posted by Christopher Holton The Islamic Financial Services Board (IFSB) is seeking to establish some clarity in the murky world of regulation of Shariah-compliant bonds, also known as sukuk. The bone of contention centers around whether sukuk are indeed compliant with shariah and what role national laws and regulations play. Such issues have gained prominence […]
posted by Christopher Holton The Persian Gulf island nation of Bahrain has decided to cancel a billion dollar conventional bond deal and settle for a Shariah-compliant bond (sukuk) deal. The reason for the cancelation sheds light on the hidden risks involved in Shariah-compliant bonds. Bahrain scrapped the conventional bonds because they would have been rated […]
posted by Christopher Holton The Islamic Development Bank, the financial arm of the Islamic imperialist Organization for Islamic Cooperation (OIC) has just listed a $1.25 billion sukuk–shariah-compliant bond–on the NASDAQ exchange in Dubai. This illustrates the degree that shariah supremecists exercise control in world financial markets and how incredibly well-financed they are. It also demonstrates […]
The Shariah Finance Trojan Horse Shows Up on CNBC.com
On December 21, 2017 · In Dana Gas, Islamic Bonds, Islamic Finance, Shariah Bonds, Shariah Finance, Sweden
by Christopher W Holton One of the chief concerns from Shariah-compliant finance is that it can be, and has been, used to put people at ease about the true nature of shariah and the threat that is poses. Shariah-compliant finance is also a weapon that Islamists can use to force shariah upon non-Muslims. Both of […]
Dana Gas: Shariah Finance’s self-licking ice cream cone
On June 30, 2017 · In Abu Dhabi, Dana Gas, Debt Bonds, Defaults, Islamic Banking, Shariah Bonds, SUKUK, UAE
by Christopher W. Holton As we reported earlier this month, the market for Shariah bonds is entering a new crisis as a result of an apparent default by Dana Gas: https://shariahfinancewatch.org/2017/06/15/more-fallout-from-the-dana-gas-sukuk-debacle/ https://shariahfinancewatch.org/2017/06/13/possible-shariah-finance-crisis-brewing-dana-gas-shariah-bonds-declared-unlawful/ Dana Gas is refusing to pay its creditors based on a new decision that its bond offering is no longer Shariah-compliant. This is […]
posted by Christopher W. Holton Here we see illustrated a real pitfall of Shariah compliant finance. Dana Gas of Abu Dhabi previously issues $700 million worth of Shariah bonds, also known as sukuk. Now, the firm is informing creditors that its sukuk are actually NOT shariah compliant and is proposing that they be traded for […]
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 […]
Categories
Archives
