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.

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…

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?

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.

India: Islamic banking not feasible

The government on Thursday told the Kerala High Court that it is not legally feasible for banks in India or its branches abroad to undertake Islamic banking activities.

Donald Trump offers to buy out investor in Ground Zero mosque site

In a letter released Thursday by Trump’s publicist, the real estate investor tells Hisham Elzanaty he would buy his stake in the lower Manhattan building for 25 percent more than whatever he paid.

Russia looking at Shariah Banking

The article linked below may look like a news item on The Telegraph web site in the UK, but it is actually a paid advertisement promoting “Islamic banking.”

Al Haramain Islamic Foundation Trial to Exposes Charity Support for Terrorism

The fate of an Oregon man whose Islamic charity is accused of financing Chechen terrorists is about to be in the hands of a federal jury.

Money Jihad Posts Excellent Critique of Zakat Complaints

Money Jihad blog has pointed out that, despite a large number of loud complaints from Muslims that they have not been able to fulfill their zakat obligations–and despite a dropoff in charitable giving in the current dismal economy–donations to America’s largest Muslim charity have skyrocketed…

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.