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Keyword: shariahfinance

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  • Challenge of AIG Bailout Allowed to Proceed (and strange Shariah law thing)

    05/29/2009 3:04:15 PM PDT · by Chris DeWeese · 7 replies · 969+ views
    Thomas Moore Law Center ^ | 5/27/09 | Thomas Moore Law Center
    ANN ARBOR, MI – Proclaiming that times of crisis do not justify departure from the Constitution, Federal District Court Judge Lawrence P. Zatkoff allowed the lawsuit against Treasury Secretary Timothy Geithner and the Federal Reserve Board challenging the AIG bailout to proceed. The lawsuit was filed last December by the Thomas More Law Center, a national public interest law firm based in Ann Arbor, Michigan, and attorney David Yerushalmi, an expert in security transactions and Shariah-compliant financing. In his well-written and detailed analysis issued yesterday, Judge Zatkoff denied the request by the Obama administration’s Department of Justice to dismiss the...
  • Stress-testing Shariah-Compliant Finance

    05/11/2009 10:53:37 AM PDT · by Squidpup · 1 replies · 270+ views
    Shariah Finance Watch ^ | May 11, 2009 | shariahfinancewatch
    RGE Monitor has come up with an excellent analysis of the Shariah-Compliant Finance industry and has pretty much debunked all the misleading and flowery reports about Shariah-Compliance providing a safe haven against the current economic decline and financial downturn. It also reinforces another important aspect of Shariah-Compliant Finance that we’ve been writing about on SFW for months: Iran’s central and leading role in the spread of Shariah-Compliant Finance, as depicted in this pie chart: Iran has more Shariah-Compliant assets than Saudi Arabia, Malaysia and Kuwait combined. Unfortunately, while the RGE article points out the current and recent troubles with Shariah-Compliant...
  • Investors Collect Capital to Open an Islamic Bank

    04/19/2009 8:48:39 PM PDT · by marshmallow · 4 replies · 300+ views
    The Wall Street Journal ^ | 4/20/09 | Tahani Karrar
    DUBAI -- Persian Gulf investors plan to open a new $10 billion Islamic bank by year end in Bahrain, the chairman of the Union of Arab Banks said Sunday. The institution would be called "Istikhlaf Bank" and its shares would be listed on the Bahrain Stock Exchange and Nasdaq Dubai via an initial public offering, Adnan Ahmed Yousif said. "We call it the godfather of Islamic banks," Mr. Yousif told reporters on the sidelines of a banking conference. The proposed bank "will be established with a $10 billion capital and right now we are at a stage of forming the...
  • Fascism, World Govt, and Sharia Finance---.> THE OBAMA FUTURE

    04/03/2009 6:45:40 AM PDT · by Shellybenoit · 7 replies · 474+ views
    Front Page Mag/Yidwithlid ^ | 4/3/09 | Yidwithlid
    There are three parallel forces that may serve to take the control of the economy out of the hands of the American People: * The movement of the United States from a capitalist to a fascist economic system, Where socialism sought totalitarian control of a society’s economic processes through direct state operation of the means of production, fascism sought that control indirectly, through domination of nominally private owners. Where socialism nationalized property explicitly, fascism did so implicitly, by requiring owners to use their property in the “national interest”—that is, as the autocratic authority conceived it. * President Obama's desire to...
  • Beware of what you wish for: you might get it

    03/30/2009 12:21:09 AM PDT · by Cindy · 2 replies · 400+ views
    JIHAD WATCH.org ^ | March 29, 2009 | n/a
    Note: The following text is a quote: March 29, 2009 Beware of what you wish for: you might get it From this afternoon's Hate Mail Bag: Robert Spencer: Did you ever stop to think that if we had Sharia Law in this nation stupid and evil (bush/cheney for the uninitiated) might not have been able to create the economic horror that resulted from their inept incompetence? You may have a point, sir! Of course they wouldn't have. They would never have been in power. They would have been dhimmis, bowing and scraping before their Muslim superiors. Posted by Robert at...
  • Britain's a world-leader in sharia banking - but we haven't grasped the sinister and dangerous...

