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Research and Notes on Shariah Compliant Finance and other Islamic Banking findings

FP 2009 Update – Week 16 – The Cable

Posted by huntingnasrallah on April 29, 2009

Laura Rozen hammers Harman this week on The Cable.   It is obvious Harman was involved in a scandal; however, the only reason we know is because of the FISA wiretapping of a Senator’s phones.  This case demonstrates the fact that, since Obama decided to maintain the current policy on domestic wiretapping, any contact Republicans have with FBI surveiled “suspected” moles will be known publicly at politically heightened moments like elections and democrat faux pas.  For Harman to lawyer up is an indication that she is worried about a lawsuit for her lunge for political power.  The most interesting element of Rozen’s blog this week, to me, was the development of Lute’s expansion of “war czar” reach to the extents of the MENASA region.  No mention was made of the Brussels Somalia donor conference, which was disappointing, just as it was disappointing that the Tokyo conference was not fully covered by Rozen, considering billions are on the table.  The Democrat yoke seems to have the attitude, ”The Kerry-Lugar initiative to Pakistan is only 7.5 billion dollars over 5 years, what is that compared to 11 billion dollars for one month of US Occupation in Iraq…oh, a billion more for reconstruction and stability…what is that compared to the cost of US occupation?”   This mentality bleeds into the Western Media as stories are omitted based on fffinancial rather than strategic value.   Indeed, apparently it is not real money, in terms of National Media coverage, until it crosses the 11 billion dollar barrier.   It is disconcerting that the cost of war and the cost of stability are being measured in terms of the cost of US occupatio:  US occupation or invasion, ideally, has nothing to do with money and everything to do with principles, values, law and freedom.  To measure the use of US invasion or occupation forces on their financial cost rather than their strategic aim is a mistake that is noticeable only in terms of omission.  

Rozen covers Hillary Clinton’s 100 day mileage and then notes her landing in Iraq.  A dinner held in Saudi Arabia by Prince Turki al Faisal is going to draw a crowd from Washington.  No doubt, the Taliban are the issue on the table.  The Iranian-sponsored Shia-Taliban are apparently holding the Afghanistan Opium routes open all along the Helmand River valley.    The Balochistan Steppe of Pakistan to Afghanistan’s South and Iran’s East is the staging area for all parties to the storm.  The fact that Prince Faisal with Gul created the Taliban nightmare will no doubt be on the docket for discussion in the closed, smoky circles around hookas and other teas as Saudi Arabia helps to formulate a masterplan for the MENASA region, while attempting to secure the Pakistani Nukes from the backlash of the raising of 15 or so Frankenstein Monsters in the Deoband Wahhab Madrassas and ISI training grounds…a Talibani force that is less than a hundred miles from overtaking Islamabad.  With Ross heading to the region, from Egypt on the 28th to start indicates that messages from the Palestinian Front will be couriered to the Saudi Heads directly from Ross to Turki at a nice sit down meeting we will read about in books 5 or 6 years from now by aids and soon to be outed insiders.  The main question is whether or not economic issues will be discussed in this meeting or whether or not these discussions will be put on hold for the Fiscal Stability Board.   Since Ross is heading in and he is meeting with Prince Turki, the main issue will be containing and dismantling the threat of the Taliban while leaving the road open to Iran’s maintenance – you know, to make sure that the leadership of Iran get their black market money while curtailing and stabilizing the opium trade into manageable gangs. 

Gary H. Johnson, Jr. (4/29/09, 3:11pmEST)

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Posted in Afghanistan, Blog, Egypt, Iran, Iraq, Israel, Pakistan, Palestinians, SCF, Saudi Arabia & the GCC, Syria | Leave a Comment »

