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Shariah Finance Must-Reads

Shari'a Finance

UAE is a leader in Shariah Finance and a leader in terror finance

FrontPage Magazine
November 14, 2007
By Alyssa A. Lappen

In October, Abu Dhabi Prince Nahayan Mabarak al-Nahayan advertised his ultra-conservative sheikdom's openness “in this age of globalization,” and having had world trade “from ancient times” by welcoming 100 world-class Jewish intellectuals to the United Arab Emirates (UAE) second biennial “Festival of Thinkers.” The UAE higher education minister controls 90%-plus of UAE crude and natural gas reserves--and wants good press for planned UAE cultural, science, technology and education institutions.

Also in October, shari'a finance gurus lobbied U.S. bankers at two Islamic finance conferences “to access more Islamic investment opportunities” and create more shari'a compliant products and new Islamic banks. Shari’a is “the path of Allah” explained “scholar” Nizam Yaquby obliquely at first, the Oct. 24 and 25 “Islamic Finance in North America” meeting, thus convincing many U.S. bankers that Islamic economics dates to Muhammad.


Islamic Banks & Shariah Scholars' Fees

Sheikh Yaquby lives in Bakrain & sits on 40 Shariah boards, including AIG and Citibank. At a 2007 NYC conference his only description of Shariah was, “Shariah is the path on which we walk, the water which we drink.”

May 1, 2007
Manama, Bahrain

Sheikh Nizam Yaquby is the gatekeeper to the $1 trillion market for managing Muslim wealth.

Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance companies, and tells Citigroup Inc., American International Group Inc. and HSBC Holdings Plc which insurance policies, accounts and bonds they can sell to devout Muslims.

Just as Wall Street turned to Nobel Prize winner Myron Scholes in the 1980s to help make derivatives the fastest growing financial market, banks can't find enough scholars steeped in the teachings of Muhammad to accommodate the demand for new bonds that conform to Shariah law. Without men like Yaquby to bless the borrowings, none of the $70 billion of Islamic debt outstanding can be traded and companies would have been unable to sell any of the $17 billion new offerings last year, according to data compiled by Standard & Poor's and Bloomberg.


How The West Came to Run Islamic Banks

Brief history of how Western banks are leading the way in Shariah Banking, and the importance of Sheik Usmani, who since this article has disappeared off boards as his support of violent Jihad became clear.

October 31, 2005

You're a pious Muslim with a few million in oil dollars to invest. So would the perfect Islamic bank for you be Citigroup, perhaps? HSBC?

Actually, yes. Giant Western banks—or, rather, their Islamic subsidiaries—are leading the market for financing that complies with Qur'anic laws forbidding lending money for profit, or sponsoring un-Islamic activities such as gambling or smoking. Citigroup's Bahrain-based Citi Islamic subsidiary was first into the market in 1996, and now leads the pack with deposits of more than $6 billion. Citi and at least 10 other Western majors dwarf the biggest locally owned rival, Al Baraka of Bahrain, worth a little more than half a billion.


In the Aftermath of the Northwest Airlines Terrorist Attack, Americans Feel Powerless in the Fight Against Terrorism

Empowerment Financial is getting the word out about their mission to engage in Terror Free Investing. “Terror-Free investing is an ethically responsible investing movement. The strategy focuses on excluding investment in companies whose business practices support our nation's adversaries. We exclude investment in stocks and bonds of companies that do business with countries deemed to be state sponsors of terrorism by the U.S. State Department. Our philosophy is that if you share certain key values on this topic and if you want results, we all need to do something. We cannot wait for the government to do it all, they can't, they need our help!”

Empowerment Financial Group
January 7, 2010

The recent terrorist attack on Northwest Airlines Flight 253 into Detroit, Michigan has shaken the American people once more. The terrorists intended to blow up the airliner and murder over 275 civilians and reign terror on one of America’s great cities, the effect of which would have been devastating. An apparent malfunction of the bomb and the bravery of passengers may have been all that saved the passengers and innocent people on the ground. “This is a wake-up call to Americans that terrorism still threatens our country”, says Mark Langerman (, CEO and Managing Director of Empowerment Financial Group. Sarah Steelman, terror free consultant to Empowerment Financial Group announced that “the recent terrorist attack on Northwest Airlines Flight 253 into Detroit, Michigan should inspire people to do their part on the war against terror.” Steelman, former State Treasurer of Missouri created the first “terror-free” investment fund in the country, which sparked a nationwide movement of state and local governments to also adopt Terror-Free investment models. Mark Langerman, co- founder of Empowerment Financial Group added, “We are offering an opportunity through our “Terror-Free” investment portfolios for every citizen to do their part ( cutting off the support and money going to terrorists. Our efforts provide you a means to fight in the Financial War on Terror and empower you to try putting a stop to this madness,” continued Langerman.

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