    02/10/2009 10:34:36 PM PST · by pissant · 11 replies · 838+ views
    Mail Online (UK) ^ | 2/10/09 | Melanie Philips
    Worried that Britain is going bankrupt? Cheer up – we’re about to be bought up by the Islamic world. A report by International Financial Services London reveals that Britain’s Islamic banking sector is now bigger than that of Pakistan. The study says that the UK has by far the largest number of banks for Muslims of any western country. The UK now has five fully ‘sharia-compliant’ banks – providing products which prohibit interest payments and investment in alcohol or gambling firms in accordance with Islamic sharia law – while another 17 leading institutions including Barclays, RBS and Lloyds Banking Group...
  • Bailing Out Shariah Law

    12/30/2008 5:39:02 PM PST · by Kaslin · 13 replies · 673+ views
    IBD Editorials ^ | December 30, 2008
    Islamofascism: In bailing out AIG, Uncle Sam may have taken on more than he bargained for, including a constitutional fight over the promotion of religion.Earlier this month, as the New York-based insurance giant benefited from $153 billion in tax-supported bailout funds, it launched a business unit offering Shariah-compliant insurance products in the U.S. For the first time, homeowners' insurance policies "compliant with key Islamic finance tenets" will be marketed to Muslims in America. "We are pleased to offer socially responsible solutions to this segment of the domestic market," the near-bankrupt AIG announced in a press release, explaining that the Islamic...
  • Record 1 in 10 American Homeowners in Foreclosure or a Month Behind in Payments

    12/05/2008 9:58:18 AM PST · by AngieGal · 55 replies · 1,603+ views
    Fox News ^ | December 05, 2008 | Associated Press
    A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy. The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier. Distress in the home loan market started about two years ago as increasing numbers of adjustable-rate loans reset to higher interest rates. But the...
  • Wall Street Bonus Picture Goes From Bad to Worse

    12/05/2008 11:47:46 AM PST · by Red in Blue PA · 26 replies · 973+ views
    CNBC ^ | 12/5/2008 | Staff
    With each passing day, the forecast for Wall Street bonuses only grows worse. In less than two weeks, Morgan Stanley and Goldman Sachs will tell their bankers and traders how much they will receive in annual bonuses for one of the worst years ever for the securities industry. Bonuses represent the bulk of a Wall Streeter's compensation and in a good year could reach anywhere from $500,000 to several million dollars for a top producer.
  • AIG Offers First Takaful Homeowners Insurance Product for U.S. (Islamic Sharia Finance)

    12/03/2008 10:42:41 AM PST · by Sammy67 · 16 replies · 1,260+ views
    Risk Specialists Companies, Inc. (RSC), a subsidiary of AIG Commercial Insurance, is introducing what it says is a first in the U.S.: a homeowners insurance product that is compliant with key Islamic finance tenets and based on the concept of mutual insurance. Advertisement The Takaful Homeowners Policy is underwritten through RSC member company A.I. Risk Specialists Insurance, Inc., in conjunction with Lexington Insurance Co. and in association with AIG Takaful Enaya. Headquartered in Bahrain, AIG Takaful Enaya was established in 2006 to provide Takaful products, including accident and health, auto, energy, property and casualty products. The Takaful home policy is...
  • 'Stealth Jihad' Reveals A New War on U.S. Soil

    11/20/2008 4:56:55 AM PST · by Sammy67 · 21 replies · 1,269+ views
    JihadWatch ^ | 11/20/08 | Robert Spencer
    Since the Sept. 11, 2001, attacks, Robert Spencer [whose “Jihad Watch” is featured weekly in HUMAN EVENTS] has been a one-man warning system against radical Islam. A scholar who has spent most of his professional life studying Islam, his string of books dissects the world's largest religion as a bastion of intolerance and hate, justified by the teachings of spiritual leader Mohammed and various holy men. As one of his previous titles, the "Politically Incorrect Guide to Islam," suggests, Spencer does not buckle in fear of the type of backlash that can materialize as a death-threatening fatwa against a critical...
  • Dems Target Private Retirement Accounts

    11/18/2008 4:45:37 PM PST · by Clintonfatigued · 55 replies · 2,005+ views
    Carolina Journal Online ^ | November 04, 2008 | Karen McMahan
    Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly. The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House...
  • Obama says aiding economy trumps budget deficit (Then what was the beef with President Bush?)

