Archive for November, 2012

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World Bank spends your money to promote sharia

November 22, 2012

The World Bank has agreed to collaborate with the Islamic Development Bank (IDB) “in the development of Islamic Finance,” according to the Arab News.

The Jeddah-based IDB, which Shariah Finance Watch describes as “the financial jihad wing of the Organization for Islamic Cooperation (the world’s foremost Islamic imperialist organization),” has a disturbing history and role in international finance that you can read about here.

The Global Muslim Brotherhood Daily Report has previously described the IDB’s role “in funding a project of a Ukrainian Brotherhood organization, in financing the projects related to the Islamic Society of North America (ISNA), and sponsoring a philanthropic conference held by an organization with Brotherhood ties. Another post noted that IDB representatives were in attendance at a Saudi charity seminar attended by Wael Julaidan, possibly the known founder and financier of Al Qaeda.”

Sounds like a great partner for peace and global economic prosperity, doesn’t it?  From the Arab News last month:

World Bank and IDB sign Islamic finance deal

The World Bank and Islamic Development Bank have signed a Memorandum of Understanding (MoU) to set out a framework for collaboration between the two parties and lend support to global, regional and country efforts in the development of Islamic Finance.

World Bank Managing Director Dr. Mahmoud Mohieldin and Islamic Development Bank Group President Dr. Ahmad Mohamed Ali signed the memorandum on behalf of their institutions with the common objectives of fostering, encouraging, and studying the expansion of Islamic finance globally.

The MoU adopts the following principles:

  • Knowledge sharing to identify and disseminate sound practices in the Islamic financial services industry.
  • Cross fertilization of ideas that would foster the development of Islamic finance that is critical for growth, efficiency and financial inclusion.
  • Encourage research and promote awareness of appropriate risk management framework for Islamic financial institutions in particular and the Islamic finance industry in general; and
  • Capacity building in the Islamic financial services industry with a view to fostering financial stability and promoting increased access to Islamic financial services in markets around the world.

World Bank Managing Director Dr. Mahmoud Mohieldin stressed the importance of the memorandum for increased capacity-building and knowledge-sharing between the two organizations.

“The MoU signed today between the IDB and WB will help us deepen our understanding of Islamic finance and build capacities to develop institutions and instruments to support sustainable inclusive growth and help societies to achieve their development goals with emphasis on poverty alleviation and shared prosperity,” he said.

“The signing of MoU between the World Bank and IDB aims to forge a strategic partnership between our two institutions in the area of Islamic finance to support inclusive growth, including greater access to finance for the poor, and financial stability in our mutual member countries,” said IDB President Dr. Ahmad Mohamed Ali.

“We expect to do this by expanding our knowledge base as well as our ability to support our member countries’ efforts to build resilient institutions and develop instruments to achieve greater financial inclusion and sustainable development,” he added.

The core tenant of Islamic finance is a system which promotes risk-sharing and the avoidance of interest and leverage.

Global Islamic Financial assets have increased significantly over the past three decades, crossing $ 1 trillion in 2010 and estimated to have exceeded $ 1.2 trillion in 2011, up from about $ 5 billion in the late 1980s.

Islamic finance could accounts for a substantial share of financial services in many countries in the coming years.

Through the MoU, the World Bank and Islamic Development Bank will explore Islamic Finance as a potential tool supporting the efforts of countries to reach their development goals.

The World Bank previously dallied with at least one sukuk (Islamic bonds) issuance in 2009, and declared Islamic finance to be a “priority area” last year.  The World Bank also co-hosts an annual conference with AAOIFI, a Bahrain-based standards setting board for sharia finance that is chaired by the notorious sharia law advocate, Taqi Usmani.

The World Bank is funded by member country contributions from taxpayers like you, and international investors and institutions that buy their bonds.

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The fat cats of terror

November 21, 2012

Overlooked this one!  BusinessPundit.com ran an interesting piece last year entitled, “10 Richest Terrorists Ever.”

Notable entries include Dawood Ibrahim in second place:  “India’s most wanted man and a prominent figure in international organized crime and money laundering, Dawood Ibrahim is suspected of masterminding the 1993 Bombay bombings and involvement in the 2008 Mumbai attacks.”

In fifth place, the deceased PLO chairman Yasser Arafat, who “earned” his wealth and a place on the list through graft, corruption, and bribes, and which Daniel Pipes reported on as early as 1990.

Osama Bin Laden appears somewhat lower on the list than expected at number seven.

And, somewhat surprisingly making the list at all at #10, Umar Farouk Abdulmutallab, the failed “underwear bomber” of Flight 253 rounds out the group as the son of a wealthy sharia bank executive.

