Bangladesh continues to teach the world more and more about the collusion between Islamic sharia financial institutions and terrorist organizations.
First there was the revelation that IBBL uses zakat to fund terrorists. Then there was the U.S. Senate’s damaging report about HSBC last summer which highlighted the British bank’s relationships with IBBL and another sinister sharia bank in Bangladesh, the Social Islami Bank Limited.
The revelations probably had something to do with FATF issuing a warning to Bangladesh to clean up its act and tighten the screws on terror financing. The government of Bangladesh is indeed trying to, but the jihadi swamp there is so foul, and sharia banking is so dominant over conventional banking, that one wonders if the swamp can ever be drained.
This informative November article from the Eurasia Review provides some excellent background on the last 20 years of terrorist financing in Bangladesh and how the country wound up in its current stew with FATF:
Bangladesh: Banking For Terror – Analysis
By: SATP
November 12, 2012By Sanchita Bhattacharya
In what seems a logical culmination of events, Bangladesh has been given time until February 2013 to address deficiencies in its fight against money-laundering and terror-financing to avert black-listing by the Financial Action Task Force (FATF)…
…[T]he U.S. Senate Permanent Subcommittee on Investigation, in its July 17, 2012, report titled U.S. Vulnerabilities to Money Laundering, Drugs and Terrorist Financing: HSBC Case History, disclosed that two Bangladesh-based banks, Islami Bank Bangladesh Limited (IBBL) and Social Islami Bank Limited (SIBL) were involved in terror financing. Regarding the functioning of HSBC, it was mentioned that the bank acted as a financier to clients seeking to route funds from countries like Mexico, Iran, Saudi Arabia, Syria, North Korea, Cuba, Sudan, Myanmar, Japan and Russia. The report also stated that the HSBC supplied dollars to IBBL and SIBL, ignoring evidence of their links to terror financing. HSBC did not submit these two banks to enhanced monitoring for suspicious transactions, despite recommendation by HSBC’s own Financial Intelligence Group (FIG).
According to the document, SIBL’s ownership stakes were held by two Saudi Arabia based non-governmental organizations (NGOs): the International Islamic Relief Organization (IIRO) – implicated in terrorist financing by the U.S. administration and included on the list of those prohibited to do business in the country; and Lajnat-al-Birr-al-Islam (Benevolence International Foundation, BIF), one of al Qaeda’s financers.
It was noted, further, that Saudi Arabia’s Al Rajhi Bank, also engaged in suspicious transaction, had a 37 per cent ownership in IBBL. HSBC also had maintained an association with Al Rajhi, a member of al Qaeda’s “Golden Chain” – a list including at least 20 top Saudi and Gulf States’ financial sponsors of al Qaeda, including bankers, businessmen, and former ministers.
The U.S. report on terror financing was not a recent finding. Since 9/11, the U.S. has taken strong steps to halt the flow of funds to terrorist organizations under Executive Order 13224 and related elements of the USA Patriotic Act.
The exposure of the unholy nexus between banking establishments and terrorist activities in Bangladesh can be traced back to the watershed country-wide serial bomb blasts on August 17, 2005. 459 explosions had been orchestrated in 63 of the country’s 64 Districts (excluding Munshiganj), killing three persons and injuring 100 others, on that date. After the serial blasts, which were orchestrated by the Jamaat ul-Mujahideen Bangladesh (JMB), the role of IBBL in promoting religious terror was brought under scrutiny, when Bangladesh Home Ministry constituted a committee to investigate terror financing. Subsequent to the arrest of the JMB ‘chief’ Shaikh Abdur Rahman and his second in command Siddiqui Islam alias Bangla Bhai, and the subsequent seizure of some banking documents, the investigation team documented suspicious transactions with IBBL branches in Sylhet, Gazipur and Savar, where violations of the Anti-Money Laundering Act were noticed. The Act which came into existence in 2002 was last amended on June 20, 2011. Rahman and Bangla Bhai were also found to have accounts with IBBL. The two were eventually hanged on March 30, 2007 – Rahman in Comilla Jail and Bangla Bhai in Mymensingh Prison.
Saudi Arabia crowns new king who financed jihad
February 2, 2015In 1978, the Saudi monarchy decided to expand the exportation of fundamentalist Wahhabi Islam across the world through the establishment of the International Islamic Relief Organization (IIRO). About 10 years later, IIRO’s Philippine branch was established by Osama Bin Laden’s brother-in-law, which subsequently funded Philippine terrorists. By the 2000s, IIRO’s branch in Indonesia began funding Al Qaeda training camps.
The Bush administration designated IIRO-Philippines and IIRO-Indonesia as terrorist entities in 2006. IIRO’s U.S. offices were closed at the time, although IIRO appeared to reopen an office in Florida 2010. IIRO is the fourth best-funded Islamic foundation in the world according to a 2011 study.
The man who selected the leadership of IIRO and approved its spending from its inception is the new king of Saudi Arabia, Salman bin Abdulaziz:
From the Washington Free Beacon:
Posted in News commentary | Tagged IIRO, Salman bin Abdulaziz, Saudi Arabia | 10 Comments »