FP 2009 Update – Week 15 – The Cable

Posted by huntingnasrallah on April 29, 2009

Laura Rozen of The Cable does it again.  The Foreign Policy correspondent is always on the cutting edge of the events that effect Washington, DC.   Week 15 saw the confirmation of ex-Korea Ambassador Christopher Hill to the position of Iraq Ambassadorship.  Questions loom over whether Michael Oren will become the Israeli Ambassador to the United States.  Judith McHale and a host of other names were set forward by the Obama Administration for confirmation to begin week 15, including: Fred P. Hochberg for the position of President and Chairman of the Export-Import Bank of the United States; and Francisco “Frank” J. Sánchez to become the Under Secretary for International Trade, Department of Commerce.  Laura makes note of the Obama Administration’s indication that he will not seek regime change in Iran and the fact that paranoia on the Iranian front, particularly in the jailed journalist case will be a telling indicator of the success of the new diplomatic posture of constructive engagement.  Hillary Clinton squares off with Pirates in the Somalia Jihadist sphere, and interestingly, Rozen updates her post about the tough stance against piracy with the following: “The U.S. will be represented at the Somalia donors conference in Brussels by Acting Assistant Secretary for African Affairs Phillip Carter and an as yet unnamed representative from USAID, State Department spokesman Robert Wood said Thursday.”  It is interesting that noone else but Rozen is speaking of the donor conference in Brussels for Somalia on April 23rd, the fact that there is a Contact Group, and in the same breath that she pledges an unknown sum of money to the government in Somalia which has declared Shariah Law, Clinton says that the State Department will not accept bribery or ransom as a methodology.   The Summit of the Americas was preceded by Obama heading to Mexico to discuss the situation with Calderon, but Rozen does not mention that the IMF suddenly held $45 billion for extending more Mexico grants and loans.  Obama also opened up to the Castro regime in Cuba and laxed the embargo, but Rozen’s blog decidedly skipped over the handshake with Chavez and the three days of the conference, which makes one wonder if she is writing an article on the topic.  Nye seems a lock for the “Tokyo” Ambassador Slot, while Inderfurth declined to comment on the possibility that he is headed to South Asia.  It looks like Holbrooke and Biden have plans for the Presidency in Afghanistan that the Karzai clan is not a part of with the Presidency up for grabs in August.  Rozen’s analysis of the “whys” are weak…in reality Hekmatyar has been in contact with the Democratic Party in the US for some time, lobbying to remove the Tajik government – Karzai leads Tajiks and usurped the position from his Quetta (Baluchistan, Pakistan) home.  Bush felt he would fight the Taliban because they assassinated his father…the problem is, Baluchistan is the source of the drug and gun financiers in the region.  As Laura notes, “Feltman and Daniel Shapiro, the NSC senior director for the Middle East and North Africa, met with Syrian foreign ministry officials in Damascus last month” while discussing the coming elections in Lebanon and Iran and the slow process that seems to be smoothing out with Saudi Arabia’s rapproachment attempts with Syria.  Romer is headed to India, after losing out on the CIA head slot.  Is Brownback jockeying for a Governorship with Sibelius heading to HHS?  Former CIA heads buck back on Obama’s decision to release torture memos of the Bush era.   Strategy meeting on Afghanistan held by Holbrooke in Washington that was closed to the public: “Obama’s Af-Pak czar Richard Holbrooke is headlining the invite-only and off-the-record pow-wow at the U.S. Institute of Peace Thursday.”  Why would the meeting be closed?  What happened to transparency?

Gary H. Johnson, Jr. (4/29/09, 12:33pmEST)

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Posted in Afghanistan, Blog, Iran, Israel, Lebanon, Pakistan, SCF, Saudi Arabia & the GCC, Syria | Leave a Comment »

Ya Libnan Weekly Roundup – 4/11/09

Posted by huntingnasrallah on April 11, 2009

http://yalibnan.com/site/archives/2009/04/saturday_news_b_37.php
Saturday News Briefs
Published: Saturday, 4 April, 2009 @ 3:32 PM in Beirut
Beirut – There were conflicting reports about the meetings last Thursday and Friday of the March 14 alliance. Friday reports pointed to a meeting of the four leaders of the March 14 on Thursday and another on Friday in Qoreitem at the residence of parliament majority leader Saad Hariri, but Progressive Socialist Party leader Walid Jumblatt denied that he took part in the meetings that brought together, Lebanese Forces chief Samir Geagea Phalange party leader Amin Gemayel and Hariri

Jumblat told As Safir newspaper in remarks published Saturday that he was at his house in Mukhtara , Mt Lebanon and didn’t participate in Thursday’s meeting in Qoreitem.