Now for who didn’t make the list.  U.S. intelligence estimates that Hezbollah leader Hassan Nasrallah’s net worth is $250 million obtained through corruption, which would have placed him at number six on BusinessPundit’s list if he had been included.

Munich Olympic terrorist mastermind Ali Hassan Salameh led a 1976 PLO bank robbery of $210 million in today’s money.  How much of that he was able to keep for himself is unknown.

It probably wouldn’t have put him on the list even if it’s true, but the ascetic Taliban leader Mullah Omar was said to have stuffed £3.5 million in flour sacks immediately prior to fleeing U.S. forces in Afghanistan.

And let’s not even get started on the billionaire and multi-millionaire Saudi bank magnates that have been accused, with ample evidence supporting the allegations, of financing terrorism.

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130 requests for zakat, and counting

November 20, 2012

Money Jihad has just added a new page to the website cataloging about 45 previously unpublished requests we’ve received from Muslims around the world asking us to give them money through zakat donations.

Some of the requests claim to be for personal reasons—such as helping somebody with their education or helping them get out of debt—but some have a broader Islamic agenda such as “helping us to raise Muslim power” or “making Islam gain ground.”  Most of the messages don’t request a specific amount.  The smallest amount sought is $200; the largest request hints at $1 million.

Take a look!  Some of them, like one requesting help with “skull fees,” are unintentionally humorous.

There are about 85 separate requests on this old post, too, including a comment that “-Jihad -zakaat, I hope it will go a long way in achieving all predetermined goals.”

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WAMY funds another Pakistan mosque

November 19, 2012

The World Assembly of Muslim Youth (WAMY), an agency of the Saudi government that has funded Wahhabi causes and terrorists around the world for decades, has opened a new mosque in Pakistan.  Yeah, because that’s exactly what Pakistan needs:  more Islam.

From IINA on Nov. 6:

The World Assembly of Muslim Youth (WAMY) has opened recently a mosque in Deir Pakhtunkhwa in Pakistan.

In an inaugural ceremony, held on this occasion, a number of speakers praised WAMY’s efforts in supporting the Pakistani people. WAMY opened earlier seven new wells in Pakistan that benefit nearly 20,000 citizens, as part of its efforts to provide potable water to the poor and needy in the Islamic world, the Saudi Press Agency reported.

This project should not be confused with other recent news of Saudi funding of a new $100 million mosque in Kabul and projects in Maldives, which are separate attempts to spread Wahhabi Islam to countries that were somewhat more religiously moderate prior to infiltration by Saudi money.

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How the Arab League roped 7 U.S. companies into their Israel boycott in 2012

November 17, 2012

The Arab League has imposed a formal economic boycott against Israel since 1948 to the present.  In 1977, Congress passed legislation prohibiting U.S. businesses from becoming instruments of foreign-led, non-U.S. boycotts such as the Arab League boycott of Israel.

Under the law, if an entity asks an American firm for assurance that it does no business with Israel, the U.S. company is supposed to report that request to the federal government.  The business is not supposed to comply with the request or furnish information to the requestor that would help the Arab League enforce its boycott.

The Bureau of Industry and Security’s Office of Antiboycott Compliance has settled with seven U.S. companies in 2012 for 44 alleged violations of antiboycott regulations this year:

  • Parfums de Ceour, a Connecticut-based discount perfume seller, furnished information three times to the United Arab Emirates, and failed to report six requests it received from the UAE, to assist with the boycott.
  • The Miami branch of Banco Sabadell provided boycott-related information twice to Syria.
  • Samuel Shapiro & Co., a trade logistics company in Maryland, made five failures to report requests from the UAE for boycott guarantees.
  • SteelSummit International, a New York steel producers, gave information four times to Saudi Arabia about whether it had business relationships with Israel.
  • Polk Audio, a speaker manufacturer in Maryland, failed to report a request from Oman and provided information to Oman.
  • Dover Energy’s Texas valve and switch maker, Norriseal, failed six times to report requests from Pakistan and four instances of cooperating with Pakistan’s requests for boycott assurances.
  • Grainger, the Illinois-based industrial supplier, failed to report 12 requests it received from Kuwait for boycott information.

The companies were required to pay over $100,000 total in civil penalties for the above violations this year.

A possible defense of the businesses is that requests from importers or banks from the Arab League states are deceptively designed to elicit the information they want without directly inquiring about business dealings with Israel.  Instead, they’ll request a signed statement confirming that a company’s ship can enter an Arab port, which is designed to weed out companies and shippers that have done business with Israel.

