Dubai Sukuk ‘Massive’ Rally Ruled Out by Citi

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

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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?

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

Founder of Islamic Charity Convicted of Funding Chechen Jihadists

A federal court in Eugene, Oregon has convicted Pete Seda, the founder of an Islamic charity accused of funneling $150,000 to Chechen mujahideen.

Seda accepted a large donation intended to support “our Muslim brothers in Chychnia,” and then surreptitiously shifted the money to Saudi Arabia in the form of difficult to trace traveler’s checks.

http://www.investigativeproject.org/2173/founder-of-islamic-charity-convicted

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/

Zakat for Jihad in Pakistan

This video comes to us via Money Jihad. Zakat tax money is finding its way to Jihad in Pakistan.

What else is new, right?

http://moneyjihad.wordpress.com/2010/09/10/taxes-for-jihad/

British Firm Forms Partnership with Shariah Bank

Legal & General and Islamic Bank of Britain have announced a partnership that will see the bank’s Islamic mortgage products made available to the club’s intermediaries.

http://www.moneymarketing.co.uk/mortgages/lg-forms-partnership-with-islamic-bank/1018240.article