We know for sure that Jumblatt met Hariri on Tuesday evening at his residence in Qoreitem and he was accompanied by minister Ghazi aridi and MP Marwan Hamade . Ya Libnan published a picture of that meeting last Tuesday

Meanwhile, An Nahar has reported that the March 14 electoral list in the Shouf has been finalized. In addition to Jumblatt it includes MP Marwan Hamadeh for the Druze seats. Dory Chamoun and MPs George Adwan and Elie Aoun for the Maronite seats. Minister Nehmeh Tohme for the Catholic seat , and MPs Alaeddine Terro and Mohammed al-Hajjarfor the Sunni seats

Saturday

21:20 Hajj Mahmoud Qumati , Hezbollah’s VP of political council said his party will insist on partnership following the elections because Lebanon can only be ruled by consensus. He denied that the party’s position is based on a defeat for the opposition in the upcoming elections and predicted the opposite will happen

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Posted in Egypt, Iran, Israel, Lebanon, Palestinians, SCF | Leave a Comment »

Coincidence? – AIG Marine Takaful & Pirate Surge

Posted by huntingnasrallah on April 8, 2009

Takaful is Islamic Insurance.  AIG has a marine Takaful division.  Is it possible that the pirate surge in Somalia and the recent hijacking of an American ship is a coordinated effort to create the demand for AIG Takaful products?  Is it a mere coincidence? 

Simply put, Takaful is the modern form of dhimmitude, submission to Islam via dollars.  American businesses and American citizens travelling abroad are being held hostage to create demand for Takaful offerings by Westerners.  AIG is neck deep in the industry, which means that the Government bailout of AIG is a breach of the Constitution and the cause of the recent upsurge in piracy.  We are watching a replay of the Barbary wars in the Red Sea.   What’s worse?  America now has a vested interest in creating, arming and supporting pirates who will drive dollars into the coffers of AIG for protection.   

Look at it!  It is obvious.

Gary H. Johnson, Jr.  (4/8/09, 4:04pmEST)

http://www.csmonitor.com/2009/0407/p99s01-duts.html
http://www.latimes.com/news/nationworld/world/africa/la-fg-somalia-pirates9-2009apr09,0,6291534.story

http://www.aigtakaful-enaya.com/aig/takaful/products/pro_marine.jsp
http://www.aigtakaful-enaya.com/aig/takaful/services/serv_marine.jsp

Posted in Blog, SCF | 2 Comments »

SCF Journal Entry – 3/28/09 – Is Obama stocking the Treasury with Muslims?

Posted by huntingnasrallah on March 28, 2009

Shariah Compliant Finance is the surest road to modern advancement of Shariah Law.  With so many of America’s problems tied up in the SCF world via Fannie Mae and Freddie Mac as well as the AIG emaya takaful world, one could only hope that Barack Obama would take refuge in the Establishment Clause and declare an end to Shariah Compliant endeavors in American Capitalistic businesses and banking.  However, for some time the Treasury Department has remained decidedly empty save for Tim Geithner’s furrowed elven brow.  Is it possible that Barack Obama is planning a full scale takeover of US enterprise by Shariah Compliant Finance?  I think so. 

Following my notes, take a hard look at the following Denver Post piece as well as the website of the CSMA… 

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Posted in Blog, Forward, SCF | 1 Comment »

Afghanistan’s President Dismisses Iranian Sanctions

Posted by huntingnasrallah on March 21, 2009

Obama’s Dhimmipolitik may be a response to Afghanistan’s decision to accept Iranian Support in a Persian Banking endeavor.  Obama’s Farsi message to Iran plays perfectly into the hands of the recent decision by President Karzai to meet with President Ahmadinejad and seal the deal for a banking union, solidifying today.  Western media has been mum on the issue, refusing to note the fact that the Afghanistani President’s decision to dismiss UN sponsored Iranian sanctions violates its NATO alliance with America in what amounts to a cultural trump of US troop presence in the region by Persian Islamic Supremacist ties to the terror sponsoring nation, Iran.   I guess it is appropriate that this could be considered the third Shanghai meeting between the states, who have been framing their efforts as a cultural and language promotion effort.