Nevertheless, U.S. antiboycott regulations have been on the books for over 40 years, and companies—particularly those doing business in the Middle East—should know that by now.

Hat tip and thanks to Twitter pal RushetteNY for suggesting coverage of antiboycott compliance.

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Pakistan falters on terrorism funding

November 16, 2012

Much like the recent ultimatum given to Turkey for its insufficient laws against the financing of terrorism, FATF may blacklist Pakistan if it doesn’t update its laws against money laundering and the financing of militants.

In an editorial from the Express Tribune (h/t El Grillo), even the journalists of Pakistan realize that the government should stop pointing fingers, and comply with FATF’s guidance to do more to address the actual problem of terrorism, which has led to 40,000 deaths in Pakistan:

Blocking terrorist funding

The United Nations can slap Iran and North Korea-like sanctions on Pakistan next year if the Financial Action Task Force (FATF) standards on curbing money laundering and terror financing are not met. In an attempt to ward off this threat, Pakistan is now lobbying to seek international support and feels that the reason it is being targeted is because the FATF is heavily dominated by Western countries and India. Instead of being worried about the FATF’s member countries’ “political motives”, Pakistan should focus on meeting the requirements set by the international anti-money laundering watchdog, as curbing terrorism is something that should be our top priority in any case. Pakistan has suffered the most from home-grown terror; we have lost more than 40,000 lives in terror attacks. The fact that non-state actors have managed to launch cross-border terror attacks and planned attacks in other countries has put Pakistan in further trouble.

The government has reportedly improved the current legislation on counterterrorism financing, which will soon be presented before parliament for approval. The anti-terror legislation must be brought forward as soon as possible. It is an open secret how some terrorist organisations use to have links to elements within the establishment. Since the government was unable to stop these elements from pursuing a deeply flawed policy, the least it can do is put a firm stop to terrorist-funding by bringing in a strong anti-terror legislation. Money laundering is one of the primary sources of finance through which terrorist groups are able to fund their activities. If this source of financing can be cut off, we would be able to somewhat control our terror problems.

Pakistanis live in constant fear of terror attacks on both military and civilian targets. Ridding our soil of terrorists is a win-win for both Pakistan and the international community. It is about time we took this important step and brought forward the anti-terror legislation.

In a sane world, Pakistan would have already been recognized globally for its state sponsorship of terrorism years ago.  But to the degree that international pressure will bring about some marginal legal and financial reform, FATF’s standards are probably a helpful incentive.

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Cabbie borrows millions with false identity

November 15, 2012

And evades 21.7 million in taxes afterwards!

What’s perplexing about this is that this Muslim cab driving con artist, Mohammed Aslam, was able to obtain millions in loans from banks.  Modern know-your-customer regulations on financial institutions are designed to prevent just such an occurrence.

Aslam apparently used a false identity, and this imposter was clever enough to fool the banks about who he really was.  But did he also present forged or counterfeit documents that proved he had adequate collateral to qualify for such generous loans?  Money Jihad is not convinced that the bank did its due diligence with this customer.

From Tundra Tabloids on Nov. 3:

MUSLIM TAXI CAB SCAMMER GETS CHARGED FOR TAX EVASION IN OSLO……..

“Little Røkke to court again

A new giant-charge against taxi scammer Mohammed Aslam is ready. He allegedly used a false identity to obtain loans from the bank.

– Overall, he has held around 100 million outside the accounts, says police attorney Ragnvald Brekke Aftenposten.no

Mohammed Aslam was nicknamed “Little Røkke” in Oslo cab environment because he always had large sums of cash in his pocket when he operated his fleet of taxis in the city until the fall of 2007.

For the time zones he sentenced to two years in prison Kongsvinger.

Lawsuit in the New Year

Aslam was convicted in 2007 for black cab driving, insurance fraud, money smuggling and illegal storage of weapons, but he fled to Pakistan before judgment fell. After over four years on the run, he was arrested and extradited to Norway.

But Aslam has more pigs in the forest, and prosecutors have not finished cab scammer.

In the beginning Aslam must appear in court again, charged with even more cases of tax and tax evasion.

He is charged with:

  • Having failed to provide payroll and tax deducted for their drivers for a total of 21.7 million in the period 2003-2005.
  • Having evaded 1.63 million kroner in VAT in the years 2005-2007. He also led deduction of tax he paid, according to the indictment.
  • In addition, he may have used a false identity to get loans bank.

Recall that prominent Muslims such as Anwar al-Awlaki and Anjem Choudary have said that it is legitimate under Islamic law for Muslims living in the West to mooch, scam, and steal from their infidel hosts.