Posts Tagged ‘Saleh Kamel’

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Golden Chain fat cat touts 1 trillion in zakat

October 2, 2012

Saleh Kamel

Saleh Kamel, a wealthy Saudi businessman and banker who was listed in the Golden Chain document that revealed prominent Al Qaeda financiers, says that Saudi Arabia possesses one trillion Saudi riyals in zakat revenues.

Zakat is Islam’s 2½ tax on wealth that according to the Koran should be allocated, not just to the poor, but to those fighting for the cause of Allah.  Zakat was the primary source used to fund 9/11 and the Iraq insurgency.

According to an August article from the Arab News, Kamel says that even more Saudis should be paying zakat for real estate transactions.  He also told an audience that Saudi Arabia should rely purely on sharia banking.

It is quite disconcerting that somebody who was exposed as an Al Qaeda donor is calling upon his countrymen to generate even more zakat and use Islamic finance to further Saudi Arabia’s goals.

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Tunisian bank rebrands itself

December 30, 2009

Tunisia, often considered a moderate Muslim country, or at least a country that has put appropriate constraints on Islam (according to this post from Hugh Fitzgerald on Jihad Watch), is poised to mirror Saudi/Bahraini-style sharia banking.

The Tunisian bank formerly known as “Bank Et-tamweel Al-Tunisi Al-Saudi” is renaming itself Al Baraka Bank Tunisia.  The new moniker aligns the bank with the Al Baraka Banking Group (or Dallah Al-Baraka), one of the largest Islamic banking networks in the world, headed by Saleh Kamel, one of the world’s richest Arabs.  The full story from Zawya is here, but here are the highlights:

In line with the strategy being implemented by the Bahrain-based leading Islamic banking group Al Baraka Banking Group to have a unified new corporate identity for the Group and its subsidiary banks, Al Baraka Bank Tunisia launched its new unified corporate identity…

On this occasion, Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group said that he was delighted with Al Baraka Bank Tunisia joining the new corporate identity of the ABG Group, a step that would go much further than just a change in the name or logo to include the added value provided by the Bank to its owners, shareholders, investors and the economic and social activities that the bank serves…

Mr. Adnan Ahmed Yousif, member of the Board of Directors of Al Baraka Bank Tunisia and President & Chief Executive of Al Baraka Banking said that “We are glad to see Al Baraka Banking Group, despite the global financial and economic crisis, continue the implementation of its strategic plans since the beginning of the year. During the second quarter of this year, we launched the new corporate identity of ABG group at highly publicized unveiling ceremonies held at head office and the subsidiary units of the Group. The new corporate identity requires us to adopt a set of policies and high ethical and professional standards with regard to the offering of innovative and efficient Sharia-compliant services and products.

Remember that old jazz tune, “Night in Tunisia”?  Unfortunately, the dark trends of sharia finance give that title new meaning.