So, let’s just clarify this…Iran is being sanctioned by the world community, check.  Afghanistan is being aided by NATO to remove the threat of the extremist Taliban elements from its land and its border regions, check.  The world is supposedly angry about Iran supporting and funding terrorism, check.  Afghanistan’s president enters into a cultural alliance through the banking world with Iran, check.  The United States seeks to get Iran to help reduce weapon flows through Baluchistan into Afghanistan, check.  The United States Congress considers a 15-20 billion dollar package to aid the Pakistan/Afghanistan situation, check.  4 billion dollars or so of 5 billion in aid to the region is just gone, poof, disappeared, with no oversight, check.  And now, the United States, who has created the illegalities of the narco states’ black market, who can’t burn all the poppies because it will cost Afghanistan’s government half a billion in tax revenue per year, is now set to hand over tons of US dollars (that were just printed by the Obama Treasury on the fly) to the leaders of Afghanistan, who are meeting in closed talks that we are going to have to crash in the near future just to get the chance to offer our pledge of dhimmitude in exchange for the possibilities of peace, check.  Check, check, word.  I would say, 60 days in…on the diplomatic sphere of the game, the score is roughly…Obama Administration 0, Shiite Revolution 10.

Gary H. Johnson, Jr. (3/21/09, 5:15pmEST)

http://www.presstv.ir/Detail.aspx?id=88756&sectionid=351020102
Persian bank to counter econ crisis
Mon, 16 Mar 2009 09:47:00 GMT
Three Persian-speaking nations, Iran, Afghanistan and Tajikistan, will set up a joint bank to reduce losses of the global economic crisis.

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SCF Journal Entry – AIG – Black Box Shariah – Yerushalmi Notes

Posted by huntingnasrallah on March 18, 2009

The following notes are derived from an unpublished paper by David Yerushalmi.

The following website has the complete paper – The final 20 pages have not been boiled down, because they are important to read in full.  The case against AIG & Paulson/Co. on the basis of the Establishment Clause due to the Shariah Compliant aspects of the business begin with the following paper by David Yerushalmi.  No one is talking about the Shariah Compliant Finance activity of AIG, but David Yerushalmi has a case that we might all need to pay attention to, especially considering the fact that Marine Takaful and other Takaful divisions of AIG are literally creating the precedent for a Takaful World body and regulatory system in bed with the US Government.
http://works.bepress.com/david_yerushalmi/1

Shari’ah’s Black Box: Civil Liability and Criminal
Exposure Surrounding Shari’ah-Compliant Finance
by: David Yerushalmi, Esq.

This Article examines Shari’ah-compliant finance in light of existing U.S. law. It
highlights and examines areas of civil liability and criminal exposure unique to SCF
investments and transactions3 in the U.S. as they have been developed and utilized by
various financial institutions and facilitated and promoted by legal, accounting, and
financial professionals.4 Part I provides an introduction to SCF and explains why it
should be subject to special scrutiny by lawyers, accountants, and other professional
advisers. Part II discusses the role of the professional in SCF transactions and suggests an analytical framework for approaching the legal issues surrounding SCF in the U.S. This framework divides the world of potential liability into two groups: liability arising
out of elements endogenous to SCF, involving issues about what Shari’ah actually is and
requires; and liability arising out of elements exogenous to SCF, such as the impact of
Western-adaptions of Shari’ah principles. Part III focuses in detail on the former, while
Part IV examines legal concerns related to the latter.

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SCF Journal Entry – AAOIFI#10 – Al Rajhi Bank – 3/11/09

Posted by huntingnasrallah on March 12, 2009

This Malaysian Company is a fully owned subsidiary of a Saudi Arabian Company – Bhd seems to be a universal abbreviation for Berhad – I found 2 Sharia Advisors and one possible – still searching for a full listing.  It is likely that Rajhi Malaysia is farming out its Shariah Advisement services as evidenced by a few passages in the research below.

