World Bank spends your money to promote sharia

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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Iran steels itself for comeback

Are Western financial authorities taking their eye off the ball by focusing sanctions on Iran’s oil?  According to the monthly investor newsletter from Turquoise Partners, Iran is boosting its steel production, and is set to receive a 65 million euro loan from the notorious Islamic Development Bank to expand coal mining in southeast Iran.

Be warned that the Iranian theocracy can use revenues from these sectors not just to diversify their economy, but to help buoy their budget, sustain their jackbooted regime, and fund their nuclear aspirations.

From the latest edition of “Iran Investment Monthly”:

Iran the 15th largest steel producer

According to the World Steel Association, Iran’s crude steel output totaled 7.36 million tons in the first quarter of 2012 and the country was ranked the 15th largest steel producer in the world and the second in the Middle East after Turkey…

Despite global economic sanctions, the country’s steel output increased by 5 million tons during the past two years reaching to 17 million tons…

A EUR 65 million loan to Iranian Mining Sector

Islamic Development Bank (IDB) will be granting a EUR 65 million loan in order to equip Khamroud coal mines in Zarand, Kerman province. According to the Ministry of Economic Affairs and Finance, the issuance of this letter of guarantee by the ministry means that the project has entered its administrative phase. Total funding requirements to equip these coal mines is around EUR 100 million, and the remaining EUR 35 million will be financed through local partners. There are 30 million tons of coal coke in Khamroud mines; through development of this project, some 750 thousand tons of raw coal and 400 thousand tons of coal concentrate can be extracted from these mines over a four year period. A report by IMIDRO indicates that extraction of these reserves can ultimately continue for a 22 year period. The project itself will create 1000 direct and 5000 indirect jobs.

Iran has so far obtained $2.2 billion in loans from the IDB and the country’s major infrastructure projects have been funded partially through the financial assistance of this bank. IDB is a multilateral development financing institution located in Jeddah, Saudi Arabia…

Readers should also take a look at Shariah Finance Watch’s prior coverage of the Islamic Development Bank (IDB).  It is fitting that IDB would be active in Iran given the Islamic Republic’s deep involvement and experience with sharia finance.

Troubling links of Kuveyt Turk Bank

When German bank regulators allowed Kuveyt Turk Bank to launch sharia banking there last January, that was bad enough.

But now we learn from a write-up by Money Jihad’s friend, Puneet Madaan, that Kuveyt Turk’s shareholders include 1) the nefarious Islamic Development Bank and 2) the Kuwait Finance House, a shareholder of Tadamon Islamic Bank.  Osama Bin Laden has used Tadamon to help disburse terror funds.  For those of you with Facebook accounts, you can access Puneet’s full article here on “Puneet’s Notes.”

(Read previous coverage from Shariah Finance Watch on Islamic banking in Germany here.)

The travels of Twisted Ingrid

Don’t know how we missed this one about “Twisted” Ingrid Mattson’s journey to Jeddah.  A little dated now, but still worth a read.  From Shariah Finance Watch on May 6:

ISNA President Ingrid Mattson Attends Saudi Conference of Islamic Development Bank

Ingrid Mattson needs no introduction to many SFW readers. She is the president of the Islamic Society of North America (ISNA), which was named an unindicted co-conspirator in the largest successful terrorism financing trial in U.S. history. She also has held prominent positions with the North American Islamic Trust (NAIT), which is another unindicted co-conspirator in that same terrorism financing trial (the Holy Land Foundation trial).

Now it appears Ms. Mattson has turned to financial jihad.

The Global Muslim Brotherhood Daily Report reports that she attended the meeting in Saudi Arabia of one of the primary financial jihadist organizations in the world, the Islamic Development Bank…

http://globalmbreport.org/?p=2954

I wonder if she was assigned a temporary mahrem during her trip.