    11/16/2008 5:59:08 PM PST · by tobyhill · 50 replies · 1,611+ views
    reuters ^ | 11/16/2008 | Jeff Mason
    The United States government should not worry about deficits over the next two years while spending money to jumpstart the ailing economy, President-elect Barack Obama said in a television interview that aired on Sunday. Obama, a Democrat who takes over from President George W. Bush, a Republican, on January 20, said consensus had emerged between economists in both major U.S. political parties that expensive measures were necessary to avoid a deep recession. "The consensus is this, that we have to do whatever it takes to get this economy moving again, that we have to -- we're going to have to...
  • Obama: Auto industry collapse would be 'a disaster' (Obama displays his business ignorance)

    11/16/2008 4:43:03 PM PST · by tobyhill · 81 replies · 2,494+ views
    cnn ^ | 11/16/2008 | cnn
    The potential collapse of the auto industry would be "a disaster" amid today's economic crisis, President-elect Barack Obama told CBS' "60 Minutes" in a wide-ranging interview airing Sunday. "It's my belief that we need to provide assistance to the auto industry," Obama tells veteran correspondent Steve Kroft, according to excerpts released by CBS. "But I think that it can't be a blank check." The Senate is expected to vote this week on emergency loans to the auto industry, though the measure faces strong opposition from many Republicans. The bill would authorize loans to the auto industry from the Treasury Department's...
  • Obama team has ties to Clinton, banks (Bubba's 3rd Term&Team)

    11/14/2008 5:32:20 PM PST · by NormsRevenge · 16 replies · 469+ views
    Politico.com on Yahoo ^ | 11/14/08 | Carol E. Lee
    Six members of President-elect Barack Obama’s transition team for government operations worked in the Clinton administration, and one of them runs a consulting firm that has listed Freddie Mac as a client. The group will review the nuts and bolts of federal agencies, from managing government property to hiring government workers to handling national archives and official records. Linh Nguyen, who’ll oversee the office of personnel management review for the Government Operations Transition Team, founded Morningside Consulting in 2006. His company has since done work for Freddie Mac, as well as Wells Fargo, American Express, Chase Bank, Citibank and a...
  • How to survive the Great Depression of 2008 - 2009

    11/14/2008 11:51:19 PM PST · by 2ndDivisionVet · 103 replies · 9,408+ views
    Political Gateway ^ | April 4, 2008 | Bob Hoffman
    Deerfield Beach Florida – In 2004 and 2005 I suggested to people to sell their homes immediately and to rent. I told them the prices of homes were not true, they were not real. I implored them and even wrote a few articles about the coming land bust. Bob’s note:Links to the referenced stories Omens of the coming Real Estate Bubble? December 2005 - Predictions of real estate bursting after the new bankruptcy laws came true. Sell your home now, or risk the coming real estate crash May 2005 - Get out, get out now. Talk of great depression like...
  • Russia and EU attempt to outflank US on G20 global finance revolution

    11/14/2008 11:43:17 PM PST · by bruinbirdman · 7 replies · 865+ views
    The Times ^ | 11/14/2008 | David Charter in Nice
    Russia and the EU agreed today to pile pressure on President Bush to accept far-reaching changes to the global financial system at the G-20 summit in Washington. Dmitri Medvedev, the Russian President, said that Russia's ideas were almost identical to those put forward by Nicolas Sarkozy, the French President, on behalf of the EU. Both men have talked of the need for fundamental changes to post-war institutions such as the International Monetary Fund to take better account of the developing economic powers of the world, while President Bush has appeared reluctant to make major alterations. In a sign that they...
  • Republicans to Detroit: Drop dead (and take the unions with you!)

