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Shariah Finance

Hezbollah’s “Martyrs Foundation”

The Martyrs Foundation is yet another terror organization funding groups like Hezbollah, Hamas, and the Palestinian Islamic Jihad through charity. The U.S. Treasury designated a Dearborn, Michigan charity known as the “Goodwill Charitable Organization” as the U.S. financial branch office of the Martyrs Foundation.

Money Jihad
June 3, 2010

Hezbollah is funded in large part by the Shia khums tax. Iranian imams shakedown their parishioners for khums and transfer it to Hezbollah to pay shahids to kill Jews.

Hezbollah is also funded by affiliates around the world such as the Martyrs Foundation. Matthew Levitt of the The Washington Institute for Near East Policy told Congress in 2007:

The “Martyr’s Organization” (Martyr Foundation, Bonyad-e Shahid), headed by Mohammad Hasan Rahimiyan, admittedly supplies charitable funds for the family of suicide bombers.

Islamic Finance Flourishes in CIS

Shariah Finance is growing rapidly in Russia.

Arab News
May 23, 2010
Moscow, Russia

Judging by the spate of conferences on Islamic finance organized in the Russian Federation and the rest of the CIS countries in recent months, interest in Islamic finance is fast developing in a region that should be a natural market for the global industry.

The region is rich in natural resources, especially oil, gas, minerals and cotton, and has a combined Muslim population in excess of 120 million. Not surprisingly, the Jeddah-based Islamic Development Bank (IDB) is organizing the annual meeting of its board of governors in Baku, Azerbaijan on June 23-24. Last year, the IDB held its annual meeting in Ashkhabad, the capital of Turkmenistan - this is the second successive year that the IDB has held its annual meeting in the CIS.

In fact, the IDB recently took out an equity stake in the Tatarstan International Investment Company, an Islamic investment company that will invest in projects in the Muslim-populated regions of the Russian Federation and in the CIS.


Kosovo: Police Arrest Five Radical Islamists

Five Wahabbists in Kosovo were arrested for “criminal activities.” They were all involved with an Islamic charity called “Iskrenost,” or “Sincerity.” Upon their arrest, police confiscated many weapons, including automatic rifles, pistols, ammunition, and uniforms. “Wahabi ideology preaches religious intolerance towards other religious groups, including moderate Muslims.” Since the Bosnian war, Shariah-driven groups have received a great deal of funding through zakat (or charity) by posing as humanitarian organizations.

May 22, 2010
Pristina, Kosovo

Kosovo police have arrested five members of the fundamentalist Wahabi Islamic movement who are suspected of "criminal activities, "police spokesman Hazir Berisa said on Saturday. He did not specify if those arrested were suspected of recruiting terrorists or plotting attacks.

Berisa said the five suspects were associated with a humanitarian organisation called Iskrenost (Sincerity).

The arrests took place late on Friday in the southwest city of Prizren in an operation in which 120 police officers were deployed. Berisa said police confiscated a large quantity of weapons during the operation, including automatic rifles, pistols, ammunition and uniforms.

The Wahabi movement originated in Saudi Arabia in the 17th century. Wahabi ideology preaches a 'pure' form of Islam. It was brought to the Balkans by Arab 'mujahadeen' fighters who fought on the side of local Muslims during Bosnia’s 1992-1995 war.

Many former 'mujahadeen' remained in the region after the war indoctrinating local youths and even operating terrorist training camps, according to foreign intelligence sources.

Tensions between Wahabis and mainstream Muslims have been simmering in the Balkans for some years as the Wahabi ideology preaches religious intolerance towards other religious groups, including moderate Muslims.

Wahabis have sought to gain influence in Bosnia-Heregovina and also in Serbia, Montenegro and Kosovo.

Since the Bosnian war, radical Islamists have often operated under the guise of humanitarian organisations from Islamic countries and several such charities have been banned in Bosnia.


GE Capital Mulls New Islamic Bond

Aris Kekedjian, Chief Executive of GE Capital Middle East and Africa, said the following regarding GE’s second Islamic bond: "We don't need to be greedy in our issuances but our intent is to continue to issue." He followed up by stating that he hoped other Western players would follow GE Capital's lead and issue sukuks. GE -- no longer bringing good things to light.

May 16, 2010
Dubai, United Arab Emirates

GE Capital, a unit of General Electric Co., plans to issue its second Islamic bond in late 2010 or in 2011, a senior executive said on Sunday.

Aris Kekedjian, chief executive of GE Capital Middle East and Africa, said the Islamic bond, or sukuk, would likely be a benchmark issue.

In November, GE Capital became the first large U.S. conglomerate to issue a sukuk when it raised $500 million. Kekedjian said the firm wants to become a regular sukuk issuer over time.


Central Bank of Kenya to Launch Shariah-Compliant Bonds and Treasury Bills

Kenya has recently announced that it will introduce Shariah-compliant sukuk bonds and treasury bills into the Kenyan money market.

How We Made It In Africa
May 5, 2010
Nairobi, Kenya

The Central Bank of Kenya (CBK) has announced that it is working on plans to launch the flotation of sharia-compliant bonds and treasury bills in the Kenyan money market.

The inclusion of sukuk bonds and bills, which will be structured in compliance with sharia law, is likely to increase the amount of cash flowing into Kenya from the Gulf region.

The CBK Governor, Prof Njuguna Ndungu, said the two sharia-compliant banks in Kenya have contributed to the development agenda by participating in the sukuk component of infrastructure bonds issued by the apex bank on behalf of the Kenyan government.

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