Posts Tagged ‘money’

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Note to readers

September 21, 2013

WordPress, which hosts this blog, appears to have begun running small adds at the bottom of our posts.  Money Jihad does not know who these advertisers are, does not necessarily endorse their products or services, and receives zero share of advertising profits.

This blog has always existed without advertisements, sponsors, or donations; it is a labor of love.  Thanks to hundreds of thousands of readers, 300 subscribers, and 3,500 Twitter followers for joining in the fight to expose terrorist financing.

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Government shares wealth with MILF

July 18, 2013

The central government of the Philippines has brokered a deal with the radical Moro Islamic Liberation Front to split revenues generated in the breakaway southern island of Mindanao.  The MILF (or “Bangsamoro”) will receive 75 percent of tax revenues, 75 percent of mining revenues, and 50 percent of fossil fuel revenues, with the central government retaining the balance.  The “crown jewel” of the agreement is that the MILF will receive their whopping cut through an automatic, annual, haggle-free grant from the central government.

It remains to be seen which taxes, such as zakat, jizya, or kharaj, the MILF may seek to impose on Mindanao residents.  The agreement is reminiscent of a truce between the government of Pakistan and militants in the tribal belt that resulted in the imposition of jizya against Sikhs in that country in 2009.

From the Philippine Star on Tuesday:

MANILA, Philippines – A wealth-sharing deal with the Moro Islamic Liberation Front (MILF) is advantageous to the country and “will stand the test of legality and constitutionality,” the chief of the government panel negotiating peace with Muslim rebels said yesterday.

In a press briefing at Malacañang, chief negotiator Miriam Coronel-Ferrer said a wealth-sharing scheme approved on Saturday was justified as it would make the envisioned Bangsamoro entity self-sustaining and progressive.

The Bangsamoro is also entitled to automatic appropriation from the central government.

Based on the agreement, the Bangsamoro entity gets 75 percent share in taxes and revenues from natural resources and metallic minerals and 50 percent from energy and other mineral resources.

Ferrer said that of all the provisions in the wealth-sharing annex, “the jewel in the crown” was the provision entitling Bangsamoro to automatic appropriation and regular release of budget.

The allocation will be in the form of an annual “block grant” from the central government similar to the internal revenue allotment (IRA) received by local government units.

“The formula for the automatic appropriation of block grant will be provided in the basic law. Many of us have not focused on this detail because much of the reporting on media have concentrated on the sharing arrangements with regard to natural resources but, as I said, this is the jewel in the crown,” Ferrer said.

At the same time, Ferrer said the agreement provided that revenues collected by the Bangsamoro from additional taxes and their share in government income from natural resources would be deducted from the annual block grants on the fourth year of the operation of the regular Bangsamoro government.

“This provision came from the MILF. It indicated that behind the haggling for more share is the intent to be less and less dependent on the national government,” Ferrer said.

“It indicated that the intention is not to get the ‘lion’s share’ for its own sake but to be able, in the future, to stand tall as a progressive and peaceful region; an equal partner of the central government in an equally peaceful and progressive country,” she said.

“This, indeed, is the true meaning of partnership – a partnership that is not based on dependency and patronage, but on the strength and capacities introduced by both for the benefit of the whole,” she added.

Ferrer said this was a unique provision because there would be automatic appropriation that would spare the region from the constraints of central budgeting process.

“I would like to say that this is a structural difference. This is not just an add-on in terms of additional percentage or whatever but this, basically, redefines the whole structure with regard to the financing of the Bangsamoro government,” Ferrer said…

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Wednesday word: digital cash

March 13, 2013

Before there was bitcoin, there's the larger concept of digital cash

Julian Gaspar defines digital cash as “an electronic payment system that represents currency in an electronic format that moves outside the normal network of money”.*

Because it operates outside the conventional currency system, digital cash may allow for greater freedom in transactions.  Critics point out that transactions in such systems are anonymous, difficult to trace, and can be used for criminal activity.

* Gaspar, Julian, Introduction to Business (Boston:  Houghton Mifflin Company, 2006).

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Bin Laden family on top 10 Arab rich list

December 27, 2012

Osama Bin Laden’s family places #7 among the fifty wealthiest businessmen and families of the Arab world for 2012 according to Arabian Business.  The Bin Ladens continue to be awarded lucrative public contracts by the government of Saudi Arabia—our “ally” in the global war against terror.

Unlike the Saudi oilmen who made their wealth directly from petrodollars, the Bin Ladens have always benefited from Saudi Arabia’s second largest business—the hajj—and the construction and logistical support the massive annual pilgrimage requires.  (Of course, the money for the public contracts wouldn’t be there without the kingdom’s oil wealth.)