    11/14/2008 8:47:48 PM PST · by tobyhill · 119 replies · 3,062+ views
    MSNBC ^ | 11/14/2008 | David Kiley/Business
    Democrats may have been the big victors on Election Day. But the Republicans still in charge in the White House and representing a possibly immovable minority in the Senate may keep the U.S. auto industry from getting the help it needs before Barack Obama is inaugurated as President in January. To convince wary Republicans to go along with a rescue package, a House bill being crafted would give the government stock warrants, an equity stake in the automakers. It also has a provision that would put taxpayers at or near the head of the line for debt repayment when the...
  • Islamic Finance May Be On to Something

    11/14/2008 12:05:22 PM PST · by weef · 41 replies · 979+ views
    BusinessWeek ^ | 12/14/2008 | Frederik Balfour
    This might be a good time for investors to pick up a copy of the Koran. Stocks and other investments that adhere to sharia, or Islamic law -- though hardly unscathed -- have fared better than the broader market. That's thanks largely to rules that forbid investing in collateralized debt obligations and other toxic assets that have caused the carnage in conventional financial circles. A big part of the appeal of Islamic finance is its simplicity. Speculation is taboo under sharia, and there's a ban on assessing interest because the Prophet Mohammed said debts must be repaid in the amount...
  • Baseball, Apple Pie and Corporate Welfare

    11/14/2008 5:37:20 AM PST · by Kaslin · 9 replies · 370+ views
    Townhall.com ^ | November 14, 2008 | David Harsanyi
    The public already has cast a landslide vote on the nation's automotive industry. They hate it. And why shouldn't they? The Big Three automakers have generated a level of consumer satisfaction not seen in America since the English started taxing tea in Boston. The Republican Party also has been peddling a highly disagreeable product. And if they have a desire to regain relevancy, it is incumbent on them to use whatever meager power they still possess to stop the Democrats from passing a bailout of the Big Three. We should be calling this a bailout of incompetence, corporate cronyism and...
  • Freddie Mac posts $25.3 billion loss {Net worth -$13.7 B]

    11/14/2008 6:16:32 AM PST · by DeaconBenjamin · 16 replies · 547+ views
    Yahoo News ^ | 11/14/08
    NEW YORK (Reuters) – Freddie Mac, the second-largest provider of funding for U.S. residential mortgages, said on Friday it lost $25.3 billion in the third quarter as it wrote down a tax-related asset that had buoyed its capital and the housing slump took a significant turn for the worse. Freddie Mac's loss equaled $19.44 per share, compared with a loss, before preferred dividend payments, of $1.24 billion, or $2.07 per share, a year earlier. The loss pushed the company's net worth to a negative $13.7 billion at the end of the third quarter, and shareholder equity to a negative $13.8...
  • Palin to Paulson: "No More Surprises"

    11/13/2008 10:16:08 PM PST · by maccaca · 34 replies · 1,343+ views
    Miami -- In an interview after her speech at the Republican Governors' Association meetings here today, Alaska Governor Sarah Palin criticized the Bush administration for exacerbating voter "distrust" by shifting money from the $700 billion bailout from buying bad bank assets to purchasing additional stock in banks. In response to the proposed changes, announced yesterday by Treasury Secretary Henry Paulson, Palin expressed frustration on behalf of a weary electorate and offered a stern warning. "No more surprises," she said. "I think the surprises make the electorate distrust elected officials and their ability to appoint people who are to be looking...
  • Congressional Leaders Want Bush to Help Automakers

    11/09/2008 7:37:05 AM PST · by Joiseydude · 44 replies · 172+ views
    FoxNews.com ^ | Saturday, November 08, 2008
    WASHINGTON — Democratic leaders in Congress asked the Bush administration on Saturday to provide more aid to the struggling auto industry, which is bleeding cash and jobs as sales have dropped to their lowest level in a quarter-century. House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid said in a letter to Treasury Secretary Henry Paulson that the administration should consider expanding the $700 billion bailout to include car companies. "A healthy automobile manufacturing sector is essential to the restoration of financial market stability, the overall health of our economy, and the livelihood of the automobile sector's work force,"...
  • Bailout to Nowhere