Press Releases on the website were still in the formative stages of creation.  A thorough review of the history of business dealings is at present going to have to be reconstructed from the Press releases of other banks and businesses that worked with Rajhi’s Malaysia investment arm.

Al Rajhi Banking and Investment Corporation (Malaysia) Bhd
http://www.alrajhibank.com.my/
About Al Rajhi Bank

Al Rajhi Bank is the largest Islamic banking group in the world recognized for being instrumental in bridging the gap between modern financial demands and intrinsic Islamic values. One of the fastest growing and most progressive banks in Saudi Arabia, it owes its banking excellence to its unwavering commitment to Shariah principles and the use of technology to offer diverse products to meet customer needs. The Group has a vast network of over 500 bank branches, 2,000 ATM machines and over 18,000 POS installed all over the kingdom. 
 
Leveraging on its established principles and operations in the Middle East, Al Rajhi Bank ventured out as an international bank by setting up its first overseas operations in Malaysia in October 2006. Operating on the same platform as the home bank, Al Rajhi Bank Malaysia extensively uses the latest banking technology to consistently provide customers with speed and convenience in banking. It opened its first and main branch at Jalan Ampang on 16th October 2006. Today, it has 19 branches, 14 in the Klang Valley, one each in Johor Bharu, Melaka, Penang, Kuching and Kota Bharu.  
 
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SCF Journal Entry – Devon Bank Update (Minnesota)

Posted by huntingnasrallah on March 11, 2009

Courtesy of Act! for America – join Brigitte Gabriel’s grassroots counterjihad movement!

http://bismarcktribune.com/articles/2009/03/08/news/state/178713.prt

Minnesota state agency offers Islamic mortgages

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SCF Journal Entry – Failaka Update #2 – 3/10/09

Posted by huntingnasrallah on March 11, 2009

This Second Failaka update had many interesting turns and twists. 

Interestingly, the point of the research is to find the Shariah Board Advisors around the world and begin tracking their efforts and focus. 

In the process, I ran across this website: http://www.isra.my/ and it is a goldmine of information.  I suggest everyone take a look at it, considering the 9 main Shariah Scholars on its page are connected throughout the world via the AAOIFI, IFSB and other organizations. 

The International Shariah Scholars Dialogue (2008) and the ISRA Bulletin are worth taking a good look at.

Also discovered the OIC’s $3 billion International Zakat Organization at http://www.menafn.com/qn_news_story_s.asp?StoryId=1093236307 with a heads up on the EMP Group in Washington DC which is a 7 billion dollar fund – apparently this brings BMB Group to 10 billion dollars in value.

Interestingly, stumbled over a site called Guidance Financial.  For a long time I sought to find Guidance Financial Group, since it had financed roughly 5 to 10,000 homes in the USA and it was a ghost – here is the Shariah Advisor page of its home finance website – http://www.guidanceresidential.com/index.php?option=com_content&task=view&id=13

Guidance Residential is located in Reston Virginia: http://www.guidanceresidential.com/index.php?option=com_content&task=view&id=14

As to the Failaka Research, the press results of Global Investment House were the most eye opening of the funds below.  The fact that the funds have purchased lease properties in America – Medical Office Parks and Hospital Buildings in Illinois, Virginia, Georgia, and Arizona is interesting, but not so interesting as the overall interconnections of the Global Investment House in the GCC economy and investment world, particularly leasing companies and education companies in the region.

I was hoping to make each update 10 or 12 companies long, but with the extensive amount of information on the Global Investment House, 5 or 6 will have to do.

Gary H. Johnson, Jr. (3/10/09, 8:21pm)
Failaka Update #2

12) Al Darij Investment Fund – National Investments Co.
http://ae.zawya.com/researchreports/p_2006_11_06_12_43_32/20081215_p_2006_11_06_12_43_32_104516.pdf
http://www.nic.com.kw/
http://www.kuwaittimes.net/read_news.php?newsid=OTM2MzcwMDE5
http://www.bankboubyan.com/bank_files/annualreport2005english.pdf
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