Economic Jihad Spreads to Ireland; Shari’ah-Compliant Financial Services ‘Should’ Be Made Available to Muslims There as a Matter of Urgency
At this rate, capitalism will be dead in a short time. It took the West years to defeat communism. Western capitalism eventually won the day as it was seen to be superior. Indeed it was and still is superior. Islamic economics is now winning the day, though. And there has been no need of a Cold War, and no need for guns (or swords). All it has taken is intimidation of Westerners by an assertive Muslim population, a sense of subservience to the Gulf Arabs, especially the Saudis, ignorance of the true nature of Islam and its goals, a refusal to admit to the dangers of that faith, appeasement, meekness, and timidity on the part of Westerners who are afraid of confronting the ideology, a loss of belief in our own destiny, and a dogged determination on the part of our leaders and captains of industry NOT to call Islam what it actually is: A political system wrapped up in a deity.

The end of capitalism and liberty, dear readers, is nigh! - ©Mark

THE IRISH TIMES: THERE IS an “urgent need” for sharia-compliant financial services to be made available in Ireland so that Muslims living here do not contravene religious teachings, representatives from Irish financial institutions were told at a seminar on Islamic banking yesterday.

The seminar was held at the Islamic Cultural Centre of Ireland (ICCI), which is based at Ireland’s largest Sunni mosque in Clonskeagh, Dublin.

“We organised this conference because there is an urgent need for the Muslim community here to have mortgages and other financial services that do not drive them to break their Islamic teachings,” said Ali Selim, a theologian and secretary to Imam Hussein Halawa of the ICCI.

During yesterday’s seminar Imam Halawa outlined the religious tenets of Islam that forbid the payment or receipt of interest, known as riba.

Representatives from the Arab Banking Corporation’s London subsidiary and the Islamic Bank of Britain gave presentations on how the market for Islamic finance has developed in the UK in recent years.

Several high street banks in Britain now offer a variety of sharia-compliant services, including mortgages.

One of the most common types is based on the Islamic principles of “diminishing musharaka” or diminishing ownership. Under this scheme, the customer and bank jointly acquire a property, with the customer’s share usually similar to the normal deposit, but the property is bought in the bank’s name only.

The customer makes monthly payments made up of rent and contributions towards the purchase price over an agreed period of time.

The amount of rent decreases as the customer’s share in the property increases. Ownership is transferred when the customer eventually buys out the bank.

Similar partnerships are available so Muslim business people in the UK can avoid interest repayments.

Mr Selim told the seminar that as Ireland’s Muslim population increased there would be more demand for such services here. Call for Sharia-Compliant Finance Services to Be Available in Ireland >>> By Mary Fitzgerald | May 30, 2008

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

Islamic Banks ‘Are Making Their Mark’
GULF DAILY NEWS: MANAMA: A new report from a global strategic management consulting firm shows that Islamic banks are making their mark in non-Muslim countries.

The AT Kearney study reveals that these wholesale banks target a broad set of corporate, institutional and high net worth clients, both Muslims and non-Muslims.

While Sharia-compliant banking has traditionally focused on the GCC and Malaysia, there has recently been a dramatic increase in the number of Islamic banks outside the core markets, most remarkably in the UK, where the number of Islamic banks has more than doubled over the past 12 months.

At the same time, their products remain popular in their core markets, where Islamic banks consistently outgrow their conventional competitors.

"While Islamic banks in their core markets take a universal banking approach, with retail, corporate and investment banking business lines, they focus on wholesale banking in the UK," said AT Kearney Middle East manager of financial services Dr Alexander von Pock.

Assets in the Islamic banking sector grew to over $250 billion globally in 2006, according to the UK Treasury. Islamic Banks ‘Are Making [Their] Mark’ >>>

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

A Muslim's Viewpoint: Bilal Philips - Interest and Islamic Banking

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

New Head of Islamic Banking Unit Appointed by Citigroup
HOT FINANCIAL NEWS!: Citigroup steps up its Islamic banking operations. It has appointed the former head of its Middle East debt capital markets group as its chief executive of business.

