Islamic Finance and Economics

  • Sharia Finance Shows Strong Growth Trends in Indonesia, World’s Largest Muslim Country

    January 19, 2023

    Capitalizing on its geographic position as the world’s largest Muslim majority country in order to archive the goal of becoming a global Islamic financial and economic hub, Indonesia’s government, along with the country’s Islamic Finance Committee, is moving actively to improve regulatory structures and transparency and to attract young fintech companies, already demonstrating positive trend lines in terms of both competitiveness and growth of a complex sharia financial ecosystem. 

  • Qatar's Corruption Campaign for World Cup Exposes Broader Influence-Building by Gulf Islamist Regime

    December 26, 2022

    The expanding scandal regarding Qatar's influence-building effort to secure the just-completed World Cup event in Doha has laid bare the broader malign activities of the Gulf Islamist regime, which, for decades, has systematically used its wealth not only to provide material and financial support to jihadi groups worldwide, but also to accrue soft power in Western countries by shaping media narratives through Qatar's Al-Jazeera global network and by influencing ideas and leadership through investment in university programs and by capturing hard power through investment in key infrastructure sectors such as energy.   

  • Islamist Cash Protection Rackets Will Be Targeted by Somali Government in Effort to Stop Jihadi Disruption

    October 26, 2022

    The al-Shabab Islamist extremist group waging a jihadist conflict in Somalia has financed its operations through extensive financial extortation as protection for businesses, and the Somali MInistry of Commerce and Industry is aiming to shut down those financing flows by bringing legal action against business and commercial interests who pay protection monies to al-Shabab.

  • French Cement Giant Pleads Guilty to Collusion with Jihadists

    October 21, 2022

    French company Lafarge pleaded guilty to providing material support to the Islamic State (IS) and al-Nusra Front (ANF) in Syria through Lafarge Cement in the form of a multi-million-dollar revenue sharing agreement and payoffs to the jihadist groups for permission for local operations in Syria, with US Justice Department officials heralding the massive fines imposed on Lafarge as a landmark prosecution of corporate material support for Islamist terrorism. 

  • Iran-Turkey Economic Ties Highlight Islamist Regimes’ Recent History of Sanctions Busting

    October 11, 2022

    The declared commitments by leaders of the two Islamist regimes of Iran and Turkey to increase bilateral trade and to deepen economic relations is a reminder that, despite competing versions of Islamic governance and conflicting regional geopolitical interests, Tehran and Ankara have a recent history of cooperation on a massive scale of US sanctions evasion using fraud and money laundering.

  • Experts Agree Islamic Finance At Crossroads as Global Assets Hit $3.6 Trillion

    October 10, 2022

    Experts meeting at the recent Global Islamic Finance Forum 2022 held in Malaysia focused on how to strengthen the sharia-compatible/compliant finance industry’s global leadership position, with disagreement about how to grow the total assets of $3.6 trillion at end-2021 by either consolidating market share or radically breaking with the fractional reserve system and also moving towards a more robust Islamic philosophical approach to social impact. 

  • Africa Projected for Continuing Growth of Islamic Banking

    September 23, 2022

    A recent report by Moody’s Investors Service projects strong potential for expansion of sharia-compatible/compliant banking and finance across Africa in the next decade, given the Continent’s sizable Muslim population that is notably unbanked, although the international financial research and bond credit rating agency notes that the growth of Islamic banking and finance in Africa will depend on improvements in sharia regulatory and tax and in Islamic banks’ ability to compete with conventional banks for deposits. 

  • Qatar Convenes 4th IFSB Forum in Signal of Continuing Global Expansion of Sharia Finance & Economics Into ESG, Climate, and Fintech

    September 20, 2022

    Qatar's Islamic regime convened the 4th Islamic Financial Services Board (IFSB) Innovation Forum, an annual event bringing together major stakeholders committed to advancing sharia-compliant/compatible banking, finance, and economics worldwide, with this year's Doha forum focused on the integration of Islamic financial services with global models and practices on ESG (environmental and social governance), climate change, and Fintech (financial technology).

  • Malaysia to Host Global Islamic Finance Forum

    September 09, 2022

    Malaysia is reinforcing its role as a global leader in international sharia banking and finance as indicated in the East Asian country's first-place ranking in the Global Islamic Economy Report, by hosting the 2022 Global Islamic Finance Forum, which will convene international experts to discuss measures to advance sharia-based/compliant opportunities in digitalization, crypto currencies, and consumer patterns.

  • UN Faces Vulnerabilities to Islamist Charities Instrumentalizing UN Refugee Work

    September 07, 2022

    Complex networks of Islamist charities with terrorist ties have been successful in instrumentalizing the humanitarian and relief work of the UN High Commission for Refugees (UNHCR) for purposes of influence building, with the UNHCR coming under criticism for accepting millions of dollars in donations from a Saudi Arabia-based organization.

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