Australian Islamist Monitor

Islam Under Scrutiny

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Sharia Finance Update No.2

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The uptake of the world’s biggest companies to get a slice of the Sharia Finance pie continues at a pace. GE Capital plans to sell five-year Islamic bonds in dollars in its first Shariah compliant debt offer, according to two bankers involved in the transaction.

The unit of General Electric Co., the world’s biggest provider of energy equipment and services, hired Citigroup Inc., Goldman Sachs Group Inc., National Bank of Abu Dhabi PJSC, and the Bahrain-based Liquidity Management Centre BSC to manage the sale, according to bankers who declined to be identified because the transaction isn’t complete yet. The Islamic bonds, or sukuk, will be sold through GE Capital Sukuk Ltd. and the issue will be of a benchmark size, which usually means $500 million or more, the bankers said.

GE Capital is planning sukuk as rising oil prices fuel liquidity in the Middle East’s crude-producing economies and the sukuk market shows signs of recovery. Crude prices are 73 percent higher this year after plummeting 54 percent in 2008. Global sales of sukuk increased 40 percent in the 10 months to October compared with the same period a year earlier, Moody’s Investors Service said Nov. 10. Dubai government last month raised $1.93 billion in the biggest sukuk sale from the Gulf region this year.

 Previously we have published feedback from Federal Ministers in SHARIA FINANCE Update No.1 (here).

We have since received some more detailed information from the office of the Minister for Home Affairs, Brendon O’Connor MP.

The Minister for Home Affairs writes:

Dear Mr Dickson
Thank you for your mail expressing concern about moves to encourage and support Sharia
Islamic Finance in Australia.
The Australian Government is committed to preventing terrorism in Australia. Australia is also a part of international efforts to combat terrorism.

Australia has an international obligation to combat terrorism financing as a party to the
Intemational Convention for the Suppression of the Financing of Terrorism and pursuant to
UN Security Council resolutions on terrorism. Australia is also a member of the Financial
Action Task Force( FATF). The FATF is an inter-govemmental body, established in 1989 to develop and promote policies to combat money laundering and terrorist financing.
In line with our international obligations, there are a number of offences concerning terrorist acts and organisations under Australian law. It is an offence for a person to provide or collect funds to be used to facilitate or engage in a terrorist act. It is also an offence to hold assets or to use or deal with the assets of terrorists and terrorist organisations listed under the Charter of the United Nations Act 1945 and the Charter of the United Nations (Terrorism and Dealing with Assets) Regulations 2002 which is administered by the Department of Foreign Affairs and Trade.
Australia also has a robust regime for combating money laundering and terrorism financing under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act). The AML/CTF Act covers the financial sector, gambling sector and bullion dealing and any other professionals or businesses that provide particular 'designated services'.

The AML/CTF Act imposes a number of obligations on businesses when they provide these
designated services. These obligations include:
-    customer due diligence (identification, verification of identity and ongoing monitoring of transactions)
-    reporting (suspicious matters, threshold transactions and international transfer instructions)
-    record keeping, and
-    establishing and maintaining an anti-money laundering and counter-terrorism financing program.
Businesses regulated under the AML/CTF Act are supervised by the Australian Transactions Reports and Analysis Centre (AUSTRAC). AUSTRAC promotes and monitors compliance with the AML/CTF Act, and associated Regulations and Rules, and has audit and enforcement powers to support this role.
Any financial institution operating in Australia is required to comply with Australian law.
This includes cornplying with the obligations under the AML/CTF Act, where relevant.

I hope this information reassures you of the Government's commitment to preventing terrorism in /Australia.
The officer responsible for this matter in the Attomey-General's Department is Carolyn Marsden who can be contacted on (02) 61412812.
Yours sincerely
Brendan 0’Connor


From this letter we glean some important information.

  • Australia as a member of FATF is to promote policies to combat money laundering and Terrorism
  • The relevant act that covers the Finance sector is the AML/ACT Act 2006
  • AUSTRAC monitors the AML/ACT Act and has audit and enforcement powers
  • The Attorney General Department monitors and supports AUSTRAC.

Financial Action Task Force (TATF)
The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. The FATF is therefore a 'policy-making body' created in 1989 that works to generate the necessary political will to bring about legislative and regulatory reforms in these areas. The FATF has published 40 + 9 Recommendations in order to meet this objective. Read more (here).

