Sunday, November 25, 2007

  • Sunday, November 25, 2007
  • Elder of Ziyon
From NYT:

Rising oil wealth is lifting Islamic banking -- banking that adheres to the laws of the Koran and its prohibition against charging interest -- into the financial mainstream.

Big banks, including Citigroup, HSBC and Deutsche Bank, as well as financial capitals like London, Tokyo and Hong Kong, are all going into the Islamic banking business. An estimated 300 Islamic financial institutions hold at least US$500 billion in assets, and deposits are increasing more than 10 percent a year.

In addition to Islamic loans, there are Islamic bonds, Islamic credit cards and even Islamic derivatives. Loans and bonds that conform to the Koran are already available in the US. And Britain, Japan and Thailand are contemplating issuing Islamic bonds of their own.

... Islamic finance also avoids practices prohibited under Shariah: Islamic bankers cannot receive or provide funds for anything involving alcohol, gambling, pornography, tobacco, weapons or pork.

Leave it to the New York Times to not bother asking about the rich history of Islamic banks bankrolling suicide bombings.
...Islamic financial institutions have to depend on their own boards of Shariah scholars to approve every product. Shariah scholars are rare, and those with financial understanding even rarer, so many scholars sit on several boards, earning up to US$100,000 in retainers. "If they're complaining there is a shortage, what are they doing to solve this problem?" asked Sheikh Nizam Yaquby, a scholar based in Bahrain who sits on the boards of Citigroup, AIG and HSBC, among others.

...In the early 1990s, Malaysia devised the first Islamic bond, or sukuk, an accomplishment it expanded on in 2002 by issuing the first global sukuk, raising US$600 million. Now the global sukuk market totals US$82.2 billion, with Malaysia accounting for two-thirds of it....

Britain, which licensed its first Islamic bank in 2004, plans to issue its own sukuk. Japan's Bank for International Cooperation is planning a US$300 million sukuk. And in July, a Texas-based oil firm, East Cameron Partners, issued the first US sukuk, raising US$165.7 million.

For a slightly less gushing viewpoint of Islamic finance, see this FrontPage article.

For much more detail, see the Terror Finance Blog.

EoZTV Podcast

Podcast URL

Subscribe in podnovaSubscribe with FeedlyAdd to netvibes
addtomyyahoo4Subscribe with SubToMe

search eoz

Loading...

comments

Speaking

follow me

Follow by Email

Contact

Elder: elder -at- elderofziyon dot com
Mrs. Elder: mrs.elder -at- elderofziyon.com


translate

E-Book

For $18 donation








Sample Text

EoZ's Most Popular Posts Ever

Hasbys!

Elder of Ziyon - حـكـيـم صـهـيـون

This blog may be a labor of love for me, but it takes a lot of effort, time and money. For over 12 years and over 25,000 articles I have been providing accurate, original news that would have remained unnoticed. I've written hundreds of scoops and sometimes my reporting ends up making a real difference. I appreciate any donations you can give to keep this blog going.

Donate!

Donate to fight for Israel!

Monthly subscription:
Payment options



One time donation:



subscribe via email

Follow EoZ on Twitter!

Tweets

Compliments

The Jerusalem Report:"A seemingly indefatigable one-man operation, armed only with a computer, chutzpa and stamina."

Algemeiner: "Fiercely intelligent and erudite"

Omri: "Elder is one of the best established and most respected members of the jblogosphere..."
Atheist Jew:"Elder of Ziyon probably had the greatest impression on me..."
Soccer Dad: "He undertakes the important task of making sure that his readers learn from history."
AbbaGav: "A truly exceptional blog..."
Judeopundit: "[A] venerable blog-pioneer and beloved patriarchal figure...his blog is indispensable."
Oleh Musings: "The most comprehensive Zionist blog I have seen."
Carl in Jerusalem: "...probably the most under-recognized blog in the JBlogsphere as far as I am concerned."
Aussie Dave: "King of the auto-translation."
The Israel Situation:The Elder manages to write so many great, investigative posts that I am often looking to him for important news on the PalArab (his term for Palestinian Arab) side of things."
Tikun Olam: "Either you are carelessly ignorant or a willful liar and distorter of the truth. Either way, it makes you one mean SOB."
Mondoweiss commenter: "For virulent pro-Zionism (and plain straightforward lies of course) there is nothing much to beat it."
Didi Remez: "Leading wingnut"

Interesting Blogs

Categories

Abbas liar Academic fraud administrivia al-Qaeda algeria American Jews Amnesty analysis anti-semitism apartheid arab refugees Arafat archaeology art ASHREI B'tselem bahrain bbc BDS BDSFail Bedouin Beitunia beoz book review breaking the silence Cardozo Chanukah Christians conspiracy theories Cyprus Daphne Anson Davis report DCI-P double standards Egypt Elder gets results ElderToons Electronic Intifada EoZNews eoztv Erekat EU Euro-Mid Observer Fake Civilians 2014 Fatah featured Features fisking flotilla Forest Rain free gaza freedom of press palestinian style future martyr Gary Spedding gaza Gaza Platform George Galloway George Soros gideon levy gilad shalit gisha Goldstone Report Good news Grapel Guardian gunness Haaretz hamas Hamas war crimes hasbara Hasby 2014 Hasby 2016 Hebron helen thomas hezbollah history Hizballah Holocaust denial honor killing HRW Human Rights Humanitarian crisis humor Hypocrisy ICRC Ilan Pappe impossible peace incitement Indonesia international law intransigence iran Iraq Islamic Judeophobia Islamism Israel Loves America Israeli culture Israeli high-tech J Street jabalya jeremy bowen Jerusalem jewish fiction Jewish Voice for Peace jihad jimmy carter John Kerry jokes jonathan cook Jordan Juan Cole Judea-Samaria Kairos Karl Vick ken roth khalid amayreh Khaybar Lebanon leftists Linkdump lumish mahmoud zahar Malaysia max blumenthal McGraw-Hill media bias Methodist Miftah Mohammed Assaf Mondoweiss moonbats Morocco music Muslim Brotherhood Nakba Natural gas Nazi News nftp NGO NIF norpac NYT Occupation offbeat Omar Barghouti Opinion oxfam PA corruption PalArab lies Palestine Papers pallywood pchr PCUSA Peter Beinart Petra MB poll Poster Preoccupied Prisoners propaganda Proud to be Zionist purimshpiel Qaradawi Qassam calendar Rafah Ray Hanania real liberals reference Richard Falk rogel alpher roger cohen roger waters Saudi Arabia saudi vice self-death self-death palestinians sex crimes SFSU shechita sheikh tamimi Shujaiyeh SodaStream South Africa Speech stamps Syria Tarabin Temple Mount Terrorism This is Zionism Thomas Friedman Tunisia Turkey UCI UK UN UNDP unesco unhrc United Arab Emirates Unity unrwa UNRWA hate unrwa reports UNRWA-USA Varda Vic Rosenthal Washington wikileaks work accident X-washing Yemen zahran zionist attack zoo Zvi

Blog Archive