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Shariah Finance Must-Reads

Bloomberg’s Quiet Investments in Sharia Finance: An Ulterior Motive in Backing Ground Zero’s Victory Mosque?


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Common American Journal
August 17, 2010

…Why would the Ground Zero mosque receive such seemingly special treatment?

An observant tipster notes that Bloomberg’s namesake news service has a significant financial interest in keeping those of Middle Eastern heritage happy.

Spurred by a recent boom in sales in the region, Bloomberg is expanding its Dubai office into a regional hub, a move that will as much as quadruple its local staff over the next year.

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Ground Zero Mosque Madness: NYC Mayor Bloomberg’s Bloomberg LLC expanding its financial center to a regional hub in Dubai

“Bloomberg LLC sells its terminals from seven regional hubs: London, Sao Paolo, New York, San Francisco, Tokyo, Hong Kong and Sydney but the Dubai regional center will allow Bloomberg access to Islamic sharia based banking and monetary systems by developing a sharia compliant finance portal... By siding with Islamic expansionism through mosque building, New York Mayor Michael Bloomberg’s insulting tirade against the Cordoba mosque’s detractors, calls into question his business ethics in catering financially to an avowed enemy of Western civilization and democratic principles.”



Emerging Corruption
August 16, 2010
By Ann "Babe" Huggett

New York City Mayor, Michael Bloomberg, is currently on record excoriating opponents to the construction of the Islamic Cordoba Center mosque scheduled to begin construction on September 11, 2011 in Lower Manhattan. The proposed mosque’s site is two blocks from the former World Trade Center’s Twin Towers destroyed ten years previously on September 11, 2001 by Islamic jihadists. Bloomberg’s demands of religious tolerance from his city’s citizens is inconsistent in a city with 100 mosques already in operation but with a school system that will not acknowledge Christianity or Christmas, or even allow the repairs necessary for the Greek Orthodox Church, St. Nicholas, to go forward nearly a decade after it was crushed by falling debris from the Twin Towers themselves.

Paralleling Mayor Bloomberg’s veiled insults towards those acutely aware of the historical Islamic conquest of non-Muslim lands by their building of mosques on top of or dominating a conquered people’s holy sites, is the concurrent Bloomberg LLC’s expansion of its Dubai financial center into a regional hub for the UAE. Founded in 1981 by Michael Bloomberg, who privately owns 85% of the limited liability corporation, Bloomberg LLC is a dominant player in global financial software, data gathering and news, commanding one third of its market niche estimated at $16 billion dollars.

Bloomberg LLC sells its terminals from seven regional hubs: London, Sao Paolo, New York, San Francisco, Tokyo, Hong Kong and Sydney but the Dubai regional center will allow Bloomberg access to Islamic sharia based banking and monetary systems by developing a sharia compliant finance portal.

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American Taxpayer, Financial Jihadist

American taxpayers have been funding Shariah Law since the bailout made each of us an owner of AIG, “the world’s most lavishly funded Shariah-compliant insurance business.” It is interesting to note that Samuel Hayes, one of the Harvard scholars behind SCF and co-author of the SCF textbook Islamic Law and Finance: Religion, Risk, and Return, confirmed that “the raison d’etre for the practice of Islamic finance is undeniably religious.” Moreover, that SCF is “an assertion of religious law in the area of commercial life, where secularism rules almost unquestioned throughout the rest of the world.” And yet the Obama administration denies that SCF is a religious activity?



National Review
August 14, 2010
By Andrew C. McCarthy

It is “financial jihad,” explained Yusuf Qaradawi, the Muslim Brotherhood’s sharia compass — and the man Feisal Rauf, the brains behind the proposed Ground Zero mosque, admires as “the most well-known legal authority in the whole Muslim world today.” It was 2002 and Qaradawi, who endorses suicide bombing and the targeting of American personnel operating in Islamic countries, was giving a lecture on the need to use the international financial system to support Islamist goals — like Hamas’s war to destroy Israel.

The financial jihad has now achieved its greatest coup so far: It has co-opted the U.S. government as a partner. In fact, if you would like to see a contributor to the jihad, have a look in the mirror. Thanks to the Obama administration, every one of us is complicit. The bailout bonanza made each of us an owner of American Insurance Group (AIG). Under the stewardship of its real CEO, Treasury Secretary Timothy Geithner, AIG proudly runs the world’s most lavishly funded sharia-compliant insurance business — and it is desperately trying to convince a federal court in Michigan that no one should have a problem with that.

Sharia-compliant finance (SCF) is now a thriving American industry. Sharia is Islam’s authoritarian legal framework. It aspires to control not merely spiritual life but all aspects of society, including economic matters. The purpose of SCF is to advance that mission in two important ways.

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Shariah-Compliant Finance Advisor Picked by Obama as White House Fellow

Shariah Finance expert Samar Ali, an associate with the firm Hogan Lovells US LLP (a firm that specializes in Shariah Finance), was hand picked to be one of the new White House Fellows. The writer asks, “Why, in the midst of the worst financial crisis our country has faced in 70 years, does the president choose an expert in Islamic finance to get training in the White House?”



Pajamas Media
June 25, 2010
Washington, D.C.

On Tuesday, President Obama announced the appointment of this year’s “White House Fellows,” a prestigious program in which outstanding Americans are chosen to work in the White House and receive “first hand, high-level experience with the workings of the Federal government.” According to a White House Press release, one of this year’s Fellows is a young lawyer named Samar Ali:

Samar Ali is an Associate with the firm Hogan Lovells US LLP. She is responsible for counseling clients on mergers & acquisitions, cross-border transactions, Shari’a compliant transactions, project finance, and international business matters.

Left out of the press release is that she also previously worked as an intern and received training at the Islamic International Arab Bank; according to her staff bio at the Hogan Lovells law firm,

Samar’s experience includes advising a Middle Eastern university in the potential establishment of a Foreign Aid Conventional and Shari’ah Compliant Student Loan Program. … Before joining Hogan & Hartson, Samar worked as a summer associate for the firm and as a legal intern for the Islamic International Arab Bank.

For those who have never heard of it, the Islamic International Arab Bank “commenced its banking operations in accordance with Islamic Sharia rules on the twelfth day of Shawal 1418 AH, corresponding to 9 February 1998, to meet the growing demand for Islamic banking services and products.”

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Sharia-Compliant Banking Products a 'Huge Flop' in Britain

"As we now approach the sixth anniversary of IBB's launch, I'm sad to finally have to admit that Islamic finance in the UK has been a huge flop," said Junaid Bhatti, part of the team that set up Islamic Bank of Britain, the first Shariah-compliant bank approved by the Financial Services Authority. "Even HSBC Amanah, probably the most credible and efficient provider of halal banking in the UK, has dramatically reduced its dedicated Islamic banking staff in Britain, and its marketing volume has been turned way down."



The Australian
June 21, 2010
By Katherine Griffiths

ISLAMIC bank accounts and other financial products have failed to take off in Britain, according to industry insiders.

This is despite hopes that the UK would become a pioneer in a new growth market.

New banks that were set up to appeal to the UK's nearly two million Muslims and Sharia-compliant products created by the existing high street lenders have failed to make much of an impact, critics say.

Junaid Bhatti, part of the team that set up Islamic Bank of Britain, the first Sharia-compliant bank approved by the Financial Services Authority, says that the sector has been a big disappointment.

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Special Thanks to:

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