AML/ACT Act 2006
Read the full details of the Anti Money Laundering And Counter Terrorism Act 2006 (here). 

AUSTRAC – Australian Transactions and Reports Centre
AUSTRAC is Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit.

AUSTRAC works collaboratively with Australian industries and businesses in their compliance with anti-money laundering and counter-terrorism financing legislation.

As Australia's financial intelligence unit, AUSTRAC contributes to investigative and law enforcement work to combat financial crime and prosecute criminals in Australia and overseas.

AUSTRAC’s Supervision Strategy

As Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regulator, we educate, monitor and work to improve the effectiveness of reporting entities’ compliance with
the requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
(AML/CTF Act). In some circumstances, we seek to enforce compliance through more
formal mechanisms.
Since the AML/CTF Act came into effect in December 2006, AUSTRAC has developed the necessary foundations to become an effective regulator. We have built systems and processes, calibrated policy settings, supported industry through education and training initiatives and recruited and trained staff to develop our supervisory capability.
Over the past two-and-a-half years we have delivered 800 industry awareness sessions, provided e-learning and training material to thousands of businesses, and have undertaken assessments of almost 400 entities. This activity has been supplemented with analysis of compliance reports received from reporting entities to measure baseline compliance across all obligations, but with a focus on the AML/CTF program, correspondent banking and customer identification.

Read about this strategy (here)

ATTORNEY GENERAL Department
Australia's response to the threat of terrorism involves every level of government. This approach stems from an understanding that national security is not a simply policy problem. Terrorists rely on surprise to achieve their aims and present a constantly changing threat.

The Australian response to terrorism combines the creation of effective laws and collection of intelligence, with national defence, law enforcement, aviation and maritime security, border control, protective security, preventative health measures, emergency response and consequence managing, the protection of public and private infrastructure, planning and testing responses and enhancing national and international co-operation.
Contact : 24-hour National Security Hotline 1800 123 400

Miles Jordana is Deputy Secretary, National Security and Criminal Justice, in the Attorney-General’s Department. Prior to joining the Attorney-General’s Department, Mr Jordana headed the newly established National Security Division of the Department of the Prime Minister and Cabinet. Mr Jordana has also held the positions of Senior Spokesman for the Department of Foreign Affairs and Trade, and Minister (Political) at the Australian Embassy in Washington.
Best contact is Carolyn Marsden who works for Miles Jordana and can be contacted on (02) 61412812.

Farewell Sheik Khalid bin Mahfouz; Terror Financier and Chief Libel Tourist
Reported on 2nd September 2009 in Rachael Ehrenfeld’s Blog (here)

Saudi billionaire Khalid bin Mahfouz died in Jeddah last Saturday. The 60-year-old former owner of the Saudi National Commercial Bank and banker for the Royal family also owned a charity, the Muwafaq (blessed relief) Foundation that funded al-Qaeda and Hamas, to name but a few. He should be remembered not only because of his involvement with the shady Bank for Commerce and Credit International (BCCI) aka “banks for crooks and criminals” and the illegal purchase of the First American Bank in Washington, DC, but mostly because inadvertently he led Americans to better protect their free speech rights.

Using British libel laws that allow foreigners to sue other foreigners in British courts, a practice  known as libel tourism,  Mahfouz became a serial suer. He, sometimes together with his sons, sued more than 40 writers and publishers - mostly Americans - because he did not like their criticism. Singlehandedly, on behalf of his royal masters Mahfouz made libel tourism a multimillion-dollar industry for the British Bar, and London the “Libel Capital” of the world. Sheik bin Mahfouz was a key player in Saudi Islamic Finance and also hid a homosexual lover in an expensive London apartment.

In 1990 a deal was struck in the Shelbourne Hotel in Dublin between Mahfouz and Ray Burke, the Irish Minister for Justice (and False Passports). Mahfouz received passports for 8 of his family as well as for 3 Pakistanis in exchange for a 20 million pound investment into Ireland. The next year the Mahfouz family received full Irish citizenship without first filling in the necessary forms.

He was indeed the “Sheik of Shaky Finance”.
So, Vale, Sheik Khalid bin Mahfouz. The world is better without you. Good riddance.

CONCLUSION
As usual, Victoria leads the way in Islamic Finance.
Victoria’s La Trobe University’s Master of Islamic Banking and Finance is the first course in Australia dedicated to Islamic banking and finance. This cutting-edge coursework Master’s program is built around a defined body of knowledge of proven relevance to the Islamic finance industry.