Arabian Business explains the family’s rising fortunes:

As Saudi government spending keeps rising, so do the fortunes of the Gulf’s most prominent family construction empire. Last year, the Binladin Group won deals to construct Prince Alwaleed’s Kingdom Tower and the expansion of the King Abdulaziz International Airport in Jeddah. Between then the contracts are worth over $20bn. Adding to those deals was a bumper contract to help build the first phase of the Haramain railway link.

The family fortune is based on a construction business that paid immense dividends when decades ago it was awarded contracts for major renovations at Mecca and other religious buildings in Saudi Arabia and abroad. Founded by Mohammed Binladin, the family also built several palaces in Riyadh and Jeddah for the royal family and carried out restoration work following an arson attack on Jerusalem’s Al Aqsa Mosque in 1969. Salem, Mohammed’s eldest son, ran the empire left behind by his father upon his death in 1968 until he died when his private plane crashed in Texas in 1988.

Mohammed left 54 sons and daughters from several marriages…

And we’ll always remember the most famous of his sons, for whose victims this wealthy family should be paying restitution.

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Government funds go to halal slaughterhouse

December 10, 2012

The state government of Victoria has given a halal abattoir a half million dollars to put more sheep to death under the knife of the Muslim slaughter man.  Along with the funding, an export license granted to the abattoir to ship halal meat to the Middle East has helped double the number of sheep it exports, according to ABC.  Surely, Australian taxpayers will be delighted to learn that their money is being given away to subsidize halal butchery:

Abattoir upgrades for halal sheep processing

By Lucy Barbour

Tuesday, 20/11/2012

A Victorian abattoir has received half a million dollars in funding from the State Government to expand its facilities at Stawell, in the state’s west.

The Frewstal abattoir will use the money to build a freezer room in the hope of increasing halal sheep meat exports to the Middle East.

General manager Greg Nicholls says most abattoirs are now using halal slaughter methods for both export and domestic product.

“You’ve got to be halal to be able to get rid of all your offal, and even though not all our meat goes to the Middle East, a lot of the offal does,” he said.

“To be able to find a market for those products, you’ve got to go down that track.”

What’s worse, as an accompanying radio report from ABC points out, is that about 80 percent of the meat sold domestically in Australia is halal, unbeknownst to consumers.  Without labeling or other disclosure requirements on the halal industry, Christians are unwittingly eating meat killed under recitation of a Muslim prayer, and animal rights advocates unknowingly eat the meat of animal killed in a brutal procedure.

Take a listen:

The halal food industry is a lot like the sharia finance sector and the Islamic charitable sector.  These sectors are used as vehicles to deepen the Islamization of Western cultures, and the profits are siphoned off for mysterious causes.

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Turkish brides wear cash sewn on veils

April 26, 2012

Can anybody explain this photograph recently taken by Daniele Pellegrini?

Muslim woman turned into financial sex object

The caption reads, “A bride wears bank notes on her veil as part of an Islamic wedding in central Turkey,” but I suspect a creative reader could come up with a better caption than that.

A separate website offers some background that sheds some light on Turkish weddings:

…Weddings in Turkey are a lavish affair with celebrations that may last for several days before and after the actual marriage ceremony. The traditional gifts for the bride and groom are money and gold. There are no European or American style wedding lists. Prior to the wedding, the respective families buy furniture and household goods for the young couple. Guests do not give the newlyweds towels, toasters or pots. Instead, they shower the bride, literally, with banknotes and coins. Every jeweler in Turkey sells coins for the occasion. Red is the color of good luck and fortune; therefore, the gold coins, which serve as wedding gifts, come with a tiny red silk bow and a pin attached. On the evening of the marriage ceremony, bride and groom make their formal entrance…

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Paper money “utterly haram”

September 18, 2011

Islamic “philosopher” Imran N. Hosein isn’t done talking about the evil of Western paper money.  During a live audio linkup from Trinidad to South Africa during Ramadan last year, Hosein lectured a Capetown mosque on the wickedness of “bogus and fraudulent and utterly haram paper currencies.”

Hosein argues that Western nations are “playing God” by creating money.  In order to protect the ummah (Muslim community) from this “storm” of infidel currency and shirk (Arabic for idolatry), Allah has metaphorically put the ummah to sleep in a cave.  Hosein concludes that, one day, the ummah will awake to a world that uses only gold dinars and silver dirhams.

Here’s a four-minute excerpt about the money.  Take a listen:

The full, bloated 72-minute lecture (covering everything from Muslim dress codes, last year’s floods in Pakistan, and the sinking of some island in Dubai) is here for those with enough patience to listen to this bizarre yet colorful Islamist nutjob.