Another global giveaway to subsidize shariaDecember 25, 2012
The Asian Development Bank will promote sharia finance with a $750,000 handout to Indonesia, Pakistan, Bangladesh and Afghanistan—countries with Islamic bank structures that are already well-entrenched.
Keep in mind that the World Bank also has a program to promote sharia-compliant finance in concert with the Islamic Development Bank, a sponsor of the Muslim Brotherhood. From Reuters on Dec. 11:
Islamic banking expansion aided by ADB grant
KUALA LUMPUR, Dec 11 (Reuters) – The Asian Development Bank (ADB) has provided a $750,000 grant to promote Islamic banking in Indonesia, Pakistan, Bangladesh and Afghanistan.
The money will be shared between those countries’ governments to help their banking systems to meet regulatory standards set by the Islamic Financial Services Board, the ADB said.
Islamic finance follows religious guidelines such as a ban on the payment of interest and on pure monetary speculation.
Its core markets are in the Middle East and Southeast Asia, with about 57 percent of total global Islamic banking assets held by the 20 largest Islamic banks, concentrated in Malaysia, Saudia Arabia, Kuwait, UAE, Bahrain, Qatar and Turkey.
The ADB, which promotes economic and social progress in the Asia-Pacific region, said that the expansion of Islamic finance in other countries in the region will provide large numbers of people with banking services for the first time.
A report by Ernst & Young on Monday said that up to 150 new financial institutions could be established to cater for growing demand from the Muslim-majority populations of countries such as Indonesia, Egypt and Pakistan.
The sharia finance sector in Bangladesh has been documented to fund terrorism. Giving even more money to their Islamic banking system makes no sense unless the purpose is to bankroll terrorism even further.
ADB is funded by its member countries and international bond sales. Credit Suisse, Deutsche Bank, HSBC, Nomura, Bank of America, Merrill Lynch, BNP Paribas, Citigroup, Daiwa, Goldman Sachs, JP Morgan, Morgan Stanley, RBC Capital Markets and UBS were involved with an ADB bond issuance earlier this year.