The National Australia Bank also provides the US$20,000 PhD Sheikh Fehmi El-Imam scholarship in Islamic Finance, highlighting the strong demand for Islam-approved finance products within the Australian community. It is unrealistic to believe that the inroads of Sharia Finance into our banking system and our Universities can be stopped. But we can agitate our political leaders to provide adequate legislation and enforcement to prevent funds leaking to terrorist organizations.

We need to have openness and accountability in at least these areas:-

  1. The people appointed to Sharia boards of Financial Institutions;
  2. The Islamic Charities that receive funding from these Sharia boards, and
  3. The recipients of funds from the Islamic Charities.

At the end of the day, it still up to Joe Public to be vigilant.
So please remember the following contacts.

AUSTRAC phone  1300 021 037 or email help This e-mail address is being protected from spambots. You need JavaScript enabled to view it
24-hour National Security Hotline 1800 123 400
Attorney General Department : Carolyn Marsden (02) 61412812.


References:
AUSTRAC web site
Anti-Money Laundering and Counter-Terrorism Act 2006
Financial Action Task Force
Attorney Generals Department  National Security and Counter Terrorism
Islamic Co-operative Finance Australia
GE and 1 billion dollar bonds
Sharia Finance Watch
Gulf states drop the dollar
 

Last Updated on Wednesday, 02 December 2009 19:45  

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Islam Kills

History - Articles

Lest We Forget the Battle of Tours

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History - Violent Jihad

Australians celebrate and revere Anzac Day on April 25th each year in remembrance of our brave soldiers who fought in two great world wars to secure our freedom. Every Australian identifies with the slogan “lest we forget” and in services held around the country people reflect on the battles and men who died to secure our freedom. Yet across the world in France, there is one remarkable battle which helped form the Europe we know today and allowed the development of civilization based on Judeo Christian principles. This one famous battle has become known as the battle of Tours and effectively stopped the Muslim advance into Europe. After the death of Mohammed in 632AD, Muslim armies exploded out of the Arabian peninsula to conquer much of the Middle East, expanding across north Africa. From there they crossed into Spain in 711AD and eventually controlled much of al-Andalus by 715AD. It was the victory at Tours by Charles Martel that stemmed the tide and eventually the Muslim marauders were expelled from Spain in 1492 when the last outpost at Granada fell to King Ferdinand of Spain. 

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Shivaji’s Coronation Laudatory Landmark

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History - Infidels' Resistance

Chhatrapati Shivaji Maharaj was born, lived, fought and won battles against religious and social oppression in the 17th century Bharat or India. He was a shining star in the Indian firmament and is renowned as a champion of the downtrodden and depressed masses. He was and continues to be an icon for the classes and masses alike and is seen as a rallying point for peasants oppressed by foreign rulers, Pathans and Moghuls alike. Sexually exploited women found in Shivaji Raje a protector, a benefactor and flocked to his Hindavi Swaraj to find solace and feel liberated under his saffron flag. 

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Ransomer of Captives from the Muslims

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History - Tolerance Myths

Perhaps some readers might be interested to know that January 28 is considered a feast day among Catholics – actually 2 feast days are celebrated on the same day – one is of ST Thomas Aquinas, the great medieval theologian and philosopher who adapted Aristotle to the western Judeo-Christian worldview. . It is also the feast day of a lesser known person – St Peter Nolasco, the great ransomer of captives from the Muslims.

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Islamic Pirates

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History - Violent Jihad

Barbary Corsair
Somalian Islamic Pirates & Lessons from History
 
The dramatic rescue of the American cargo-ship captain Richard Phillips from the hands of Somalian Islamic pirates by the U.S. Navy—killing three pirates, holding him hostage at gun-point, through precision-targeting—warrants a review of the U.S. struggle with piracy and hostage-taking in North Africa, which ended two centuries ago.

Raiding trade-caravans and hostage-taking for extracting ransom in Islam was started by Prophet Muhammad. Having become powerful and secure after his relocation to Medina from Mecca in 622, Muhammad initiated Jihad or holy war in the form of raids of trade-caravans for earning livelihood for his community. In the first successful raid of a Meccan caravan at Nakhla in December 623, his brigands killed one of the attendants, took two of them captive, and acquired the caravan as “sacred” booty. The captives were ransomed to generate further revenue. Muhammad, later on, expanded this mode of Jihad to raiding non-Muslim communities around Arabia—for capturing their homes, properties and livestock, capturing their women and children as slaves often for ransoming and selling, and imposing extortional taxes—which sometimes involved mass-slaughter of the attacked victims.

