Shariah Finance Watch Blog

Shariah Finance Watch is Back. Thank you to our readers for your patience.

shariahcompliantfinance — Mon, 27 Sep 2010 13:11:35 +0000

The technical issues which caused the Shariah Finance Watch blog to experience extended outages have been cleared up. We will resume posting on the original Shariah Finance Watch site immediately.

Thank you very much for your patience.

http://www.shariahfinancewatch.org

Congressman Gregory Meeks Ran Interference for Al Qaeda-linked Imam

shariahcompliantfinance — Mon, 20 Sep 2010 18:15:23 +0000

US Rep. Gregory Meeks scolded immigration officials for questioning a Muslim scholar whose nonprofits have been linked to financing terrorism.

The Queens Democrat contacted federal agencies — finally appealing to then-Homeland Security Secretary Michael Chertoff — asking why Anwar Hajjaj faced “unwarranted scrutiny” when he returned to the United States from trips abroad through JFK Airport.

But The New York Post has learned Hajjaj also headed the Taibah International Aid Association, a charity that has been accused of funding Osama bin Laden and al Qaeda. The group was co-founded by Abdullah A. bin Laden, Osama bin Laden’s nephew, who has been investigated for his ties to groups that have funded al Qaeda and Hamas.

Hajjaj is also director of another Virginia-based nonprofit, the World Assembly of Muslim Youth International, or WAMY. It was also founded by bin Laden’s nephew and said to support al Qaeda. The group’s 2005 federal tax form, the most recent available, is signed by Hajjaj, who is listed as director.

http://www.nypost.com/p/news/local/queens/rep_helped_jihad_flier_hSquRbF732a7bJB42XKn5L

Saudi Charity Faces Scrutiny for Zakat Improprieties

shariahcompliantfinance — Mon, 20 Sep 2010 18:09:20 +0000

The Makkah Charitable Foundation (MCF) has been investigated for delaying the distribution of foodstuffs to the needy, a violation of procedures for Zakat Al-Fitr under Shariah law…

http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=2010091883324

http://arabnews.com/saudiarabia/article142493.ece

Islamic Development Bank plans sukuk offering to raise $850m

shariahcompliantfinance — Mon, 20 Sep 2010 18:04:01 +0000

The Islamic Development Bank (IDB) based in Jeddah, Saudi Arabia, the financial arm of Wahhabi dawa’h operations, is set to issue another Sukuk to fund its global operations…

http://www.khaleejtimes.com/DisplayArticleNew.asp?col=§ion=business&xfile=data/business/2010/September/business_September255.xml

Jordan Studies Issuing of Sukuk

shariahcompliantfinance — Mon, 20 Sep 2010 18:01:21 +0000

The Jordanian government is working to speed up the use of Shariah-c0mpliant financing tools and has recently formed a committee to study issuing a sukuk (Islamic bond)…

http://www.menafn.com/qn_news_story_s.asp?storyid=1093366576

Going Back to the Scene of the Crime: Low Sukuk “Yields” in Malaysia Prompting Investors to Return to Dubai

shariahcompliantfinance — Mon, 20 Sep 2010 17:57:51 +0000

Yields on Malaysia’s sovereign Islamic bonds are trading at the narrowest premium to Treasuries since they were sold, giving investors incentives to buy higher- returning sukuk after Dubai World’s debt restructuring agreement.

It seems Islamic bond investors have short memories…Dubai World was the perpetrator of the world’s largest Sukuk swindle less than 2 years ago…

http://www.sukuk.me/news/articles/72/Malaysia-s-lowest-sukuk-yields-sending-investors-.html

Jama’atul Mujahideen Bangladesh still getting plenty of funds from zakat

shariahcompliantfinance — Tue, 14 Sep 2010 23:19:23 +0000

Flow of money from local, foreign sources remains intact despite arrest of top brass

Financial strength of militant organisation Jama’atul Mujahideen Bangladesh has been a grave concern for law enforcement agencies as the banned outfit is reportedly getting more than Tk 50 lakh a month from local and foreign sources.

JMB’s activities have lately appeared on the wane following the arrest of its top brass, including its chief Moulana Saidur Rahman, and explosives experts.

But law enforcers involved with anti-militancy drives believe its network of financial support survives intact. The flow of fund in the form of supporters’ monthly contributions, Zakat and donation apparently remains uninterrupted.

The officers, however, could not say who handles the funds after the arrest of Saidur in May. The JMB chief himself was in charge of its finance division.

Of their monthly earning, around Tk 6 lakh is being sent by around 3,000 JMB supporters staying in Australia, England, Italy, Canada, Malaysia and middle-east countries, according to a statement made by Saidur at Taskforce for Interrogation cell recently.

They send cash to their families mainly via people including friends and relatives. A portion of the money goes to JMB fund.

http://www.thedailystar.net/newDesign/news-details.php?nid=154489

Dubai Sukuk ‘Massive’ Rally Ruled Out by Citi

shariahcompliantfinance — Tue, 14 Sep 2010 23:14:28 +0000

Dubai’s Islamic bonds, after beating sukuk from Malaysia this quarter, may face limited gains because the restructuring of Dubai World’s $24.9 billion in debt requires asset sales over eight years.

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2010/09/14/bloomberg1376-L8P8UR0UQVI901-68UM7EO32LH357QGJU5P09AM7R.DTL

Financial Jihadists Use Ramadan and Marketing Money to “Pitch” Shariah Finance

shariahcompliantfinance — Mon, 13 Sep 2010 22:29:34 +0000

Jakarta-based Bank Syariah Mandiri joined Islamic lenders worldwide to use Ramadan to remind Muslims to obey the teachings of the Prophet Muhammad that ban interest.
Marketing campaigns aimed at 1.6 billion Muslims worldwide have increased this year as the global economy recovers, according to the Pan Arab Research Center in Dubai.
It said spending on advertising by financial services companies in the Arab region was expected to grow by 40 percent this Ramadan compared with last year.

http://www.thejakartaglobe.com/business/ramadan-best-time-to-pitch-islamic-banking/395921?

Is Mayor Bloomberg Finally Starting to Make Cents?

shariahcompliantfinance — Mon, 13 Sep 2010 22:04:18 +0000

Mayor Bloomberg is not making sense. He is not saying, “Lets slow down, New Yorkers are hurting”. He is not saying, “Tolerance and respect goes both ways”. He is not saying “Wait, there are concerns about the affiliations of Imam Rauf, and his source of funding”.

Mayor Bloomberg is not making sense.

Or is he?

Michael Bloomberg the businessman is making sense. Dollars and cents. Millions of dollars and cents. Mayor Bloomberg and Imam Rauf are building Shariah bridges together.

https://www.familysecuritymatters.org/publications/id.7272/pub_detail.asp