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Shariah Finance Must-Reads

Who Are Entitled to Receive Zakat?

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February 28, 2011

Eight groups of people are eligible to receive zakat

It is important to give the zakat to those who are eligible to receive it. They are the following eight groups mentioned in the 60th ayah of the Surah al Tawba:

"The alms are only for the poor and the needy, and those who collect them, and those whose hearts are to be reconciled, and to free the captives and the debtors, and for the cause of Allah, and (for) the wayfarers; a duty imposed by Allah. Allah is knower, Wise." (Surah al Tawba, 60).


Treasury Identifies Lebanese Canadian Bank Sal as a "Primary Money Laundering Concern"

The Treasury Department took action against the Lebanese Canadian Bank SAL, charging that the bank facilitates Hezbollah’s money laundering activities; approximately $200 million per month is derived from Hezbollah’s cocaine trafficking.

U.S. Department of the Treasury
February 10, 2011
Beirut, Lebanon

The U.S. Department of the Treasury today announced the identification of The Lebanese Canadian Bank SAL together with its subsidiaries (LCB) as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311) for the bank’s role in facilitating the money laundering activities of an international narcotics trafficking and money laundering network. This network moves illegal drugs from South America to Europe and the Middle East via West Africa and launders hundreds of millions of dollars monthly through accounts held at LCB, as well as through trade-based money laundering involving consumer goods throughout the world, including through used car dealerships in the United States. Treasury has reason to believe that LCB managers are complicit in the network’s money laundering activities. Today’s action also exposes the terrorist organization Hizballah’s links to LCB and the international narcotics trafficking and money laundering network.

“This action seeks to protect the U.S. financial system from the illicit proceeds flowing through LCB and to deprive this international narcotics trafficking and money laundering network of its preferred access point into the formal financial system,” said Under Secretary for Terrorism and Financial Intelligence Stuart Levey. “Any financial institution that collaborates in illicit conduct on this scale risks losing its access to the United States.”

Treasury’s Financial Crimes Enforcement Network (FinCEN) also today filed a Notice of Proposed Rule Making (NPRM), in which it proposes prohibiting U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for LCB. In addition to these regulatory measures, the Treasury Department will work with the Lebanese Central Bank and other relevant Lebanese authorities to address the concerns highlighted by today’s action.


Wall Street Warned About New Kind of Jihad

“Al-Awaki’s conclusion [from his recent fatwa regarding Financial Jihad in the January edition of Inspire magazine] is that Muslims should... target government owned property, banks, global corporations, and wealth belonging to disbelievers with known animosity towards Muslims. In the case of the United States, however, the wealth of private citizens is fair game because we keep voting for ‘war mongering governments.’”

February 1, 2011
By John Carney

Wall Street firms received briefings from US security officials about a potential threat after the publication of the most recent issue of Inspire Magazine ran a cover story advocating jihadists target banks and other institutional wealth centers.

The briefings took place in January, according to NBC news. The fourth issue of Inspire was published on January 16 or so.

Jim Margolin, a spokesman for the FBI, seems to be trying to quell fears that might arise from news of the briefing.

"In post-9/11 world we routinely give security briefings to security personnel in various parts of the private sector. This was in the course of a periodic update in the evolving threat stream," Jim Margolin, spokesman for the Federal Bureau of Investigation in New York, told Reuters "I would stress that it's our belief that the information that was discussed was not imminent, not specific.”


Jihadi Cleric Al-Awlaki to Jihadis in West: Get Money by Any Means Possible

Jihad Watch
January 17, 2011

In a new fatwa issued in the lead article of the fourth issue of Inspire magazine, which was published on January 16, 2011, Yemeni-American jihadi cleric Anwar Al-Awlaki encourages jihadists living in the West to assist the financing of jihadi activities through any means possible, including theft, embezzlement and seizure of property. The U.S. government, and U.S. citizens are singled out as prime targets for these acts. Following are the main points and excerpts from the article:


Muslim Brotherhood Nets Halal Tax Revenues

At least 60% of halal food is controlled by offshoot organizations of the Muslim Brotherhood. Halal food and Shariah are inextricably linked and profits may fund terrorism, even in the United States.

Money Jihad
January 6, 2011
Paris, France

The halal food movement in France was troublesome enough when we learned that a secret embedded Islamic tax was being added to each sale. But CBN reported yesterday that it’s worse than that, because France’s $7 billion halal food industry has links to the Muslim Brotherhood. Buying halal food doesn’t just mean a deeper penetration of sharia into the West–it could mean that a portion of the purchase price ends in the pockets of Muslim Brotherhood cohorts.

Here’s CBN’s full article:

PARIS — Halal food, food prepared according to Islamic sharia law, is becoming an increasing part of the Western diet and has become a multi-billion dollar global industry.

But CBN News has discovered that some of that money is funneled to groups tied to terrorism.

Muslim halal food is creeping into the food chain not only in France, but worldwide, including the United States.

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