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

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?

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Is Mayor Bloomberg Finally Starting to Make Cents?

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

Malaysia Seeks to Become Shariah Finance Hub

Malaysia, the world’s largest market for sukuk, plans to improve its legal system to become an alternative location to the U.K. for resolving international Islamic finance disputes.

The goal is to position Malaysian “laws as the law of choice for Islamic finance transactions globally,” the central bank said in a statement Aug. 30. Disputes about compliance with Shariah principles are a risk to the industry’s expansion, it said. Persian Gulf companies have traditionally based cross- border contracts on U.K. law to take advantage of the country’s developed legal system and neutrality, according to Unicorn Investment Bank BSC in Bahrain.

We see a conflict brewing here. Either Malaysian law will become more and more Shariah compliant or else the Shariah scholars will come down on Malaysia…

http://www.youwb.com/2010/09/malaysia-aims-to-be-islamic-finance-hub/

Financial Jihadists Target Japan

The Malaysian unit of Kuwait Finance House (KFH) is having “strategic alliance” negotiations in Japan.

The eventual goal will be to establish footholds in Hong Kong, Thailand, India and Indonesia as well. KFH Malaysia is also interested in China.

http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=286235

Financial Jihadists Propose Tax Amendments to Accommodate Shariah Finance in South Africa

In May this year the National Treasury issued proposed tax amendments as part its stated intention of putting Islamic banks in South Africa on an equal footing with traditional conventional finance. National Treasury also stated that, “The development of Islamic finance in South Africa is critical to the expansion of National Treasury’s strategy to position South Africa as a gateway into Africa. The Treasury envisages South Africa being a central hub for Islamic product development and ensuring the rollout of such products into African markets.’

http://www.moneywebtax.co.za/moneywebtax/view/moneywebtax/en/page260?oid=52145&sn=Detail&pid=1

The fast-growing “New Economy of Terror”

The Australian Conservative has published an excellent article on terror financing, including sections on Shariah Finance. We have posted excerpts and a link to this must-read article…

The Financing of Islamist Terrorism: its importance, sources, linkages, structures and mechanisms; how to shut it down and the implications for counterterrorism policy.

One of the most important lynchpins that is at the heart of facilitating the ‘New Economy of Terror’ is the Islamic banking system, the operation of which is global and governed by Islamic jurisprudence, or Sharia Law, and is therefore not yet well understood by us in the West, whether we come from the financial industry or the law enforcement and counterterrorism sector.

http://australianconservative.com/2010/09/the-“new-economy-of-terror”/