    11/14/2008 5:15:41 AM PST · by reaganaut1 · 29 replies · 582+ views
    New York Times ^ | November 14, 2008 | David Brooks
    Not so long ago, corporate giants with names like PanAm, ITT and Montgomery Ward roamed the earth. They faded and were replaced by new companies with names like Microsoft, Southwest Airlines and Target. The U.S. became famous for this pattern of decay and new growth. Over time, American government built a bigger safety net so workers could survive the vicissitudes of this creative destruction — with unemployment insurance and soon, one hopes, health care security. But the government has generally not interfered in the dynamic process itself, which is the source of the country’s prosperity. But this, apparently, is about...
  • The Bailout's Fault Lines

    11/14/2008 4:59:41 AM PST · by Kaslin · 16 replies · 701+ views
    Townhall.com ^ | November 14, 2008 | Charles Krauthammer
    WASHINGTON -- Finally, the outlines of a coherent debate on the federal bailout. This comes as welcome relief from a campaign season that gave us the House Republicans' know-nothing rejectionism, John McCain's mindless railing against "greed and corruption" and Barack Obama's detached enunciation of vacuous bailout "principles" that allowed him to be all things to all people. Now clarity is emerging. The fault line is the auto industry bailout. The Democrats are pushing hard for it. The White House is resisting. Underlying the policy differences is a philosophical divide. The Bush administration sees the $700 billion rescue as an emergency...
  • New Monetary System on the Horizon - The G-20’s Secret Debt Solution

    11/14/2008 3:36:35 AM PST · by Beloved Levinite · 28 replies · 1,922+ views
    Money And Markets ^ | 11-13-08 | Larry Edelson
    The G-20’s Secret Debt Solution by Larry Edelson 11-13-08 If you think this weekend’s G-20 meetings in Washington are only about designing short-term fixes to the financial system and regulatory reforms for banks, hedge funds, brokers, mortgage companies and investment banks … think again. Behind the scenes, a far more fundamental fix is being discussed — the possible revaluation of gold and the birth of an entirely new monetary system. I’ve been studying this issue in great depth, all my life. And given the speed at which the financial crisis is unfolding, I would be very surprised if what I’m...
  • Hank Paulson, naked emperor (Malkin: "The man doesn't know what the hell he's doing.")

    11/14/2008 2:02:25 AM PST · by KentTrappedInLiberalSeattle · 27 replies · 1,718+ views
    MichelleMalkin.com ^ | 11/14/08 | Michelle Malkin
    My syndicated column this week rips Hapless Hank Paulson and his flock of sheeple in Washington. The latest headlines suggest that the auto bailout is in trouble. But don’t get your hopes up too high. Politicians will cave. And no matter what euphemism they use, you will pay for it. ******************* Hank Paulson, naked emperorby Michelle MalkinCreators SyndicateCopyright 2008 Treasury Secretary Hank Paulson finally confirmed what lonely bailout opponents tried to tell the American public all along: The man doesn’t know what the hell he’s doing. Paulson held a bazooka to taxpayers’ heads. He groveled on his knees in front...
  • Governor Granholm Heads to Jordan

    11/14/2008 1:59:41 AM PST · by Westlander · 17 replies · 629+ views
    WXYZ.COM ^ | 11-13-2008 | WXYZ.COM
    According to Granholm a congressional bailout of the Big 3 is in urgent need. She also indicated that any strings attached to a congressional bailout that impacts union contracts would be difficult.
  • U.S. Interest in Shariah Finance Opens Dangerous Doors, Critics Say

    11/13/2008 2:03:05 PM PST · by WellyP · 1 replies · 110+ views
    FOX News ^ | November 13, 2008 | FOX News
    "...American interest in the system at a time of economic crisis is opening the door to increased Islamic influence in the American banking system. Worse yet, some fear the banks may be helping to finance international terrorism..."