in the Islamic Maghreb–have wreaked havoc from one end of the dark continent to the other. The financial Jihadists’ quest has been just as relentless, […]
Money Jihad blog has an important report posted that indicates that the chairman of the board of Islami Bank Bangladesh, Limited (IBBL), Abu Nasser Muhammad Abduz Zaher, was a leading member of a Jihadist militia. http://moneyjihad.wordpress.com/2014/05/01/sharia-bankers-former-life-as-terrorist-exposed-by-shocking-allegation/
The financial jihadists can put lipstick on this pig all they want, but the fact is, this is nothing but “separate but equal” banking, which is inherently unequal… Qatar Islamic Bank Opens New Branch Featuring Dedicated Ladies Banking http://www.cpifinancial.net/news/post/26400/qatar-islamic-bank-qib-opens-new-branch-featuring-dedicated-ladies-banking
Moroccan banks Banque Centrale Populaire (BCP) and Banque Marocaine du Commerce Extérieur (BCME) have both revealed plans to create units offering Shariah-compliant financial services. This launch comes in anticipation of the adoption of a new law allowing the practice of Shariah banks in Morocco. The legislative framework was prepared by the Central Bank, the Bank Al-Maghrib, […]
State Bank of Pakistan (SBP) Deputy Governor Saeed Ahmad recently claimed that Shariah finance is going to become a better alternative to conventional banking. “Given its global outreach, growing recognition as a stable system, and its ability to provide financial solutions to all business needs, Islamic finance is all set to establish itself as a […]
We have long pointed out on SFW that the purpose of Shariah finance is in fact to promote Shariah. Here is an example of that at work. Shariah banking is reportedly taking hold is a big way in Ethiopia, a developing nation with a majority Christian population… http://www.6kilo.com/islamic-banking-booming-in-ethiopia-2/
Here is more proof that Shariah-compliant finance is a system based on centralized economics and not a product of, or adjunct to, free market economics. The Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatization on Friday informed the National Assembly that the government was taking steps to promote Islamic Banking in the country. http://www.brecorder.com/top-news/108-pakistan-top-news/165811-govt-taking-steps-to-promote-islamic-banking-na-told.html […]
Ghana is the latest country to embrace Shariah via the financial trap door and, not surprisingly, the industry is being touted as “interest-free” implying they loan out free money, which couldn’t be further from the truth… http://www.myjoyonline.com/business/2014/March-25th/interest-free-islamic-banks-to-heighten-competition-in-ghanas-banking-sector.php
One unfortunately all-too common practice in the Shariah Finance industry is to tout “interest-free” banking and instruments, mortgages and loans in particular. This implies that there is no charge for borrowing, which couldn’t be further from the truth. The reality is that charges and fees associated with Shariah-compliant loans are typically more than interest charges […]
Dubai Islamic Bank to Pursue Islamic Imperialism Through Finance
Dubai Islamic Bank plans to expand its operations into Indonesia, Kenya and other African countries. The expansion into Indonesia is not particularly noteworthy, since Indonesia is the world’s most populous Muslim nation. But the plans for Kenya are a different issue entirely. Kenya has a relatively small Muslim population (about 15% at last count) but […]
The central bank of Indonesia is searching for a bank to sign up as primary dealer for short-term sukuk, or Shariah-compliant bonds, issued by the International Islamic Liquidity Management Corp (IILM), a body it helped establish in 2010 to attempt to address the chronic lack of liquidity in shariah compliant money market instruments. Bank Indonesia is one of […]
S&P Admits to “Extra Costs” of Shariah Compliance
Readers who click on the link below will note that the article doesn’t reflect the headline that we’ve posted here, but there is a valid reason for that. As is often the case with Shariah-compliant finance, the real story is often found by reading between the lines. In the article below published in Qatar, which, by the […]
The Infiltration of the British Financial System Continues
Elected officials in the UK have long expressed the desire for London to become a “mecca” of Shariah finance in the West (pun intended). They have bent over backwards to promote Shariah finance for years. Despite these efforts, statistics show that Shariah banks in the UK lag behind their conventional counterparts. Perhaps this is because […]
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