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The Battle of Broken Hill

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Battle of Broken Hill Logo
 
The First Islamic Terrorist Attack on Australian Soil
 
On January 1, 1915 two Broken Hill men, both former camel drivers, armed themselves with rifles, an homemade flag bearing Islamic insignia and a large supply of ammunition and launched a surprise attack on the Picnic Train about 3 kilometres outside Broken Hill.

The train carried about 1200 Broken Hill residents to Silverton where a picnic to celebrate the new year was to take place.

The two Muslim men, Gool Mohamed originally a Pashtun tribesman from Afghanistan and Mullah Abdullah from what is known today as Pakistan, decided to wage jihad against Australian infidels after Australia and the Ottoman Empire officially joined the opposite sides in the WWI.

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Jihad Galore

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History - Tolerance Myths

Jihad Galore and the Toledo Whore

Battle of Higueruela

Alhambra - GazelleHow often in conversation with a Muslim, do they quote Spain as the crowning achievement of Islam, where Muslims, Jews and Christians lived in harmony for about 800 years?

And when you mention the killings and massacres, you are told that the Spanish Inquisition was much worse.
This is a misconception, since the Inquisition in Spain was responsible for only between 4,000 and 5,000 lives. [1]

Yet in 1066AD, in a single day, muslims murdered over 4,000 Jews because Vizier Joseph ibn Naghrela had risen to a position greater than them, and of course, this upset the Muslim sensitivities. [2]

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Arabs Hated The Quran

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History - Stolen Heritage

 
How the Arabs Hated The Quran
 
Old Quran

Wh y are you a Muslim?
Musli ms in general love to hear the above question because it has a simple and readymade answer in their minds besides it gives them the opp or t u nity to propagate their religion and talk proudly about Islam.

 

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Lepanto Anniversary

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History - Imperialism

Decisive Victory for the West

At this time of year, it is timely to remember one of the greatest victories of the west against the Islamic world. On the 7th October in 1571, Don Juan and the Holy League, led by Admiral Doria, defeated the larger Ottoman fleet in the Battle of Lepanto, saving Europe from the Turks and militant Islam. The Holy League was a coalition of different armies - of the Republic of Venice, the Papacy (under Pope Pius V), Spain (including Naples, Sicily and Sardinia), the Republic of Genoa, the Duchy of Savoy, the Knights Hospitaller and some others.

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Muslim Jerusalem

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History - Stolen Heritage

Jerusalem - Coat of ArmsWhy do Muslims insist that Jerusalem is their Holy City?
When Mohamed and his faithful followers moved from Mecca to Medina, they found themselves among three Jewish tribes/clans (BANU-L-NADIR, BANU KAINUKA and BANU KURAIZA)  which settled there some time after their expulsion from their homeland and also living there were  two Arab, pagan tribes.

Mohammed, who at this stage needed more followers, decided to win those tribes over and convert them to his newly invented religion.

Islam was yet not as fully developed as we know it today, and Mohammed was still having his sessions with Allah (the Medina period revelations).

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Killing of Banu Quraiza

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History - Imperialism

Did Prophet Muhammad order Killing Surrendered Jews of Banu Quraiza and Khaybar?  A historical Analysis

In the post 9/11 era of this modern-world, Islamists around the globe are busy with ‘damage control utopia’ in order to correct the image of religion Islam. We all know that the nucleus of Islam are: Quran, Hadiths (Sunnah) supported by Islamic histories and biographies recorded by various famous Islamic scholars and historians.

What Mecca?

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History - Early History

A great tragedy of the Islamic control of our universities and political correctness plus the fear of extreme violence if anyone dares question the roots and claims of Islam is ...that nobody dares question the roots and claims of Islam!!!  I want to stimulate interest and offer this summary of information on Mecca from (LINK) which discusses some problems with Muslim claims in a comparison of evidence supporting Islam/Christianity. 

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Yahweh or Hubal

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FlagThere is a very strongly entrenched view among majority of Westerners today that the three main monotheistic religions Judaism, Christianity and Islam share one common God and therefore despite the obvious differences, the core foundation of these three religions is the same. 

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