Samad Sirohey has become the head of Citi Islamic investment bank and the head of global investment banking.

Investment banks are redeploying much of their top talent to the Middle East, hoping to secure revenues from one of the fastest-growing regions in the world at a time when their more established businesses are struggling because of the credit crisis.

The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)

Riyazi Farook: Islamic Banking and Finance

The Dawning of a New Dark Age (Paperback - UK)
The Dawning of a New Dark Age (Hardback - UK)

Islamic Banking Is Going Mainstream
Image courtesy of Google Images
EMIRATES BUSINESS 24/7: Vince Cook, the CEO of The Islamic Bank of Asia (IB Asia) of Singapore, sees a strong Islamic finance industry in the region and works on bridging the gap between South East Asia and the GCC. For him, a key priority is to develop cross-border transactions within Asia and the Gulf with a view to securing a range of business, he told Emirates Business. 



What got you started in the Islamic financial services industry?

My first 24 years in banking were with Barclays, so I was basically associated with the British banking scene, so to say. Then they asked me if I was interested in looking at the overseas part of the business, and in 1987, I took my first Islamic banking project. That was my first exposure to the industry. 

At that time, the nature of the market was very different from what it is today. Since then, there has always been an element of Islamic banking with me. It was not a conscious decision but today it has become a very familiar field to me.

The elements of Islamic banking have always appealed to me. The social side of it, the business concern that underlines the use of money and the idea it is used for productive means are very important. Islamic finance has a close involvement with the community, which is remarkable. I strongly believe in all these things and enjoy them very much.



How would you describe the Islamic banking industry today, its atmosphere and current trends?

It's in the very early stages of development. A lot of players still question as to how we develop the business and how do we expand, as opposed to competing with each other head-on for market share. The game is about making the market bigger rather than fighting with each other for small percentages. 

In our case, based in Singapore, we are surrounded by huge potential markets with large Muslim populations. Investors are looking at different ways to structure the business. Islamic banks are a serious option for the very first time and if we look 20 years ahead and compare ourselves, we are very small today. Islamic Banking Is Going Mainstream >>> By Shuchita Kapur | April 29. 2008

The Dawning of a New Dark Age (Paperback – USA)
The Dawning of a New Dark Age (Hardcover – USA)

Islam-Fonds mit Allahs Wohlgefallen
FOCUS.DE: Kein Alkohol, kein Tabak, kein Schweinefleisch, keine Zinswucherer – die Scharia, das religiöse Gesetz des Islam, ist streng und schließt vieles aus, womit sich Geld verdienen ließe. Gläubige Moslems dürfen weder Zins nehmen noch sich an Banken beteiligen, die Zinsen verlangen, tabu sind auch Aktien von Bierkonzernen oder Rüstungsfirmen. Kursgewinne sind hingegen erlaubt.

Da in islamischgeprägten Ländern aber viel Geld auf Anlage wartet, haben sich mehrere Fondsgesellschaft daran versucht, scharia-adäquate Fonds aufzulegen. Einer davon ist die in Luxemburg ansässige UBS Fund Services, deren Islamic Fund Global Equities selbst für gläubige Muslime geeignet ist. Die Gesellschaft leistet sich ein mit zwei Scheichs besetztes „Scharia-Board“, das die Einhaltung der Regeln sicherstellen soll. Das Wächterkomitee prüft die Anlageziele und berät die Fondsmanager. Sollte trotzdem eine der Aktiengesellschaften im Depot Erträge erwirtschaften, die nicht scharia-konform sind, so legt das Wächter-Komitee ein Bußgeld für den Fonds fest, das für wohltätige Zwecke gespendet wird. Islam-Fonds mit Allahs Wohlgefallen >>>

The Dawning of a New Dark Age (Taschenbuch)
The Dawning of a New Dark Age (Gebundene Ausgabe)